Lowyat.NET: Latest topics in Stock Exchange

IPO: Stratus Global Holdings Berhad,

Softenedheart — Tue, 30 Jun 2026 14:36:09 +0800

Opening: 2 July 2026
Closing: 10 July 2026
Ballot: 14 July 2026
Listing: 21 July 2026
Price: RM0.80

Another🔥🔥IPO coming. Let's all in! Skyechip 6.0🔥SRKK 2.0🔥

IPO : ECOSYS (MALAYSIA) BERHAD,

jack~daniel — Mon, 29 Jun 2026 10:49:46 +0800

What Ecosys actually does: They serve the pan-semiconductor industry through two segments — ultra-high purity (UHP) precision fabrication of metal/plastic components (66% of revenue), and proprietary abatement systems that neutralise toxic gases from semiconductor fabs (34% of revenue). Customers span Singapore, Malaysia, India, US and Taiwan, including major multinational semiconductor equipment makers.
The valuation picture at RM0.27
At RM0.27 per share with 571.35M shares, the implied market cap is RM154M. The PE multiple depends heavily on which year you use:

FY2024 historical PE: ~16.7× (PAT RM9.24M) — not cheap for ACE Market
FY2024 adjusted PE: ~19.3× (excluding one-off items) — stretched
Run-rate PE based on FPE2025 (6 months): ~10.8× — looks more attractive

The FPE2025 half-year was clearly stronger, with GP margins hitting 24.5% — the best in the entire review period — and PAT margin recovering to 13.2% after the FY2024 dip to 10.4%. If that run rate is sustainable, the stock is reasonably priced. If it reverts to FY2024 levels, it's expensive.
The three things that could make or break this investment

Customer concentration is the biggest red flag. Two unnamed customers account for roughly 59% of revenue, there are no long-term contracts, and orders can be cancelled any time. The FY2022→FY2023 revenue drop of 30% happened largely because of demand normalisation from bulk purchases — it could happen again without warning.
The semiconductor cycle exposure is real. Revenue swung from RM105M to RM74M to RM89M — a 30% drawdown in one year followed by a 20% recovery. The business is essentially a leveraged play on semiconductor capex, which is notoriously cyclical.
Zero FX hedging despite nearly 100% foreign-currency transactions is a material oversight. If MYR strengthens against SGD/USD significantly, margin compression follows directly.

What supports a small position
The proprietary abatement IP (CDO, Vector, Marathon, Guardian brands — SEMI and CE certified) is a genuine moat in a growing niche. The India expansion is timely given the surge in semiconductor manufacturing activity there. Management has strong relevant experience. And if FPE2025 margins are a genuine structural improvement rather than a blip, the 10.8× run-rate PE is attractive.
Bottom line: This is a cautious buy for a small position with a short-to-medium holding horizon. The listing-day pop potential exists — ACE Market semiconductor-adjacent IPOs have historically gotten speculative interest — but the fundamental risks (customer concentration, no contracts, FX exposure, cyclicality) make it unsuitable as a core holding at size. Wait to see the final prospectus with the actual PE stated by M&A Securities, and watch opening-day price action before committing beyond a small allocation.

Honestly? I'd pass on this one — or at most take a very small speculative position for the listing-day pop only.

Here's my reasoning:

The business is fundamentally sound. Proprietary IP, cleanroom capability, MNC customer relationships, and a genuinely exciting India growth angle. But the structure around it makes me uncomfortable at RM0.27:

The customer concentration alone is a dealbreaker for me at this valuation. Two customers, no contracts, 59% of revenue. That's not a risk factor buried in fine print — that's the single most important fact about this company. If Customer A or Customer B reduces orders by 30%, the PAT could go negative. And you'd have no warning until it's already happening.

The FX situation is just careless. Nearly 100% of transactions are in foreign currencies and they hedge nothing. For a company of this size with established operations, that's a policy choice I don't like. It means reported earnings are partly a function of MYR/SGD movements that management isn't managing.

The operating cash flow concern is underappreciated. FPE2025 showed negative OCF of RM1.6M. The profit is real, but the cash isn't arriving — it's sitting in a 220-day inventory pile and slow-moving receivables. They need IPO proceeds partly just to fund working capital. That's not a company generating cash comfortably; it's a company that needs external funding to keep growing.

The valuation isn't cheap enough to compensate for these risks. If it were at 7–8× earnings, I'd take the customer concentration risk. At 10–19× depending on which year you use, I'm being asked to pay a growth premium for a business with no contracted revenue and a history of 30% revenue swings.

