Dagang NeXchange Berhad (DNEX)

Dagang NeXchange Berhad (DNEX) — Three Stories, One Company

DNeX is not your typical technology company. It is a conglomerate combining three distinct worlds — semiconductor manufacturing, oil and gas exploration, and government IT/cloud services — under one listed entity. At RM0.27 (March 2026), DNeX trades at a deep discount to its net asset value (P/B ~0.5x), raising the central question: value opportunity or value trap?

Business Segments

• Technology (Semiconductor) — SilTerra Malaysia Sdn Bhd (60%): Malaysia's only domestic semiconductor wafer foundry (8-inch, 200mm). Acquired from Khazanah in 2021 for RM273 million. Holds a long-term wafer supply contract with ChipOne Technology (Beijing) worth over USD400 million. Emerging tech products now represent 45% of revenue mix (up from 20%).
• Energy — Ping Petroleum Ltd (~74.7%): Upstream E&P in the UK North Sea via the Anasuria cluster. Production volume grew 14% in 2QFY25. Abu Cluster (new) expected to deliver ~3,000 bpd starting 2026.
• Information Technology — Dagang Net, IAC, DNeX Solutions, Gamuda-DNeX Cloud: Trade facilitation platform, RM103.76 million iGFMAS contract (60-month), and 50:50 JV with Gamuda as sole GDC provider for Malaysia's public sector.

Shariah Compliance

DNeX is a Shariah-compliant stock (confirmed by Securities Commission Malaysia).

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