Kenanga: DNB risks already priced into CelcomDigi, Maxis
Kenanga Research says regulatory risks from Malaysia's 5G dual-network rollout are largely reflected in CelcomDigi's depressed valuation, making it the preferred MNO play over Maxis. The next milestone is DNB's privatisation and equity accounting of its results by shareholders CelcomDigi, Maxis and YTL Power in 4QFY26. Kenanga keeps an OUTPERFORM on CelcomDigi at RM3.28 and MARKET PERFORM on Maxis at RM3.70.