Where I'd genuinely reconsider: if it listed and dropped to RM0.20–0.22 in the secondary market (giving a 7–8× run-rate PE), or if they announced a third major customer anchor — that would materially change the risk profile.
So no, I wouldn't buy it at RM0.27 as a meaningful position. The listing-day gamble is a different question — that's about market sentiment and IPO momentum, not fundamentals — but as an investment, the price doesn't compensate for the risks.

IPO: RESTNGO,

xx_vin_xx — Mon, 22 Jun 2026 12:37:12 +0800

Company Name RNG Tech Berhad
Market ACE Market, Bursa Malaysia
Offer Price RM0.13 per share
Application Opening Date 16 June 2026 (10.00 am)
Application Closing Date 24 June 2026 (5.00 pm)
Balloting Date 26 June 2026
Allotment Date 3 July 2026
Listing Date 7 July 2026
Adviser / Sponsor / Underwriter / Placement Agent M & A Securities Sdn Bhd

IPO: SRKK AI Berhad,

Softenedheart — Fri, 12 Jun 2026 15:04:16 +0800

Price: RM0.32
Opening: 18 June 2026
Closing: 25 June 2026
Ballot: 29 June 2026
Listing: 9 July 2026
Underwriter: TIIH

Another HOT IPO🔥AI company🔥No MITI🔥Skyechip 4.0?🔥

SRKK AI (a subsidiary of the SRKK Group) is an established Southeast Asian IT and digital transformation consultancy operating in Malaysia and Singapore. They specialize in enterprise AI solutions, including AI-driven IT service automation, document intelligence, and AI training programs.

Core Offerings

AI & Automation Academy: Provides HRDCorp-claimable workshops, courses, and certifications covering topics like Microsoft Copilot, everyday AI productivity, and workflow automation (e.g., Power Automate).

Enterprise AI Integration: Embeds generative AI and intelligent process automation (RPA + AI) into existing IT lifecycles.

Data & Analytics: Develops AI-assisted data literacy and predictive analytics solutions for businesses.

IPO: EKCEM,

xx_vin_xx — Wed, 10 Jun 2026 11:32:19 +0800

INITIAL PUBLIC OFFERING ("IPO") IN CONJUNCTION WITH THE LISTING ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") COMPRISING: (I) PUBLIC ISSUE OF 125,000,000 NEW ORDINARY SHARES IN THE COMPANY ("SHARES") IN THE FOLLOWING MANNER: 31,250,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC; 31,250,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE ELIGIBLE PERSONS; 15,625,000 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INVESTMENT, TRADE AND INDUSTRY; 46,875,000 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS; AND (II) OFFER FOR SALE OF 62,500,000 EXISTING SHARES BY WAY OF PRIVATE PLACEMENT TO BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INVESTMENT, TRADE AND INDUSTRY. AT AN ISSUE/OFFER PRICE OF RM0.12 PER SHARE, PAYABLE IN FULL UPON APPLICATION

Issue Price: RM0.12 per share
Application Closing Date: June 19, 2026, at 5 PM
Listing Date: July 3, 2026
Shares Offered: 125 million new public issue shares and 62.5 million offer-for-sale existing shares
Use of Proceeds: 40% for a new corporate office, warehouse, and laboratory; 13% for new rubber production lines; with the remainder allocated for working capital, repayment of bank borrowings, and listing expenses.

IPO: LIFTECH,

xx_vin_xx — Wed, 10 Jun 2026 11:31:28 +0800

INITIAL PUBLIC OFFERING IN CONJUNCTION WITH OUR LISTING ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") COMPRISING: (I) PUBLIC ISSUE OF 79,234,000 NEW ORDINARY SHARES IN OUR COMPANY ("SHARES") IN THE FOLLOWING MANNER: -15,800,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC; -7,236,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE ELIGIBLE DIRECTORS AND EMPLOYEES OF OUR GROUP; -39,368,000 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INVESTMENT, TRADE AND INDUSTRY; -16,830,000 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS; AND (II) OFFER FOR SALE OF 15,800,000 EXISTING SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS, AT AN ISSUE/ OFFER PRICE OF RM0.29 PER SHARE, PAYABLE IN FULL UPON APPLICATION.

