CelcomDigi vs Telekom Malaysia (TM)
Telekom Malaysia holds the stronger position because it faces almost no visible competitive pressure while CelcomDigi is being squeezed on price and network economics by Maxis and U Mobile.
CelcomDigi
Malaysia's largest mobile operator, merged from Celcom and Digi, ~47% subscriber share
Telekom Malaysia (TM)
Malaysia's national telecom, owns the fixed fibre backbone, submarine cables, and broadband wholesale layer
Dimension by dimension
| Dimension | CelcomDigi | Telekom Malaysia (TM) |
|---|---|---|
| Staying power of the core product | Runs the country's largest mobile network with about 47% subscriber share, but that share is being tested by rivals. | Runs Malaysia's fibre backbone, undersea cables, and is expanding into AI data centers, giving it multiple hard-to-replace layers. |
| Exposure to AI | Mobile connectivity is also not something AI absorbs directly. | Physical network and data center infrastructure is not something AI tools can replace. |
| How easily a giant copies them | A merged mobile network with deep spectrum and tower assets is also blocked from quick copying. | National fibre and cable infrastructure took decades to build and is blocked from easy duplication. |
| Pressure from rivals | Maxis and U Mobile are competing hard on price and 5G coverage, and U Mobile's ULTRA5G buildout threatens the wholesale deal CelcomDigi relies on through DNB. | No meaningful customer loss shows up in the evidence. |
| Financial footing | FY2025 revenue grew 2.16% to RM13.03 billion, but Q1 FY2026 revenue was flat even as net profit rose 9% to RM418 million. | FY2025 revenue grew 1.4% to RM11.9 billion, with about RM2.0 billion in EBIT and RM2.5 billion in operating cash flow. |
| Business diversification | Remains concentrated in mobile service revenue, which is more exposed to a three-way price fight. | Spreads risk across fixed broadband, enterprise services, and new AI data center capacity. |
Questions people ask
- Is Telekom Malaysia in a better position than CelcomDigi for the AI era?
- Yes, based on the numbers here. Telekom Malaysia shows almost no competitive pressure and is expanding into AI data centers, while CelcomDigi is dealing with Maxis and U Mobile squeezing its pricing and wholesale arrangements.
- Which company faces more competition, TM or CelcomDigi?
- CelcomDigi faces more competition. Maxis and U Mobile are pushing on price and 5G coverage, and U Mobile's network rollout could hurt the wholesale deal CelcomDigi depends on. TM shows no visible customer loss pressure in the same period.
- Could AI replace what Telekom Malaysia or CelcomDigi does?
- Neither company's core business is something AI tools can absorb. TM operates physical fibre and cable networks, and CelcomDigi operates mobile network infrastructure, both of which sit outside what AI software replaces.
- Who has stronger revenue growth, TM or CelcomDigi?
- CelcomDigi posted slightly faster full year revenue growth at 2.16% versus TM's 1.4%, and its net profit rose 9% in the most recent quarter. But CelcomDigi's quarterly revenue was flat, while TM converted its growth into roughly RM2.5 billion of operating cash flow.
- Can a big tech company build a competing network to TM or CelcomDigi?
- Both are described as blocked from easy copying. TM's national fibre and cable network and CelcomDigi's merged mobile infrastructure and spectrum holdings both took years to assemble and are not things a new entrant can quickly duplicate.