PETALING JAYA: TA Research sees the recent RM188.5mil mechanical and electrical fit-out contract clinched by Binastra Corp Bhd
’s wholly-owned subsidiary, Binastra Builders Sdn Bhd, as another testament to its strong order momentum.
“We continue to like Binastra for its long-standing relationships with major clients that provide steady project flow, strategic positioning as a key beneficiary of the property and construction upcycle, and robust earnings visibility and growth prospects, supported by a resilient and expanding order book,” the research house said.
It remained bullish on Binastra, reiterating a “buy” call with a target price of RM2.85, premised on a 17 times price earnings multiple.
The newly secured contract from MYT DC3 Sdn Bhd represented phase two of the M&E components for a six-storey, 16MW data centre in Putrajaya, previously awarded to Binastra for its core, shell, and phase one M&E works by the AIMS Group, a data centre operator 70% owned by New York Stock Exchange-listed DigitalBridge.
Including this latest award, Binastra’s year-to-date new contract wins have risen to RM2bil, representing about 50% of its financial year 2026 (FY26) replenishment target of RM4bil.
“This brings its outstanding order book to around RM5.1bil, providing a solid 3.3 times cover on our FY26 revenue forecast and ensuring strong earnings visibility over the next three years.” the research house highlighted.
While margins for the data centre job could be thinner than typical property projects, TA Research noted that “the data centre is a fast turnaround project with a completion timeline under a year.”
