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this is one of the higher-conviction O&G EPCC small-mid caps on Bursa right now. Order book growing, plant turnaround cycle peak, bonus warrants for existing holders, diversification optionality, supportive crude pricing.
solid niche player in foundation works, Singapore arm provides upside optionality, climate adaptation theme adds secondary tailwind, RMK-13 capex cycle is the primary driver
Roughly 70%+ of revenue is recurring. That's SaaS-like economics in a tangible consumer product. The right comparison is not Pensonic or Senheng, but more like a telco's post-paid subscriber base or a SaaS company's ARR. The valuation should reflect that, eventually.
Malaysia's e-commerce GMV keeps growing (now well over RM50b annually), and physical packaging label demand follows. CGB's new production line coming online in 2026 should improve cost efficiency
Malaysia's policy direction toward electric bus adoption for public transport fleets. RapidKL, RapidPenang, and various state-level operators will eventually need to either retrofit or replace existing diesel buses. That's both new bus orders AND maintenance work for the manufacturer.
Quietly improving balance sheet, cash position has been climbing across recent quarters. In construction, cash matters more than people think because tendering requires bank guarantees (typically 2–5% of contract value). Higher cash = ability to bid for bigger contracts without diluting equity or stretching debt.