PETALING JAYA: MN Holdings Bhd
could see gains from any further infrastructure contract handouts moving forward.
According to Maybank Investment Bank Research (Maybank IB), the company is directly exposed to the grid investment cycle and renewable energy push in the country.
The research house raised MN Holdings’ 2026 to 2028 net profit expectations by up to 12%, anticipating an accelerated full recognition from a data centre project in 2026 and stronger job wins in the medium term.
The research house noted MN is seen to be a direct beneficiary to Budget 2026’s grid and renewable energy push.
“Several green initiatives in Budget 2026 such as green asset investment tax allowances, the reaffirmation of the National Energy Transition Roadmap goals, and the focus on developing cross-border power infrastructure under the Asean Power Grid, point to rising demand for substation and grid connection works.
“This spans across the utilities sector as well as commercial and industrial segments, which supports MN Holdings’ tender flow and project visibility through 2026 to 2028,” it said.
Also, Maybank IB noted the company’s order book and tender pipeline remain robust at RM1.1bil and RM1.2bil respectively.
It raised MN Holdings’ target price to RM2.27 but at the same time, it also noted its financial year ended June 30, 2026 (FY26) to FY28’s forecasted earnings per share had been adjusted by up to minus 2% due to the dilution from the private placement exercise which was completed in September.
“We upgrade our target price and have valued MN Holdings at a higher price-to-earnings ratio of 23 times to reflect sustained sector momentum post-Budget 2026.
“Our new target price also incorporates an enlarged share base post share placement,” it said.
For its FY25, MN Holdings’ net profit jumped to RM48.22mil from RM16.91mil in the previous corresponding period, while revenue surged to RM535.43mil from RM256.
In a filing on its financial performance, MN Holdings said against a backdrop of strong national policy support, sectoral growth and development spending, it remains focused on deepening its involvement in energy and utilities infrastructure projects.
“The group’s healthy order book of RM1.11bil and strategic positioning enable it to continue delivering long-term value through disciplined execution and operational excellence.”
