Broker Name: Maybank Investment Bank Berhad
Date of Report: March 22, 2026
Excerpt from Maybank Investment Bank Berhad report.
Report Summary
- BM GreenTech (BMG) is expected to see stronger earnings momentum in FY27, driven by a strategic pivot toward integrated solar plus battery energy storage system (BESS) solutions, and incremental opportunities in water treatment and bio-energy projects.
- The company targets the commercial and industrial (C&I) market with solar + BESS to address higher maximum demand charges, supported by strategic partnerships with BESS suppliers.
- Growth in the water segment is expected, especially in industrial and data centre water solutions, with new projects already completed and more engagements in progress.
- BMG is bidding for an 8MW biomass project under Malaysia’s new Feed-in Tariff (FiT) 2.0 and is well-positioned to capture a significant share of EPCC opportunities in the biomass space due to its 30% market share.
- The company projects a 3-year revenue CAGR of 18% and a core net profit CAGR of 12% for FY25-28, with solid contributions from bio-energy, water treatment, and solar segments.
- Key risks include competitive pressure in solar EPCC, project execution risks, and supply chain disruptions.
- Maybank maintains a BUY rating on BM GreenTech with a target price of MYR2.18, citing strong fundamentals, strategic sector pivots, and a net cash position.
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.com/investment-banking
