Since its change in substantial shareholders, Meta Bright or MBRIGHT (2097) has undergone a remarkable transformation, including venturing into energy efficiency, building materials, and the leasing business.

One notable example is the company’s recent subscription and joint venture agreement with Doople Tech, where it subscribed to 1.0 million redeemable non-convertible preference shares (“RNCPS”) at RM1.00 per share.

According to the company’s announcement, this new joint venture aims to identify, invest in, and develop renewable energy projects with a focus on those requiring Bumiputera participation. This emphasis on Bumiputera involvement is a unique strength for MBRIGHT, which has already secured mosque-related solar rooftop projects, becoming the first publicly listed company to do so.

Additionally, the RNCPS will provide a cumulative preferential dividend rate of 8% per annum, contributing to MBRIGHT’s recurring income.

Further expanding its reach, MBRIGHT’s wholly-owned Australian subsidiary, Meta Bright Australia Pty Ltd, has entered into a new leasing contract with Mt. Cuthbert Resources Pty Ltd (“MCR”) to support their copper mining operations in Australia. This contract involves leasing machinery and equipment valued at up to AUD8 million (approximately RM24.8 million), generating a monthly recurring rental income of AUD0.2 million, equivalent to RM0.7 million per month.

The mining industry itself is projected to grow at a CAGR of 11.3% from 2023 to 2025, indicating a robust market environment.

Despite these positive developments, MBRIGHT’s share price has retracted from its earlier highs, stabilising around the 20-cent level. Yet, the company’s fundamentals continue to improve.

Does this suggest a divergence in the company’s intrinsic value versus its current share price?