RNG Tech Berhad
RESTNGO0465ShariahMITIListedM & A Securities Sdn Bhd · ACE Market · Listing 07 Jul 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.
RNG Tech grew revenue faster than anything else in this batch and still went backwards on profit. Revenue compounded 45.5% a year to RM49.3m, but FYE2025 PAT attributable fell to RM6.0m from RM14.5m as gross margin dropped from 55.3% to 38.5% - the expansion is being bought at a materially worse unit economic. Earnings quality is therefore the central question, not growth. The balance sheet is tight: a 1.0x current ratio, and a disclosed 0.6x gearing that excludes RM13.5m of lease liabilities on the stations themselves, so real leverage is understated. Use of proceeds is at least aligned with the business at 49.3% growth allocation, though a quarter of the raise goes to listing costs. The valuation is the hardest part of the case: 16.9x is the batch's highest multiple, and it is applied to earnings that have just halved. Principal risk is that the FYE2025 margin level, not the FYE2024 peak, is the true run rate. The 7.77x subscription gives a modest listing-gain setup, but the medium-term case should not be pressed until margin stabilisation is visible in reported quarters.
Strengths
- Revenue compounded 45.5% a year over FYE2023-FYE2025, the fastest in the batch. - Largest operator in its Malaysian niche by installed base, with 5,611 chairs deployed. - Asset-light licensing model already generating royalty income from Vietnam and the Philippines. - 49.3% of proceeds fund new and refurbished stations, directly expanding the revenue base.
Weaknesses
- PAT attributable fell 58.3% in FYE2025 despite 22.4% revenue growth. - Gross margin fell from 55.3% to 38.5% in a single year. - Current ratio of 1.0x leaves no working-capital buffer. - Reported gearing of 0.6x excludes RM13.5m of station and outlet lease liabilities. - Listing expenses take 25.6% of gross proceeds.
Opportunities
- Premium outlet format carries higher revenue per site than standard vending stations. - Licensing extends the brand into new countries without capital deployment. - Refurbishment of the existing base can lift utilisation without new site acquisition.
Threats
- Site agreements with malls and transport hubs are short-tenure and renewable at the landlord's discretion. - Low barriers to entry invite copycat operators in the same host locations. - Discretionary consumer spend on impulse wellness services is cycle-sensitive.
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 | 12.87% | RM3 | RM0 | RM7 | RM1 |
| 300 | 2 | RM39 | 13.51% | RM8 | RM1 | RM20 | RM3 |
| 1,100 | 3 | RM143 | 14.16% | RM29 | RM4 | RM72 | RM10 |
| 2,100 | 4 | RM273 | 14.80% | RM55 | RM8 | RM137 | RM20 |
| 3,100 | 5 | RM403 | 15.44% | RM81 | RM12 | RM202 | RM31 |
| 4,100 | 6 | RM533 | 16.09% | RM107 | RM17 | RM267 | RM43 |
| 6,100 | 7 | RM793 | 16.73% | RM159 | RM27 | RM397 | RM66 |
| 11,100 | 8 | RM1,443 | 17.37% | RM289 | RM50 | RM722 | RM125 |
| 20,100 | 9 | RM2,613 | 18.02% | RM523 | RM94 | RM1,307 | RM235 |
| 50,100 | 10 | RM6,513 | 18.66% | RM1,303 | RM243 | RM3,257 | RM608 |
| 100,100 | 11 | RM13,013 | 19.31% | RM2,603 | RM502 | RM6,507 | RM1,256 |
| 200,100 | 12 | RM26,013 | 19.95% | RM5,203 | RM1,038 | RM13,007 | RM2,595 |
| 500,100 | 13 | RM65,013 | 20.59% | RM13,003 | RM2,677 | RM32,507 | RM6,694 |
| 1,000,100 | 14 | RM130,013 | 21.24% | RM26,003 | RM5,522 | RM65,007 | RM13,804 |
| 2,000,100 | 15 | RM260,013 | 21.88% | RM52,003 | RM11,378 | RM130,007 | RM28,444 |
| 5,000,100 | 16 | RM650,013 | 22.52% | RM130,003 | RM29,280 | RM325,007 | RM73,200 |
| 10,000,100 | 17 | RM1,300,013 | 23.17% | RM260,003 | RM60,232 | RM650,007 | RM150,581 |
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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