Issue Price: RM0.29 per share
Market Capitalisation: Expected to be RM91.3 million
Application Period: Opened on June 8, 2026, and will close on June 16, 2026
Target Listing Date: June 30, 2026
Adviser & Underwriter: M&A Securities Sdn Bhd

The IPO is expected to raise approximately RM23 million, which the company plans to utilize for:
Repay bank borrowings (~60%):
To fund the acquisition of operational facilities in Bukit Minyak, Penang, and Kota Kinabalu, Sabah.Machinery & Upgrades (~12%):
To purchase new machinery for its Taiping, Perak facility and renovate existing offices.Working Capital (~9%):
For the purchase of steel and crane components.Listing Expenses (~19%).

IPO: RT PASTRY,

xx_vin_xx — Wed, 10 Jun 2026 11:30:40 +0800

INITIAL PUBLIC OFFERING ("IPO") IN CONJUNCTION WITH THE LISTING OF RT PASTRY HOLDINGS BERHAD ("RT PASTRY" OR THE "COMPANY") ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") COMPRISING A PUBLIC ISSUE OF 91,542,000 NEW ORDINARY SHARES IN RT PASTRY ("SHARES") ("ISSUE SHARES") IN THE FOLLOWING MANNER: (I) 16,960,000 ISSUE SHARES MADE AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC; OF WHICH 8,480,000 ISSUE SHARES WILL BE SET ASIDE FOR APPLICATION BY BUMIPUTERA INVESTORS INCLUDING INDIVIDUALS, COMPANIES, COOPERATIVES, SOCIETIES AND INSTITUTIONS; (II) 6,780,900 ISSUE SHARES MADE AVAILABLE FOR APPLICATION BY ELIGIBLE PERSONS; (III) 42,381,000 ISSUE SHARES MADE AVAILABLE BY WAY OF PRIVATE PLACEMENT TO IDENTIFIED BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INVESTMENT, TRADE AND INDUSTRY OF MALAYSIA; AND (IV) 25.420,100 ISSUE SHARES MADE AVAILABLE BY WAY OF PRIVATE PLACEMENT TO INSTITUTIONAL AND SELECTED INVESTORS, AT AN IPO PRICE OF RM0.18 PER SHARE, PAYABLE IN FULL UPON APPLICATION AND SUBJECT TO THE CLAWBACK AND REALLOCATION PROVISIONS AS SET OUT IN THIS PROSPECTUS.

Issue Price: RM0.18 per share
Market Capitalisation: Approximately RM61.03 million (based on the enlarged share capital of 339.04 million shares)
Application Closing Date: June 15, 2026
Balloting Date: June 18, 2026
Tentative Listing Date: June 29, 2026

IPO: HSS Holdings Berhad, HSS Holdings Berhad

kb2005 — Tue, 09 Jun 2026 13:48:16 +0800

New IPO. Closing 9th June 2026.

HSS Holdings Berhad is principally involved in the sourcing of bakery products, trading of bakery and other products, and manufacturing of bakery products through its wholly-owned subsidiaries, H.S.S. Confectionery Foodstuff Sdn Bhd, Lotus Home Made Cookies Sdn Bhd, and Kasaga Bakery Sdn Bhd, all incorporated in Malaysia.

THE PRE-ELECTION 2026 DEFENSIVE PLAY,

plouffle0789 — Sat, 06 Jun 2026 12:25:04 +0800

================================================================================
⚡ BURSA MALAYSIA 2026: THE PRE-ELECTION DEFENSIVE PLAYBOOK ⚡
================================================================================
[Market Sentiment: High Uncertainty | Foreign Funds Selling Big Big 📉]

When political outcomes are unsure and foreign institutional funds are dumping
large-cap shares to minimize risk, volatility skyrockets. To survive this
storm, retail investors must pivot away from "crony stocks" or companies reliant
on government-awarded mega contracts.

The core game plan: Shift capital into high-dividend cash fortresses, consumer
staples, and export-driven sectors insulated from local political drama.

--------------------------------------------------------------------------------
📊 DEFENSIVE STRATEGY ASSESSMENT MATRIX
--------------------------------------------------------------------------------
+-------------------+--------------------+------------------------+------------+
| Strategy | Focus Sectors | Defensive Moat | Key Risk |
+-------------------+--------------------+------------------------+------------+
| 1. Cash Is King | Banks & Utilities | High dividend yields | Regulatory |
| | | act as a price floor | changes |
+-------------------+--------------------+------------------------+------------+
| 2. Eat & Survive | Consumer Staples | People must eat and | Rising raw |
| | | buy basic necessities | materials |
+-------------------+--------------------+------------------------+------------+
| 3. Export Shield | Outsourced Tech & | Revenue tied to global | USD/MYR |
| | Semiconductors | tech cycle, not MY politics| volatility |
+-------------------+--------------------+------------------------+------------+

--------------------------------------------------------------------------------
🏢 TOP SECTORS & STOCKS TO WEATHER THE ELECTION VOLATILITY
--------------------------------------------------------------------------------

1. HIGH-YIELD UTILITIES & FINANCIALS (The Institutional Cushion)
When foreign funds sell heavily, local institutions (EPF, PNB, KWAP) step in
to support these defensive heavyweights to keep the index stable.

