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+ 77.6m cranes order @ Aug 2025
+ 79m cranes order @ Nov 2025
+ 700-850m Epc for Petronas (Sepat) @ Dec 2025
+ 76.3m cranes order @ Jan 2026
+ 42.6m cranes order @ Mar 2026
+ 120m Noise Barrier for Penang LRT @ Apr 2026
+ 90.6m crane order @ 22th May
+ 300m EPCC for THE LNG REGASIFICATION TERMINAL 3 (Lumut RGT3) @ Jun 2026
+ 504m crane order @ Jul 2026
As of 15th May, orderbook stood at 1.56b
+ 90.6m crane order @ 22th May
+ 300m EPCC OF THE LNG REGASIFICATION TERMINAL 3 (RGT3) @ 8th Jun
+ 504m crane order @ 2nd Jul
As hyperscale data centres continue to reshape Australia's digital infrastructure landscape, the role of heavy-lift tower cranes has never been more critical.
Air Trunk's new campus at Huntingwood, Western Sydney, is a prime example.
Spanning 8.3 hectares and delivering more than 320 MW of IT capacity across over 160,000 square metres of built area, the project demands the efficient installation of vast quantities of concrete, steel and crucial services.
For developments of this scale, heavy-lift cranes such as the Favelle Favco M2480D and M1280D offer significant advantages in lifting capacity, speed, reliability and operational independence through their diesel-hydraulic design.
Rather than relying on a large number of smaller cranes and frequent mobile crane movements, a small fleet of strategically positioned heavy-lift cranes can perform the majority of critical lifts across the site.
This approach reduces site congestion, simplifies logistics, lowers maintenance and operating costs, and enhances safety by minimising crane interactions and equipment movements.
In many cases, three large-capacity cranes can achieve what would otherwise require a forest of smaller cranes, delivering greater productivity and supporting the accelerated construction schedules demanded by modern hyperscale data centre projects.
We observe growing conditions for PETRONAS and related PACs capex spending upcycle beginning 2027E, arising from: i) rising domestic energy demand and security considerations; and ii) higher oil prices amidst the Middle East tensions. We U/G our sector call to POSITIVE (from NEUTRAL) as we advocate positioning ahead of the capex inflection, which we believe, should benefit most local OGSE names.
1. Crane segment:
- Newly acquired French company should start contribute by FY26Q1.
- Australia warehouse should complete by FY26Q2 then start contribute the rental income.
- Healthy order-book about RM 600m + new stream incomes
2. Construction segment:
- recent contract awarded from Petronas are solely for Muhibbah; compare previous jobs win during 2022-2023 are under consortium (share profit)
- Base on Petronas Activity Outlook release in Jan, there are another 10 fabrication jobs to award in 2026
- Muhibbah is one among five panel firm to compete for these job (fairly another 2 to grab)
- Current outstanding orderbook about 900m
3. Concession:
- airport traffic continue to growth
- But profit should reduce under new agreement
- Refer to Vinci’s recent report, Cambodia Airport has net cash about EUR 323m as end of 2025
- With 30% interest, it is equal to RM 445m
- no necessary reserve much cash anymore for future expansion as concession agreement replaced
- dividend receive from concession increase from 77m in 2024 to 146m in 2025