MN Holdings set to benefit from project pipeline

By the Editorial Team · Thursday, September 3, 2026

MN Holdings Bhd has secured a robust RM5.1 billion tender book, mainly from data centre and Tenaga Nasional Bhd projects, positioning it for strong growth through FY27. This substantial pipeline, combined with potential expansion into solar asset ownership, underscores the company's strategic move to benefit from Malaysia's evolving power infrastructure and renewable energy mandates.

MN Holdings Bhd, a Malaysian infrastructure utilities construction service provider, is positioned for growth driven by a robust project pipeline, according to Phillip Capital Research. The firm’s tender book stands at RM5.1 billion, covering key sectors such as data centres (DC) and projects for Tenaga Nasional Bhd (TNB).

The research house has reaffirmed a “buy” rating on MN Holdings, maintaining a target price of RM4.57 based on a 24 times price-earnings multiple against fully diluted earnings per share projected for the financial year ending June 30, 2027 (FY27). Phillip Capital cited strong prospects for FY27 supported by the company’s significant pipeline in power infrastructure, as well as strategic exposure to the expanding DC and solar energy markets.

As of August 2026, MN Holdings held an outstanding order book valued at RM1.6 billion, with 57% linked to data centre projects and 32% related to TNB contracts. Solar projects accounted for 7%, while other projects made up the remaining 4%. The firm expects earnings momentum to strengthen further in FY27, driven by RM1 billion in orders slated for revenue recognition over the next year, supported by ongoing tender activities.

The latest tender book saw an increase from RM3.7 billion in the third quarter of FY26 to RM5.1 billion, with TNB and DC opportunities representing 54% and 29% respectively. MN Holdings is reportedly on track to meet its FY27 replenishment target of RM1.3 billion, having secured RM300 million in new contracts year to date.

The TNB tender primarily involves two 500-kilovolt substation packages with a combined value of RM1.5 billion, alongside other projects ranging from RM6 million to RM90 million. Within the data centre segment, proposed contracts worth RM1.4 billion include orders from new and existing clients, notably a RM500 million tender from a designated customer featuring two 275-kilovolt substation packages and a separate RM260 million cable installation contract.

In addition to its traditional engineering, procurement, construction, and commissioning (EPCC) services, MN Holdings’ management is evaluating expansion into solar asset ownership. This strategic shift aims to capitalise on emerging opportunities linked to large-scale solar initiatives such as LSS5+ and LSS6, as well as the Corporate Green Power Programme. These developments are partly driven by the Data Centre Task Force’s mandate requiring at least 30% renewable energy self-generation for both new and existing data centres.

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