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This is where price will move—not waiting until 2029:
🔥 Phase 1 (2026)
Final approval (LoN)
Gas supply agreement
👉 First breakout trigger
🔥 Phase 2 (2026–2027)
EPCC contract award
Construction start
👉 Strong uptrend phase
🔥 Phase 3 (2028–2029)
Plant completion
Earnings contribution
👉 Fundamental support phase
Project: Kimanis 100 MW Gas Peaking Plant
Developer: Suria Capital Holdings (via SCES subsidiary)
Partner: Innoprise (Yayasan Sabah)
Location: Kimanis, Sabah
👉 In July 2025, Suria received an Initial Letter of Notification (ILoN) from Sabah Energy Commission (ECOS)
Strong breakout scenario:
👉 Could happen earlier if any of these occur:
Concession extension announced
Strong quarterly earnings beat
High dividend surprise
So When Will Uptrend Start?
Base case (most realistic):
Accumulation phase: Now – mid 2026
Uptrend starts:
👉 2H 2026 (Q3–Q4) when:
Earnings improve
DP World contribution becomes visible
4. Concession extension (VERY BIG catalyst)
Ongoing negotiation for 30-year port concession extension � suriagroup.com.my
➡️ If confirmed:
Removes long-term risk
Can trigger major rerating
📌 Timing: any announcement = immediate price jump
Key Catalysts for Uptrend (VERY IMPORTANT)
1. DP World impact (2026–2027)
Sepanggar port now operated with DP World JV
Efficiency improved (ship turnaround <48 hours) � lpps.sabah.gov.my
If container volume ramps toward 1M+ TEU ➡️ This is the strongest re-rating trigger
📌 Timing: gradual impact → market may price in 2H 2026 onward