PEKAT’s unbilled order book has climbed to RM936m, according to Malacca Securities Research, after the company secured a RM57.2m data centre lightning protection contract. The research house flagged the stock in its 14 October 2026 market note, which also tracked a softer Wall Street session and a list of post-Budget 2027 picks.
What PEKAT Does
Based on the research summary, PEKAT’s latest win is a lightning protection contract for data centres, a segment Malacca Securities placed within the wider data centre build-out. The same theme lifted MNHLDG, which secured a RM293.9m data centre power contract and saw profit-taking this week.
The research house also highlighted a planned transfer to the Main Market in 4Q26, which it said could draw institutional interest. The summary does not detail the company’s other business lines or customer mix.
Key Financial Numbers
The headline figure is the RM936m unbilled order book, which Malacca Securities put at roughly 1.5 times FY25 revenue. On that ratio, FY25 revenue works out to about RM624m, a figure derived from the report’s multiple rather than stated in it.
The new RM57.2m contract accounts for roughly 6% of the total unbilled book, based on our own arithmetic. The summary does not include profit, margin or cash flow figures for PEKAT, so those numbers should be checked in the full report.
Valuation Basis
Malacca Securities’ call is a ‘favour’ rating, and the research summary does not disclose a target price or valuation multiple for PEKAT. The research house’s case rests on order book visibility and the expected Main Market transfer rather than on a stated fair value.
For context, the same note named ServiceNow and Texas Instruments as US picks, but those target price ranges come from analysts cited in the report, not from Malacca Securities’ PEKAT view.
Risks
The summary does not list company-specific risks for PEKAT, such as contract execution timing or margin pressure. The wider market backdrop in the note includes Chinese competition in AI memory chips, muted oil prices and selectivity ahead of Budget 2027 measures.
An order book equal to 1.5 times revenue also depends on how quickly those contracts convert into billed revenue. The research summary does not give a conversion schedule.
What This Means for Retail Investors
The research house’s view is a directional call on PEKAT, not a price forecast, and the absence of a stated target price makes the call harder to benchmark. Investors reading the note may want to track billing progress against the RM936m order book and the timing of the 4Q26 Main Market transfer.
The full report is available from M+ Online at mplusonline.com, where the research house sets out its complete reasoning, risk factors and any valuation work. Decisions on PEKAT remain with each reader.
Key Takeaways
- Malacca Securities Research favours PEKAT, citing its RM57.2m data centre lightning protection contract.
- The unbilled order book stands at RM936m, about 1.5 times FY25 revenue, according to the research house.
- The research summary does not state a target price or valuation for PEKAT.
- A planned 4Q26 transfer to the Main Market could attract institutional interest, per the report.
- The full report is available from M+ Online.
Frequently Asked Questions
What is Malacca Securities’ call on PEKAT?
Malacca Securities Research favours PEKAT, according to its 14 October 2026 market note. The research summary does not include a target price for the stock.
How large is PEKAT’s unbilled order book?
The research house put PEKAT’s unbilled order book at RM936m, or about 1.5 times FY25 revenue. The figure rose after the company’s RM57.2m data centre lightning protection contract.
When is PEKAT expected to move to the Main Market?
Malacca Securities said PEKAT plans a transfer to the Main Market in 4Q26, which it believes could attract institutional interest. Timing is subject to the company’s own process, so the full report from M+ Online should be checked for updates.
Source & Attribution
This article summarises a research report published by Malacca Securities Sdn Bhd (M+ Online) on 14 October 2026. All ratings, target prices and forecasts belong to Malacca Securities Research, not to the author of this blog.
Read the original report: M+ Online Research Report | View full PDF
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Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Ratings and target prices cited are those of Malacca Securities Research and are subject to change. Always do your own research before making investment decisions.
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