Celcom-DiGi merger officially on
• Axiata and Telenor officially signed agreements to merge Celcom and DiGi
• Merger expected to be completed by 2Q22
• Celcom roughly valued at 9.5x FY20 EV/EBITDA vs. 11.9x for DiGi, based on transaction prices
• DiGi is the more direct play, but near-term share price performance could be capped by mobile sector’s subdued earnings growth