United Asiapac Energy Berhad
UNIPAC0468ShariahBallotedTA Securities Holdings Berhad · ACE Market · Listing 19 Aug 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.
UNIPAC lists a genuinely improving business: margins and profit have risen three years running, the balance sheet de-geared from 1.75 to 0.20 times, and three-quarters of the proceeds fund capacity rather than housekeeping. The pricing is where judgement is needed. At RM0.35 the shares are 27.56 times FYE2025 earnings on the prospectus's own arithmetic — rich for an ACE Market services name — falling to about 12.73 times on annualised FPE 2026 earnings, which assumes the nine-month run rate holds for a full year. New investors also take a 48.57% dilution to pro forma NA per share. The larger issue is that this is effectively a single-client business: PETRONAS Carigali is four-fifths of revenue and rising, with work flowing through the Pan Malaysia framework rather than open tender. The operational story is real; the concentration risk is what the valuation has to compensate for.
Strengths
- GP margin expanded 15.05 percentage points across the review window, from 24.26% in FYE2023 to 39.31% in FYE2025. - PAT attributable to owners more than doubled from RM3.26m to RM6.98m over the same period. - Gearing fell from 1.75 to 0.20 times, and drops to a pro forma 0.02 times after the proceeds are applied. - 74.79% of proceeds are allocated to growth: tools and equipment, a corporate office, workforce and engineer recruitment. - Blue-chip client roster including PETRONAS, PTTEP Group and Sarawak Shell, with an estimated 21.00% share of Malaysian fishing and P&A spend in 2025.
Weaknesses
- PETRONAS Carigali alone was 79.76% of FYE2025 revenue, and the concentration has risen every year of the review window. - Revenue fell 16.8% in FYE2025 to RM36.95m, so the profit growth came from margin rather than volume. - Revenue is tied to the Pan Malaysia contracts framework rather than open-market tendering. - Current ratio of 2.27 times at FYE2025 is adequate rather than strong, and inventory turnover lengthened to 171 days. - The group is party to ongoing litigation disclosed in the prospectus.
Opportunities
- Malaysia's ageing offshore wells sustain demand for plug and abandonment work. - Owning rather than renting tools should continue to convert revenue into margin. - RM27.30m of outstanding purchase orders at the LPD covers work through February 2027, equal to 73.88% of FYE2025 revenue. - Local-content preference and Kemaman/Labuan proximity give a mobilisation and cost edge over foreign competitors.
Threats
- Loss or reduction of the PETRONAS Carigali relationship would be materially damaging on its own. - Oil price and upstream capex cycles drive the whole addressable market. - Operations carry inherent well-control, safety and environmental liabilities. - Foreign-currency exposure on imported tools and some contract revenue.
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 | - | RM7 | - | RM18 | - |
| 300 | 2 | RM105 | - | RM21 | - | RM53 | - |
| 1,100 | 3 | RM385 | - | RM77 | - | RM193 | - |
| 2,100 | 4 | RM735 | - | RM147 | - | RM368 | - |
| 3,100 | 5 | RM1,085 | - | RM217 | - | RM543 | - |
| 4,100 | 6 | RM1,435 | - | RM287 | - | RM718 | - |
| 6,100 | 7 | RM2,135 | - | RM427 | - | RM1,068 | - |
| 11,100 | 8 | RM3,885 | - | RM777 | - | RM1,942 | - |
| 20,100 | 9 | RM7,035 | - | RM1,407 | - | RM3,518 | - |
| 50,100 | 10 | RM17,535 | - | RM3,507 | - | RM8,768 | - |
| 100,100 | 11 | RM35,035 | - | RM7,007 | - | RM17,518 | - |
| 200,100 | 12 | RM70,035 | - | RM14,007 | - | RM35,018 | - |
| 500,100 | 13 | RM175,035 | - | RM35,007 | - | RM87,518 | - |
| 1,000,100 | 14 | RM350,035 | - | RM70,007 | - | RM175,018 | - |
| 2,000,100 | 15 | RM700,035 | - | RM140,007 | - | RM350,018 | - |
| 5,000,100 | 16 | RM1,750,035 | - | RM350,007 | - | RM875,018 | - |
| 10,000,100 | 17 | RM3,500,035 | - | RM700,007 | - | RM1,750,018 | - |
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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