PETALING JAYA: Binastra Corp Bhd is close to finalising a few more projects by year-end with an estimated combined value of RM300mil to RM400mil.
The group recently secured its twelfth contract, bringing its year-to-date new job wins to RM2.7bil.
This achievement accounts for 90.7% of TA Research’s financial year 2025 (FY25) new job wins assumption of RM3bil.
The total outstanding orderbook is estimated at approximately RM3.2bil, equivalent to 7.6 times its FY24 revenue.
Assuming a historical three-year net margin of 9.6%, the newly awarded project is expected to deliver a net profit of about RM24.6mil over the construction period, it said.
Phillip Capital Research said it is a contract upsizing for Exsim Jalil Link Sdn Bhd’s (EJL) Phase 1 data centre project, which was previously secured, effectively bringing the total contract value to RM418mil.
The research house estimates this project to contribute RM15mil to RM18mil in net profit across the contract period, assuming a 6% to 7% net profit margin for mechanical and engineering contracts that involve outsourcing.
Including this contract, the group’s order book now stands at RM3.5bil.
This translates to a strong 8.2 times cover on FY24 revenue and providing strong earnings visibility over the next four years.
