Quick Note - YTL Power International (YTLP MK) (Neutral) - Takeaways from site visit to YTL data centre

研报英文原文证据摘录

Quick Note - YTL Power International (YTLP MK) (Neutral) - Takeaways from site visit to YTL data centre

Global Markets Research

YTL Power International YTLP.KL YTLP MK 23 June 2026

EQUITY: POWER & UTILITIES

RatingTakeaways from site visit to YTL data centre Remains Neutral

Target price MYR 4.35 RemainsQuick Note

Closing priceYTL Power (YTLP) on 22 June 2026 organised a data centre tour at Kulai, Johor, to 22 June 2026 MYR 4.20

showcase the latest developments of its data centre operations. Below, we summarise the

takeaways of the visit.

YTLP digital ecosystem and history Research Analysts

ASEAN Power & UtilitiesOriginally an integrated infrastructure group managing power and water plants, YTLP

Ahmad Maghfur Usman - NSMentered the digital infrastructure space in 2011. Its current AI value chain consists of

ahmad.maghfurusman@nomura.commultiple specialized pillars:

+603 2027 6892

• YTL Data Centers (unlisted): Founded in 2021 to manage colocation, construction, Research Associates

operations, and sales. ASEAN Power & Utilities

• YTL AI Cloud (unlisted): Provides GPU-as-a-Service built on the NVIDIA (NVDA US, Shashwat Choudhary - NSFSPL

Not rated) DGX architecture.

• YTL AI Labs (unlisted): An AI science center launched in August 2024, run by young

data scientists developing a sovereign Large Language Model (LLM) tailored for the

Malay language.

• Ryt Bank (unlisted): Another digital entity launched in August 2024 within its

infrastructure ecosystem.

Johor data center park scale and operations

Built on a 2,000-acre land block initially acquired around 2020, the scale of the Johor park

is continuously evolving, according to management.

• Data center operations currently utilize about 250 to 300 acres of the park.