Evocom Berhad
EVOCOM0473ShariahMITIListedNewParadigm Securities Sdn Bhd · ACE Market · Listing 28 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.
Evocom is a low-margin labour business sold as an e-commerce platform play, and the prospectus numbers make the dependency explicit: SPX Express rose from 82% of revenue in FY2024 to 95% in FPE2026, on a contract that expires in March 2027. The FY2025 revenue decline — caused by that customer cutting headcount — shows the risk is not theoretical. At 26 times reported FY2025 earnings, or about 14.5 times excluding listing expenses, investors were paid little for it; TA Securities put fair value at RM0.18, exactly the offer price. Diversification into hub management and air freight transhipment is the right direction but small against a 95% customer. The market agreed: the public portion was only 3.6 times subscribed, and the shares opened 16.7% down at RM0.15 and closed the debut at RM0.13, down 27.8% — the year's weakest Bursa debut.
Strengths
- A seven-year relationship with SPX Express, renewed in 2020, 2023 and 2025. - Scale: a workforce of about 2,700 is costly for a customer to replace. - Staffing plus network support is an uncommon combination among logistics providers. - Pro forma gearing falls to 0.13 times after the listing.
Weaknesses
- SPX Express was 87.90% of FY2025 revenue and 95.16% of FPE2026 revenue. - Gross margin of about 5% leaves little room for error. - Revenue fell 12.4% in FY2025 and PAT fell to RM3.4m. - Listing expenses absorb 21.75% of the proceeds — above SST's 15% flag.
Opportunities
- Hub management for Lazada, which began contributing in March 2026. - Air freight transhipment from China to Australia, the Middle East and the US. - A Nilai headquarters near the KLIA cargo terminal. - Fulfilment and workforce-technology services to widen the customer base.
Threats
- Non-renewal or repricing of the SPX contract, which expires in March 2027. - Labour cost inflation and foreign-worker policy changes in a labour-intensive model. - E-commerce platforms insourcing logistics staffing. - Seasonal swings in parcel volumes.
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 | RM18 | 27.78% | RM4 | RM1 | RM9 | RM3 |
| 300 | 2 | RM54 | 29.17% | RM11 | RM3 | RM27 | RM8 |
| 1,100 | 3 | RM198 | 30.56% | RM40 | RM12 | RM99 | RM30 |
| 2,100 | 4 | RM378 | 31.94% | RM76 | RM24 | RM189 | RM60 |
| 3,100 | 5 | RM558 | 33.33% | RM112 | RM37 | RM279 | RM93 |
| 4,100 | 6 | RM738 | 34.72% | RM148 | RM51 | RM369 | RM128 |
| 6,100 | 7 | RM1,098 | 36.11% | RM220 | RM79 | RM549 | RM198 |
| 11,100 | 8 | RM1,998 | 37.50% | RM400 | RM150 | RM999 | RM375 |
| 20,100 | 9 | RM3,618 | 38.89% | RM724 | RM281 | RM1,809 | RM703 |
| 50,100 | 10 | RM9,018 | 40.28% | RM1,804 | RM726 | RM4,509 | RM1,816 |
| 100,100 | 11 | RM18,018 | 41.67% | RM3,604 | RM1,502 | RM9,009 | RM3,754 |
| 200,100 | 12 | RM36,018 | 43.06% | RM7,204 | RM3,102 | RM18,009 | RM7,754 |
| 500,100 | 13 | RM90,018 | 44.44% | RM18,004 | RM8,002 | RM45,009 | RM20,004 |
| 1,000,100 | 14 | RM180,018 | 45.83% | RM36,004 | RM16,502 | RM90,009 | RM41,254 |
| 2,000,100 | 15 | RM360,018 | 47.22% | RM72,004 | RM34,002 | RM180,009 | RM85,004 |
| 5,000,100 | 16 | RM900,018 | 48.61% | RM180,004 | RM87,502 | RM450,009 | RM218,754 |
| 10,000,100 | 17 | RM1,800,018 | 50.00% | RM360,004 | RM180,002 | RM900,009 | RM450,005 |
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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