Initiation
Greenfield, Green-Steam
GENERGY will raise RM75m from the IPO, of which we estimate 70% will be directly supporting earnings growth - acquisitions and selected capex.
Initiation
Initiation
Rapid Scale-Up on High Margins
In a sector with arguably elevated valuations, we foresee LSH distinguishing itself with a combination of robust orderbook growth and sector-leading margins.
Initiation
Water project wins can reverse soft debut
PMI has not put its best foot forward post-listing, touching a low of -33% vs IPO price and posting sluggish 1H25 earnings.
KJTS
Cooling is Heating Up
While valuations may appear stretched at first glance, we flag that the nature of KJTS’ business means the earnings delivery on a new project is not front-loaded.
Initiation
Secular Drivers Trump Cyclical Slump
FRCB is the best positioned to weather Trump’s tariff uncertainties and potentially benefit it, if it can follow TSMC to Arizona.