* MAYBANK [1155]: The ultimate dividend anchor. Consistent 5-6% yield.
* TNB [5347]: Earnings protected by the Incentive-Based Regulation (IBR)
framework. Power demand continues regardless of political leadership.
* PETGAS [6033]: High-barrier infrastructure monopoly with a stellar
track record of predictable, high-payout cash dividends.

2. CONSUMER STAPLES (The Pre-Election Handout Beneficiaries)
Governments historically pump cash handouts and civil servant bonuses before
an election. This money flows straight into basic retail and food.

* MRDIY [5296]: Mass-market retailer. Actually grows when consumers are
tight on budget and look for cheap household fixes.
* QL [7084]: Marine products and FamilyMart operators. Resilient food
business that shrugs off macroeconomic and political chaos.
* NESTLE [4707]: Highly defensive brand equity, though trading at a premium.

3. SEMICONDUCTOR & OSAT SECTOR (The Local Politics Insulation)
These factories assemble chips for global automotive, smartphone, and AI
supply chains. Their balance sheets do not rely on government tenders.

* INARI [0166]: Dominant player in Radio Frequency (RF) chips.
* MPI [3867]: Strong exposure to global automotive semiconductor demand.

--------------------------------------------------------------------------------
⚠️ THE PRE-ELECTION GOLDEN RULES
--------------------------------------------------------------------------------
> RULE #1: DO NOT chase infrastructure or construction counters hoping for a
pre-election project boom. If the election results are messy or a
new coalition takes over, mega-contracts are the FIRST to be
frozen, reviewed, or scrapped entirely.

> RULE #2: Focus heavily on Net Cash Flow. Companies with zero debt and high
retained earnings can maintain their dividend payouts to shareholders
even if the local stock market index drops temporarily.
================================================================================

================================================================================
🏢 BURSA MALAYSIA 52-WEEK LOW: PROFILE BOOK OF THE HEAVYWEIGHTS 🏢
================================================================================
[Data Integration: Adding Core Business Profiles & Moats for Section 1]

When foreign funds sell "big big," they don't look at company fundamentals—
they just press the sell button on large caps to convert MYR back to USD.
This creates a massive disconnect where highly profitable monopolies and market
leaders hit rock-bottom prices.

Below is the upgraded Section 1 directory, featuring explicit operational
breakdowns, segment dynamics, and their defensive moats against political chaos.

--------------------------------------------------------------------------------
🏆 UPGRADED SECTION 1: KEY HEAVYWEIGHTS & DEEP BUSINESS INTROS
--------------------------------------------------------------------------------

1.

================================================================================
🏦 KENANGA INVESTMENT BANK BERHAD [KENANGA / 6483]
================================================================================

* Price: RM 0.735 | Div Yield: 6.80% | Status: 52-Week Low

* Business Profile:
Malaysia’s leading independent investment financial group, providing robust
capital market services to retail consumers, high-net-worth individuals,
and corporate entities. Its specialized business infrastructure operates via
three primary revenue engines:

- Stockbroking & Digital Wealth (Retail Core):
Earns heavy trading commissions from conventional equity broking and its
popular retail digital platform, Rakuten Trade, alongside managing wealth
management unit trusts.

- Investment Banking & Treasury (Corporate Core):
Generates high-margin advisory fees from corporate debt issuance, merger
and acquisition (M&A) engineering, and treasury money-market activities.

- Listed Derivatives & Financing (Niche Core):
Captures systematic transaction fees from regional futures brokerage
contracts, micro-financing leasing, and structured Islamic factoring facilities.

* Defensive Moat:
Stands strong as the largest independent investment bank in the nation by
retail market volume. While sensitive to short-term pre-election market
sentiment and lower trading cycles, its robust net asset backing and highly
attractive 6.8% dividend yield create a protective shield for patient investors.

