Just saw news report from Sinchew today that reported Tan Sri Francis as saying that the potential GDV of the Brabazon property project is as high as GBP6.5 billion, way higher than my earlier estimate of GBP5 billion.

I will be looking at upgrading the earnings projection for Brabazon project to YTL Power by as much as 30%.

@darrenliew, you are good for nothing. Your only posts in i3 are all negative about YTL Power, don't you have better things to do? Have you taken any money from the business rival and the only job you do here is to press down the share price of YTLP shares?

UK accounting system is no different from many other western countries, in that property developers are allowed to book in revenue and profit when completed houses are handed over to buyers.

YTLP's unit Brabazon has already handed over keys to 300 home owners and will deliver another 200 homes in 2025, for which YTLP will be able to book in revenue and profits.

@cktay, I have no idea which local funds are selling big on YTL Power shares, and I won't be bothered as their collective holdings in YTLP are not much.

The biggest holder is YTL Corp that holds almost 55%, then foreign funds holding about 15% now after their aggressive buying in this month, and EPF with 5% stakes. That's already 75%, leaving just 25% minimum free floats in the hands of retailers and these so-called local funds.

If these "local funds" are selling YTL Power at prices below RM4.00, then I would think they are being managed by a bunch of incapable managers or managers with own agenda. Some are probably tied up with short sellers, or get their funds to sell cheap tickets of YTLP for themselves to buy in low. Whichever it is, they are up to no good, and I don't bother.

I will just look at the fundamentals of the company and the improving outlooks of its business operations :
- PowerSeraya continues to contribute strong core earnings every quarter
- Wessex Waters to register substantial jumps in earnings from April 2025 after the favourable final determination by Ofwat on water tariffs revision
- Jordan Power and Jawa Power to report gradual increase in earnings due to inflation adjustment and strengthening US dollars
- Yes 5G to report steady project earnings for next 3 years
- colocation data centres with SEA Ltd to continue growth by 8MW capacity every 6 months
- AI data centre will see its first phase on track for completion in next 2 months
- UK Brabazon property project to contribute substantial earnings from FY2025 onwards for many years to come

https://klse.i3investor.com/web/blog/detail/dragon328/2025-01-16-story-h497930903-YTL_YTL_Power_UK_Brabazon

YTL will build new hotels in Brabazon, which will help to expand the reach of YTL REIT later in the UK

https://klse.i3investor.com/web/blog/detail/dragon328/2025-01-16-story-h497930903-YTL_YTL_Power_UK_Brabazon

MCement will benefit too from YTL's expansion in the UK

https://klse.i3investor.com/web/blog/detail/dragon328/2025-01-16-story-h497930903-YTL_YTL_Power_UK_Brabazon

Another big investment milestone for YTL Group in the UK

https://klse.i3investor.com/web/blog/detail/dragon328/2025-01-16-story-h497930903-YTL_YTL_Power_UK_Brabazon

Another milestone project by YTL Power in the UK.

Foreign funds net bought RM21m worth of YTL Power shares yesterday while local funds continued to sell. Retailers also were net buyers.

Even EPF bought in additional 6 million shares of YTL Power on 13 Jan to bring its stakes to above 5.0%.

I believe many of the local funds that sold in past few days are linked to short sellers as the net short positions on YTL Power have jumped up to over 27 million shares. I caution for investors on any short term trading, as I am not sure what these short sellers are up to.

But for long term investors, the price correction (17% drop) in past few days has presented a good opportunity to add positions in this stock. YTL Power is on the cusp of releasing explosive earnings growth with its AI data centres and the Brabazon property project launched yesterday.

The company should be on track to receiving the required Nvidia chips in this Q1 in time for the completion of the 1st phase of 20MW AI data centre for Nvidia.

Foreign funds are not selling YTL Power, it is the local funds that sold big yesterday. They are spooked by the chips export control from the US, without trying to find out the actual situation, despite the reassurance from YTLP MD Datuk Seri Yeoh that the US restriction will not have any impact on YTLP getting the required Nvidia chips.

This is simply because all of the clients for YTLP AI data centres are US big techs who have secured hundreds of thousands of GPUs from Nvidia and will have no issue of delivering part of it to Malaysia.

EPF has re-emerged as a substantial shareholder in YTL Corp with slightly over 5.0% stakes.

This sends out a strong signal that local institutional funds' confidence in this promising company has come back.

