Gold Li Holdings Berhad
GOLDLI0452ShariahMITIListedM & A Securities Sdn Bhd · ACE Market · Listing 18 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.
Gold Li is the only IPO in the backfill you can buy for less than its stated net assets. At RM0.13 against a pro forma RM0.21 per share, the 0.62x P/B is a genuine discount backed by a real, land-heavy balance sheet with RM106.6m of equity and modest 0.4x gearing. Revenue compounded 36.2% a year to RM65.0m and PAT 18.0% a year, and 10.0x earnings is not demanding. Everything else argues the discount is deserved. Margins fell in every year of the window - gross from 36.1% to 26.5%, net from 16.1% to 12.1% - so growth is being bought with price. ROE of 7.36% is the lowest here by a wide margin, which is the arithmetic reason a developer trades below book in the first place. And the raise does nothing to change that: 73.7% is working capital for development and 26.3% is listing expenses, giving a 0.00% growth allocation and the heaviest expense load in the backfill. The 3.26x subscription says the market reached the same conclusion. This is an asset-value case, not an earnings case. Principal risk is that a capital-heavy developer earning 7% on equity stays below book indefinitely, in which case the discount is not a catalyst but a permanent feature.
Strengths
- Priced at 0.62x pro forma book, the only sub-book listing in the backfill, on RM106.6m of equity. - Revenue compounded 36.2% a year and PAT 18.0% a year over FYE2023-FYE2025. - Gearing of 0.3x-0.4x is modest for a developer, and net debt-to-equity was 0.29x at FYE2025. - IPO PER of 10.0x is undemanding against a landbank-backed balance sheet.
Weaknesses
- Zero growth allocation; every non-listing ringgit funds development working capital. - Listing expenses take 26.30% of gross proceeds, the heaviest in the backfill. - Gross margin fell every year from 36.1% to 26.5%; PAT margin from 16.1% to 12.1%. - ROE of 7.36% shows a capital-heavy model earning little on a large asset base. - The 3.26x subscription indicates thin institutional and retail demand.
Opportunities
- A discount to book means the landbank alone underwrites much of the entry price. - Continued Johor development activity supports absorption of existing phases. - Listing status gives a family-held developer access to equity funding for future land acquisition.
Threats
- Property development is interest-rate and affordability sensitive, and margins compress first. - Landbank carrying values depend on continued demand in a single geography. - Development working capital ties up cash for years before it converts to recognised profit.
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 | RM13 | 30.67% | RM3 | RM1 | RM7 | RM2 |
| 300 | 2 | RM39 | 32.21% | RM8 | RM3 | RM20 | RM6 |
| 1,100 | 3 | RM143 | 33.74% | RM29 | RM10 | RM72 | RM24 |
| 2,100 | 4 | RM273 | 35.28% | RM55 | RM19 | RM137 | RM48 |
| 3,100 | 5 | RM403 | 36.81% | RM81 | RM30 | RM202 | RM74 |
| 4,100 | 6 | RM533 | 38.34% | RM107 | RM41 | RM267 | RM102 |
| 6,100 | 7 | RM793 | 39.88% | RM159 | RM63 | RM397 | RM158 |
| 11,100 | 8 | RM1,443 | 41.41% | RM289 | RM120 | RM722 | RM299 |
| 20,100 | 9 | RM2,613 | 42.94% | RM523 | RM224 | RM1,307 | RM561 |
| 50,100 | 10 | RM6,513 | 44.48% | RM1,303 | RM579 | RM3,257 | RM1,448 |
| 100,100 | 11 | RM13,013 | 46.01% | RM2,603 | RM1,198 | RM6,507 | RM2,994 |
| 200,100 | 12 | RM26,013 | 47.55% | RM5,203 | RM2,474 | RM13,007 | RM6,184 |
| 500,100 | 13 | RM65,013 | 49.08% | RM13,003 | RM6,382 | RM32,507 | RM15,954 |
| 1,000,100 | 14 | RM130,013 | 50.61% | RM26,003 | RM13,161 | RM65,007 | RM32,902 |
| 2,000,100 | 15 | RM260,013 | 52.15% | RM52,003 | RM27,118 | RM130,007 | RM67,795 |
| 5,000,100 | 16 | RM650,013 | 53.68% | RM130,003 | RM69,787 | RM325,007 | RM174,467 |
| 10,000,100 | 17 | RM1,300,013 | 55.21% | RM260,003 | RM143,560 | RM650,007 | RM358,899 |
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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