2. CELCOMDIGI BERHAD [CDB / 6947]

* Price: RM 2.810 | Div Yield: 5.12% | Status: 52-Week Low

* Business Profile:
The largest merged mobile telecommunications infrastructure provider in
Malaysia, serving millions of subscribers across individual retail consumers
and large corporate enterprises. Its core business divisions encompass:
- Consumer Mobile: Prepaid and postpaid mobile voice, high-speed data packets,
and roaming services.
- Home & Fiber: High-speed fixed broadband infrastructure for residential units.
- Enterprise Digital Solutions: IoT integration, cloud computing, and cybersecurity.
* Defensive Moat:
A pure defensive powerhouse. Mobile data consumption is now as essential
as water and electricity. No matter who wins the election, citizens will
continue to pay their phone and data bills every month, locking in massive
and highly predictable monthly subscription cash flows.

3. MAXIS BERHAD [MAXIS / 6012]

* Price: RM 3.300 | Div Yield: 5.15% | Status: 52-Week Low

* Business Profile:
A premier converged solutions company providing cellular service, fixed-line
infrastructure, and premium digital solutions nationwide. It divides its
machinery into:
- Consumer Business: Premium postpaid (Maxis Postpaid) and prepaid (Hotlink)
mobile services, paired with fiber-to-the-home bundles.
- Enterprise Business: Dedicated network connectivity, corporate cloud hosting,
and corporate voice applications.
* Defensive Moat:
Maintains the highest average revenue per user (ARPU) in the local telecom
space with an incredibly sticky customer base. This creates a solid cash
fortress that supports a reliable dividend payout, keeping local
institutional funds buying to protect the bottom.

4. PROLINTAS INFRA TRUST [PLINTAS / 5325]

* Price: RM 0.920 | Div Yield: 7.07% | Status: 52-Week Low

* Business Profile:
Malaysia's first listed highway infrastructure business trust. The group
owns, manages, and operates a lucrative portfolio of high-traffic urban
toll highways across Klang Valley, including AKLEH, GCE, LKSA, and SILK.
- Toll Operations: Direct collection of electronic toll payments from millions
of daily highway commuters.
- Ancillary Services: Commercial leasing of rest areas, advertising spaces,
and optical fiber right-of-way packages along highway corridors.
* Defensive Moat:
Urban traffic congestion is permanent. Commuters will continue to use these
highways to travel to work regardless of political leadership changes. The
trust structure mandates distributing the vast majority of its free cash
flow back to unit holders, guaranteeing a stellar 7%+ yield floor.

5. DELEUM BERHAD [DELEUM / 5132]

* Price: RM 1.140 | Div Yield: 7.95% | Status: 52-Week Low

* Business Profile:
An specialized industrial provider serving the upstream Oil & Gas sector,
focusing primarily on production performance and life-of-field support.
It operates through three major core wings:
- Power and Machinery: Providing gas turbine maintenance, valve upgrades,
and subsea equipment servicing.
- Oilfield Services: Wireline logging, well intervention, chemical treatments,
and slickline asset management.
- Integrated Corrosion Solution: Blasting, coating, and maintenance of offshore
structural integrity.
* Defensive Moat:
Not a high-risk explorer; they are a maintenance company. As long as Petronas
and global oil majors keep pumping existing oil, they *must* pay Deleum to
service their active turbines and wells to prevent costly operational shutdowns.
This operational niche yields a staggering ~8% dividend cushion.

6. MATRIX CONCEPTS HOLDINGS [MATRIX / 5012]

* Price: RM 1.220 | Div Yield: 4.96% | Status: 52-Week Low

* Business Profile:
A highly disciplined township developer specializing in mass-market,
affordable-premium landed residential properties, township planning, and associated infrastructure. Its operational matrix includes:

- Property Development: Famous for the massive Bandar Sri Sendayan township.

Its flagship township is the 5,000-acre Bandar Sri Sendayan just 7km outside Seremban. It has 500 acres in Labu and Rasah, in Negeri Sembilan and expanding into Johor / Klang Valley.

- Education & Hospitality: Operating international schools and clubhouse facilities
to build long-term ecosystem value.

* Defensive Moat:
Unlike luxury condo developers facing oversupply risks, Matrix focuses on
affordable landed houses where real organic demand remains robust. They have
an excellent track record of zero net gearing and continuous quarterly dividend
payouts, making them highly resilient against political shifts.

================================================================================
7) 🏢 PANASONIC MANUFACTURING MALAYSIA BERHAD [PANAMY / 3778]
================================================================================
* Price: RM 6.880 | Div Yield: 8.86% | Status: 52-Week Low

* Business Profile:

A long-standing manufacturing powerhouse operating under two global business pillars:

the Heating & Ventilation A/C Company (HVAC) and the Living Appliances & Solutions Company (LASC).

It produces premium household goods for both the domestic Malaysian market and key export regions across Asia and the Middle East.

