AMS Advanced Material Berhad
AMS0399ShariahMITIListedM & A Securities Sdn Bhd · ACE Market · Listing 23 Apr 2026
Auto Summary
Revenue
PAT
Margins & Gearing
Utilisation Of Proceeds
Valuation Breakdown
Category Scores
Growth Vs Risk Matrix
Growth increases upward and risk decreases to the right, so the most attractive IPOs sit in the top-right quadrant.
AMS Advanced Material is a real growth story priced for it. Revenue compounded 46.4% a year to RM129.7m and PAT attributable 83.1% a year to RM8.57m, gross margin widened from 11.97% to 15.61%, and gearing fell every year to 0.62x. The proceeds plan does more for capacity than most of the batch — 53.41% funds a new LMW plant, aluminium architectural manufacturing and a Kuantan distribution point — though 24.92% goes to repaying borrowings. Two things temper the case. First, the record is not a clean line: FYE2023 revenue and PAT both dipped before the FYE2024-FYE2025 recovery, and the FYE2025 equity base jumped to RM38.8m partly on pre-IPO capital movements, which flatters the 22.1% ROE. Second, and more important, the price. At RM0.29 the shares are 20.7x FYE2025 earnings and 2.64x pro forma book — the most demanding multiple in the batch, on a 15.6% gross and 6.8% net margin that offers little tolerance for an aluminium-cost shock. The 9.03x subscription and a below-IPO debut suggest the market reached the same view. Principal risk is margin: a thin-margin manufacturer priced at 20x has no cushion.
Strengths
- Revenue compounded 46.4% a year to RM129.7m and PAT attributable 83.1% a year to RM8.57m. - Gross margin widened from 11.97% to 15.61% and PAT margin from 4.15% to 6.84%. - Gearing fell every year from 0.76x to 0.62x. - 53.41% of proceeds fund a new LMW plant, aluminium architectural capacity and a new distribution point.
Weaknesses
- 20.7x FYE2025 earnings is the richest multiple in the batch on a 6.84% net margin. - Revenue and PAT both dipped in FYE2023 before recovering, so the growth line is not clean. - 24.92% of proceeds repay borrowings rather than add capacity. - Gross margin of 15.61% leaves little buffer against aluminium input-cost swings.
Opportunities
- The new LMW plant in Penang adds licensed manufacturing capacity aimed at export demand. - Moving into aluminium architectural products extends the range into higher-value segments. - The Kuantan distribution point opens the east-coast market.
Threats
- Aluminium prices are set globally and can compress an already thin margin. - Construction and manufacturing demand for extrusions is cyclical. - Execution risk on commissioning a new LMW plant and a new product line simultaneously.
IPO Balloting Calculator
Tier snapping, subscription cost, and expected-value estimate.
| Units | Tier | Cost | Success | Open Profit | Open EV | Hold Profit | Hold EV |
|---|---|---|---|---|---|---|---|
| 100 | 1 | RM29 | 11.07% | RM6 | RM1 | RM14 | RM2 |
| 300 | 2 | RM87 | 11.63% | RM17 | RM2 | RM44 | RM5 |
| 1,100 | 3 | RM319 | 12.18% | RM64 | RM8 | RM160 | RM19 |
| 2,100 | 4 | RM609 | 12.74% | RM122 | RM16 | RM305 | RM39 |
| 3,100 | 5 | RM899 | 13.29% | RM180 | RM24 | RM449 | RM60 |
| 4,100 | 6 | RM1,189 | 13.84% | RM238 | RM33 | RM595 | RM82 |
| 6,100 | 7 | RM1,769 | 14.40% | RM354 | RM51 | RM884 | RM127 |
| 11,100 | 8 | RM3,219 | 14.95% | RM644 | RM96 | RM1,610 | RM241 |
| 20,100 | 9 | RM5,829 | 15.50% | RM1,166 | RM181 | RM2,915 | RM452 |
| 50,100 | 10 | RM14,529 | 16.06% | RM2,906 | RM467 | RM7,264 | RM1,167 |
| 100,100 | 11 | RM29,029 | 16.61% | RM5,806 | RM964 | RM14,514 | RM2,411 |
| 200,100 | 12 | RM58,029 | 17.17% | RM11,606 | RM1,992 | RM29,014 | RM4,980 |
| 500,100 | 13 | RM145,029 | 17.72% | RM29,006 | RM5,139 | RM72,515 | RM12,849 |
| 1,000,100 | 14 | RM290,029 | 18.27% | RM58,006 | RM10,599 | RM145,015 | RM26,498 |
| 2,000,100 | 15 | RM580,029 | 18.83% | RM116,006 | RM21,839 | RM290,015 | RM54,599 |
| 5,000,100 | 16 | RM1,450,029 | 19.38% | RM290,006 | RM56,203 | RM725,015 | RM140,507 |
| 10,000,100 | 17 | RM2,900,029 | 19.93% | RM580,006 | RM115,616 | RM1,450,015 | RM289,039 |
The trailing 100 units are intentional: applying just over a boundary, such as 20,100 instead of 20,000, lands in the next balloting tier. Success rate is a heuristic, not published balloting odds.
IPO Autopsy is for educational and research purposes only and is not investment advice, a recommendation, or an offer to subscribe for securities.