MTT Shipping and Logistics Berhad
MTTSL5352ShariahMITIListedCIMB Investment Bank Berhad · MAIN Market · Listing 21 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.
MTT Shipping is a scale asset bought at a cyclical low, and the price reflects both. It is Malaysia's largest domestic container carrier and its RM652.5m raise is the biggest transport-and-logistics listing since Westports in 2013. The catch is that the earnings behind it are past their peak: revenue fell from RM1.41bn to RM1.20bn and PAT attributable from RM551.1m to RM250.4m over FYE2022-FYE2024 — a -32.6% annual decline — as pandemic-era freight rates normalised. Against that, the offer is genuinely cheap: 10.3x trough earnings and 1.12x pro forma book, with steady 0.5x gearing. The proceeds plan is the whole thesis — 95.7% buys container vessels — which makes this a leveraged bet on the freight cycle turning up from here. If rates recover, the low multiple and added capacity compound; if they fall further, a RM624.7m vessel programme locks capital into weak economics. The 4.23x retail tranche and a muted debut show the market treating it as fairly priced rather than cheap. Principal risk is the freight cycle, which the group does not control and the proceeds plan amplifies.
Strengths
- Malaysia's largest domestic container shipping operator, with national scale and depot infrastructure. - Undemanding pricing at 10.3x FYE2024 earnings and 1.12x pro forma book. - Gearing steady at 0.5x with a 2.1x current ratio; the balance sheet funds a RM2.29bn pro forma equity base. - 95.7% of proceeds fund fleet expansion, directly adding carrying capacity.
Weaknesses
- Revenue and PAT both fell across the review period as freight rates normalised from the 2022 peak. - PAT attributable compounded -32.6% a year; FYE2024 earnings are less than half FYE2022. - The raise is a concentrated bet: 95.7% buys vessels whose returns depend on freight cycles. - Outstanding property-compliance items (CCC/OC/permits, HQ fire certificate) remain at the LPD.
Opportunities
- New vessels lower slot costs and add capacity to capture intra-Asia and domestic volume growth. - Freight rates recovering off the FYE2024 trough would lift earnings against the low entry multiple. - Scale and coverage support long-term contracts with shippers and forwarders.
Threats
- Container freight rates are globally cyclical and can fall further, pressuring vessel economics. - Bunker fuel costs move independently of contracted rates. - A large fleet-acquisition programme commits capital into an uncertain rate environment.
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 | RM103 | 23.64% | RM21 | RM5 | RM52 | RM12 |
| 300 | 2 | RM309 | 24.82% | RM62 | RM15 | RM155 | RM38 |
| 1,100 | 3 | RM1,133 | 26.00% | RM227 | RM59 | RM567 | RM147 |
| 2,100 | 4 | RM2,163 | 27.19% | RM433 | RM118 | RM1,082 | RM294 |
| 3,100 | 5 | RM3,193 | 28.37% | RM639 | RM181 | RM1,597 | RM453 |
| 4,100 | 6 | RM4,223 | 29.55% | RM845 | RM250 | RM2,112 | RM624 |
| 6,100 | 7 | RM6,283 | 30.73% | RM1,257 | RM386 | RM3,142 | RM965 |
| 11,100 | 8 | RM11,433 | 31.91% | RM2,287 | RM730 | RM5,717 | RM1,824 |
| 20,100 | 9 | RM20,703 | 33.10% | RM4,141 | RM1,370 | RM10,352 | RM3,426 |
| 50,100 | 10 | RM51,603 | 34.28% | RM10,321 | RM3,538 | RM25,802 | RM8,844 |
| 100,100 | 11 | RM103,103 | 35.46% | RM20,621 | RM7,312 | RM51,552 | RM18,281 |
| 200,100 | 12 | RM206,103 | 36.64% | RM41,221 | RM15,104 | RM103,052 | RM37,761 |
| 500,100 | 13 | RM515,103 | 37.83% | RM103,021 | RM38,968 | RM257,552 | RM97,419 |
| 1,000,100 | 14 | RM1,030,103 | 39.01% | RM206,021 | RM80,363 | RM515,052 | RM200,907 |
| 2,000,100 | 15 | RM2,060,103 | 40.19% | RM412,021 | RM165,587 | RM1,030,052 | RM413,969 |
| 5,000,100 | 16 | RM5,150,103 | 41.37% | RM1,030,021 | RM426,131 | RM2,575,052 | RM1,065,329 |
| 10,000,100 | 17 | RM10,300,103 | 42.55% | RM2,060,021 | RM876,605 | RM5,150,052 | RM2,191,511 |
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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