Following the total termination and exit of its unprofitable Kitchen
Appliances division (Rice Cookers, Blenders, Slow Cookers), its manufacturing operations have been streamlined across two primary production facilities:

================================================================================
🏭 PANASONIC MANUFACTURING MALAYSIA BERHAD
(6100-K)

Date of Registration : 1965-09-03

[PANAMY / 3719]:

STRATEGIC FACTORY BREAKDOWN 🏭
================================================================================

+------------------------------------------------------------------------------+
| 📍 PLANT 1: SA1 PLANT (MAIN PLANT) @ SECTION 15, SHAH ALAM |
+-------------------+------------------------------------+---------------------+
| 🛠️ Core Segment | 📦 Specific Products Produced | 🚀 Growth/Moat Status|
+-------------------+------------------------------------+---------------------+
| 🚿 Home Showers | • Instant Water Heaters | Sticky local demand;|
| | • Water Heater Pumps | high market share |
+-------------------+------------------------------------+---------------------+
| 👔 Garment Care | • Electric Irons | Core steady segment |
+-------------------+------------------------------------+---------------------+
| 🚽 Sanitary | • Bidet Systems / Toilet Seats | Premium utility niche|
+-------------------+------------------------------------+---------------------+
| 💧 Water Solutions| • Reverse Osmosis Systems (ROWP) | NEW HIGH-GROWTH LINE|
| (New Core!) | • Central Water Purifiers | Replaced kitchen segment|
+-------------------+------------------------------------+---------------------+

+------------------------------------------------------------------------------+
| 📍 PLANT 2: SA2 PLANT @ SECTION 23, SHAH ALAM |
+-------------------+------------------------------------+---------------------+
| 🛠️ Core Segment | 📦 Specific Products Produced | 🚀 Growth/Moat Status|
+-------------------+------------------------------------+---------------------+
| 🌬️ Air Movement | • Ceiling Fans | MASSIVE sales surge |
| | • Electric Fans | due to prolonged |
| | • Ventilating Fans | hot weather ☀️ |
+-------------------+------------------------------------+---------------------+
| 🧹 Home Utility | • Vacuum Cleaners | Heavy export driver |
| | | to Middle East market|
+-------------------+------------------------------------+---------------------+
| 🍽️ Kitchen Utility| • Dish Dryers | Last remaining |
| | | kitchen line item |
+-------------------+------------------------------------+---------------------+

--------------------------------------------------------------------------------
💡 SUMMARY: THE RESTRUCTURED MACHINE
--------------------------------------------------------------------------------
• 🛑 CLOSED/STOPPED : All Kitchen Appliances ❌ (Rice Cookers, Blenders, Irons)
• 🟢 EXPANDED/NEW : High-tech Water Solutions 💧 (RO Water Purifiers)
• 🏠 OVERALL MOAT : Net-Cash Fortress + 8%+ Dividend Yield 💰
================================================================================

* Defensive Moat:

While navigating a temporary export slowdown, the company retains an absolute
fortress balance sheet loaded with cash reserves and zero debt. This massive
pile of retained earnings provides a highly secure buffer, allowing them to maintain an exceptional 8%+ dividend yield payout for long-term collectors.
================================================================================

8)

================================================================================
🚗 NEW HOONG FATT HOLDINGS BERHAD [NHFATT / 7043]
================================================================================
* Price: RM 1.400 | Div Yield: 5.43% | Status: 52-Week Low

* Business Profile:
The undisputed powerhouse in the manufacturing, marketing, and global export
of alternative automotive replacement body parts. Operating from its massive
27-acre integrated production hub in Meru, Klang, the group acts as a massive
automotive aftermarket pipeline through two main manufacturing pillars:

- Metal Automotive Body Parts:
Utilizes advanced robotics and metal stamping tools to manufacture heavy
replacement body components including car doors, hoods, fenders, bonnets,
and trunk lids.

- Plastic Automotive Parts & Tooling:
Operates high-capacity plastic injection moulding machinery to manufacture
bumpers, front grilles, lamp assemblies, and side mirrors, while developing
its own moulds and dies to slash commercial lead times.

* Defensive Moat:
Feeds an incredibly sticky replacement market. Whether the local economy is
booming or slowing down, car accidents happen every day, and older vehicles
require replacement panels to pass inspections. With a supply network feeding
over 1,000 retail shops across Malaysia and direct exports spanning more than
50 countries, its earnings remain highly insulated from local political cycles.

