Empire Premium Food Berhad
EMPIRE5351ShariahMITIListedMaybank Investment Bank Berhad · MAIN Market · Listing 17 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.
Empire Premium Food is the highest-quality operating business in the batch, priced like it. The Empire Sushi chain compounded revenue 31.1% a year to RM235.6m and PAT 61.2% a year to RM37.9m, held a 41.7% gross margin, and earned a 52.7% ROE on 0.3x gearing — a genuinely strong record for a food-service operator. The raise is coherent: 51.8% funds 56 new grab-and-go and quick dine-in outlets, the format that drove the growth. Two cautions. First, the engine is shifting from same-store to new-store: like-for-like SSSG fell from 12.2% to 5.5% across the review period, so future growth rests on roll-out execution and holding unit economics as the network scales. Second, the price leaves no slack — 20.3x FYE2025 earnings and 4.67x pro forma book are the richest multiples in the batch, on a RM72.0m equity base. The market was untroubled: the retail tranche was oversubscribed 23.30 times and the stock closed its first day up 49%. This is a quality-growth listing where the debate is valuation, not the business. Principal risk is that a consumer chain priced at 20x has to keep opening outlets that earn like the existing ones.
Strengths
- Revenue compounded 31.1% a year to RM235.6m and PAT 61.2% a year to RM37.9m. - Gross margin held above 39% and expanded to 41.7%; PAT margin rose every year to 16.1%. - ROE of 52.7% and low 0.3x gearing throughout. - 51.8% of proceeds fund 56 new outlets, a clear and proven expansion format.
Weaknesses
- Same-store sales growth fell from 12.2% to 5.5% across the review period. - P/B of 4.67x and PER of 20.3x are the richest multiples in the batch. - 34.1% of proceeds are working capital rather than new capacity. - Growth now depends on new-outlet roll-out rather than like-for-like gains.
Opportunities
- The grab-and-go and quick dine-in formats extend the brand into lower-capex, higher-turn locations. - 56 planned outlets across new states widen the footprint materially from 122. - A scalable, standardised sushi format supports consistent unit economics.
Threats
- Dining-out demand is discretionary and sensitive to inflation and consumer sentiment. - Site availability and rising rentals can slow the outlet roll-out or compress margins. - Food-input and labour costs can erode the 41.7% gross margin.
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 | RM70 | 4.29% | RM14 | RM1 | RM35 | RM2 |
| 300 | 2 | RM210 | 4.51% | RM42 | RM2 | RM105 | RM5 |
| 1,100 | 3 | RM770 | 4.72% | RM154 | RM7 | RM385 | RM18 |
| 2,100 | 4 | RM1,470 | 4.94% | RM294 | RM15 | RM735 | RM36 |
| 3,100 | 5 | RM2,170 | 5.15% | RM434 | RM22 | RM1,085 | RM56 |
| 4,100 | 6 | RM2,870 | 5.36% | RM574 | RM31 | RM1,435 | RM77 |
| 6,100 | 7 | RM4,270 | 5.58% | RM854 | RM48 | RM2,135 | RM119 |
| 11,100 | 8 | RM7,770 | 5.79% | RM1,554 | RM90 | RM3,885 | RM225 |
| 20,100 | 9 | RM14,070 | 6.01% | RM2,814 | RM169 | RM7,035 | RM423 |
| 50,100 | 10 | RM35,070 | 6.22% | RM7,014 | RM436 | RM17,535 | RM1,091 |
| 100,100 | 11 | RM70,070 | 6.44% | RM14,014 | RM902 | RM35,035 | RM2,255 |
| 200,100 | 12 | RM140,070 | 6.65% | RM28,014 | RM1,864 | RM70,035 | RM4,659 |
| 500,100 | 13 | RM350,070 | 6.87% | RM70,014 | RM4,808 | RM175,035 | RM12,020 |
| 1,000,100 | 14 | RM700,070 | 7.08% | RM140,014 | RM9,915 | RM350,035 | RM24,788 |
| 2,000,100 | 15 | RM1,400,070 | 7.30% | RM280,014 | RM20,430 | RM700,035 | RM51,076 |
| 5,000,100 | 16 | RM3,500,070 | 7.51% | RM700,014 | RM52,576 | RM1,750,035 | RM131,440 |
| 10,000,100 | 17 | RM7,000,070 | 7.73% | RM1,400,014 | RM108,156 | RM3,500,035 | RM270,389 |
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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