Table of Contents
Opportunities and risks ...........................................................3
Celcom growing the fastest.....................................................5
Capital management focus......................................................7
Valuation .................................................................................10
The big picture........................................................................15
Broadband growth a significant opportunity.......................17
Mobile maturing but stable....................................................21
Fixed line voice struggling ....................................................24
Four regulatory issues to address........................................25
Companies
Axiata Group Berhad..............................................................28
DiGi.Com.................................................................................37
Telekom Malaysia ...................................................................46