Bus Cap Berhad

Bursa Ticker: BUSCAP | Listing Year: 2026

Offer Price

RM 0.23

Sifu Target Price

RM 0.32 (+39.1%)

Retail Oversubscription

72.2x

Underwriter (IB)

TA Securities

Key Dates & Offering Details

Application Closing 15-May-2026

Listing Date 03-Jun-2026

Target P/E Ratio 9x

Total Enlarged Shares 383.39 M

Free Float 28.0%

MITI Special Allocation No Tranche

Analyst Commentary & Hunter Insight

⚠️ AVOID / RENDAH KEYAKINAN (GRADE C)
Industrial fabrication (bus body) — sektor tiada momentum tema besar. IB TA Securities rekod moderate. Harga RM0.23 murah tapi sektor membosankan.

Risiko: Mirip Inspace pattern — OS mungkin tinggi tapi sektor tak sexy = listing day flat atau negatif. Skip kecuali OS cecah 150x+.

Growth Catalysts & Strategic Moats

Sebab Apply: Sektor boring (bus body fabrication) tapi owner letak valuation sangat murah (implied PE 8.9x).
Forward PE Sifu: Selepas unjuran sifu dibuat, PER jatuh ke paras super-cheap iaitu 6.41x pada harga IPO RM0.23.
Wow Factor: Margin kasar unjuran meningkat disebabkan skala ekonomi baru.

Financial Performance Summary

Financial Metric	FY23	FY24	FY25	Projected (FY F)
Revenue (RM)	55.02 M	75.00 M	90.00 M	109.54 M
Profit After Tax (PAT)	6.85 M	9.50 M	11.20 M	13.63 M
EPS (sen)	1.79	2.48	2.92	+40.0%

Utilization of Proceeds

Construction of new production facility & procurement of machines

Peer Comparison & Valuation Context

Peer Comparison: Pesaing traded sekitar 12x - 15x PE. Bus Cap adalah industri tradisional tetapi dijamin murah.

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