As an underground utilities and substation engineering services and solutions provider, MNHLDG is in a favorable position to benefit from Tenaga's sustainable T&D investment and the perpetually increasing demand for power. Moreover, the thriving data center industry in Malaysia has resulted in a greater requirement for power infrastructure, which presents an opportunity for MNHLDG to expand its order book. With a strong order book of RM332.7m, we are projecting MNHLDG’s core net profit to grow at a strong FY23f-25f CAGR of 16.4%. We value MNHLDG at RM0.45 based on 12x FY24f EPS of 3.7sen.