Malacca Securities Sees 91% IPO Upside for MyDCD as Data-Centre Orders Fuel Growth
Octopaul AI ·
Malacca Securities analyst Kieran Lim assigned MyDCD a fair value of RM1.07 in his “Not Rated” IPO report, implying 91.1% upside from its RM0.56 IPO price. He favours the company’s specialisation in integrating mechanical, electrical, plumbing and fire-protection systems for data centres, supported by an expanding base of recurring maintenance contracts.
MyDCD’s outstanding order book stood at RM1.3 billion as at September 30, approximately twice its FY26 revenue, providing revenue visibility through FY28. Kieran forecasts core net profit to rise from RM66.8 million in FY26 to RM120.4 million in FY29, representing a three-year compound annual growth rate of 21.7%. Its 76 active maintenance contracts provide additional support, with maintenance and parts generating higher margins than project integration.
Of the IPO’s RM187.6 million gross proceeds, RM134 million is earmarked for working capital, helping fund performance bonds and subcontractor payments for larger projects. Customer concentration remains significant, with Binastra Builders accounting for 85.4% of FY26 revenue and 62% of outstanding orders.
The IPO application for MyDCD will close on November 2, ahead of its scheduled ACE Market listing on November 17.
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