SRKK AI Berhad
SRKKAI0466ShariahListedTA Securities Holdings Berhad · ACE Market · Listing 09 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.
SRKK AI converts a services model into steady growth: revenue compounded 22.1% and PAT 25.0% a year across FYE2023-FYE2025, and the recurring share of revenue gives the earnings base more visibility than a pure project house. Earnings quality is reasonable but thin, with a 6.1% PAT margin that leaves little room for delivery slippage. The balance sheet is the real constraint - a 1.32x current ratio and RM14.8m of equity mean the 46% ROE reflects a small denominator more than exceptional returns. The use of proceeds is genuinely forward-looking at 55.4% growth allocation, though the 21.97% listing-expense load is heavy for a RM20.5m raise. At 13.4x FYE2025 earnings and 2.7x pro forma book the pricing is fair rather than cheap. Principal risk is liquidity: the group has run near a 1.1x current ratio for three years and the IPO proceeds are the first real cushion. The 312x oversubscription makes allocation the binding constraint for listing gains; on a one-to-three-year view the recurring revenue base supports holding.
Strengths
- Revenue compounded 22.1% a year over FYE2023-FYE2025, reaching RM112.2m. - More than half of revenue is recurring, from subscriptions, service contracts and hardware rentals. - Gearing fell from 0.28x to 0.23x while the business grew. - Return on equity of 46.0% in FYE2025 on an asset-light services model.
Weaknesses
- PAT margin of just 6.1% leaves little absorption for project overruns. - Current ratio of 1.32x is the second-weakest liquidity position in the batch. - Listing expenses consume 21.97% of gross proceeds, well above the 15% flag. - Equity of RM14.8m is small relative to the revenue being carried.
Opportunities
- The AI lab and academy build-out targets a documented skills gap among mid-to-large Malaysian SMEs. - A dedicated security operations centre opens a recurring managed-security line. - The Jakarta office extends an existing Malaysia-Singapore delivery model into a third market.
Threats
- Enterprise IT budgets are discretionary and compress quickly in a downturn. - Competing for AI talent against better-capitalised regional integrators. - Government-linked contract cycles can shift with procurement policy.
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 | RM32 | 0.32% | RM6 | RM0 | RM16 | RM0 |
| 300 | 2 | RM96 | 0.34% | RM19 | RM0 | RM48 | RM0 |
| 1,100 | 3 | RM352 | 0.35% | RM70 | RM0 | RM176 | RM1 |
| 2,100 | 4 | RM672 | 0.37% | RM134 | RM0 | RM336 | RM1 |
| 3,100 | 5 | RM992 | 0.38% | RM198 | RM1 | RM496 | RM2 |
| 4,100 | 6 | RM1,312 | 0.40% | RM262 | RM1 | RM656 | RM3 |
| 6,100 | 7 | RM1,952 | 0.42% | RM390 | RM2 | RM976 | RM4 |
| 11,100 | 8 | RM3,552 | 0.43% | RM710 | RM3 | RM1,776 | RM8 |
| 20,100 | 9 | RM6,432 | 0.45% | RM1,286 | RM6 | RM3,216 | RM14 |
| 50,100 | 10 | RM16,032 | 0.46% | RM3,206 | RM15 | RM8,016 | RM37 |
| 100,100 | 11 | RM32,032 | 0.48% | RM6,406 | RM31 | RM16,016 | RM77 |
| 200,100 | 12 | RM64,032 | 0.50% | RM12,806 | RM64 | RM32,016 | RM159 |
| 500,100 | 13 | RM160,032 | 0.51% | RM32,006 | RM164 | RM80,016 | RM410 |
| 1,000,100 | 14 | RM320,032 | 0.53% | RM64,006 | RM338 | RM160,016 | RM846 |
| 2,000,100 | 15 | RM640,032 | 0.54% | RM128,006 | RM697 | RM320,016 | RM1,742 |
| 5,000,100 | 16 | RM1,600,032 | 0.56% | RM320,006 | RM1,793 | RM800,016 | RM4,483 |
| 10,000,100 | 17 | RM3,200,032 | 0.58% | RM640,006 | RM3,689 | RM1,600,016 | RM9,223 |
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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