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The grid buildout, priced

10 Bursa Grid & Data-Centre Contractors Compared: Order Book vs Market Cap (2026)

RaymondRates.my5 min read

📊 Stocks in this story · tap for live chart & discussion

PWRWELLPowerwell HoldingsCHBCritical HoldingsCBHBCBH EngineeringUUEUUE HoldingsKINERGYKinergy AdvancementMNHLDGMN HoldingsISFISF GroupEIPOWEREI PowerHEGROUPHE GroupKEEMINGKee Ming Holdings

Ten Bursa contractors, one buildout: the power, cooling and cabling behind Malaysia’s data centres. Side by side below — and what each order book is worth against the company that won it.

RM1.79b
Biggest order book
MN Holdings (0245)
1.51×
Biggest book vs its own size
Critical Holdings (0291)
10.1×
Gap between cheapest and dearest
12.6× to 22.7× forward P/E

The ten, side by side

Every profit figure below is the latest quarter each company has actually filed, with the period shown under it. Nine of the ten report to 31 March and UUE to 31 May — the fiscal-quarter labels differ only because the year-ends do. The June quarter lands late August, and will move most of this column.

Ten Bursa Malaysia grid, electrical and data-centre contractors compared by sector, market capitalisation, latest reported quarterly net profit with the quarter it covers, order book, order book as a multiple of market cap, and forward price-to-earnings.
StockMkt capLatest qtr profitOrder bookvs mkt capFwd P/E
Powerwell0217SwitchgearRM549mRM7.7mQ4 FY26 · Mar 26~RM310m0.56×12.6×
Critical Holdings0291Data-centre MEPRM703mRM1.20mQ3 FY26 · Mar 26RM1.06b1.51×13.4×
CBH Engineering0339Mechanical & civilRM1.34bRM18.2mQ1 FY26 · Mar 26~RM581m0.43×15.1×
★ UUE Holdings0310Underground cablingRM538mRM9.04mQ1 FY27 · May 26RM515m0.96×16.6×
Kinergy0193E&M + renewablesRM907mRM7.38mQ1 FY26 · Mar 26~RM1.00b1.10×16.8×
MN Holdings0245Utilities & substationsRM2.03bRM21.4mQ3 FY26 · Mar 26~RM1.79b0.88×18.0×
ISF Group0390Water & wastewaterRM625mRM4.32m†Q1 FY26 · Mar 26RM153.5m0.25×18.9×
★ EI Power0453Data-centre powerRM480mRM6.03mQ1 FY26 · Mar 26RM222.5m0.46×—
HE Group0296Electrical & substationsRM293mRM2.56mQ1 FY26 · Mar 26~RM275m0.94×21.5×
Kee Ming0392M&E coolingRM692mRM6.08mQ4 FY26 · Mar 26~RM183.7m0.27×22.7×

Sorted by forward P/E, cheapest first. Every name links to its Rates.my stock page; ★ = we have published a deep-dive on it.

† ISF Group’s quarter is after RM2.73m of one-off listing costs — RM7.05m excluding them.

  • They are not one sector. Switchgear, underground drilling, water piping and cooling — same theme, very different businesses.
  • Size does not set the book. is the second-largest here yet carries a smaller book than .
High-voltage transmission pylons stretching into a sunset sky
Every name here sells into the same buildout — the grid and the data centres hanging off it. · Photo: Unsplash

Order book against market cap

Order book ÷ market cap — how much disclosed work each carries per ringgit of market value1.0×Critical Holdings1.51×Kinergy1.10×★ UUE0.96×HE Group0.94×MN Holdings0.88×Powerwell0.56×★ EI Power0.46×CBH Engineering0.43×Kee Ming0.27×ISF Group0.25×★ = Rates.my has published on it. A big order book is work won, not profit earned.Order books are announced on different bases and dates — treat this as a rough shape, not a league table.
Ranked by order book against market value — two carry a book bigger than the whole company.
  • A book is revenue, not profit. It says work is won, nothing about the margin it gets built at.
  • The bases differ. Books are announced on different dates and definitions — a rough shape, not a league table.
Not a ranking of what to buy. A low forward P/E rests on a forecast that may not arrive. A big order book can still be built at a thin margin.

The two we have written up

What to watch

  • Late AugQ2 results season. Order books are announced ad hoc; quarterly profit is when the margin shows.
  • OngoingWhether books convert. Critical Holdings carries the biggest book relative to its size on the thinnest quarterly profit here.
  • Your sideTrack all ten live on the Bursa heat list rather than a static table.
Not financial advice. Figures as at 10 August 2026, from Bursa filings, company announcements and consensus estimates. They move with every result and every new contract — check the latest filing. Rates.my holds no CMSA licence and issues no price targets or recommendations.

Sources & further reading

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Track these live on the Bursa heat list

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UUE·1w ago
Bullish on UUE , strong orderbook and growing. Massively mispriced compared to peers

This article is general information, not personalised financial advice. Rates.my is not a licensed financial adviser — always verify rates with the institution and consider your own circumstances.

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