ACE Market
Construction (Interior Fit-out)
Shariah Compliant
Grade: B
ADNEX
Bursa Ticker: ADNEX | Listing Year: 2026
Offer Price
RM 0.20
Sifu Target Price
RM 0.18 (-10.0%)
Retail Oversubscription
3.2x
Underwriter (IB)
Public Investment Bank
Key Dates & Offering Details
Application Closing
TBA
Listing Date
17-Mar-2026
Target P/E Ratio
18x
Total Enlarged Shares
500.00 M
Free Float
25.0%
MITI Special Allocation
No Tranche
Analyst Commentary & Hunter Insight
Adnex has demonstrated explosive growth momentum with revenue surpassing FY2024 levels in the first 9 months of FPE2025. The company's asset-light model and strong MNC clientele provide operational flexibility and scalability. However, customer concentration and short project cycles pose risks to earnings. With a growing orderbook and planned regional expansion, Adnex presents an attractive investment opportunity.
Growth Catalysts & Strategic Moats
- Rising FDI Inflow
- Regional Expansion
- Green Building Demand
Financial Performance Summary
| Financial Metric | FY23 | FY24 | FY25 | Projected (FY F) |
|---|---|---|---|---|
| Revenue (RM) | 46.63 M | 50.23 M | 115.00 M | 117.30 M |
| Profit After Tax (PAT) | 3.42 M | 5.03 M | 6.39 M | 5.00 M |
| EPS (sen) | - | - | - | - |
Utilization of Proceeds
Expansion, working capital
Peer Comparison & Valuation Context
Median Sectors PE: N/A Median Peers PE
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