EI Power (EIPOWER): Is RM1 Possible for Bursa's Newest Data-Centre Power Play? (2026)

Bursa Malaysia’s newest darling doesn’t make chips or write AI models — it wires up the buildings that run them. EI Power Berhad (Bursa: EIPOWER) listed on the ACE Market on 21 May 2026 at just 48 sen, opened 27% higher, and has since climbed to around RM0.73 — up roughly 50% from its IPO price in under two months. The question lighting up Malaysian trading groups is blunt: can it reach RM1? Here’s the honest case — the numbers behind the hype, and the risks the hype skips.

What EI Power actually does

EI Power is an EPCC contractor — engineering, procurement, construction and commissioning — for mission-critical power systems: the backup generation, distribution and fuel systems that keep a data centre running when the grid blinks. It is a spin-off from Bursa-listed OCK Group Berhad, which still holds about 37% after the float. And it is heavily concentrated where Malaysia’s data-centre boom is loudest: the company says it has built the power infrastructure for roughly two-thirds of the operational data centres in Kulai, Johor, and about 31% across the state. Data centres made up 86% of its FY2025 revenue and about 98% in the first quarter of FY2026 — this is close to a pure-play.

The bull case for RM1

Four things are driving the RM1 chatter.

1. An order book that doubled overnight. On 18 June 2026, about four weeks after listing, EI Power won a RM90.1 million subcontract for the fuel-system package of a Johor data centre. That single win lifted its unbilled order book from RM99.9 million to RM222.5 million — roughly 2.9× its FY2025 revenue of RM77.4 million, with work booked through to September 2027.

2. It sells the one thing AI can’t run without: power. AI’s bottleneck isn’t only GPUs; it’s electricity — a theme we dug into in the Micron & SanDisk piece. Malaysia’s data-centre electricity demand is projected to climb from about 7% of Peninsular supply today to roughly 31% by 2035. EI Power sells straight into that curve.

3. A fresh listing that’s tightly held. Promoters keep about 60% (under moratorium) and the public float is around 28%, so the freely-tradable supply is thin — which exaggerates moves when demand shows up. The IPO was oversubscribed 30.8 times.

4. Clean price discovery. The stock’s entire history sits above its IPO price, so there’s no trapped supply overhead — the textbook “no resistance” setup. Its all-time high so far is about RM0.77.

So — is RM1 realistic?

RM1 is about 37% above today’s price, and the stock has never traded there. The maths cuts two ways. Hold the current ~21× earnings multiple and RM1 needs profit to grow to roughly RM33 million — about +38% from an annualised ~RM24 million — which a converting RM222.5 million order book could plausibly deliver. Or the market simply re-rates it to ~29× on today’s earnings. Both are possible; neither is a given.

Bursa itself has been a laggard this year (see our H1 2026 market review), so much of EIPOWER’s momentum is thematic rather than index-driven. It is a credible target for a genuinely well-positioned company — but it is a momentum-and-execution bet, and it rewards a plan more than a price target. Decide the level you’d be wrong at before you decide the level you’re hoping for.

Sources & further reading

• The Edge Malaysia — EI Power unveils ACE Market prospectus, prices IPO at 48 sen
• The Star — EI Power IPO oversubscribed 30.8 times ahead of ACE Market debut
• The Edge Malaysia — EI Power’s RM90.1m Johor data-centre job lifts order book to RM222.5m
• EI Power Berhad — investor relations and press releases
• KLSE Screener — EIPOWER (0453) live quote and financials