According to data from HLIB, foreign funds have made 4 consecutive days of net purchase of YTL Power shares:

9th Jan (Friday) - RM15m
8th Jan (Thursday) - RM19m
7th Jan (Wednesday) - RM6m
6th Jan (Tuesday) - RM21m

Foreign funds are more well informed and have been buying up the cheap tickets being dumped by local funds and retailers.

The share price will be volatile, good money is buying in YTL Power while others are panicked selling.

YTL Power is trading at less than 10x PER on just utilities earnings, excluding any AI data centre contribution. It is a big bargain to foreign funds who have been buying in for 3 consecutive days.

Wessex Waters has turned around, and with the favourable final determination by Ofwat last December, all the water companies in the UK will see healthy jumps in profits in next 5 years from 2025-2030. With the approved capex of GBP4.2 billion for 2025-2030, Wessex's Regulatory Capital Value (RCV) will expand to almost GBP8 billion by 2030 and Wessex's equity value to YTL Power will definitely expand to over RM30 billion in 5 years.

That is similar to the situation in July 2022 when Singapore EMA introduced Temporary Price Cap (TPC) measures in the wholesale electricity market, many local funds and retailers dumped the shares of YTL Power which dropped from RM1.30 to a low of RM1.15 in a day after the announcement. I commented then that the TPC would have limited impact on PowerSeraya earnings as most of its sales are locked in longer term retails contracts and vesting contracts, yet many people sold the shares first, but foreign funds and well-informed investors scooped up the YTLP shares cheap. Within days, the share price of YTLP recovered back to RM1.30 level.

Now the share price suffered a big drop of 31 sen yesterday due to this news, but well-informed investors and foreign funds are buying cheap while again these local funds and retailers are selling.

Kenanga and RHB analysts in a note earlier today / last evening also stated limited impact on YTL Power from this latest round of chip restriction.

cktay is right. Foreign funds bought big yesterday on YTL Power with a net purchase of RM19m, after buying RM6m on Wednesday and RM21m on Tuesday.

That confirms my assumption that only local funds were selling YTL Power shares yesterday, being spooked by the news on latest round of US restriction on AI chips export.

I reiterate that this round of chip export restriction will have no impact on YTL Power's AI data centre development, with the 1st phase of 20MW AI data centre with Nvidia scheduled to complete in this quarter.

@JMpower, as I said above, I still think that the selldown on YTLP and YTL shares today was mainly caused by the news on AI chips restriction from the US. You can see other data centre players even contractors for data centre infrastrucutre like Gamuda and SUncon were down today, not to mention smaller players like Nationgate and Vstecs.

That was a typical sell first on bad headline news, without looking at further details. That is especially true for YTLP which has seen its share price jumping up by almost 50% in past few weeks.

But if you analyse the situation further, more funds will come to senses that the latest round of chips restriction will not have any impact on YTLP getting the required Nvidia chips. I have explained why above.

Such a policy from Biden administration should have been prepared by its staffs for weeks before announcing it yesterday, so many fund managers especially foreign funds based in the US or Europe would have been aware of this policy coming.

If many would have known it, then they should have sold shares of YTLP and Gamuda days before, but data shows that foreign funds were net buyers of YTLP and Gamuda shares yesterday and on Tuesday.

Furthermore, Nvidia shares should have come under much heavier selling from last week as the policy will hurt it most. But Nvidia shares just hit record high of US$150 end of last week. Let's see how investors will react to the news tonight on Nvidia shares.

@Purebull, the first client of YTLP DC is SEA Ltd of Singapore, that is a colocation data centre without AI chips.

The subsequent clients of YTLP's AI data centres are Nvidia itself, then a US hyperscaler, then an MNC. I am not sure if the MNC is leasing an AI data centre or a colocation DC.

There is no Chinese client at YTLP DC Park. Other newer data centres announced in past few months which acquired parcels of land from Crecendo or other property developers may be at risk as those are possibly for CHinese clients.

Looks like some local funds and retailers are dumping YTL Power shares being spooked by the news of Biden limiting AI chips export to other countries.

I do not expect supply of Nvidia chips to YTL Power to be affected at all by the latest round of restrictions. Though Malaysia falls under Tier 2 countries which will face a limitation of 50,000 GPUs per country in 2025-2027, but individual companies may apply for exception.

As the clients so far for YTL Power's AI data centres have been all US companies (Nvidia, a US hyperscaler and an MNC), these US companies can apply for exception to the restriction.

foreign funds are not spooked by the news, as they have more advanced information, as can be seen that foreign funds net bought RM21m of YTL Power shares on Tuesday and another RM6m worth of YTL Power shares yesterday.

