KUALA LUMPUR: Hong Leong Investment Bank Bhd (HLIB) has maintained its "Buy" call on MN Holdings Bhd with an unchanged target price of RM4.65, citing the company's strong positioning to benefit from Malaysia's accelerating power infrastructure investment cycle.
The investment bank said MN Holdings' latest contract win to build power facilities for a data centre brought its year-to-date contract win for 2027 to RM643 million, representing 64 per cent of HLIB's RM1 billion full-year target for the company.
Including the latest award, HLIB estimated MN Holdings' outstanding order book at a record RM1.89 billion, with data centre-related jobs accounting for the majority at 68 per cent.
"We remain positive on Malaysia's power infrastructure upcycle, with strong data centre and solar project pipelines driving demand for power infrastructure works from both private players and Tenaga.
