郑荣信：能源和数据带来机遇

在金融市场上，建筑板块股项通常被投资者视为具有周期性。尤其是在缺乏大型基建项目时，投资者更倾向于将这些股项排除在投资考虑范围，不过也会有一些“沧海遗珠”。本文要介绍的就是在2022年上市马股，被归类在建筑板块的MN控股，这是马股首家地下公用设施工程公司，主营业务分为两大版块，一为地下公用设施工程如铺设电缆，二为建设变电站工程。

尤其，在当前宏观经济环境下的两大引擎，即大马国家能源转型路线图（NETR）和不断增长的数据中心需求，不只带动了能源和科技公司水涨船高，也让MN控股从中受惠，如2024年一开年，该公司就从提供数据中心的客户手上，获得总值9800万令吉的合约。此外，MN控股也积极参与太阳能发展项目，为太阳能公司如Cypark资源和Solarvest提供服务，这也将使MN控股从日益蓬勃的太阳能发展项目中受惠。

毕竟，为了减低温室气体排放以及在2050年实现净零排放，大马政府推出的国家能源转型路线图（NETR），将带动能源领域的发展。NETR主要分为两个阶段：第一阶段列出了旗舰催化剂项目及其相关举措；第二阶段侧重于建立能源结构，确保减少温室气体排放，并制定精确的目标和举措。这份路线图的宗旨是为了符合能源安全、可负担性和环境可持续性。举例而言，第二阶段中的其中两项能源转型杠杆是达到更好的能源效率和可再生能源。能源效率和可再生能源的关键目标分别是在2050年节省22%的能源，以及可再生能源占比达70%。

除了可再生能源，数据中心也是大势所趋。根据国际知名产业顾问公司莱坊(Knight Frank)针对东盟5国首次发布的SEA-5指数中，大马在2022年以113兆瓦的数据中心用电量领先排在其后的印尼、越南、菲律宾和泰国。其中，柔佛地区的增长尤为显著，而吉隆坡在过去三年也呈现了双位数的增长。这一趋势的原因主要是归因于新加坡数据中心容量受限，导致了对一水之隔的柔佛地区的需求激增。

由于柔佛地理位置毗邻新加坡，再加上得到大马政府的支持以及土地和电力的可用性，柔佛成为寻求替代中心的理想选择。目前，该地区市场拥有33兆瓦的实际和预计用电容量，大部分设施正在建设中或规划中，主要为西方和中国云端服务提供商以及区域科技公司提供定制服务。去年4月，MN控股就与上海德衡数据科技有限公司签署谅解备忘录，放眼为投资6亿令吉的后者的数据中心提供公用事业基础建设。

变电站业务

另外，通过审视公司的财务报表，不难发现MN控股变电站业务在过去三年中营收贡献迅占比猛增长，从19.4%上升至的46.7%。另一方面，按照客户行业划分，MN控股的营收中，发电领域占比超过90%。这一点使得投资者不得不关注在政府国家能源转型路线图下，以及国能公司将在未来6年内投入高达950亿令吉的资本开销中，该公司能否在这些项目中分一杯羹。值得一提的是，除了与太阳能公司共同合作之外，MN控股历年来服务的对象不仅有半岛的国能，也有东马的沙巴和砂拉越能源公司。

去年全年，马股表现最好的板块非公用事业莫属(公用事业板块指数录得逾50%的涨幅)，但是作为富时吉隆坡综合指数成分股且占有超过11%权重的国能只是上涨了约6%。反观同属主板公用事业板块的杨忠礼电力和杨忠礼机构则都录得超过两倍涨幅，领涨一众公用事业股项，甚至“升班”成为成分股。MN控股去年的收益率为约90%，其业务与前文提及的2家杨忠礼公司相仿，即业务与发电相关，也涉足数据中心的发展，无疑为投资者提供参与相关发展的机遇。无论如何，个人的投资决策都须基于了解自身可承担的风险和充分的研究与专业咨询，本文仅为信息分享而非投资建议。

郑荣信《能源和数据带来机遇》英文版： Opportunities Unleashed by Energy and Data

In the financial market, stocks in the construction sector are often perceived by investors as cyclical, especially during periods lacking major infrastructure projects. However, there are exceptions, and one such case is MN Holdings, which debuted on the Malaysian stock market in 2022 and is an unearthed gems. Categorized in the construction sector, MN Holdings is Malaysia's first underground utility engineering company, specializing in underground utility projects such as cable laying and the construction of substations.

