GTA Holdings Berhad
GTA0469ShariahListedHong Leong Investment Bank Berhad · ACE Market · Listing 08 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.
GTA lists a fast-growing MRO business at an undemanding headline multiple: 11.18 times FY2025 earnings, after revenue compounded about 61% a year and PAT more than tripled across the window, with a stated payout policy of at least a third of earnings. The six months to June 2026 kept the run rate, with PAT of RM15.97m. What the multiple has to price is that this is effectively a single-customer, two-supplier business — the Malaysian Government was 95.43% of FPE2026 revenue — so the earnings are only as durable as MINDEF's contract cycle and GTA's standing with Safran and EPI. Margins also slipped in FY2025 as lower-margin equipment sales grew, and the Middle East expansion funded by the IPO was later reported as on hold. The public portion was 22.16 times subscribed and LTAT emerged as a substantial shareholder, but the stock opened flat and closed its debut at RM0.335, 4.3% below the offer price, and traded down to RM0.27 within ten days.
Strengths
- Revenue more than doubled across the window, from RM127.4m (FY2023) to RM331.8m (FY2025). - PAT more than tripled to RM40.4m; EPS 3.13 sen on the enlarged base. - Sole authorised Malaysian supplier for Safran and EPI engines and parts. - Order book of RM93.93m plus about RM282.62m of remaining contract ceiling value. - Stated dividend policy of at least 33% of annual PAT.
Weaknesses
- 95.43% of FPE2026 revenue came from the Malaysian Government, chiefly MINDEF. - GP margin fell from 25.1% in FY2024 to 21.5% in FY2025 as equipment sales grew. - FY2025 PAT grew 10.5% against revenue growth of 40.2%. - 124m of the 329m offer shares were sold by existing shareholders.
Opportunities
- A new operating facility funded with RM25m of the proceeds. - Helicopter MRO expansion into the Middle East. - New landing gear, wheels and brakes MRO capability. - Malaysia's push for defence self-reliance and a new MINDEF ISS contract.
Threats
- Defence budget timing and contract renewals decide the revenue line. - Loss of either principal supplier relationship would strike at the equipment business. - Milestone-based equipment revenue makes reported earnings lumpy. - Foreign-currency exposure on imported engines and parts.
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 | RM35 | 4.51% | RM7 | RM0 | RM18 | RM1 |
| 300 | 2 | RM105 | 4.74% | RM21 | RM1 | RM53 | RM2 |
| 1,100 | 3 | RM385 | 4.96% | RM77 | RM4 | RM193 | RM10 |
| 2,100 | 4 | RM735 | 5.19% | RM147 | RM8 | RM368 | RM19 |
| 3,100 | 5 | RM1,085 | 5.42% | RM217 | RM12 | RM543 | RM29 |
| 4,100 | 6 | RM1,435 | 5.64% | RM287 | RM16 | RM718 | RM40 |
| 6,100 | 7 | RM2,135 | 5.87% | RM427 | RM25 | RM1,068 | RM63 |
| 11,100 | 8 | RM3,885 | 6.09% | RM777 | RM47 | RM1,942 | RM118 |
| 20,100 | 9 | RM7,035 | 6.32% | RM1,407 | RM89 | RM3,518 | RM222 |
| 50,100 | 10 | RM17,535 | 6.54% | RM3,507 | RM229 | RM8,768 | RM574 |
| 100,100 | 11 | RM35,035 | 6.77% | RM7,007 | RM474 | RM17,518 | RM1,186 |
| 200,100 | 12 | RM70,035 | 6.99% | RM14,007 | RM980 | RM35,018 | RM2,449 |
| 500,100 | 13 | RM175,035 | 7.22% | RM35,007 | RM2,528 | RM87,518 | RM6,319 |
| 1,000,100 | 14 | RM350,035 | 7.45% | RM70,007 | RM5,213 | RM175,018 | RM13,032 |
| 2,000,100 | 15 | RM700,035 | 7.67% | RM140,007 | RM10,741 | RM350,018 | RM26,852 |
| 5,000,100 | 16 | RM1,750,035 | 7.90% | RM350,007 | RM27,640 | RM875,018 | RM69,101 |
| 10,000,100 | 17 | RM3,500,035 | 8.12% | RM700,007 | RM56,860 | RM1,750,018 | RM142,149 |
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.