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The research house had valued the group’s stock at 8.5 times its financial year 2026 (FY26) forecast earnings, while factoring in a 3% premium for its environmental, social and governance profile.
TA views Steel Hawk’s call-out subcontract win in Sabah as operationally positive but financially modest, reinforcing its fire protection track record and improving order book visibility in East Malaysia, which supports business sustainability and longer-term growth rather than near-term earnings.