ACE Market
Technology (IT Services)
Shariah Compliant
Grade: C
MM Computer Systems Berhad
Bursa Ticker: MMCS | Listing Year: 2026
Offer Price
RM 0.22
Sifu Target Price
RM 0.24 (+9.1%)
Retail Oversubscription
42.1x
Underwriter (IB)
Malacca Securities
Key Dates & Offering Details
Application Closing
25-May-2026
Listing Date
11-Jun-2026
Target P/E Ratio
15x
Total Enlarged Shares
567.00 M
Free Float
35.0%
MITI Special Allocation
No Tranche
Analyst Commentary & Hunter Insight
❌ AVOID (GRADE C)
• OFS Overhang: Heavy 47.34M secondary share sale dampened market appetite.
• Flat Debut: Opened flat (0.0%) and closed below IPO price at RM0.215 (-2.3%).
• Verdict: Lack of sector tailwinds and substantial vendor profit-taking.
• OFS Overhang: Heavy 47.34M secondary share sale dampened market appetite.
• Flat Debut: Opened flat (0.0%) and closed below IPO price at RM0.215 (-2.3%).
• Verdict: Lack of sector tailwinds and substantial vendor profit-taking.
Growth Catalysts & Strategic Moats
- Sebab AVOID: OFS besar (47M!) dan IT Services sektor biasa. Profil hampir sama dengan OGX.
- Tekanan Jualan Tinggi: Penawaran OFS yang besar (47.34M unit) memberi risiko tekanan jualan tinggi di hari penyenaraian.
- Sektor Biasa: IT Services biasa tanpa momentum tema besar (AI/Data Center) untuk menarik minat institusi.
Financial Performance Summary
| Financial Metric | FY23 | FY24 | FY25 | Projected (FY F) |
|---|---|---|---|---|
| Revenue (RM) | 42.00 M | 73.71 M | 98.68 M | 100.65 M |
| Profit After Tax (PAT) | 5.20 M | 8.69 M | 10.12 M | 9.07 M |
| EPS (sen) | 0.92 | 1.53 | 1.79 | +18.5% |
Utilization of Proceeds
IT support service expansion, system integration upgrades, working capital
Peer Comparison & Valuation Context
Peer Comparison: Profil hampir sama dengan OGX. Walaupun PE munasabah (12.3x), disyorkan AVOID kerana risiko OFS besar.
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