TIME dotCom
Malaysian fibre and enterprise telecom with a minority stake in AIMS data centres and cloud hosting.
The call
TIME dotCom's fibre and enterprise connectivity keeps growing even as its cloud unit shrinks against hyperscaler pricing and Unifi keeps most of retail broadband.
TIME dotCom runs physical internet pipes, phone lines, and cloud services across Malaysia, backed by undersea cables and fiber networks that are expensive and slow to rebuild. Its main threats are larger phone companies like Telekom Malaysia offering home internet as a side business and cloud giants like Amazon Web Services and Microsoft Azure taking over the computing side, which shrank 10 percent last year. The biggest wildcard is a new data center project in Cyberjaya starting around 2027 that could bring in major tech customers, but TIME only owns a small piece of it after selling control in 2022, so the benefit may not be huge.
Why
01
AI pressure: AWS, Microsoft Azure, Google Cloud. TIME's cloud segment fell 10% YoY in FY2025 as hyperscalers undercut generic hosting and absorb AI workload demand. Could AI do the core job? Unlikely.
02
Bigger players: Telekom Malaysia (Unifi) and mobile operators CelcomDigi, U Mobile via fixed-wireless access. Unifi holds 68% of retail broadband and mobile FWA offers cheaper substitutes, though TIME's own subscriber base still grew 7% in FY2025. Could a giant copy it? Probably.
03
What protects it. Owns physical fibre passing 2.05 million premises plus subsea cable stakes, giving it enterprise and wholesale contracts rivals cannot easily replicate.
What would change this call
TIME dotCom's cloud segment revenue trend in its FY2026 interim results due around 24 August 2026. Shows whether hyperscaler-driven cloud erosion is continuing or stabilising.
Fixed broadband subscriber growth and ARPU figures in TIME's next two quarterly filings versus CelcomDigi and U Mobile FWA plans. Would reveal if fixed-wireless-access is starting to pull retail customers from TIME's fibre base.
Further Khazanah Nasional share disposals or Bursa Malaysia filings on TIME dotCom ownership through 2026. Would indicate a broader ownership shift or privatisation move affecting the company's structure.
Fixed broadband subscriber growth and ARPU figures in TIME's next two quarterly filings versus CelcomDigi and U Mobile FWA plans. Would reveal if fixed-wireless-access is starting to pull retail customers from TIME's fibre base.
Further Khazanah Nasional share disposals or Bursa Malaysia filings on TIME dotCom ownership through 2026. Would indicate a broader ownership shift or privatisation move affecting the company's structure.
Key numbers
- FY2025 revenue RM1,792.8M, up 6.1% YoY
- FY2025 profit after tax RM427.1M, up 10.8% YoY
- Cloud segment revenue down 10% YoY in FY2025
Named risks
- Cloud segment revenue declined 10.0% YoY in FY2025 amid hyperscaler competition.
- Retail broadband share stuck near 10% versus Telekom Malaysia's 68% incumbency.
- Fixed-wireless-access competition from mobile carriers pressuring broadband pricing.
- Continued Khazanah stake disposals creating ownership overhang on the stock.
- AIMS 200MW Cyberjaya data centre depends on hyperscaler offtake and grid power availability by 2027.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Telekom Malaysia (Unifi) | losing to | TIME holds ~10% retail broadband share versus Unifi's 68%, as of June 2025 |
| CelcomDigi and U Mobile (fixed wireless access) | contesting | Mobile carriers compete via FWA bundles against TIME's fixed broadband, noted in 2026 Kenanga note |
| AWS, Microsoft Azure, Google Cloud | losing to | TIME's cloud segment revenue fell 10.0% YoY in FY2025 amid hyperscaler competition |
| AIMS Data Centre (DigitalBridge-controlled) | gaining on | AIMS JV announced 200MW Cyberjaya AI data centre, US$1.01B, Feb 2026, benefits flow to TIME as minority holder |
Questions people ask
- Is TIME dotCom profitable?
- Yes. TIME dotCom reported FY2025 profit after tax of RM427.1 million, up 10.8% year on year, on group revenue of RM1,792.8 million, as of the year ended 31 December 2025, per its February 2026 results release.
- Who owns TIME dotCom?
- Group executive vice-chairman Afzal Abdul Rahim is the largest shareholder with a 20.36% deemed interest as of April 2026. Sovereign fund Khazanah Nasional has been paring its stake, selling 131.15 million shares in 2025 plus a further 3.13% in April 2026.
- Who is TIME dotCom's biggest competitor?
- Telekom Malaysia's Unifi is the dominant rival, holding about 68% of Malaysia's retail broadband market versus TIME dotCom's roughly 10% share, per HLIB analyst estimates dated 13 June 2025. Maxis holds about 17%.
- Could AI replace TIME dotCom?
- No, its core fibre, subsea cable and connectivity infrastructure is physical and hard to replicate, but AI-driven hyperscaler competition is squeezing its cloud unit: cloud segment revenue fell 10.0% year on year in FY2025 even as data revenue grew 8.2%, per Kenanga's February 2026 note.
- Is TIME dotCom being taken over or privatised in 2026?
- No confirmed active privatisation. A 2011 Megawisra restructuring story was re-indexed online with a 2026 crawl date but describes historical events; no fresh Bursa Malaysia privatisation filing was found as of the July 2026 brief.
- What is TIME dotCom's market capitalization?
- TIME dotCom's market capitalization was approximately RM11.0 billion as of 25 July 2026, per gurufocus.com, reflecting its position as a mid-cap Malaysian telecom and digital infrastructure operator listed on Bursa Malaysia under ticker TIMECOM.
Timeline
- 2026-04-10Khazanah sells further 3.13% stake (57.9M shares) for up to RM335.8 million
- 2026-02-26FY2025 results: revenue RM1,792.8M (+6.1%), PAT RM427.1M (+10.8%), dividend policy revised to 50-75%
- 2026-02-06AIMS announces 200MW AI data centre in Cyberjaya, ~US$1.01B, targeted 2027 completion
- 2025-11-30RAM Ratings upgrades TIME dotCom's long-term sukuk rating to AA1 from AA2
- 2025-06-13HLIB estimates TIME's retail broadband share at ~10% versus Unifi's 68%
- 2025-01-01Khazanah disposes 131.15 million TIME dotCom shares during 2025
- 2024-04-01TIME dotCom takes 51% stake in EV charging operator Charge N Go
- 2024-02-01TIME dotCom launches Emit Solar residential solar business
- 2022-11-23DigitalBridge buys 49% of AIMS Data Centre for RM2.01B, valuing AIMS at RM3.2B
- 2001-01-01TIME dotCom Berhad lists on Bursa Malaysia
Revision history
26 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- gurufocus.com (2026-07-25)
- Time Delivers Steady Growth for FY2025 (press release) (2026-02-26)
- Khazanah sells 3.13% stake in TIME dotCom for up to RM335.8m (2026-04-10)
- DigitalBridge Buys into Malaysia's AIMS Data Centre (2022-11-23)
- TIME dotcom FY25 Results Note (Kenanga) (2026-02-27)
- TIME dotCom could lead retail broadband growth via focus on single homes, HLIB (2025-06-13)
- TIME dotCom Annual Report 2025 (2026-04-30)
- TIME dotCom Berhad Revenue (2026-07-12)
- TIME dotCom 2026 Company Profile (2026-07-12)
- TIME dotCom (2026-07-25)
- AIMS continues to power Malaysia's digital growth with 200MW AI data centre in Cyberjaya (2026-02-06)
- TIME dotCom Berhad (KLSE) (2026-07-12)