EI Power Berhad
EIPOWER0453ShariahMITIListedM & A Securities Sdn Bhd · ACE Market · Listing 21 May 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.
EI Power is the highest-quality profit-and-loss statement in the batch attached to its thinnest balance sheet. Revenue compounded 35.6% a year to RM77.4m and PAT 107.7% a year to RM19.35m, with gross margin doubling from 20.4% to 40.1% and PAT margin reaching 25.0% - the best profitability of any IPO across the three batches. The question is durability. The margin expansion happened almost entirely in FYE2025, the RM99.89m order book is explicitly a one-to-two-year book, and the earnings base carries no history at this level. Meanwhile the equity that supports a RM336.0m market capitalisation is RM19.8m, depleted by RM8.0m of pre-IPO dividends, which both inflates the reported 97.6% ROE and produces a 4.36x price-to-book - the richest in the backfill. The proceeds plan is constructive at 51.35% growth with a low 8.49% listing-expense load, though 40.16% to working capital reflects a project cash cycle that consumes cash before it returns it. At 17.37x earnings the price already assumes the new margin holds. Principal risk is exactly that: a single-year margin taken as permanent.
Strengths
- Revenue compounded 35.6% and PAT 107.7% a year over FYE2023-FYE2025. - Gross margin expanded from 20.4% to 40.1% and PAT margin from 10.7% to 25.0%. - Gearing fell from 0.7x to 0.4x and the current ratio improved in every year to 1.7x. - 51.35% of proceeds fund a new headquarters, energy efficiency capex and offices in Thailand and Johor.
Weaknesses
- P/B of 4.36x is the highest across all three batches, on closing equity of only RM19.8m. - The FYE2025 margin step change is a single year and has no precedent in the review period. - RM8.0m of pre-IPO dividends depleted equity, inflating the headline ROE. - 40.16% of proceeds go to working capital rather than capacity.
Opportunities
- The RM99.89m unbilled order book covers the next one to two financial years. - Energy efficiency retrofits are supported by national efficiency and decarbonisation policy. - The Thailand office and Johor branch extend a proven delivery model into two adjacent markets.
Threats
- Project-based revenue is lumpy and a slipped contract reshapes a financial year. - A margin built in one exceptional year can compress just as quickly on competitive tendering. - Separation from OCK removes a parent's balance-sheet support from a group with RM19.8m of equity.
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 | 3.25% | RM10 | RM0 | RM24 | RM1 |
| 300 | 2 | RM144 | 3.41% | RM29 | RM1 | RM72 | RM2 |
| 1,100 | 3 | RM528 | 3.57% | RM106 | RM4 | RM264 | RM9 |
| 2,100 | 4 | RM1,008 | 3.74% | RM202 | RM8 | RM504 | RM19 |
| 3,100 | 5 | RM1,488 | 3.90% | RM298 | RM12 | RM744 | RM29 |
| 4,100 | 6 | RM1,968 | 4.06% | RM394 | RM16 | RM984 | RM40 |
| 6,100 | 7 | RM2,928 | 4.22% | RM586 | RM25 | RM1,464 | RM62 |
| 11,100 | 8 | RM5,328 | 4.39% | RM1,066 | RM47 | RM2,664 | RM117 |
| 20,100 | 9 | RM9,648 | 4.55% | RM1,930 | RM88 | RM4,824 | RM219 |
| 50,100 | 10 | RM24,048 | 4.71% | RM4,810 | RM227 | RM12,024 | RM567 |
| 100,100 | 11 | RM48,048 | 4.87% | RM9,610 | RM468 | RM24,024 | RM1,171 |
| 200,100 | 12 | RM96,048 | 5.04% | RM19,210 | RM968 | RM48,024 | RM2,419 |
| 500,100 | 13 | RM240,048 | 5.20% | RM48,010 | RM2,496 | RM120,024 | RM6,241 |
| 1,000,100 | 14 | RM480,048 | 5.36% | RM96,010 | RM5,148 | RM240,024 | RM12,871 |
| 2,000,100 | 15 | RM960,048 | 5.52% | RM192,010 | RM10,608 | RM480,024 | RM26,521 |
| 5,000,100 | 16 | RM2,400,048 | 5.69% | RM480,010 | RM27,300 | RM1,200,024 | RM68,250 |
| 10,000,100 | 17 | RM4,800,048 | 5.85% | RM960,010 | RM56,159 | RM2,400,024 | RM140,398 |
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.