ACE Market
Industrial / Consumer
Shariah Compliant
Grade: B
MNHLDG
Bursa Ticker: MNHLDG | Listing Year: 2022
Offer Price
RM 2.36
Sifu Target Price
RM 2.99 (+26.7%)
Retail Oversubscription
20.0x
Underwriter (IB)
M&A Securities
Key Dates & Offering Details
Application Closing
TBA
Listing Date
28-Apr-2022
Target P/E Ratio
25x
Total Enlarged Shares
666.33 M
Free Float
30.0%
MITI Special Allocation
No Tranche
Analyst Commentary & Hunter Insight
HISTORICAL OUTLIER: Massive performance pop that defied standard grading.
Growth Catalysts & Strategic Moats
- Limpahan Data Center Boom: MNHLDG berada di kedudukan hadapan membekalkan EPCC pencawang voltan tinggi (132kV-275kV) untuk pusat data di Johor & Klang Valley.
- Orderbook Tertinggi Sejarah: Outstanding orderbook terkini mencecah **RM 1.75 bilion**, memberi visibility pendapatan yang sangat kukuh bagi 2-3 tahun akan datang.
- Katalis TNB Grid Upgrade: Menjadi rakan kontrak utama TNB dalam menaik taraf infrastruktur penghantaran tenaga nasional selaras dengan Pelan Hala Tuju Peralihan Tenaga Negara (NETR).
Financial Performance Summary
| Financial Metric | FY23 | FY24 | FY25 | Projected (FY F) |
|---|---|---|---|---|
| Revenue (RM) | 164.45 M | 256.18 M | 535.43 M | 884.90 M |
| Profit After Tax (PAT) | 9.50 M | 16.91 M | 48.22 M | 79.69 M |
| EPS (sen) | 1.43 | 2.54 | 7.24 | +65.4% |
Utilization of Proceeds
Expansion & Working Capital
Peer Comparison & Valuation Context
Peer Comparison: PE Terbitan (Forward) sekitar 19.7x. Berada di paras menarik berbanding peers data center utilities yang berdagang sekitar 25x - 30x PE.
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