EcoSys (Malaysia) Berhad
ECOSYS0477ShariahMITIAllottedM & A Securities Sdn Bhd · ACE Market · Listing 14 Oct 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.
EcoSys is the most heavily demanded IPO in this group — the public portion was 206.7 times subscribed — and the research houses are correspondingly generous: Kenanga at RM0.54, RHB at RM0.52, TA at RM0.45, with PublicInvest (RM0.33) and Malacca Securities (RM0.32) more restrained. The case is a proprietary, higher-margin abatement business growing quickly inside a precision-fabrication group with a clean balance sheet, priced at 13.8 times FY2025 earnings. Two things temper it. The headline multiple flatters: pioneer-status relief expired in November 2025, and on a fully taxed basis the PER is about 17.5 times. And concentration is severe — five customers were 84% of recent revenue, two of them 27% each — in an industry whose FY2023 showed a 30% revenue drop. Reported FY2023 profit included one-off items, so the PAT trend across the window reads negative even though adjusted earnings roughly doubled. EcoSys lists on 14 October 2026.
Strengths
- Proprietary abatement systems, a segment whose revenue rose 58.8% in FY2025 at a 29.9% GP margin. - Long relationships with its two largest semiconductor customers (9 and 14 years). - Current ratio of 2.41 times and gearing of 0.34 times at FY2025, falling to 0.12 times pro forma. - Revenue up 22.7% and PAT up 21.2% in FY2025. - Solarvest as a strategic substantial shareholder.
Weaknesses
- Top five customers were 84% of 3MFY2026 revenue. - Pioneer-status tax relief has ended, cutting EPS from 1.96 to 1.54 sen on an untaxed-incentive basis. - Reported PAT fell from RM13.0m in FY2023 (flattered by one-offs; adjusted RM5.2m) to RM9.2m in FY2024. - A fifth of the proceeds repays debt.
Opportunities
- India solar PV localisation, already 35.1% of FY2025 revenue. - Abatement is expected to reach about 45% of revenue, lifting the margin mix. - Shorter abatement lead times from holding key components. - Malaysia's semiconductor front-end and equipment investment cycle.
Threats
- Semiconductor capex downturns, as in FY2023. - Loss of either of the two 27% customers. - Indian solar policy changes affecting a single large customer. - Higher effective tax rate from FY2026.
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 | RM27 | 0.48% | RM5 | RM0 | RM14 | RM0 |
| 300 | 2 | RM81 | 0.51% | RM16 | RM0 | RM41 | RM0 |
| 1,100 | 3 | RM297 | 0.53% | RM59 | RM0 | RM149 | RM1 |
| 2,100 | 4 | RM567 | 0.56% | RM113 | RM1 | RM284 | RM2 |
| 3,100 | 5 | RM837 | 0.58% | RM167 | RM1 | RM419 | RM2 |
| 4,100 | 6 | RM1,107 | 0.60% | RM221 | RM1 | RM554 | RM3 |
| 6,100 | 7 | RM1,647 | 0.63% | RM329 | RM2 | RM824 | RM5 |
| 11,100 | 8 | RM2,997 | 0.65% | RM599 | RM4 | RM1,499 | RM10 |
| 20,100 | 9 | RM5,427 | 0.68% | RM1,085 | RM7 | RM2,714 | RM18 |
| 50,100 | 10 | RM13,527 | 0.70% | RM2,705 | RM19 | RM6,764 | RM47 |
| 100,100 | 11 | RM27,027 | 0.73% | RM5,405 | RM39 | RM13,514 | RM98 |
| 200,100 | 12 | RM54,027 | 0.75% | RM10,805 | RM81 | RM27,014 | RM203 |
| 500,100 | 13 | RM135,027 | 0.77% | RM27,005 | RM209 | RM67,514 | RM523 |
| 1,000,100 | 14 | RM270,027 | 0.80% | RM54,005 | RM431 | RM135,014 | RM1,078 |
| 2,000,100 | 15 | RM540,027 | 0.82% | RM108,005 | RM888 | RM270,014 | RM2,221 |
| 5,000,100 | 16 | RM1,350,027 | 0.85% | RM270,005 | RM2,286 | RM675,014 | RM5,715 |
| 10,000,100 | 17 | RM2,700,027 | 0.87% | RM540,005 | RM4,703 | RM1,350,014 | RM11,756 |
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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