================================================================================

================================================================================
📌 THE FOREIGN SELLING LESSON
================================================================================
When foreign funds capitulate ("sell big big"), these 7 structural market leaders
suffer intense price damage despite their stable underlying operations.

By knowing exactly how they make money, a smart investor can buy their secure cash flows at steep discounts, locking in very safe, high-yielding dividend income:

• ================================================================================
🏦 • KENANGA [6483] : Secures consistent income from equity trading commissions, corporate advisory fees, and asset management charges.

• CELCOMDIGI [6947]: Locks in highly predictable monthly recurring cash flows from millions of mobile data subscribers.

• MAXIS [6012] : Collects premium, high-paying recurring telecom subscription fees from sticky consumer and enterprise networks.

• PROLINTAS [5325]: Collects automatic electronic toll fares from millions of daily Klang Valley highway commuters.

• DELEUM [5132] : Generates stable, recurring income servicing and maintaining active oil rigs for national giant Petronas.

• MATRIX [5012] : Reaps solid profit margins by developing mass-market, organic-demand affordable landed residential townships.

• PANAMY [3719] : Banks consistent manufacturing revenue exporting premium home fans, water heaters, and water purifiers.

• NHFATT [7060] : Generates steady, recurring automotive aftermarket revenue manufacturing and exporting metal or plastic vehicle crash replacement body parts globally.

================================================================================

How to subscribe US IPO,

Softenedheart — Thu, 04 Jun 2026 20:33:12 +0800

Hi. I'm new to US market. I tried Moomoo and M+ both no option to subscribe

IPO: Sum Technology Berhad,

Softenedheart — Thu, 28 May 2026 08:20:48 +0800

Sum Technology Berhad recently launched its prospectus on 20 May 2026 for its upcoming listing on the ACE Market of Bursa Malaysia (Stock Code: SUM / 0459.MY). The company is looking to raise RM32.76 million to fuel its expansion into high-growth tech sectors across Southeast Asia.

Here is a comprehensive breakdown of everything you need to know about the IPO, their business model, and their recent financial performance.

1. IPO Structure & Key Dates

Sum Technology is issuing 117 million new ordinary shares(representing 26% of its enlarged share capital) at a fixed price of RM0.28 per share. This values the company at a market capitalization of RM126 million upon listing.

Share Allocation Breakdown
*Malaysian Public (via balloting): 22.50 million shares (5.0%)
*Eligible Employees & Directors (Pink Forms): 4.50 million shares (1.0%)
*MITI-Approved Bumiputera Investors (Private Placement): 56.25 million shares (12.5%)
*Selected Investors (Private Placement): 33.75 million shares (7.5%)

2. Company Activity & Core Operations
*Sum Technology operates as an integrated turnkey solutions provider specializing in Cleanroom, Mechanical, Electrical, and Process Utilities (MEP) systems.
They focus on environments that require strict mechanical and contamination control. This exposes them directly to two massive macroeconomic growth engines: semiconductors/E&E manufacturing and data centers (DCs).
*EPCM Services: They handle the entire project lifecycle—Engineering, Procurement, Construction, Commissioning, and Project Management—handing over ready-to-use facilities to clients.
*In-House Manufacturing Advantage: Through their subsidiary, Micronaire Global Sdn Bhd, they manufacture their own brand of Air Handling Units (AHUs) and Fan Filter Units (FFUs). This in-house capability gives them a massive edge over competitors by allowing better margin control and product customization.
*Geographical Footprint: While Malaysia remains their bread and butter, the Philippines has emerged as their largest and fastest-growing overseas market, primarily driven by expanding data center infrastructure.

3. Financial Performance & Health
Financially, Sum Technology has demonstrated a steady upward earnings trajectory over the last few fiscal years.
| Financial Indicator | FYE 2024 | FYE 2025 |
|---|---|---|
| **Revenue** | RM51.35 million | RM65.67 million |
| **Gross Profit (GP)** | *N/A* | RM15.65 million |
| **Profit After Tax (PAT)** | RM5.39 million | RM6.06 million |
| **PAT Margin** | ~10.5% | ~9.23% |

Growth Context: The PAT margin of 10.5% in FY24 was a major step up from 5.8% in FY23 and 7.77% in FY22, highlighting significantly improved operational efficiencies and better-margin project mix.

As of late 2025, their confirmed order book stood at RM36.85 million, and they boast an active tender book of roughly RM385 million worth of potential projects currently under bidding.

