Main Market
Industrial (MRO & Engineering)
Shariah Compliant
Grade: B
Destini Berhad
Bursa Ticker: DESTINI | Listing Year: 2011
Offer Price
RM 0.30
Sifu Target Price
RM 0.58 (+90.2%)
Retail Oversubscription
10.0x
Underwriter (IB)
Affin Hwang
Key Dates & Offering Details
Application Closing
TBA
Listing Date
2011-01-15
Target P/E Ratio
10x
Total Enlarged Shares
548.97 M
Free Float
35.0%
MITI Special Allocation
Yes (Bumiputera Reserved)
Analyst Commentary & Hunter Insight
✅ WORTH IT (GRADE B)
Turnaround play in MRO and specialized engineering solutions. Clear recovery in 9M26 with RM34.1M net profit in FY25. Major KTMB rolling stock and ECRL rail expansion catalyst.
Turnaround play in MRO and specialized engineering solutions. Clear recovery in 9M26 with RM34.1M net profit in FY25. Major KTMB rolling stock and ECRL rail expansion catalyst.
Growth Catalysts & Strategic Moats
- Kembali Membuktikan Keuntungan: Menamatkan rentetan kerugian bersih dengan keuntungan bersih RM31.2M pada FY25, menandakan kejayaan fasa pemulihan.
- Pecutan Sektor Rel & Transit: Kitaran baru peluasan rel Malaysia (KTMB rolling stock upgrades dan penyiapan ECRL) memberi limpahan kontrak MRO yang besar.
- Kedudukan Aliran Tunai Stabil: Keputusan mengumumkan dividen interim menandakan kedudukan kunci kira-kira yang semakin sihat dan aliran tunai yang pulih.
Financial Performance Summary
| Financial Metric | FY23 | FY24 | FY25 | Projected (FY F) |
|---|---|---|---|---|
| Revenue (RM) | 159.33 M | 341.80 M | 341.80 M | 349.04 M |
| Profit After Tax (PAT) | -136,789,000 | 31.18 M | 31.18 M | 31.84 M |
| EPS (sen) | -24.91 | 5.68 | 5.68 | +2.6% |
Utilization of Proceeds
Working Capital & Refinancing
Peer Comparison & Valuation Context
Peer Comparison: Forward PE bernilai sekitar 5.2x, sangat murah berbanding purata peers industri kejuruteraan MRO.
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