FGL: H1 2025 Financial Improvement and Positive Industry Trends Amid Valuation Gap

Founder Group Limited (FGL) showed improved financial health in H1 2025, with total assets rising to RM 121.97 million from RM 114.29 million at end-2024 [1]. Cash balances increased significantly, enhancing liquidity [1], while current liabilities decreased slightly, strengthening the company’s financial structure [0]. Despite these gains, FGL’s stock price closed at $0.39 as of recent data, marking an 87.63% decline over two years [2].

The global solar EPC market is projected to reach $1.2 trillion by 2034, driven by clean energy demand and policy support [5]. Malaysia’s economy is forecast to grow by 4.8% in 2025, defying US tariffs and providing a favorable environment for local solar EPC companies [6]. Key trends in 2025 include decentralized energy systems and rising corporate clean energy adoption [7], aligning with FGL’s focus on utility-scale infrastructure projects.

FGL’s repositioning into utility-scale solar and BESS projects positions it to benefit from industry growth. However, the current stock price does not reflect the positive industry outlook and improved financial performance, suggesting a potential valuation discrepancy that investors may consider [3]