Bus Cap Berhad
BUSCAP0455ShariahListedTA Securities Holdings Berhad · ACE Market · Listing 03 Jun 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.
Bus Cap is the steepest growth curve in the backfill and the cheapest entry to it. Revenue compounded 78.6% a year to RM88.1m and PAT 89.7% a year to RM9.81m, gross margin held above 20%, and the balance sheet transformed from 1.59x gearing in FYE2022 to 0.28x with a 1.71x current ratio. The proceeds plan matches the story: 57.25% funds the New Factory and its machines, which is what a manufacturer growing this fast actually needs. Two things temper it. First, the base effect is severe - FYE2023 revenue was RM27.6m against RM6.5m of equity, so both the growth rates and the 41.8% early-window ROE flatter the underlying business, and there is no evidence yet that RM88m is a sustainable run rate rather than a delivery peak. Second, bus manufacturing is a fleet-procurement business where a single deferred order reshapes a year. At 9.0x earnings and 1.9x pro forma book the pricing does not require the growth to persist, which is the strongest part of the case. Principal risk is order lumpiness landing before the New Factory is absorbed.
Strengths
- Revenue compounded 78.6% a year and PAT 89.7% a year over FYE2023-FYE2025. - Gross margin rose from 19.67% to a 21.56% peak and held at 20.64%. - Gearing fell from 1.59x in FYE2022 to 0.28x in FYE2025 while the current ratio improved to 1.71x. - 57.25% of proceeds fund the New Factory and new machines, directly adding production capacity.
Weaknesses
- The growth rate is unprecedented in the cohort and is measured off a RM27.6m FYE2023 base. - Equity of RM6.5m at FYE2023 makes the early-window returns look better than the economics warrant. - Gross margin slipped from 21.56% to 20.64% in FYE2025 as the Singapore market's contribution softened. - No MITI tranche; listing expenses take 17.82% of gross proceeds.
Opportunities
- The New Factory adds a semi-automated body fabrication line adjacent to the existing Silibin premises. - Double deck buses carried a 40.4% gross margin when introduced, well above the group average. - Fleet replacement and public-transport programmes in Malaysia and Singapore underpin medium-term demand.
Threats
- Order intake depends on a small number of large fleet buyers whose procurement can slip a year. - Aluminium and steel input costs move independently of contracted selling prices. - Scaling output threefold in two years strains supplier, quality and workforce capacity 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 | RM23 | 1.38% | RM5 | RM0 | RM12 | RM0 |
| 300 | 2 | RM69 | 1.45% | RM14 | RM0 | RM35 | RM1 |
| 1,100 | 3 | RM253 | 1.52% | RM51 | RM1 | RM127 | RM2 |
| 2,100 | 4 | RM483 | 1.59% | RM97 | RM2 | RM242 | RM4 |
| 3,100 | 5 | RM713 | 1.66% | RM143 | RM2 | RM357 | RM6 |
| 4,100 | 6 | RM943 | 1.73% | RM189 | RM3 | RM472 | RM8 |
| 6,100 | 7 | RM1,403 | 1.80% | RM281 | RM5 | RM702 | RM13 |
| 11,100 | 8 | RM2,553 | 1.87% | RM511 | RM10 | RM1,277 | RM24 |
| 20,100 | 9 | RM4,623 | 1.94% | RM925 | RM18 | RM2,312 | RM45 |
| 50,100 | 10 | RM11,523 | 2.01% | RM2,305 | RM46 | RM5,762 | RM116 |
| 100,100 | 11 | RM23,023 | 2.08% | RM4,605 | RM96 | RM11,512 | RM239 |
| 200,100 | 12 | RM46,023 | 2.15% | RM9,205 | RM197 | RM23,012 | RM494 |
| 500,100 | 13 | RM115,023 | 2.21% | RM23,005 | RM510 | RM57,512 | RM1,274 |
| 1,000,100 | 14 | RM230,023 | 2.28% | RM46,005 | RM1,051 | RM115,012 | RM2,627 |
| 2,000,100 | 15 | RM460,023 | 2.35% | RM92,005 | RM2,165 | RM230,012 | RM5,413 |
| 5,000,100 | 16 | RM1,150,023 | 2.42% | RM230,005 | RM5,572 | RM575,012 | RM13,930 |
| 10,000,100 | 17 | RM2,300,023 | 2.49% | RM460,005 | RM11,462 | RM1,150,012 | RM28,655 |
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.
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