MN Holdings Berhad is entering a high-growth phase, with analysts projecting a significant earnings ramp-up in the latter half of 2026. According to a new report from Maybank IBG, the infrastructure specialist is well-positioned to capitalise on Malaysia’s aggressive power grid upgrades and the ongoing data center (DC) boom.
Maintaining a “BUY” call with a target price of RM2.39, analysts highlighted MNH’s robust project pipeline and increasing tender activity as key drivers for long-term value.
Strategic Orderbook and 4Q26 Outlook
As of December 2025, MNH’s outstanding orderbook stood at RM861.3 million. The portfolio is highly diversified across critical infrastructure sectors: Tenaga Nasional Berhad (TNB) Projects: 41% Data Centers: 39% Other (Solar, Water, Industry): 20%
While 3QFY26 may see a slight sequential dip in earnings as older data center projects wrap up, Maybank IBG expects a “meaningful ramp-up” in 4QFY26. This surge will be driven by the early-stage recognition of several new, large-scale contracts.
TNB Grid Upgrades Fuel Record Tenders
The company’s tenderbook has seen an explosive 185.6% quarter-on-quarter increase, reaching MYR 2.9 billion. Nearly half of these tenders (49%) are related to TNB grid infrastructure.
MNH is specifically targeting high-voltage (132–275kV) substation EPCC (Engineering, Procurement, Construction, and Commissioning) projects. These upgrades are essential to support TNB’s new gas power plant initiatives. Furthermore, MNH is looking to “level up” its technical track record by bidding for 500kV substation projects, the highest voltage tier in the national grid.
Data Center Momentum: US Hyperscalers on the Horizon
The data center sector remains a massive catalyst for MNH. Tender prospects are supported by existing “Tier 1” clients, with several contracts worth approximately RM600 million expected to be finalized in early 2026.
Key upcoming milestones in the DC space include: Existing clients (referenced as Customers A and E) are finalizing tenders to support their 2026 growth. Hyperscaler Entry: A major US-based hyperscaler is expected to call for new tenders in the second quarter of 2026. Proven Track Record: Analysts believe MNH’s established history with these clients gives them a competitive edge in securing a “meaningful portion” of these upcoming contracts.
Investment Verdict
The report concludes that MNH’s valuation remains attractive, trading at 21x FY27E price-to-earnings (P/E). With a clear line of sight into 2027 earnings and a dominant position in the “picks and shovels” side of the data center and utility sectors, the company remains a top pick for investors seeking exposure to Malaysia’s infrastructure modernization.
