For context, Pan Merchant is the biggest solid-liquid filtration player in Malaysia by revenue

The company is eyeing opportunities in wastewater treatment and sustainable fuel refineries too as climate initiatives ramp up globally

PMI is currently sitting at around a 0.5% share of the global filtration market, but management has been pretty clear about their ambition to grow that to around 2%–3% over the next few years

Malaysia’s water sector is entering a new growth phase. Infrastructure projects are rolling out, and rising demand from new industries like data centers is adding another growth driver

Penang is implementing its Water Contingency Plan 2030 (WCP 2030), an infrastructure framework costing RM2.1 billion

『https://www.thestar.com.my/metro/metro-news/2025/12/22/water-deal-designed-to-sustain-supply-support-demand-in-state』

Pan Merchant's broad filtration capabilities could put it in a good spot to pick up water treatment subcontracts or supply jobs, especially as more plants get upgraded and projects roll out for pipeline repairs and NRW reduction

It still wobbling at 22 cents there. Waiting for operator to push ...

The spare parts and maintenance jobs basically guarantee them a steady stream of recurring income

Pretty strong Q3 performance! I’m thinking the share price will do a nice V-shape rebound