CHEEDING HOLDINGS BERHAD (0372.KL)

About CHEEDING HOLDINGS BERHAD

Company Description

Cheeding Holdings Berhad is an investment holding company whose wholly owned subsidiaries are engaged in the engineering, procurement, construction, and commissioning (EPCC) of high-voltage (HV) infrastructure and maintenance. Incorporated in 1993 as Pembinaan Bukit Cheeding Sdn Bhd, the Group began subcontracting overhead infrastructure projects in 2007 before expanding into EPCC works as a main contractor in 2009. It is registered with the Construction Industry Development Board as a Grade G7 contractor and the Energy Commission as a Class A Electrical Contractor. The Group holds 500kV licensing capacity, a qualification held by a limited number of players, positioning it as a key transmission infrastructure partner for Tenaga Nasional Berhad. Operations are concentrated in Peninsular Malaysia, with a track record of over 20 national transmission projects. It remains a family-led business.

Business Model

Cheeding operates as a turnkey integrated EPCC service provider in the power transmission sector, generating revenue primarily from contract awards by Tenaga Nasional Berhad (TNB). The Group employs an asset-light model where core activities such as civil foundations, tower erection, and trenching are executed in-house, while capital-intensive and specialized functions like horizontal directional drilling (HDD), high-voltage jointing, and final testing are subcontracted to certified specialists. Revenue is recognized progressively using the input method. The business relies on competitive tenders restricted to licensed contractors, with a fast-track 'Green Lane' pathway for data centre projects. Key advantages include a rare 500kV licensing capacity that limits competition, tower spotting optimization for cost savings, and a strong balance sheet supporting larger bid capacity post-IPO.

Revenue Segment

In FY2025, the revenue breakdown by segment was: Overhead Infrastructure contributing 69%, Underground Utilities Solutions contributing 23%, Substation Engineering Solutions contributing 7%, and Maintenance contributing 2%. The EPCC segment collectively accounted for approximately 92% of total revenue.

Top Client

Tenaga Nasional Berhad (TNB), which contributes more than 90% of the Group's revenue.

Operational Scale

As of the most recent reports (FY2026), the Group had an outstanding order book of approximately RM184.5 million, which is 1.6 times its FY2025 revenue. The tender pipeline stood at around RM248 million. As of late 2025, the Group employed 251 staff, comprising approximately 25% Malaysians and 75% foreign workers. The Group's owned equipment includes one piling machine, one cut-and-bend machine, and two pickup trucks. Management targets expanding the order book capacity to RM700-800 million post-IPO.

Associate Companies

Orasko Sdn Bhd, a private company with deep technical expertise in substation EPCC works. Cheeding collaborates with Orasko under an unincorporated joint venture on a 60:40 basis, with Cheeding holding the 60% share and Orasko holding the 40% share.

Latest CHEEDING HOLDINGS BERHAD news

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