ACE Market
Technology (Data Centre)
Shariah Compliant
Grade: B
MyDCD Berhad
Bursa Ticker: MYDCD | Listing Year: 2026
Offer Price
RM 0.56
Sifu Target Price
RM 0.40 (-28.6%)
Retail Oversubscription
-
Underwriter (IB)
TA Securities
Key Dates & Offering Details
Application Closing
TBA
Listing Date
TBA
Target P/E Ratio
20x
Total Enlarged Shares
1.79 B
Free Float
38.0%
MITI Special Allocation
Yes (Bumiputera Reserved)
Analyst Commentary & Hunter Insight
✅ DATA CENTER THEME (GRADE B)
• Data Center Boom: MEPF integrator benefiting from Malaysia's hyperscale data center boom.
• Valuation Premium: FY2025 revenue +105% YoY; RM0.56 price represents premium 25.5x P/E.
• Strategy: Hot theme suitable for day-1 momentum scalp; pre-IPO dividend payout was high.
• Data Center Boom: MEPF integrator benefiting from Malaysia's hyperscale data center boom.
• Valuation Premium: FY2025 revenue +105% YoY; RM0.56 price represents premium 25.5x P/E.
• Strategy: Hot theme suitable for day-1 momentum scalp; pre-IPO dividend payout was high.
Growth Catalysts & Strategic Moats
- Catalyst 1: Order book RM213.33 juta (92% diiktiraf FYE2026) + 8 kontrak pusat data baharu bernilai RM206.40 juta (disahkan 18 Dis 2025).
- Catalyst 2: Rekod kukuh: Customer A Group (12 projek DC, RM288 juta) & Customer B Group (42 projek DC, RM147 juta; 18 projek berjalan RM79.78 juta); Binastra — projek DC Bukit Jalil & Cyberjaya.
- Catalyst 3: Hasil IPO: 17.9% untuk performance bond projek masa depan, 35.3% subcontracted costs — kapasiti projek lebih besar.
Financial Performance Summary
| Financial Metric | FY23 | FY24 | FY25 | Projected (FY F) |
|---|---|---|---|---|
| Revenue (RM) | 186.68 M | 180.91 M | 371.99 M | 360.00 M |
| Profit After Tax (PAT) | 16.78 M | 20.02 M | 39.49 M | 36.00 M |
| EPS (sen) | 0.94 | 1.12 | 2.20 | +-8.6% |
Utilization of Proceeds
Hiring 12.66%, sewa pejabat 7.16%, latihan 3.58%, IT 5.97%, subcontracted costs 35.30%, opex lain 8.82%, performance bond 17.91%, kos penyenaraian 8.60%
Peer Comparison & Valuation Context
Peer comparison: MN Holdings (P/E ~16-20x, P/S ~2.1x), EI Power (ACE, infrastruktur kuasa DC), Binastra Corp (pembinaan DC). Median Sektor Technology PE ~21x. MyDCD P/E ±25.5x — premium.
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