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RHB Investment Bank analyst Queenie Tan has assigned a fair value of RM0.31 for the upcoming IPO of BMS Holdings , implying a 41% potential upside from its IPO price of RM0.22. Being the largest tile retailer in Johor, she believes the company serves as a prime proxy for the region's property and infrastructure boom.
Malacca Securities ascribed a P/E of 11.0x pegged on its mid-FY27f EPS of 1.86 sen, arriving at a fair value of RM0.20. While the valuation is a c.25.7% discount from the Energy Index 2-year average of 14.8x, they believe it is justified given the Group’s comparatively smaller market capitalization against its peer.
TA view the RM35m contract as strategically positive, marking Steel Hawk’s first highvoltage (275kV) data-centre-related project, which broadens its technical scope beyond distribution-level works. The project also provides an incremental earnings uplift in 2H25–1H26 and reflects continued progress in the group’s Expanded EPCC orderbook, which now rises from RM155.8mn to RM190.8mn.
As long as the price stays above the RM0.60–RM0.61 support band, the bulls remain in control, and a break above RM0.65 would likely reaffirm the uptrend’s next phase toward RM0.70.