Ambank says it expects Malakoff’s net profit to normalise to RM50mil to RM60mil per quarter in 2HFY26 (barring any forced outage) as Tanjung Bin Power Plant (TBP) resumes full operations in 3QFY26.
Malakoff Corp
“TBP’s steam turbine rotor is currently undergoing testing in the UK, and it would be shipped to Malaysia from Germany in 3QFY26. Recall that there was a failure in TBP’s steam turbine rotor in 1QFY26.
“Currently, we believe that TBP is operating at two-thirds of its full capacity. The TBE power plant is also envisaged to be fully operational in 2HFY26 as Lines A and B conveyor belts have been fully repaired as of early-July. Despite this, we maintain HOLD on Malakoff with a target price of RM0.90/share as its operational track record is weak,” analysts say.
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