Fen

[Midwestern Investor @Minnvestor]

Another Malaysian micro cap has my attention: iCents $ICENTS.KL

It's like a mini $FIX with cleanroom twist. iCents has been in business for a decade, went public last year, and has notched over 100 projects with end customers including:

$INTC Intel
$TXN Texas Instruments
$WDC Western Digital
$JBL Jabil
$ASX ASE
$BESI.AS Besi
$FSLR First Solar
$ROP.SW Roche
and many more

Their top line is lumpy but growing. Last week they reported quarterly sales of US$8.4 million, nearly as much as their prior two quarters combined. Revenue across all three quarters was up 11.6% over the same period last year

Earlier this month, their subsidiary VC Engineering won a US$8.7 million contract to provide air conditioning and ventilation for a data center, with work expected to be finished by February 2027

In other words, they don't just build cleanrooms, they also provide HVAC, electrical, process utility, and monitoring/control systems

U.S. growth in these niches sent the stocks of $VRT $FIX $IESC soaring. While an $8.7M win might be peanuts to these companies, it's enormous for iCents which has a market cap of only US$62 million

According to @theedgemalaysia, 80% of their order book comes from data centers and chipmakers. The rest comes from pharmaceutical, life sciences, and food and beverage industries

In contrast to my recent posts about Penang, iCents isn't just a Malaysia story. Managing Director Ong said of their end customers: "The players are all the same. When they move to Thailand or Indonesia, they bring us along"

In 2H 2025, Cushman & Wakefield $CWK found that 31% of all data centers under construction throughout the Asia-Pacific region are located in Southeast Asia specifically. They also noted 3.7 GW of capacity is under construction in Asia-Pacific, and an additional 15.7 GW is being planned

I still have more work to do on this, but iCents seems well positioned to continue winning work throughout SE Asia, as growth in back-end processes and data centers is not slowing down here anytime soon

[Fen @FenLo18]

@Jingjing_Li China trades with Asean, Korean and Japan are huge. Am sure there is no hatred of Chinese by the business communities of those countries.

[Fen @FenLo18]

@KimIversenShow In Malaysia, we call it Chinese New Year, that’s nothing to do with propaganda. It’s factual.

[Zhang Heqing @zhang_heqing]

【��海媚】被誉为最美周芷若，年轻时颜值惊艳时光 #周海媚

[Tansu Yegen @TansuYegen]

Dad and Daughter❤️❤️

[professional hog groomer @bidetmarxman]

It is becoming increasingly clear that the US is pushing for war with China within the next few years.

But to understand why, we first need to understand how the US came to be the global financial power it is today. 🧵

[Tansu Yegen @TansuYegen]

Best comedy ever

[Nga Kor Ming @NgaKorMing]

A joyous Chinese new year greetings. So cute and adorable. 🍊🍊😊#UnityInDiversity #StrongerTogether #MalaysiaMADANI #HappyChineseNewYear2023 @kpkt_gov

[Fen @FenLo18]

@RnaudBertrand Welcome to Malaysia, hope u have a chance to travel to Sabah.

[Dilbert @Dilbert_Daily]

Dilbert Comic for November 17:

https://t.co/AYs73NWXlI

[Fen @FenLo18]

@quanyi_li2 Omg😍

[Zhang Meifang @CGMeifangZhang]

https://t.co/4WiEMm6Nld

[Fen @FenLo18]

@quanyi_li2 Wow! Should make more videos

[司马平邦 @chinasmpb]

帮李立群转发一下，爱国之情可嘉

[Fen @FenLo18]

@quanyi_li2 The definition of good/bad guy is decided by the majority of the western masses, which in turns, is swayed and shaped by the powerful and influential western media.

[Zhang Heqing @zhang_heqing]

李健、周深即兴合唱《贝加尔湖畔》，和声婉转，歌声悠扬。你喜欢吗？

[Fen @FenLo18]

@quanyi_li2 Wow! Like in a MTV.

[Fen @FenLo18]

@quanyi_li2

[Fen @FenLo18]

@quanyi_li2 Wow! Nice

[Fen @FenLo18]

@quanyi_li2 Damn pretty