Elsa Berhad

Bursa Ticker: ELSA | Listing Year: 2026

Offer Price

RM 0.23

Sifu Target Price

RM 0.31 (+34.8%)

Retail Oversubscription

26.9x

Underwriter (IB)

Malacca Securities

Key Dates & Offering Details

Application Closing 03-Jun-2026

Listing Date 16-Jun-2026

Target P/E Ratio 12x

Total Enlarged Shares 538.39 M

Free Float 30.0%

MITI Special Allocation No Tranche

Analyst Commentary & Hunter Insight

✅ WORTH IT (GRADE B)
• Software R&D: Enterprise software developer backed by Malacca Securities (momentum IB).
• Valuation: Fair 15.6x P/E with strong 26.9x retail oversubscription.
• Action: +13.6% debut pop with stable price action above IPO price; suitable for swing/scalp.

Growth Catalysts & Strategic Moats

Asset-Light OGSE Solutions: Penyedia khidmat minyak & gas bersepadu tanpa pemilikan aset berat (kapal/pelantar), mengehadkan perbelanjaan capex.
Risiko Tekanan Jualan (OFS): Tawaran jualan (Offer for Sale) sebanyak RM8.37 juta daripada pemegang saham sedia ada boleh mewujudkan tekanan jualan pasca-listing.

Financial Performance Summary

Financial Metric	FY23	FY24	FY25	Projected (FY F)
Revenue (RM)	180.00 M	220.00 M	264.66 M	342.09 M
Profit After Tax (PAT)	7.50 M	9.20 M	10.76 M	13.91 M
EPS (sen)	1.39	1.71	2.00	+27.3%

Utilization of Proceeds

Software Suite R&D, cloud infrastructure, and market expansion

Peer Comparison & Valuation Context

Peer Comparison: PE Terbitan (FY25) = 11.5x. Ditawarkan pada diskaun berbanding peers OGSE Main Market (14x-18x), tetapi sektor ini kurang momentum semasa. Nilai wajar Sifu dianggarkan sekitar **RM 0.305** (+32.6% upside).

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