EI Power Berhad [S]

Bursa Ticker: EIPOWER | Listing Year: 2026

Offer Price

RM 0.48

Sifu Target Price

RM 0.61 (+27.1%)

Retail Oversubscription

85.0x

Underwriter (IB)

M&A Securities

Key Dates & Offering Details

Application Closing 06-May-2026

Listing Date 2026-05-21

Target P/E Ratio 13.9x

Total Enlarged Shares 700.00 M

Free Float 30.0%

MITI Special Allocation No Tranche

Analyst Commentary & Hunter Insight

✅ WORTH IT (GRADE B)
Listed 21 May 2026. Opened +20% above IPO price but profit-taking capped the close at ~+10%. Despite HPE data center hype, selling pressure weighed on closing performance. 85x OS demand was reflected in the open spike but not sustained.

Growth Catalysts & Strategic Moats

Sebab Apply: Ride the Malaysia Data Center Boom (NTT, Oracle, Google/Gamuda). Pengiraan cincai-cincai sifu unjurkan RM0.59 - RM0.69 (potensi peningkatan 23% - 44%).
Market Leader: Pemimpin pasaran dalam EPCC untuk diesel power backup & fuel distribution system bagi Data Center Tier 3 dan Tier 4 di Malaysia. Satu-satunya niche DC player seumpamanya di Bursa.
Operating Leverage Padu: Pertumbuhan PAT yang eksponen (+111% YoY untung bersih dari RM9m ke RM19.1m) dengan pengembangan margin bersih (10.7% -> 18.0% -> 24.8%).

Financial Performance Summary

Financial Metric	FY23	FY24	FY25	Projected (FY F)
Revenue (RM)	42.07 M	50.44 M	77.39 M	124.36 M
Profit After Tax (PAT)	4.49 M	9.06 M	19.12 M	30.72 M
EPS (sen)	0.64	1.29	2.73	+43.9%

Utilization of Proceeds

Ekspansi Kilang & Modal Kerja

Peer Comparison & Valuation Context

Peer Comparison: PE Terbitan = 17.4x. Walaupun nampak premium berbanding peers biasa, kedudukan niche dan pertumbuhan profit +111% menjustifikasikan premium ini.

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