Southern Cable Group secured a new long-term contract from TNB for RM403.6m, boosting orders in hand to >RM1bn. The award comes with an option for a 30% add-on based on the contract value.
The option is highly likely to be exercised, along with additional orders equivalent to the original contract value, boasting the total contract value to RM1.3bn over the next two years.
“We maintain our BUY recommendation with an unchanged target price of RM1.63, pegged to a 18.0x PER on FY26F fully diluted EPS of 9.1 sen, along with a three-star ESG rating,” says Apex.
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