PE is around 12.2x. The company is a M&E engineering services provider specializing in electrical engineering, ACMV services, and intelligent building solutions.

# ACMV = Air-Conditioning and Mechanical Ventilation

Its customer base is quite strong, such as Gamuda, Inta Bina, Tuju Setia, etc. Moreover, it has 26 ongoing contracts with unbilled orders totalling RM247.3mil, in addition to tender orders worth about RM1.03bil.

In terms of financial performance, from FYE2020 to FYE2024, the company’s revenue grew steadily from RM45.9 million to RM122.7 million, almost a threefold increase. Its net profit also rose from RM3.73 million to RM11.46 million, reflecting a strong five-year compound annual growth rate of 32.4%.

Whether it has potential or not, it's up to you to decide.

Looking ahead, we expect the group to register core earnings growth of 23.4%/11.0%/2.0% to RM14.5mn/RM16.1mn/16.4mn for FY25/26/27F, respectively. This growth is mainly driven by the following assumptions:

(i) An Unbilled Orderbook of RM247.3mn as of March-25;

(ii) New job replenishment of RM100mn for FY25 and RM150mn for FY26/27F; and

(iii) 15% Annual Growth Rate for Its Manufacturing Division.

FROM TA RESEARCH