MEGA FIRST CORPORATION BHD (MFCB)
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1D • MYX
9 Oct, 09:00 am
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Company Profile
Company Profile — MFCB (Mega First Corporation Bhd)
MFCB has undergone a significant transformation over the past decade. What began as a property and resources conglomerate has evolved into a diversified holding company anchored by a single high-impact asset: the Don Sahong Hydropower Plant in Laos — a 325MW run-of-river facility supplying power to the Laos and Vietnam grids.
In December 2024, MFCB signed a new 25-year Supplemental Concession Agreement (SCA) with the Lao PDR government, running from January 1, 2025 to December 31, 2049. This represents an existential positive for the investment thesis, locking in revenue visibility for a full generation.
3 Business Segments
1. Renewable Energy (Power) — Core Cash Engine
The Don Sahong Hydropower Plant, 325MW, sits on the Mekong River in Champasak Province, Laos. MFCB holds a 95% interest through Don Sahong Power Company Ltd (DSPC). The 5th turbine (65MW) commenced commercial operation on July 4, 2024, completing the full 325MW installed capacity.
Revenue is denominated in USD under take-or-pay agreements: dry season (Nov-May) is 100% guaranteed, wet season (Jun-Oct) up to 955 GWh guaranteed. Annual output estimated at ~2,000 GWh.
2. Packaging
Two sub-segments: (a) Labels and Packaging — healthy performance, growing +27.5% in FY2025. (b) Edenor Oleochemicals (50:50 JV) — this sub-segment is a drag on earnings. Edenor posted a RM15.7 million loss in FY2025, though improved from an annualized ~RM48m loss pace in H1 2024. Utilization remains at only 62% amid structural overcapacity.
3. Resources
Limestone quarrying, lime products, calcium carbonate, and bricks. Key markets: Malaysia and China. FY2025 performance was weaker compared to FY2024.
Management & Shareholders
MFCB is controlled by the Goh family, led by Mr. Goh Nan Kioh and associated investment vehicles. In December 2025, insiders purchased 18 million shares at approximately RM3.50–3.70 — a strong signal of management confidence. 📈 Insider buying at this scale is rare and indicates high conviction in the company's prospects.
EPF (Employees Provident Fund) also holds shares in MFCB, providing institutional validation of the investment case.
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