4. Utilization of IPO Proceeds
The RM32.76 million raised from the public issue will be distributed across five main areas to scale operations:
*Working Capital (54.70% / RM17.92 million): Deployed to fund day-to-day operations, purchase materials, and support performance bonds required for securing larger-scale corporate projects.
*Headquarters Expansion (17.03% / RM5.58 million): To acquire/expand office space in Ara Damansara, Selangor, to accommodate growing technical and administrative teams.
*Listing Expenses (11.90% / RM3.90 million): To cover advisory, underwriting, placement, and regulatory costs.
*Expanding to the Philippines (8.74% / RM2.86 million): Establishing a formal regional hub/office in Manila to better capture local data center and mechanical ventilation (MVAC) contract wins.
*Design & Development (7.63% / RM2.50 million): Investment into specialized engineering tools, CAD systems, and AI-driven design software to elevate technical precision.

5. Key Risks to Keep in Mind
If you are evaluating this as a potential addition to your portfolio, there are a few built-in risk factors to note:
1. Subcontractor Dependency: They rely heavily on third-party subcontractors for on-site civil and physical installation work, exposing them to potential quality control or labor issues.
2. Project Volatility: Turnkey engineering projects are vulnerable to material cost hikes (like steel or copper) and strict project timelines. Delays can lead to costly liquidated damages.
3. No Formal Dividend Policy: Currently, there is no fixed dividend policy layout. Capital will be aggressively re-invested into scaling operations for the foreseeable future.

IPO: Elsa Berhad,

Softenedheart — Tue, 19 May 2026 08:50:42 +0800

Price: RM0.23
Ballot: 5 June
Listing: 16 June

IPO: Pentech Holdings Berhad,

mhs87 — Fri, 15 May 2026 15:03:29 +0800

IPO : Bus Cap Bhd,

earshore — Wed, 06 May 2026 17:11:31 +0800

Summary — Bus Cap IPO

Bus Cap Bhd has launched its IPO prospectus for a proposed listing on the ACE Market of Bursa Malaysia, targeted for 3 June 2026.

Key IPO details:

RM0.23 per share

126.52 million shares

107.35 million new shares

19.17 million existing shares

RM24.69 million

383.38 million shares

~RM88.18 million

~8.98x

Use of IPO proceeds:

RM9.10 million

RM5.03 million

RM6.16 million

RM4.40 million

Business overview:

Bus Cap designs and manufactures bus bodies, assembles bus bodies with chassis, installs fittings to make complete buses, and provides repair and maintenance services.

Its buses serve the stage bus, express bus, tour bus, worker bus and shuttle bus markets in Malaysia and Singapore.

FY2025 performance:

RM88.08 million

RM9.81 million

131 units

168 buses

78%

194 buses per year

This is a small-cap ACE Market IPO for a profitable bus body manufacturer. The listing is mainly to fund factory expansion, machinery, and working capital. The valuation does not look extreme on headline PE, but the growth story depends on whether Bus Cap can convert the new capacity into higher deliveries and sustain demand for buses in Malaysia and Singapore.

IPO: MM Computer Systems Berhad,

mhs87 — Tue, 05 May 2026 14:42:03 +0800

IPO: Gold Li Holdings Berhad, Gold Li Holdings Berhad

kb2005 — Tue, 05 May 2026 14:14:19 +0800

Gold Li Holdings Berhad

Gold Li Holdings Berhad, through its subsidiaries, is a property developer specializing in the development of landed residential properties, including terrace, semi-detached, and detached houses. The company's primary operations are located in the districts of Muar, Tangkak, and Batu Pahat in the state of Johor. In addition to property development, the Group undertakes in-house construction activities, acting as the main contractor for its projects. This includes construction planning, management, and main building works. The company was incorporated in Malaysia in February 2025 and converted to a public limited company in July 2025 to facilitate its listing.

IPO : SkyeChip Berhad,

mhs87 — Tue, 28 Apr 2026 12:42:27 +0800

IPO: Manforce Group Berhad, Manforce Group Berhad

kb2005 — Tue, 21 Apr 2026 09:33:15 +0800

Manforce Group Berhad

IPO : INSPACE BHD,

RAGALIA — Fri, 17 Apr 2026 13:51:43 +0800

Inspace Creation Bhd, an interior fit-out services firm, is seeking to raise funds totalling RM24 million for expansion and its shareholders from listing on the ACE Market.

The initial public offering (IPO), priced at 25 sen per share, will raise RM17.1 million for the company and another RM7.3 million for its two executive directors, according to the prospectus launched on Monday.

Applications will close on April 22 and the listing is scheduled for May 8.

IPO : EI Power Berhad,

mhs87 — Fri, 17 Apr 2026 10:18:00 +0800