ACE Market
Industrial
Shariah Compliant
Grade: B
IAB
Bursa Ticker: IAB | Listing Year: 2025
Offer Price
RM 1.34
Sifu Target Price
RM 0.71 (-47.0%)
Retail Oversubscription
11.5x
Underwriter (IB)
Alliance Islamic Bank
Key Dates & Offering Details
Application Closing
TBA
Listing Date
27-Oct-2025
Target P/E Ratio
28x
Total Enlarged Shares
550.00 M
Free Float
-
MITI Special Allocation
No Tranche
Analyst Commentary & Hunter Insight
HISTORICAL OUTLIER: Massive performance pop that defied standard grading.
Growth Catalysts & Strategic Moats
- Transformasi Pintar & IoT: Pivot perniagaan kepada penyelesaian Intelligent Asset Management (IAM) membolehkan margin keuntungan kasar yang tebal.
- Model Hasil Berulang (Recurring): Peralihan kepada perkhidmatan perisian analitik (SaaS) memberi visibility tunai yang sangat tinggi.
- Digitalisasi Infrastruktur Air: Rakan kerjasama utama agensi air Sarawak dalam mengesan air tidak terhasil (Non-Revenue Water) menggunakan sensor IoT pintar.
Financial Performance Summary
| Financial Metric | FY23 | FY24 | FY25 | Projected (FY F) |
|---|---|---|---|---|
| Revenue (RM) | 20.00 M | 32.00 M | 49.64 M | 50.63 M |
| Profit After Tax (PAT) | 4.00 M | 7.00 M | 19.00 M | 13.95 M |
| EPS (sen) | 0.73 | 1.27 | 3.45 | +57.9% |
Utilization of Proceeds
Working Capital
Peer Comparison & Valuation Context
Peer Comparison: Forward PE bernilai sekitar 24.5x, menikmati diskaun berbanding peers teknologi analitik data yang berdagang melebihi 30x PE.
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