CHEEDING HOLDINGS BERHAD (CHEEDING)
CHEEDING Chart
1D • MYX
9 Oct, 09:09 am
193.8 KB
Company Profile
Company Profile: Cheeding Holdings Berhad (0372)
Cheeding Holdings Berhad is not a typical construction company. Although listed under the Construction sector on Bursa Malaysia, Cheeding is fundamentally a utilities engineering specialist (EPCC) — focused on high-voltage transmission line construction, underground cable installation, and substation works.
Operating since 2007, Cheeding has built a 16-year working relationship with Tenaga Nasional Berhad (TNB), Malaysia's national power utility, which accounts for nearly 99% of revenue. The company listed on the ACE Market on 7 October 2025 at RM0.36/share, with the stock nearly doubling on its first day of trading. At ~RM0.725 (April 2026), the market cap stands at approximately RM578 million.
3 Core Business Segments
| Segment | Description | % Revenue |
|---|---|---|
| EPCC Overhead Lines | Construction of overhead high-voltage transmission lines up to 500kV | ~85% |
| EPCC Underground Cables | Installation of high-voltage underground cables | ~10% |
| Substation Works | Construction and upgrading of electrical substations | ~5% |
Key Facts
| Item | Details |
|---|---|
| Bursa Ticker | 0372 |
| Market | ACE Market, Bursa Malaysia |
| IPO | 7 October 2025 @ RM0.36/share |
| Current Price | ~RM0.725 (April 2026) |
| Market Cap | ~RM578 million |
| HQ | Petaling Jaya, Selangor |
| Shariah Status | ✅ Shariah-Compliant (SC Malaysia confirmed) |
| Key Customer | Tenaga Nasional Berhad (TNB) |
| 52-Week Range | RM0.575 - RM0.960 |
⚠️ Key Risk to Know Upfront: Approximately 99.8% of Cheeding's order book comes from a single customer — TNB. This extreme concentration risk must be factored into any investment thesis. If TNB were to change its procurement policy or reduce capex spending, the impact on Cheeding would be direct and immediate.
That said, a 16-year relationship combined with TNB's mandated grid expansion under Malaysia's NETR (National Energy Transition Roadmap) makes these contracts relatively sticky. TNB needs experienced contractors, and Cheeding has proven itself over more than a decade.
Exclusive Gold Members Content
Get in-depth analysis, target prices, and investment recommendations with Gold Members subscription.
How to Get Gold AccessCANSLIM Analysis
Exclusive Gold Members Content
Get in-depth analysis, target prices, and investment recommendations with Gold Members subscription.
How to Get Gold AccessFinancial Analysis
This section is being refreshed with the latest figures. Please check back soon.
Dividends
This section is being refreshed with the latest figures. Please check back soon.
Valuation
Exclusive Gold Members Content
Get in-depth analysis, target prices, and investment recommendations with Gold Members subscription.
How to Get Gold AccessPeer Comparison
Exclusive Gold Members Content
Get in-depth analysis, target prices, and investment recommendations with Gold Members subscription.
How to Get Gold AccessRed Flags & Risks
Exclusive Gold Members Content
Get in-depth analysis, target prices, and investment recommendations with Gold Members subscription.
How to Get Gold AccessInvestment Scorecard
Exclusive Gold Members Content
Get in-depth analysis, target prices, and investment recommendations with Gold Members subscription.
How to Get Gold AccessCatalysts & Opportunities
Exclusive Gold Members Content
Get in-depth analysis, target prices, and investment recommendations with Gold Members subscription.
How to Get Gold AccessConclusion & Summary
Exclusive Gold Members Content
Get in-depth analysis, target prices, and investment recommendations with Gold Members subscription.
How to Get Gold AccessRelated Thematic Reports
Investment theme reports featuring CHEEDING HOLDINGS BERHAD
GRID: The Lifeblood of AI Data Centres — The Power Infrastructure Supply Chain on Bursa Malaysia
Malaysia's AI data centre boom has driven electricity demand up six-fold and ~RM42.8 billion of TNB grid capex. This report organises the GRID supply chain into 5 value-chain phases and identifies 19 Bursa Malaysia stocks, from macro power generation to internal power distribution in the server hall.
GRID: The Lifeblood of AI Data Centers — 19 Bursa Malaysia Grid Supply-Chain Stocks
AI data centers are not about the building — they are about the electricity flowing into them. This report maps 19 Bursa Malaysia stocks onto 5 phases of the data center grid supply chain, from TNB power generation upstream to critical power distribution at the server.