Maybank Starts Call buy on BMGREEN with 54% Potential Upside
StockTipRatings ·
Maybank Investment Bank analyst Thong Kei Jun has initiated coverage on BM GreenTech (formerly Boilermech Holdings) with a Buy rating and a target price of RM2.30, implying 54% upside. He likes the company’s strong position as a dominant biomass boiler EPCC player in Southeast Asia, supported by its 30–40% market share in Malaysia and Indonesia, the largest global palm producers.
He adds that ongoing industrial decarbonisation efforts, reinforced by regional renewable energy agendas, should underpin sustained demand for biomass boilers and support the company’s long-term growth.
Thong Kei Jun, an analyst who primarily covers the energy sector on StockTipRatings.com (based on data since 2023), currently has no performance record. He recently covered MN Holdings on October 15, when the stock rose 8.6% to RM1.89 on the same day. The stock is currently trading at RM1.79.
Additionally, the company’s water treatment segment is undertaking a river water treatment project for a data centre in Johor. Thong believes successful delivery of this project would position BM GreenTech to capture sizeable opportunities from Malaysia’s 6.7GW data centre pipeline.
As of 11:50 a.m. on November 17, BM GreenTech's share price rose 0.7% to RM1.51.
The call: Maybank on BM GREENTECH BERHAD
- Rating
- Buy
- Target price
- RM 2.30
- Upside at call
- 51.3%
Thong Kei Jun's 12-month track record
- Success rate
- 100%
- Average return
- 63%
- Stocks covered
- 11
Consensus target price for BMGREEN
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