MAIN
Property (Housing Development)
Shariah Compliant
Grade: B
SPB Development Berhad
Bursa Ticker: SPB Development Berhad | Listing Year: 2026
Offer Price
TBA
Sifu Target Price
RM 1.28
Retail Oversubscription
-
Underwriter (IB)
To Be Appointed
Key Dates & Offering Details
Application Closing
TBA
Listing Date
TBA
Target P/E Ratio
12x
Total Enlarged Shares
928.00 M
Free Float
-
MITI Special Allocation
Yes (Bumiputera Reserved)
Analyst Commentary & Hunter Insight
Perusahaan ini menunjukkan pertumbuhan pendapatan dan keuntungan bersih yang kukuh, dengan margin keuntungan bersih sekitar 15%. Dengan proyeksi pertumbuhan tahunan lebih daripada 10%, nilai wajar berdasarkan PAT FYE 26 dan PE 12 melebihi harga penawaran, menunjukkan potensi kenaikan. Peluang utama termasuk pengembangan hartanah baru dan efisiensi kos melalui pembelian formwork aluminium. Secara keseluruhan, prospek pelaburan positif bagi pelabur yang mencari pertumbuhan dalam sektor hartanah Malaysia.
Growth Catalysts & Strategic Moats
- Expansion ke pasaran hartanah baru
- Penjimatan kos melalui pembelian formwork aluminium
- Permintaan tinggi bagi unit kediaman
Financial Performance Summary
| Financial Metric | FY23 | FY24 | FY25 | Projected (FY F) |
|---|---|---|---|---|
| Revenue (RM) | 500.00 M | 550.00 M | 605.00 M | 666.00 M |
| Profit After Tax (PAT) | 75.00 M | 82.50 M | 90.75 M | 99.30 M |
| EPS (sen) | - | - | - | - |
Peer Comparison & Valuation Context
Sunway Property, IOI Properties, KLK Holdings
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