Data centre projects typically have shorter tender and award cycles and relatively low competitive intensity, with only three to four recurring competitors bidding alongside ISF, the company noted. ISF is primarily involved in the supply and installation of piping systems for end-user premises, as well as water supply and sewer infrastructure piping. The group is also expanding into turnkey data centre water systems, such as water treatment plants, which increase its addressable revenue per project beyond standard piping works. Meanwhile, ISF maintains a tender book of about RM460 million, with roughly 60% concentrated in higher-growth and higher-margin data centre and industrial segments. At the latest price, ISF is valued at about 49.48 times earnings based on FY2024 net profit of RM9.64 million, on revenue of RM54.67 million.

Source: The Edge Markets January 28, 2026 04:49 UTC