@Jesse1314, YTLP's data centres are in Kulai which is well within the Johor Singapore Special Economic Zone.

As to what benefits this special economic zone may bring to YTLP, I think the direct benefit will be tax incentives to Singapore / multinational companies who invest in or lease data centres in YTL Kulai DC Park or any other data centres within the special economic zone.

Other than this, the improved connectivity between Johor and Singapore will generally encourage more economic activities between the two countries and more investments into Johor.

With more investments into Johor, especially in industrial areas, the demand for water will be higher in next few years. That will benefit Ranhill Utilities being the sole water supplier in Johor and a 53%-owned subsidiary of YTL Power.

Yes hng33, that is definitely good news for MCement.

More mega infrastructure projects in Singapore will also take off in 2025 and 2026, which will add demand for cement and concrete. Furthermore, YTL will be taking up the construction work for Wessex Waters' planned capex of GBP4.2 billion (or about RM25 billion) in 2025-2030, which will require lots of building materials.
YTL can also bid for construction works to be tendered out by other water companies in the UK, totalling over GBP20 billion in next 5 years. Furthermore, YTL Power's unit is building thousands of homes in its UK Brabazon property project in next few years, which will require lots of cement and concrete.


With the UK signing up CPTPP, imports of materials into the UK from Malaysia will be duty free, paving the way for exports of more cement from Mcement to the UK projects.

@cktay, the issues with UK water companies have been well known for months. That's all because of the low return on capital allowed by Ofwat for the current regulatory period of April 2020 - Mar 2025, which is t 2.92% only. Water companies in the UK are not having sufficient cash flows to spend on the required capex to tackle the environmental problems in the water supply and sewage network in the respective regions. The problem was aggravated by high interest rates and high operating costs caused by Covid-19 pandemic in 2020-2021 and then the Ukraine-Russia war in 2022-2024.

Thames Water being the largest water company in the UK is saddled with high debts due to its size of population served in the great London area. Coupled with low returns on capital and high operating costs, Thames Water simply cannot cope with the high interest expenses and is on the brink of going bankrupt. In comparison, other water companies are better managed with healthy net gearing ratio of below 70% as allowed by Ofwat.

Ofwat obviously has noted its own mistake in the previous determination, and has since allowed a much higher return on capital of average 4.03% for the water companies in the UK. This paves the way for water companies to charge higher water bills to households by higher than 20% in the next 5 years to 2030. On the other hand, interest rates are going down with BoE having reduced total interest rates by 100 bps in past few months.

On this backdrop, Wessex Waters is expected to report at least 20% higher profits in RY2025 from 2024. With a significantly higher capex allowed (GBP4.2 billion) for 2025-2030, Wessex's regulated capital value (RCV) is set to expand tremendously from about GBP4.7b in April 2025 to over GBP7.0 billion by 2030.

I think we can justify a valuation of at least 1.3x RCV for Wessex given the improving earnings outlook in next 5 years:

1.3 x GBP4.7b - debts GBP2.5b = GBP3.6 billion equity value

That would be almost RM21 billion of equity value to YTL Power for its 100% stakes in Wessex.

I have earlier valued Wessex based on 1.5x RCV when YTLP disposed of its stakes in Electranet at almost 1.6x RCV. Electranet is the electricity transmission company in South Australia operated under similar regulated asset model as for the water companies in the UK.

If based on 1.5x RCV, and expected RCV of GBP7.0 billion in 2030, Wessex Waters would achieve a valuation of:
1.5 x GBP7.0b - debts GBP4.9b = GBP5.6 billion or RM32.5 billion by 2030

wow @Nadayu

That would be a major good news!

YTL would be able to make the HSR project profitable, based on its long track record of construction experience and operating experience of ERL.

YTL would be able to control costs of developing the HSR project to the minimum, and if coupled with cost effective solutions from China with or without cheap loans from China, as well as its strong balance sheet and financial acutemen, I am confident YTL would be able to make the project profitable in the long run as the demand is there.

We can see from how YTL has built ERL at world-beating time and costs, and how it has been operating it in the past decades. It has survived the initial 10-12 years when the fare was flat at RM35, and has since pared down substantial project loans and now the project is generating positive cash flows.

Happy New Year everyone.

I do see YTL Power scaling new highs in 2025, after some minor setbacks in 2H 2024.

Based on a prospective PER of 12x to 15x, I see a good chance for YTL Power share price to test RM5.00-6.28 in 1H 2025 and scale new highs of RM6.30-8.20 in 2H 2025.

