EI Power surged to fresh high of 94 sen

KUALA LUMPUR: EI Power Bhd surged almost 12 per cent to a fresh high of 94 sen in early trade on Friday, extending its strong run since making its ACE Market debut in May.

The stock opened 1.7 per cent or 1.5 sen higher at 85.5 sen, compared with its previous close of 84 sen, before hitting a high of 94 sen.

At the time of writing, the counter was up seven sen or 8.33 per cent at 91 sen, giving EI Power a market capitalisation of about RM637 million.

Some 8.58 million shares changed hands, making it the tenth most actively traded stock on Bursa Malaysia.

Since its debut in May, the stock has risen 65.45 per cent.

In a note on Sept 17, Hong Leong Investment Bank (HLIB) said it expects EI Power to report stronger earnings in the second half of 2026 as its record RM219 million orderbook moves into revenue recognition.

The firm said year-to-date order wins of RM174 million already represented 96 per cent of its full-year assumption, with four months remaining.

"Taking cue from its RM665 million tenderbook, we expect order wins to comfortably beat our forecast," it said.

It added that Tenaga Nasional Bhd's indication that another five gigawatts of data centre capacity had been approved by the data centre task force pointed to stronger project rollouts in financial year 2027 to 2028 (FY27 to FY28).

"We estimate this pipeline could translate into RM750 million to RM1 billion of addressable works for EI Power. In Thailand, several tenders have been outstanding for six to eight months, with awards expected progressively over the next six months," it said.

The firm said it raised its FY26, FY27 and FY28 earnings forecasts by 14 per cent, 11 per cent and 22 per cent, respectively, on higher project-win assumptions.

On Sept 9, EI Power announced that its unit, EI Power Technologies Sdn Bhd, is acquiring a freehold factory in Shah Alam for RM17.2 million, with the purchase to be funded mainly through proceeds from its initial public offering.