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TA view the RM35m contract as strategically positive, marking Steel Hawk’s first highvoltage (275kV) data-centre-related project, which broadens its technical scope beyond distribution-level works. The project also provides an incremental earnings uplift in 2H25–1H26 and reflects continued progress in the group’s Expanded EPCC orderbook, which now rises from RM155.8mn to RM190.8mn.
That's great news for the company's growth prospects and should provide a nice boost to the stock. It's always a good sign when a business can consistently secure new deals.
Steel Hawk’s earlier RM92.7 million project helped establish its solid reputation in the utilities and power sector. This new RM60.97 million project within the TNB ecosystem further strengthens its presence and gives us clearer visibility on earnings through FY2026
Steel Hawk Berhad is transforming from an oil & gas service provider into an energy and utilities EPCC player, marking a move toward a more stable and growth-oriented sector. The company’s entry into TNB underground cable projects worth over RM150 million, alongside a RM29 million Bumiputera private placement, strengthens its capital and reduces debt. With a healthier balance sheet and alignment with Malaysia’s energy transition goals, Steel Hawk is positioning itself for sustainable long-term growth and potential Main Market listing.
HAWK’s 17 active contracts with PETRONAS subsidiaries such as Carigali, PRPC Utilities & Facilities, and EPOMS provide recurring income and long-term visibility. Despite temporary work order delays, ongoing contracts continue to underpin stable cash flow.
Steel Hawk has just signed a contract worth MYR 60.97 million. Considering that 17% of this (approximately MYR 10 million) could be recognized in the final quarter of FY2025, we are revising our FY2025 earnings forecast for the company upwards by 10.6%.
The net profit margin for the new contract is approximately 10%, consistent with existing Engineering, Procurement, Construction, and Commissioning (EPCC) projects. Additionally, Steel Hawk's EPCC order value has been increased from MYR 94.8 million to MYR 155.8 million.