Time Dotcom's retail broadband now largest revenue driver, says HLIB
KUALA LUMPUR: Time Dotcom Bhd's retail broadband segment has become its largest revenue contributor, making up 38 per cent of the company's total earnings, Hong Leong Investment Bank (HLIB) said.
As of end-2024, Time's fibre network had reached 1.77 million premises, representing 20 per cent of nationwide coverage, and was serving 479,000 active subscribers, with an average monthly revenue per user (ARPU) of RM115.
"This figure puts Time in the number three market position with a 10 per cent share.
"The strength of Times's retail franchise is best demonstrated by its ability to generate net adds in line with, or ahead of, its peers despite more limited coverage," it said.
According to HLIB, the company aims to grow its presence by connecting 200,000 to 300,000 new premises each year, with a growing emphasis on single-dwelling units, which now make up half of all new network deployments.
This strategy is expected to support strong net subscriber growth and keep the company ahead of the industry's expansion rate.
HLIB also noted that reliable connectivity continues to be essential for the enterprise market.
"As such, Time market share has room for growth as it continues to expand its network coverage.
"For instance, it has recently secured a government contract to connect public universities across the country, which somewhat serves as a validation that its network coverage is catching up to Telekom Malaysia Bhd," it adds.
HLIB noted that although Time's newly launched solar segment currently contributes less than one per cent to revenue, it is intended to create a stable, utility-like recurring income stream.
Management estimates the existing target market consists of about 300,000 households with monthly electricity bills over RM500, a figure that could potentially grow to 1 million homes if government energy subsidies are scaled back in the future.
HLIB has reiterated its 'Hold' call on the company with an unchanged target price of RM4.98.
"We like Time, as its retail segment is gaining momentum on the back of network reach expansion and undisputed high-value products.
"Its wholesale and enterprise segments are also benefiting from rising demand for data centres, cloud computing, and IT outsourcing," it adds.
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