Happy investing!

@ValueInvestor888, I heard YTLP has bidded for some packages in LSS5 but according to news out so far, I have not seen any news indicating that YTLP has been shortlisted.

This LSS5 is again another highly competitive bid, as in LSS4. Recall that many LSS4 winners were unable to achieve financial close in 2022 due to their bid prices too low and their assumption of solar panel prices remaining at ultra low levels. The Energy Commission had to give concession to several LSS4 winners to allow them to extend the PPA tenor to 25 years in order to help them achieve financial close, but some still were not able to do it. They were asking for an increase in solar tariffs but the EC was reported as having rejected them.

The bad precedence set by the EC in LSS4 has made many bidders to become even more aggressive in bidding for LSS5, as they expect the EC will give them concession again if they cannot deliver the project at the low bid price.

I do not expect YTL Power to bid low for LSS5, as it will be a waste of time and resources to pursue such projects with low returns.

YTLP always go for projects with high returns such as the Jawa Power, Jordan Power and the acquisition of PowerSeraya, each of which has given IRR of double digits.

@hsong, there will not be any direct impact on YTL Power with Tenaga raising electricity tariffs by 14% from July 2025, but it is indirectly positive for YTLP as its data centres (powered by solar power) will be more competitive than other new data centres which will rely on power supply from Tenaga.

We can certainly see more and more new data centre applications being rejected from next year.

@Alex Chua, Wessex got the lowest increase of 21% in water tariffs as it chose to recover the planned investment from a longer period.

Wessex had asked for a 30% increase in tariffs but got 21%. Thames Water asked for 59% increase in water tariffs and got 33% instead. Ofwat did push back on the quantum of tariff increase asked by each water company, at different proportion of increase.

Of note is that out of the 21% increase approved for Wessex from 2024-2025 to 2029-2030, Wessex is allowed to front load the bulk of the increase, i.e. Wessex is allowed to raise water tariffs by 13% from 2024-2025 to 2025-2026, then a 2% averaged increase in each subsequent year.

By front loading the tariff hike, Wessex will be able to book in additional profits of at least RM250 million a year from FY2026.

@Aero1, yes that is a super good news to YTL Power.

Ofwat just approved a very good final determination on water tariff hikes for Wessex Waters for the next 5 years from 2025 to 2030.

But EPF has been selling AEON aggressively in past few weeks for no obvious reason.

EPF's stake in AEON has reduced by half from 13% last year to just 6% now.

Perhaps EPF has lost patience with the management of AEON and its efforts to grow the company earnings.

@HumptyDumpty, I tried to calculate from bottom up the estimated costs for YTLP's data centres. Based on my earlier calculations, assuming a price of US$30k-40k per Nvidia GPU, a 50MW AI data centre may cost up to RM5.0 billion for AI chips and IT equipment alone. Adding other civil costs for land foundation and building construction, plus apportioned land cost, a 50MW AI data centre may cost up to RM6.0 billion to develop.

For the 100MW AI data centre with Nvidia, plus the 48MW colocation data centre for SEA Ltd, total costs may add up to RM15-20 billion.

The big drop in Dow Jones last night was due to market disappointment over Fed Chair's hawkish stand for only 2 rate cuts in 2025 (instead of 4 rate cuts as previously guided for). US dollars immediately jumped up against other major currencies.

That is good news to YTL and YTL Power as they repatriate overseas earnings back to Malaysia and future earnings will be higher in ringgit terms. YTLP will be able to write back a substantial portion of the forex loss (RM297m) incurred for a shareholder's loan to Jordan Power in Q1 FY2025.

For YTL, it will be able to recognise higher earnings from overseas subsidiaries including hotels in Australia and Japan, shopping malls in Singapore, the recently acquired NSL Singapore, and more so from future earnings of construction works in the UK.

Recall that the UK has joined CPTPP and there will be no more import tariffs on most materials export from Malaysia including cement and building materials. YTL is set to carry out the planned GBP3.5 billion of capex for Wessex in next few years to 2030, as well as billions of pounds of construction works for other water companies in the UK.

The big drop in Dow Jones last night was due to market disappointment over Fed Chair's hawkish stand for only 2 rate cuts in 2025 (vs 4 rate cuts previously guided for). That is actually a good news to YTL Power as US dollars will remain strong for longer.

We can look forward to a substantial write back of the forex loss (RM297m) incurred in Q1 FY2025 in this upcoming Q2 FY2025 if US dollars continue the strength till 31 Dec 2024.

