Executive Intelligence

Dagang NeXchange Berhad — Group Overview

Live systems·Updated 12m ago

FY2025 Revenue

RM 1,041.1M−2.8% YoY

FY24 base RM 1,071M

FY2025 EBITDA

RM 120.9M−18.3% YoY

Margin 11.6%

FY2025 LAT

−RM 465.5MImpairment RM 506.4M

FY26 plan: PAT positive

Semiconductor Share

43%+5 pts

ASP +33% YoY

Workforce

1,820+96 YoY

SilTerra + Ping + Dagang Net

Intelligence Node · AI-09
Weekly AI Briefing

FY2025 group revenue closed at RM 1,041.1M, but a RM 506.4M impairment cycle (RM 200.2M on SilTerra) drove a LAT of RM 465.5M — the AI infrastructure thesis (Compute → Power → Sovereign Deployment) is now the recovery anchor.

Group revenue held at RM 1,041.1M in FY2025 with EBITDA of RM 120.9M, but a RM 506.4M impairment charge — RM 200.2M against SilTerra and the balance across legacy Technology and Energy assets — pushed the group to a RM 465.5M loss after tax. Semiconductor remains the largest segment at 43% of segment revenue, with Emerging Tech wafers (200mm specialty) now 43% of SilTerra's mix and ASPs up 33% YoY.

Three pillars frame the FY2026 plan: Compute (SilTerra fab + Gamuda DNeX Cloud sovereign AI), Power (Ping Petroleum Anasuria + OGPC EPCC), and Sovereign Deployment (HAVELSAN defence digital, MARA digital infrastructure, POWERCHINA hybrid power). Dagang Net and IAC continue to underpin the IT segment with national trade-facilitation and aviation IT revenues.

Sources · Internal ERP + Bloomberg + AI scrape

Anomaly feed

SilTerra impairment — RM 200.2M

Carrying value reset against softer 200mm logic demand; Emerging Tech mix offsetting

Critical

Internal

Ping Petroleum field decline (Anasuria)

Production entitlement down 8% as natural decline outpaces infill drilling

Warning

Internal

Sovereign AI tailwind — MyDIGITAL phase 2

Gamuda DNeX Cloud well placed for incremental GPU + sovereign workload awards

Warning

AI signal

Group revenue by fiscal year (RM M) — FY2021 → FY2027F

ActualForecastAI augmented

Recommended actions

  • 01

    Accelerate Emerging Tech wafer mix to 55%

    ASP uplift +33% YoY is concentrated in specialty MEMS, power, photonics

    Adds ~RM 80M revenue at higher margin

  • 02

    Stand up Gamuda DNeX Cloud Phase 2 revenue

    HAVELSAN + MARA sovereign deals ready for award

    Targets RM 60–90M incremental ARR

  • 03

    Ring-fence Ping CAPEX on A6 infill

    Defends Anasuria entitlement before further field decline

    Protects RM 220M energy revenue line

External signals

Semiconductor revenue (FY25)

RM 448M

Largest segment

Energy revenue (FY25)

RM 397M

Ping + OGPC

IT revenue (FY25)

RM 196M

Dagang Net + IAC

Impairment charge

RM 506.4M

One-off, non-cash

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