THMY Holdings Berhad IPO's Analysis
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THMY Holdings Berhad
THMY Holdings Berhad, through its subsidiary THMY Technologies Sdn Bhd, is principally involved in the provision of automated test solutions for the Electrical and Electronics (E&E) industry. The Group's core activities include the design, development, fabrication, assembly, and installation of customised In-Circuit Test (ICT) and Functional Circuit Test (FCT) solutions. It also offers industrial automation solutions and provides maintenance and repair services for its products. The company serves a diverse customer base of EMS companies and OEMs across various industries, including semiconductor, technology, media, telecommunications, and industrial sectors. While incorporated in Malaysia, the Group has a significant international footprint, with major export markets in Thailand, the USA, Singapore, Taiwan, and China.
IPO Details
Market:
ACE
Principal Adviser:
Affin Hwang Investment Bank Berhad
Issuing House:
Malaysian Issuing House (MIH)
Shariah Status:
SC (Yes)
Listing Price:
0.31
MITI allocation?:
Yes
Closing Date:
09-Oct-2025
Balloting Date:
13-Oct-2025
Listing Date:
23-Oct-2025
Oversubscription rate:
35.57x
Average Analysts FV
:
Mplus (0.49), TA (0.37), RHB (0.43), Tradeview (0.56), Kenanga (0.60)
iSaham IPO Score
:
Market Cap:
275.28 M
Number of Shares:
888.00 M
( info)
Median Sectors PE:
N/A
Median Peers PE:
Strategic Overview & Data Visuals
Utilisation of Proceeds
| Purpose | Amount (RM'000) | % | |
|---|---|---|---|
| Expansion | Acquisition of new industrial land | 3,000 | 6.72 |
| Expansion | Purchase of new machinery and equipment | 3,700 | 8.29 |
| Expansion | D&D and R&D expenditure | 1,900 | 4.26 |
| Expansion | Construction cost | 22,900 | 51.33 |
| Working capital | Working capital | 3,085 | 6.92 |
| Listing expenses | Estimated listing expenses | 4,800 | 10.76 |
| Debt | Repayment of bank borrowings | 5,227 | 11.72 |
| Total | 44,612 | 100 | |
Analyst Highlights
| Date | Analyst Highlights |
|---|---|
|
22-Oct-2025
Kenanga |
|
|
09-Oct-2025
RHB |
|
|
08-Oct-2025
TA |
|
|
08-Oct-2025
Tradeview Research |
|
|
07-Oct-2025
Mplus |
|
Utilisation of Proceeds
Business Segments
Geographical Segments
Major Customers
Revenue by Financial Year Ended
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
Strengths
- Established track record of 17 years in the automated test solutions industry with a proven ability to expand its customer base and operational scale.
- Possesses in-house engineering and technical capabilities, allowing for full customization of solutions and continuous improvement in line with technological advancements.
- Maintains longstanding business relationships with a strong portfolio of multinational corporations (MNCs), including both EMS companies and OEMs.
- Led by an experienced and hands-on management team with deep industry knowledge and technical expertise.
Weaknesses
- Operates without long-term contracts, relying on purchase orders, which may lead to fluctuations in financial performance.
- Dependent on a few major customers, with the top 5 contributing over 51% of revenue in FY2025, posing a concentration risk.
- Reliant on a major supplier for critical components like test probes and receptacles, exposing the business to potential supply chain disruptions.
- Weakening liquidity position, as evidenced by a declining current ratio over the last three financial years.
Opportunities
- Well-positioned to capitalize on the growth of the global Electrical & Electronics (E&E) industry, driven by technological advancements and increasing demand for E&E products.
- Plans to expand business through the construction of a new factory, which will increase production capacity and enable targeting of new customer segments.
- Intention to enhance solution offerings through dedicated D&D and R&D expenditure, including investment in new software and equipment.
- Expansion into new geographical markets, such as setting up a new support and maintenance office in Thailand to strengthen its presence in a key overseas market.
Threats
- Exposed to foreign exchange fluctuation risks as a majority of revenue and purchases are transacted in foreign currencies, primarily USD.
- The business is subject to the cyclical nature and growth of the global E&E industry; any downturn could adversely affect demand.
- Faces competition from local and foreign industry players in a global market, competing on price, quality, and timeliness of delivery.
- Potential inability to attract and retain skilled engineers, which is crucial for providing complex automated test solutions and maintaining a competitive edge.
Key Highlights
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Conclusion
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