PETALING JAYA: MN Holdings Bhd
has hit a four-month high with its latest contract wins, bringing its current order book to RM1.3bil, representing a 2.4 times cover of financial year 2025 (FY25) revenue.
On Wednesday, the company announced it had secured two contracts valued at RM125.4mil and RM120mil respectively, bringing the total combined contract value to RM245.4mil, for the construction of two separate consumer landing station facilities for two data centres (DCs) in the southern region of Peninsular Malaysia.
Hong Leong Investment Bank Research (HLIB Research) said in a report that total contract wins for FY26 stands at RM745mil, which will keep the group busy for the next two years.
“We understand these two projects are tied to MN Holdings’ largest DC customer and represent the next phase of customer A’s existing two Johor sites.
“Looking ahead, we expect future contract wins from customer A to gradually shift towards the Klang Valley as development activity moves into the region,” it noted.
The research house added that one consumer landing station job should materialise by the first half of this year, with another site currently at an advanced planning stage.
HLIB Research said it expects an additional RM140mil of contracts to be awarded to MN Holdings in the near term.
“Beyond this, we see ample opportunities for new wins across Tenaga Nasional Bhd, DC and solar projects, supported by the group’s record RM2.9bil tender book. The group remains well positioned to secure additional contracts going forward,” it noted.
HLIB Research said it will maintain a “buy” call on the stock with a higher target price of RM2.70.
