SOUTHERN SCORE BUILDERS BERHAD (0045.KL)

About SOUTHERN SCORE BUILDERS BERHAD

Company Description

Southern Score Builders Berhad (SSB8) is an investment holding company listed on the ACE Market of Bursa Malaysia since November 2022 via a reverse takeover of G Neptune Berhad. Tracing its roots to Southern Score Sdn Bhd established in 2010, the Group principally provides turnkey and main construction services for high-rise residential buildings and civil infrastructure projects. It expanded into mechanical and electrical (M&E) engineering by acquiring a majority stake in SJEE Engineering in 2025, and digital engineering solutions. It also acquired a stake in Nova Pharma Solutions to enter pharmaceutical engineering. The Group holds a CIDB Grade 7 contractor licence.

Business Model

SSB8 operates an asset-light construction model, outsourcing physical works to subcontractors while retaining control over project management, design coordination, procurement, and quality assurance. This approach enables scalability, cost efficiency, and lower capital intensity. The Group generates revenue primarily through turnkey contracts, managing end-to-end delivery for landowners, and main construction services. The acquisition of SJEE Engineering added a recurring, high-margin revenue stream from M&E works for data centres and specialised facilities. The model relies on strategic relationships with related-party developers for a captive pipeline of projects.

Revenue Segment

For 1HFY2026, the revenue breakdown by business activity was: Turnkey Construction Services contributing RM74.3m (41.2%), Mechanical and Electrical (M&E) Services contributing RM69.9m (38.8%), Main Construction Services contributing RM35.8m (19.9%), and Other services contributing 0.1%. The outstanding order book composition as of December 2025 was skewed towards residential projects (79.8%), followed by M&E works (17.5%), infrastructure (1.7%), and commercial developments (1.1%).

Top Client

The Group relies significantly on related-party developers for its construction pipeline. The key clients are Platinum Victory and Radium Development Berhad, which provide a consistent stream of turnkey projects. Historically, between 43.9% and 100% of yearly contract wins have been secured from these related parties. SJEE Engineering's M&E division services major hyperscale data centre clients, including a leading American cloud provider.

Operational Scale

As of May 2026, the Group's total outstanding order book stood at approximately RM1.6 billion, representing a robust book-to-bill ratio of 3.4x based on FY2026F revenue. The Group holds a CIDB Grade 7 contractor licence, allowing it to undertake projects of unlimited value. Historically, SSB8 has completed 9 projects worth approximately RM1.0 billion. SJEE has a track record of completing 6 hyperscale data centre projects and over RM500 million worth of M&E projects. The Group targets annual order book replenishment of RM500 million to RM800 million.

Associate Companies

SJEE Engineering Sdn Bhd (51% stake), a Class A electrical contractor specializing in M&E works and data centre infrastructure. Nova Pharma Solutions Berhad (initially 33% stake acquired for RM18.2m, subsequently increased to 99.75%), an engineering consultancy for pharmaceutical and biotechnology sectors. TCS SS Precast Construction Sdn Bhd (35% stake), a joint venture with TCS Group Holdings Berhad for precast construction capabilities.

Latest SOUTHERN SCORE BUILDERS BERHAD news

• Apex Initiates SKYECHIP with Buy, Sees 54% Upside; ASEAN’s Only Profitable Pure-Play Semiconductor IP Player
• Apex Initiates MITRA at Buy, Eyes More Than Double Upside on Riding Data Centre Wave
• Apex Starts Call Buy on SSB8, Sees 39% Upside on Data Centre Boom
• AmInvestment Initiates Buy Call on SSB8 with 39% Upside, Riding on Data Centre Tailwinds
• TA Securities Starts Coverage on SSB8 with BUY, Sees Earnings Poised to Surge 88% by FY26