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Hong Leong Investment Bank Bhd (HLIB) has upgraded its target price for MN Holdings Bhd to RM2.55, citing the company's expanding order book and strong execution capabilities. MN Holdings' subsidiary, Mutu Nusantara, has secured a RM216 million contract for a CLS substation in southern Peninsular Malaysia, starting February 1, 2026, and set for completion by September 2026.

This contract increases MN Holdings' order book to RM1.05 billion, expected to sustain operations over the next two years. HLIB raised earnings forecasts due to potential contract wins totaling RM900 million for FY26, backed by a RM2.9 billion tender book. The stock price rose by 2.48% to RM1.65.