Butterfield FB Berhad
BFIELD0470ShariahMITIListedM&A Securities Sdn Bhd · ACE Market · Listing 15 Sept 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.
Butterfield is the strongest growth record in this group of listings: revenue more than doubled from FYE2024 to FYE2026, margins widening as it scaled, and a capacity bottleneck that the IPO is explicitly funded to remove. At 12.6 times FYE2026 earnings, 1.9 times pro forma book and with no bank borrowings, the pricing is not stretched for a consumer-ingredients manufacturer, and PublicInvest put fair value at RM0.56. The caveats are what the money buys and how durable the step-up is. More than half of the RM72m is working capital, so the capacity story rests on RM15.2m, and the FYE2025 step-up — revenue doubling in a single year — sets a base the next two years have to hold. The public portion was 18.67 times subscribed, but the stock opened at RM0.43, 10.4% below the offer price, before recovering to close its debut at RM0.46.
Strengths
- Revenue up from RM120.5m (FYE2024) to RM272.1m (FYE2026), about 50% a year. - GP margin widened from 18.6% to 21.7% across the window, and PAT margin from 9.7% in FYE2023 to 12.9%. - An estimated 11.75% share of a market that grew 15.7% a year from 2022 to 2025. - Long customer relationships: the top five average about 13 years, the largest 17. - Pro forma net cash of about RM85m reported after the listing.
Weaknesses
- Production utilisation of 95.7% in FYE2025 meant demand was being turned away. - 52.5% of the proceeds are working capital rather than capacity. - Margins are thin for a branded ingredient maker and exposed to coffee and tea input prices. - Q1 FYE2027 net margin of 9.3% ran below the FYE2026 level.
Opportunities
- The fourth Bukit Minyak line raises capacity 48% and storage 17%. - A dedicated matcha line (312 tonnes a year) running since February 2026. - RM13m earmarked for acquisitions of premix brand owners or manufacturers. - Thailand already contributes about 31% of revenue, giving a base for regional growth.
Threats
- Coffee and tea commodity price spikes compress margins before prices can be passed on. - Customer-owned brands can switch ingredient suppliers. - Foreign-exchange exposure on imported raw materials and export sales. - Execution risk on the expansion and any acquisition.
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 | RM48 | 5.36% | RM10 | RM1 | RM24 | RM1 |
| 300 | 2 | RM144 | 5.62% | RM29 | RM2 | RM72 | RM4 |
| 1,100 | 3 | RM528 | 5.89% | RM106 | RM6 | RM264 | RM16 |
| 2,100 | 4 | RM1,008 | 6.16% | RM202 | RM12 | RM504 | RM31 |
| 3,100 | 5 | RM1,488 | 6.43% | RM298 | RM19 | RM744 | RM48 |
| 4,100 | 6 | RM1,968 | 6.70% | RM394 | RM26 | RM984 | RM66 |
| 6,100 | 7 | RM2,928 | 6.96% | RM586 | RM41 | RM1,464 | RM102 |
| 11,100 | 8 | RM5,328 | 7.23% | RM1,066 | RM77 | RM2,664 | RM193 |
| 20,100 | 9 | RM9,648 | 7.50% | RM1,930 | RM145 | RM4,824 | RM362 |
| 50,100 | 10 | RM24,048 | 7.77% | RM4,810 | RM374 | RM12,024 | RM934 |
| 100,100 | 11 | RM48,048 | 8.03% | RM9,610 | RM772 | RM24,024 | RM1,930 |
| 200,100 | 12 | RM96,048 | 8.30% | RM19,210 | RM1,595 | RM48,024 | RM3,987 |
| 500,100 | 13 | RM240,048 | 8.57% | RM48,010 | RM4,114 | RM120,024 | RM10,286 |
| 1,000,100 | 14 | RM480,048 | 8.84% | RM96,010 | RM8,485 | RM240,024 | RM21,213 |
| 2,000,100 | 15 | RM960,048 | 9.11% | RM192,010 | RM17,483 | RM480,024 | RM43,709 |
| 5,000,100 | 16 | RM2,400,048 | 9.37% | RM480,010 | RM44,993 | RM1,200,024 | RM112,482 |
| 10,000,100 | 17 | RM4,800,048 | 9.64% | RM960,010 | RM92,556 | RM2,400,024 | RM231,390 |
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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