PublicInvest derive a fair value of RM0.23, by ascribing a 10x PER multiple to FY26F EPS. This represents a c. 30% discount to the power sector value chain suppliers’ average PER of c. 15x, a discount we believe is justified by XPB’s relatively small market capitalisation, albeit with decent margins. They forecast the Group’s earnings to grow at a three-year CAGR of c. 11.7%