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‘Electricians will be the next billionaires’ as data centre boom lifts shares of Malaysia’s MEP firms: JP Morgan

Jovi Ho
Jovi Ho • 7 min read
‘Electricians will be the next billionaires’ as data centre boom lifts shares of Malaysia’s MEP firms: JP Morgan
Shares in KJTS Group, for one, have surged nearly 60% year to date. JP Morgan analysts still see MEP as an “underappreciated second-layer beneficiary” of the data centre boom, with “meaningful upside ahead”. Photo: Bloomberg
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Electricians will be the next billionaires, say JP Morgan analysts, thanks to a data centre boom in Asean led by Malaysia.

Malaysian stocks involved in the mechanical, electrical and plumbing (MEP) business have emerged as one of the hottest themes in the country, say JP Morgan analysts in a note shared Nov 21.

The market capitalisations of these Malaysian stocks have compounded nearly three times from 2024 to late-2025, and many MEP-linked stocks have already more than doubled, according to analysts Samuel Tan, Nigel Ng, Yen Voo, Sumedh Samant, Bill C Lin, Alan Hon, Stephen Tsui, Ranjan Sharma and Gokul Hariharan.

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