ACE Market
Consumer Products (Edible Bird's Nest)
Shariah Compliant
Grade: B
Enest Group Berhad
Bursa Ticker: ENEST | Listing Year: 2026
Offer Price
RM 0.13
Sifu Target Price
RM 0.22 (+69.2%)
Retail Oversubscription
1.9x
Underwriter (IB)
M&A Securities
Key Dates & Offering Details
Application Closing
02-Jul-2026
Listing Date
15-Jul-2026
Target P/E Ratio
15x
Total Enlarged Shares
581.25 M
Free Float
-
MITI Special Allocation
No Tranche
Analyst Commentary & Hunter Insight
✅ LEAP-TO-ACE TRANSFER (GRADE B)
• Business: Edible bird's nest processor transferred from LEAP to ACE Market.
• Valuation: Low entry price at RM0.13 (~9.0x unadjusted P/E).
• Proceeds: Loan repayment and factory expansion for China export market.
• Business: Edible bird's nest processor transferred from LEAP to ACE Market.
• Valuation: Low entry price at RM0.13 (~9.0x unadjusted P/E).
• Proceeds: Loan repayment and factory expansion for China export market.
Growth Catalysts & Strategic Moats
- Transfer to ACE Market: Greater visibility and liquidity compared to LEAP market.
- New Kajang Facility: Plans to double bird's nest production capacity by 2028.
- Strong China Presence: China is their largest export market, driving growth.
Financial Performance Summary
| Financial Metric | FY23 | FY24 | FY25 | Projected (FY F) |
|---|---|---|---|---|
| Revenue (RM) | 120.33 M | 146.21 M | 158.38 M | 158.38 M |
| Profit After Tax (PAT) | 7.00 M | 8.43 M | 8.37 K | 8.37 M |
| EPS (sen) | - | - | - | - |
Utilization of Proceeds
Debt repayment & working capital
Peer Comparison & Valuation Context
Peers trade at 15x-20x PE in consumer processing. Enest at 9x PE (unadjusted) is cheap.
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