Furthermore, strong US dollars will help to pump up YTL Power's overseas earnings in ringgit terms in the next few quarters.

The same MIDF report also mentioned about YTL Power having secured another colocation data centre customer for 40MW of load in DC6. In YTL AI website, DC6 is earmarked for an MNC.

That shows that the demand for colocation data centre is still very strong. The remaining space in DC1 was not enough for this new customer MNC who required 40MW, so YTLP started constructing DC6 for this new customer.

If there is another customer who just wants to lease 8MW or 16MW, I think YTLP would put it in DC1 to utilise the remaining space, rather than starting a new DC building in DC4 or DC5. But if YTLP can secure another customer requiring more than 16MW, then it will need to start constructing a new data centre building in DC4 or DC5.

@newbie8080, I appreciate you posted the article for sharing, but I am afraid you have got the key message wrong from the news.

What MIDF was telling you is that YTLP's data centre business is well on track, as the title of the report suggests.

It is certainly not as you first selectively posted "no takers for the remaining 16MW data centre phase", which is highly misleading.

The situation is not as what you thought and what you posted. YTLP's DC1 is a two-storey or 3-storey building with two wings sufficient to house the 32MW of data centre loads for SEA Ltd. But there is spare space in the building where YTL Power could put in extra 16MW of data centre loads for other player or for SEA Ltd's future expansion.

You need to understand that the cost of building the 2-storey building or expanding it to 3 storeys is small compared to the IT equipment to be fitted inside for data centre users. So why not expand it a little more space to cater for any future demand from SEA or any other data centre customer? If YTLP can find customers for the extra 16MW data centre space in DC1, the potential revenue will jump up by 50% (32MW to total 48MW) by just investing a little more in the physical building space.

YTLP already indicated that they may use the remaining 16MW space for YTL AI Labs to develop own AI apps or train LLMs if they cannot lease it out to external parties. But that is the contingency plan.

The third phase, or JDC6, will be a 40MW colocation data centre, which has already secured an off taker and is currently being constructed according to the client’s specifications.

MIDF reinforces earlier reports that a new customer, being an MNC, has signed up for 40MW of colocation data centre at DC6 of YTL Power's Kulai DC Park. That's the latest customer secured by YTLP, indicating that demand for data centres at good PUE rating remains strong.

"There are no off takers yet for the remaining 16MW capacity, but YTL Power is in the talks with prospective clients," it said.

Please read the whole context of the article and not post selective texts only, newbie8080.

DC1 is sized physically for 48MW of colocation data centre loads, with 32MW already taken up on day 1 by SEA Ltd. The remaining 16MW is for other potential customers which YTL Power is talking to.

With a power usage effectiveness (PUE) of 1.30 that beats industry norms, YTL Power colocation data centres will be able to secure more customers in the near future. This is especially so as new data centres are struggling to secure sufficient power and water supply in Johor. As much as 40% of new applications for new data centres in Johor have been rejected so far.

SEA Ltd has requested to bring forward by 6 months the second phase of 8MW data centre to end of this month. Sign of oversupply? I think it is more of desperation to secure data centre space at good PUE rating.

It is amazing for YTL AI Lab to have developed a Malay LLM, ILMU 0.1 so fast!!

ILMU 0.1 beats other older versions of Malay LLM from OpenAI and Sealion in various aspects.

Based on HLIB report, IOIPG will start seeing earnings contribution from its IOI Business Park Office in Xiamen, China from October 2024 onwards after achieving 100% occupancy in Q3 CY2024.

Besides the 370-room Sheraton Grand Hotel of IOIPG in Xiamen, China will complete construction in this quarter, and is on track for opening before CNY next year or Q1 CY2025.

We can expect much higher contribution from the China property segment to IOIPG in coming months.

Net short positions on YTL Power increased by about 1 million shares yesterday to 11.5 million shares at close Thursday or 0.14%.

Net short positions on YTL remained below 0.1%.

Thanks for the clarification @cktay.

It is a known fact that YTL Power is the cheapest big cap in Bursa with PER of just 9x, falling below 8x come FY2026.

But the indicated foreign shareholding level seems too high to me, it is not consistent with the fund flows reports presented by Maybank IB every month.

@cktay, what is the meaning of the last part "we are in single digits; all the other top companies are in double digit high 20s"? Does it refer to foreign funds' holding? or does it refer to the share price in single digit below RM10?

