Sum Technology Berhad

Bursa Ticker: SUM | Listing Year: 2026

Offer Price

RM 0.28

Sifu Target Price

RM 0.39 (+39.3%)

Retail Oversubscription

110.5x

Underwriter (IB)

Malacca Securities

Key Dates & Offering Details

Application Closing 04-Jun-2026

Listing Date 18-Jun-2026

Target P/E Ratio 16x

Total Enlarged Shares 450.00 M

Free Float 22.0%

MITI Special Allocation No Tranche

Analyst Commentary & Hunter Insight

✅ WORTH IT (GRADE B)
• Sector Tailwind: Tech hardware momentum in 2026; no OFS component & Shariah-compliant.
• Sponsor Watch: Final IB appointment will determine debut liquidity.
• Valuation: Indicative RM0.28 pricing provides reasonable entry multiple.

Growth Catalysts & Strategic Moats

Cleanroom & MEPF Services Boom: Penerima manfaat langsung daripada limpahan pembangunan Pusat Data (Data Center) dan kilang semikonduktor berteknologi tinggi di Malaysia.
Solid Retail Demand (110.54x OS): Tiada tawaran jualan (OFS) bersama permintaan runcit yang sangat kuat (110.54 kali ganda oversubscription) memberikan pemangkin kecairan pasca-listing.

Financial Performance Summary

Financial Metric	FY23	FY24	FY25	Projected (FY F)
Revenue (RM)	50.00 M	29.00 M	65.67 M	118.87 M
Profit After Tax (PAT)	2.90 M	3.04 M	6.06 M	10.97 M
EPS (sen)	0.64	0.68	1.35	+80.2%

Utilization of Proceeds

Working Capital, R&D & Expansion

Peer Comparison & Valuation Context

Peer Comparison: PE Terbitan (FY25) = 20.7x. Didagangkan hampir setaraf dengan purata peers kejuruteraan industri (18x-22x), tetapi disokong oleh kitaran pertumbuhan bilik bersih yang agresif. Nilai wajar Sifu dianggarkan sekitar **RM 0.39** (+39.3% upside).

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