Particularly noteworthy is MN Holdings' advantage in the current macroeconomic environment, driven by two major engines: Malaysia's National Energy Transition Roadmap (NETR) and the growing demand for data centers. This not only boosts energy and technology companies but also benefits MN Holdings. For instance, at the beginning of 2024, the company secured contracts worth a total of RM98 million from its data center clients. Additionally, MN Holdings actively participates in solar development projects, providing services to solar companies like Cypark Resources and Solarvest, positioning itself to benefit from the thriving solar sector.

Given the Malaysian government's commitment to reducing greenhouse gas emissions and achieving net zero emissions by 2050, the National Energy Transition Roadmap (NETR) is expected to drive developments in the energy sector. NETR is divided into two stages: the first outlines flagship catalyst projects and related initiatives, while the second focuses on establishing the energy structure, ensuring reduced greenhouse gas emissions, and setting precise targets. Key goals include achieving 22% energy savings by 2050 and a 70% of renewable energy in the power mix.

In addition to renewable energy, data centers are a prevailing trend. According to the SEA-5 Index by international industry consultant Knight Frank, Malaysia led with a data center electricity consumption of 113 megawatts in 2022 among the ASEAN-5 countries, surpassing Indonesia, Vietnam, the Philippines, and Thailand. Significant growth is observed in the Johor region, and Kuala Lumpur has shown double-digit growth over the past three years. This trend is mainly attributed to limited data center capacity in Singapore, leading to increased demand in the neighboring Johor region.

Due to Johor's proximity to Singapore, coupled with government support and availability of land and power, Johor becomes an ideal choice for those seeking alternative centers. Currently, the market in this region has a total actual and expected electricity capacity of 33 megawatts, with most facilities under construction or in planning, catering primarily to Western and Chinese cloud service providers and regional tech companies. In April of last year, MN Holdings signed a memorandum of understanding with Shanghai DC-Science Co. Ltd., aiming to provide utility infrastructure for the latter's RM600 million data center investment.

Examining the company's financial statements reveals a notable increase in revenue contribution from MN Holdings' substation business, rising from 19.4% to 46.7% in the past three years. On the customer segment, power generation accounts for over 90% of MN Holdings' revenue. Investors are keenly watching whether the company can secure a portion of the substantial capital expenditure of up to RM95 billion over the next six years as outlined by the government in its National Energy Transition Roadmap and the investments by the national utility company. Notably, MN Holdings has served not only Peninsula’s Tenaga Nasional but also energy companies in East Malaysia, including Sabah Electricity Sdn Bhd and Sarawak Energy, showcasing its exceptional capabilities.

Last year, the best-performing sector in the Malaysian stock market was undoubtedly utilities, with more than 50% increase in the utilities sector index. However, as a constituenct stock of the FTSE Kuala Lumpur Composite Index and holding a weight of over 11%, Tenaga Nasional has only seen an increase of about 6%. In contrast, within the same Main Market utilities sector, YTL Power and YTL Corp have recorded returns more than double folds, surpassing their peers in the utilities sector. They may even be promoted to become component stocks. MN Holdings has achieved a return rate of close to 90% last year, aligning its business with the aforementioned two YTL companies, involving both power generation and venturing into the development of data centers, undoubtedly providing investors with opportunities to participate in these related developments. In any case, individual investment decisions must be based on an understanding of one's risk tolerance and thorough research, coupled with professional advice. This article is intended for information sharing rather than investment advice.