May 2026
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Largest Telecom Service Providers Public Companies in Malaysia
Benchmark revenue and EBITDA valuation multiples for public comps like
CelcomDigi, Maxis, Telekom Malaysia, Axiata Group and Time Dotcom.
 | CelcomDigi Bhd is a telecommunications company. The company is primarily involved in the e provision of mobile communication services and wireless Internet services to customers across the country and its services and products essentially have a similar risk profile. | $1 | -23% | $9B | $12B | 3.8x | 8.7x | ||
| Maxis Bhd is a telecommunications provider. Its primary services include mobile, wireless, fixed, and enterprise services, with the majority of revenue generated from mobile and wireless. The company generates mobile revenue from prepaid and postpaid subscribers, with roughly an even split between both. Within enterprise services, Maxis provides traditional managed services in addition to mobile and fixed services. Additionally, the company owns fiber backhaul infrastructure. | $1 | +2% | $7B | $10B | 3.5x | 8.6x | ||
| Telekom Malaysia Bhd is a telecommunications company. It generates revenue from the Internet and multimedia services, Data services, Voice services, Non-telecommunications related services, and Other telecommunications-related services, in which it generates the majority of its revenue from Internet and multimedia services. The company owns telecommunications infrastructure. Its segments include TM ONE; TM Global; and Shared Services/Others. It generates the vast majority of its revenue in Malaysia. | $2 | +12% | $7B | $8B | 2.5x | 6.5x | ||
| Axiata Group Bhd is a telecommunications company. The business segment of the company is the Mobile segment, which includes the provision of mobile services and other services such as the provision of interconnect services, sale of devices, pay television transmission services, broadband services, digital business, and others; the Fixed broadband segment is engaged in the broadband and broadcasting business; Infrastructure segment is engaged in the provision of telecommunication infrastructure and related services; and Others comprise investment holding entities, financing entities and other operating companies providing other services including digital business and fibre optic transmission. The company has a presence in Malaysia, Indonesia, Bangladesh, Sri Lanka, Nepal, and Cambodia. | $1 | -14% | $5B | $8B | 2.6x | 5.4x | ||
| Time Dotcom Bhd is a telecommunications service provider that delivers domestic connectivity across the Retail market as well as international connectivity, data center, cloud computing, and managed service solutions catered to the Wholesale and Enterprise market to its customers across the ASEAN region. The company has telecommunications as its sole operating segment. The company derives revenue from Data, followed by Cloud and Other services, Voice and Others. The vast majority of its revenue comes from Malaysia. | $2 | +14% | $3B | $3B | 6.1x | 14.6x | ||
| Richtech Digital Bhd is principally an investment holding company. Through its sole Subsidiary, it is principally involved in the distribution of electronic reloads as well as the provision of bill payment services via its SRS platform. SRS corporate users, which refer to: reload retailers (such as resellers, mobile phone shops, sundry shops and apparel shops), which provide electronic reload and bill payment services through utilizing both the front-end interfaces and back-end system of Its SRS platform. | $0 | -8% | $9M | $3M | 1.3x | 2.1x | ||
| Median | $1 | -3% | $6B | $8B | 3.1x | 7.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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