PETALING JAYA: Inta Bina Group Bhd
is poised to establish an initial foothold in the rapidly expanding data centre (DC) construction segment, following a recent tender for a DC underground works contract estimated at around RM200mil, says TA Research.
This marks the company’s second attempt to penetrate the DC segment, after an unsuccessful bid in 2025.
“While still at the tendering stage, a potential contract win would be important,” the research house said in a note to clients. This could act as a positive catalyst, strengthening Inta Bina’s track record and improving its chances of securing more DC-related contracts in the future, it added.
Meanwhile, Inta Bina’s order book replenishment momentum is expected to remain solid heading into the financial year 2026 (FY26), underpinned by its sizeable RM4.9bil tender book.
According to TA Research, the tender pipeline largely comprises high-rise residential projects, mainly from its established and recurring client base such as Eco World Development Group Bhd, Gamuda Land Sdn Bhd, Sime Darby Property Bhd and Tropicana Corp Bhd.
Several tenders are currently at an advanced stage of evaluation and finalisation, with potential awards expected in the near future.
“Should these materialise, this would help the company to sustain a healthy pace of order book replenishment in FY26 (financial year ending December 2026),” TA Research noted.
It also said Inta Bina’s FY26 construction segment earnings outlook is expected to remain resilient, supported by a robust outstanding construction order book of RM1.8bil.
The sizeable construction order book, combined with clear visibility for new job replenishment and steady execution progress across ongoing projects, is expected to sustain the group’s construction segment earnings through FY26.
TA Research said it has revised downward new job win assumptions for FY26 to FY28 to RM850mil from RM1bil previously, as “we expect the company to prioritise execution of its sizeable existing order book.”
It has also fine-tuned Inta Bina’s order book burn rate assumptions to better reflect the current pace of project execution.
The research house has a “buy” call on the stock with a lower target price of 78 sen.
It also continues to like Inta Bina, a direct beneficiary of the robust domestic property sector, for its strong earnings visibility backed by a resilient order book, and improving profitability.
For FY25 ended Dec 31, 2025, Inta Bina’s net profit rose to RM40.29mil from RM33.27mil in the previous corresponding period, while revenue grew to RM750.56mil from RM690.76mil a year earlier.
In a note on its FY25 performance, the company said it remains cautious on its outlook, in view of rising operating challenges.
