Stratus Global Holdings Berhad
STRATUS5356ShariahMITIListedUOB Kay Hian (M) Sdn Bhd · MAIN Market · Listing 21 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.
The Stratus IPO screens as a profitable, net-cash industrial technology listing with a credible expansion use of proceeds. Earnings quality is high but FYE2026 shows the cycle turning down from the FYE2025 peak, so the growth case rests on the new facility rather than on recent momentum. The balance sheet is the standout: no borrowings and a 6.69x current ratio. At RM0.80 the shares are priced at 19.6x FYE2026 earnings and 2.0x pro forma book, which is undemanding against listed AMHS peers but not cheap in absolute terms. Principal risk is semiconductor capex timing. Treat allocation odds as low despite the attractive setup because the Malaysian public tranche was oversubscribed 128.82 times.
Strengths
- PAT margin held above 25% in every year of the review period. - Debt-free gearing across FYE2024-FYE2026. - RM117.7m unbilled orders at the prospectus LPD. - 87.4% of proceeds allocated to facility and machinery expansion.
Weaknesses
- FYE2026 revenue and PAT both fell from the FYE2025 peak. - Project-based revenue recognition can create uneven quarters. - Major customer concentration remains high.
Opportunities
- Semiconductor capacity expansion can lift AMHS demand. - New Penang facility may expand scale and delivery capability. - USD-denominated revenue gives regional export leverage.
Threats
- Semiconductor capex cycles can delay orders. - Foreign exchange movements can affect reported RM results. - Project delays or cost overruns may pressure margins.
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 | RM80 | 0.78% | RM16 | RM0 | RM40 | RM0 |
| 300 | 2 | RM240 | 0.82% | RM48 | RM0 | RM120 | RM1 |
| 1,100 | 3 | RM880 | 0.85% | RM176 | RM2 | RM440 | RM4 |
| 2,100 | 4 | RM1,680 | 0.89% | RM336 | RM3 | RM840 | RM7 |
| 3,100 | 5 | RM2,480 | 0.93% | RM496 | RM5 | RM1,240 | RM12 |
| 4,100 | 6 | RM3,280 | 0.97% | RM656 | RM6 | RM1,640 | RM16 |
| 6,100 | 7 | RM4,880 | 1.01% | RM976 | RM10 | RM2,440 | RM25 |
| 11,100 | 8 | RM8,880 | 1.05% | RM1,776 | RM19 | RM4,440 | RM47 |
| 20,100 | 9 | RM16,080 | 1.09% | RM3,216 | RM35 | RM8,040 | RM87 |
| 50,100 | 10 | RM40,080 | 1.13% | RM8,016 | RM90 | RM20,040 | RM226 |
| 100,100 | 11 | RM80,080 | 1.16% | RM16,016 | RM186 | RM40,040 | RM466 |
| 200,100 | 12 | RM160,080 | 1.20% | RM32,016 | RM385 | RM80,040 | RM963 |
| 500,100 | 13 | RM400,080 | 1.24% | RM80,016 | RM994 | RM200,040 | RM2,485 |
| 1,000,100 | 14 | RM800,080 | 1.28% | RM160,016 | RM2,050 | RM400,040 | RM5,124 |
| 2,000,100 | 15 | RM1,600,080 | 1.32% | RM320,016 | RM4,223 | RM800,040 | RM10,558 |
| 5,000,100 | 16 | RM4,000,080 | 1.36% | RM800,016 | RM10,868 | RM2,000,040 | RM27,170 |
| 10,000,100 | 17 | RM8,000,080 | 1.40% | RM1,600,016 | RM22,357 | RM4,000,040 | RM55,893 |
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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