Technical Outlook

Retraced toward the support zone. After forming a recent high of RM1.07–1.09, the price experienced a pullback toward the EMA40 and the RM0.825–0.850 support zone. We expect the price to be supported above the RM0.825–0.850 support zone and stage a rebound, eventually retesting the RM1.07–1.09 resistance zone. A break below the support zone would invalidate the setup.   

Trading Catalysts 

• Largest-ever contract win in Johor. EIPOWER accepted a RM90.1m subcontract for the full fuel system package of a Johor data centre, with completion slated for September 2027. The unbilled order book more than doubled, from RM99.9m during March 2026 to RM222.5m as of June 2026, and management expects the contract to contribute positively to earnings over the project period. 
• Solid results post-listing. EIPOWER posted 1H26 revenue of RM45.2m and normalised PAT of RM12.3m, excluding one-off listing expenses. 2Q26 revenue rose 17.8% QoQ to RM24.4m and normalised PAT rose 4.4% QoQ to RM6.3m, driven by data centre EPCC projects. Meanwhile, analysts have also upgraded their TPs, with Bloomberg consensus TP now at RM1.09.
• Expansion into Thailand. EIPOWER is extending its data centre footprint into Thailand, citing sizeable digital infrastructure investment and a strong data centre pipeline there. It has secured all the necessary licenses and has a RM90m Thai tender book, with five outstanding tenders from existing Malaysian customers.