2024 Half-Year Recap | Tech Sector Surges, Sime Darby Property Takes the Lead

Learn more about the beneficiaries of the data center industry: Who Are the Potential Beneficiaries in Malaysia's Data Center Supply Chain?

So far this year, Sime Darby Property have delivered remarkable results, with annual gains exceeding 115%, making it the best-performing company with a market capitalization exceeding MYR 5 billion. YTL Power and $CHINHIN(5273.MY)$ Group are closely behind, with gains of 89.71% and 88.67%, respectively. According to its latest financial performance, Sime Darby's net profit more than doubled to MYR 123.58 million for the first quarter (Q1FY2024) ended March 31, 2024, as revenue soared 43% year-on-year to MYR 978.69 million due to increased sales and progress payments.

On May 23, $SIMEPROP(5288.MY)$ announced plans to build and lease a large-scale data center at its Elmina Business Park for MYR 2 billion. The project is expected to commence in the second quarter of this year and be completed by 2026. Kenanga Investment Bank stated that the data center will add to SimeProp's investment property portfolio and grow its recurring income stream. The company's stock price surged 26.53% in May and continued to rise by 8.06% from June to the present.

$YTLPOWR(6742.MY)$, which saw a gain of 267.88% last year, has also performed strongly this year, with gains of 89.71% year-to-date. Analysts have noted that being the sole data center operator in Southeast Asia equipped with a 500-megawatt solar power facility, the company is poised to excel in the provision of clean energy as well as in its swift capacity expansion, positioning it as a top choice for clients.