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RAM Ratings affirms TIME dotCom’s AA1 sukuk rating
Published on 18 Sep 2026.
RAM Ratings has affirmed the long-term rating on TIME dotCom Berhad’s (TIME or the Group) RM1 bil Islamic Medium-Term Notes Programme (2017/2037) at AA1/Stable.
The affirmation is premised on the Group’s steady and competitive business position, as well as strong financial metrics. TIME’s expanding fibre network positions it well to take advantage of growing bandwidth needs amid the rising demand for increasing digital adoption. While smaller in scale relative to its peers, it has gradually grown its fixed broadband subscriber market share to around 11% as of end-June 2026. Defying industry-wide flattening, the Group posted 6% revenue growth and 12% OPBDIT growth in fiscal 2025 (1H2026: 7% and 21%, respectively).
TIME’s business profile comprises a wide range of connectivity and service integration solutions to retail, enterprise and wholesale customers. TIME is well-positioned to benefit from ongoing digitalisation trends and supportive government policies aimed at advancing the digital economy. Aside from its niche home and enterprise broadband, the Group also has wholesale connectivity, enterprise solutions and cloud services businesses, alongside a 30% stake in data center operator AIMS. It is also expanding into rooftop solar and EV charging, although contributions from the new complementary segments remain modest. These factors are expected to drive further growth and provide additional competitive advantages.
Financially, TIME’s credit metrics remained superior on the back of strong top- and bottom-line growth, strengthening OPBDIT margins and minimal debt and net cash position. While the Group has begun leveraging up to optimise its capital structure, the medium-term net debt-to-EBITDA internal target of 1.00-1.50 times remains within its rating band.
Under RAM’s stressed assumptions and analysis of slower growth and margins as well as higher capex and investment assumptions (circa RM0.6 bil per annum as compared to an average RM0.4 bil spent in the last three years), its FFODC and gearing ratios are expected to average 0.84 times and 0.37 times respectively, for fiscal 2026-2028. TIME’s credit metrics remain robust even under our stressed assumptions, with sufficient headroom against rating sensitivities. As part of its balance sheet optimisation strategy, TIME recently tapped the rated sukuk programme for a RM500 mil issuance, marking its first sizeable drawdown since inception.
While the advent of 5G may erode retail fixed broadband demand over time, it could also unlock growth through backhaul fiber infrastructure leasing and wholesale connectivity services. We view this to be a longer-term risk, and do not expect the criticality of TIME’s fibre network to be impacted overnight.
Analytical contacts
Neo Xue Wei, CFA
(603) 2708 8241
xuewei@ram.com.my
Davinder Kaur Gill
(603) 2708 8220
davinder@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
Published by RAM Rating Services Berhad
© Copyright 2026 by RAM Rating Services Berhad
