Broker Name: Maybank Investment Bank Berhad

Date of Report: March 13, 2026

Excerpt from Maybank Investment Bank Berhad report.

Report Summary
• MN Holdings (MNH) secured a MYR216 million data centre substation contract, boosting its year-to-date new job wins to MYR476.2 million and raising its outstanding order book to MYR1.1 billion.
• Maybank IB maintains a BUY rating and increases its target price to MYR2.47, anticipating robust earnings growth (7-44% uplift in FY26-28 forecasts) driven by strong replenishment momentum and a MYR2.9 billion tender book, with key clients planning additional MYR350-400 million tenders in 1QCY26.

Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website: https://www.maybank-keresearch.com