Both local institutional funds and foreign funds are buying into YTL Power now not because of the high TPs given by local analysts, but because of its improving earnings outlook.

Before data centre segmental earnings kick in, the traditional utility businesses (Wessex Waters, PowerSeraya, Jawa Power, Jordan Power, Ranhill Utilities, 5G Yes, UK Brabazon property etc.) are providing solid earnings of over RM3.2 billion net profit (or EPS of 40 sen) a year to YTL Power.

At current share prices, YTL Power is trading at PER of just 9x, a steal for a large cap, much cheaper than other utility companies in Bursa with over 20x PER.

Come 2025, both colocation and AI data centre divisions will start contributing meaningful earnings to YTL Power. Earnings are expected to improve by at least 25% in FY2026 to break RM4.2 billion or EPS of 50 sen. Forward PER is going to fall below 8x. That's a fact funds cannot ignore.

FYI, latest Maybank fund flows report shows that foreign funds net sold a whopping RM588 million worth of Tenaga shares in the month of November 2024. They are seen shifting back to YTL Power in early December trades.

@Beta Ipoh, 我想是柔佛皇室。

I have the latest research report of HLIB that gives a good update on the site visit organised by YTLP to its Kulai DC Park for analysts and fund managers yesterday.

Whoever wants it can pm me at i3 messenger.

Wow that is much higher than the average rate of S$13.00 psf secured for the 68% office space so far.

I think once the final TOP is received later this month, the occupancy rate at IOICB will jump up to at least 80%.

Now the 68% occupancy rate is almost full occupancy for the office space that has received TOP1 and TOP2.

I don't know what certain guy is talking about on PowerSeraya assets.

PowerSeraya is a long term asset of YTL Power, it has 30 years of land lease renewable almost perpetually. PowerSeraya will continue to re-power its fleet of power generating plants as it has been doing in past 20 years.

The oil-fired steam turbines are already not competitive and mothballed, and have since been replaced with more efficient combined-cycle gas turbines, and partly by the newest F-class gas plants acquired from Tuaspring.

PowerSeraya has also won the EMA bid to install a new 600MW hydrogen-ready CCGT in Singapore by end 2027, which will replace the aged CCGTs in time.

@HumpyDumpty, I do not know exactly what you meant up there.

But ringgit continues to weaken against US dollars to RM4.4655 now. YTL Power is set to book in forex gain of around:
(4.4655 - 4.150) x USD600m = RM189 million in the current Q2 FY25 quarter ended 31 Dec 2024.

If ringgit weakens to RM4.65 to USD by 31 Dec 2024, YTLP will book in close to RM300 million of forex gain in this Q2, reversing out the entire RM293m forex loss it booked in last quarter.

@redhotpepper, it will not make a difference even after Trump becomes the president of the US in January, as Biden administration has been imposing various sanctions on China companies in getting advanced US chips.

For YTL Power, it is providing the resources (land, electricity and water etc.) to build data centres in its Kulai DC Park for everyone to lease and use. So far, most of the clients secured are American companies, with SEA Ltd being a Singapore based company.

It does not stop YTLP to lease its data centre space to any Chinese company if they are able to get any AI chips and install them at YTL DC Park. For instance, if Alibaba wants to lease a colocation data centre space at YTL DC Park, just like SEA Ltd, to serve its online platforms in the region, I see no reason why there will be any obstacle or violation of US sanctions.

@ValueInvestor888, most of the things reported by The Star in this article have been reported by various analysts post Q1 results. I will just add one point here.

The article mentions about more stringent regulations on new data centres in Malaysia to be set by the government to protect our resources. I understand that YTL data centres will meet all the requirements whether on power usage effectiveness or water usage effectiveness even based on the more stringent regulations. It is more risky for other new data centres announced in past few months, which have yet secured committed power supply or water supply, these projects are at risk.

There won't be any impact on YTL data centre progress in Kulai, as evidenced by the recent fact that SEA Ltd has requested to accelerate the next 8MW colocation data centre at YTL DC to end of this year from mid 2025. You can also see SEA has reported a blown-out quarterly result. The demand for data centres will remain strong, so I am confident that YTL Power will be in a strong position to secure many more data centre clients to its Kulai DC Park in coming months.

I have the latest report on YTL Power from Macquarie. Whoever wants it can pm me in i3 messenger.

https://themalaysiacorporate.com/2024/11/28/celcomdigi-syarikat-paling-corot-sebenarnya-bina-menara-jendela/

this article talks about the actual scenario behind all the bad headlines