Oriental Kopi Holdings Berhad IPO's Analysis

Oriental Kopi Holdings Berhad

Oriental Kopi Holdings Berhad, operates a chain of cafes across Malaysia, having started its cafe operations in December 2020. The company emphasizes food and beverage services that showcase local Malaysian cuisine in a casual setting, targeting the mass market with a diverse menu that includes hot meals, snacks, pastries, desserts, and a variety of drinks such as coffee and tea. Alongside its cafe operations, the company markets its own brands of consumer-branded packaged foods, including coffee, tea, spreads, pastries, and instant noodles under the Oriental and Oriental Kopi brands. It also engages in the distribution and retailing of these packaged foods through supermarkets and online platforms like Shopee and Lazada. Furthermore, Oriental Kopi conducts trading of materials and equipment essential for its operations. The company aims to expand its market presence through innovative product offerings and strategic partnerships while being headquartered in Malaysia. Oriental Kopi was incorporated in 2020 and headquartered in Malaysia.

IPO Details
Market: ACE
Principal Adviser: Alliance Islamic Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (No)
Listing Price: 0.44
PE Ratio: 20.37
    PE (FYE): 20.37
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
Closing Date: 10-Jan-2025
Balloting Date: 14-Jan-2025
Listing Date: 23-Jan-2025
Oversubscription rate: 59.96x
Average Analysts FV :
Mplus (0.75), TA (0.62), Mercury (0.68), RHB (0.64), Public Invest (0.70), Apex (0.81)
iSaham IPO Score :
Market Cap: 880.00 M
Number of Shares: 2,000.00 M
IPO Allocations No. of Shares %
Malaysian Public 60.00 M 3.0%
Bumiputera shareholders approved by MITI 250.00 M 12.5%
Eligible Directors and employees 20.0 M 1.0%
Private placement to selected investors and others 88.101 M 4.41%
Total Allocations 418.10 M 20.91%

Public Issue of 418.10 M new shares representing 20.91% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Set up of new head office, central kitchen and warehouse 53,685 29.18
Expansion Expansion of cafes in various states within Malaysia 36,400 19.79
Expansion Expansion of our brands of packaged foods segment 5,000 2.72
Expansion Marketing activities in foreign countries 5,500 2.99
Working capital Working capital 75,779 41.19
Listing expenses Estimated listing expenses 7,600 4.13
Total 183,964 100
Analyst Highlights
Date Analyst Highlights
03-Dec-2025
Apex
  • KOPI's GP margin is expected to stabilize at c.26% in FY26, driven by high-margin menu items and better supplier terms.
  • The company achieved strong same-store sales growth (SSSG) of 12.2% in FY25, with notable performances in Kuala Lumpur and Selangor.
  • KOPI plans aggressive outlet expansion with a target of 8 new openings in FY26, focusing on high-traffic areas to attract tourists and office crowds.
  • FMCG demand has strengthened following SARA eligibility, with new distribution channels via myNews and 7-Eleven, and plans for international expansion.
  • The company is favored for its strong outlet expansion momentum, consistent product innovation with expanding menu and SKUs, and commitment to product quality.
03-Dec-2025
MBSB
  • Resilient Sales, Tax Drags Margins: Record revenue and profit supported by strong café traffic and FMCG traction, but higher operating overheads and increased tax moderated profitability.
  • Outlet Expansion Weighs on Margins: 11 new cafés opened (28 total) boosted revenue, but the ramp-up phase incurred significant costs including payroll, depreciation, and professional fees.
  • Steady Demand and Expansion Pipeline: Stable café demand, resilient domestic spending, and tourism-driven footfall led to double-digit SSSG and increased average ticket size. Strong balance sheet supports plans for 8-10 new outlets in FY26, with potential overseas expansion.
03-Dec-2025
UOB
  • SSSG accelerates despite aggressive rollout, with new locations set to benefit from increased tourist arrivals.
  • International expansion plans are firming up, with details expected by 1Q26.
26-Nov-2025
Apex
  • KOPI's café segment is expected to remain the key earnings driver in FY26F, supported by resilient domestic consumption, strengthening tourism under the Visit Malaysia 2026 campaign and plans to expand its domestic café network (FY26F: 6 new outlets).
  • With the surge in share price narrowing upside potential, we downgrade to HOLD from BUY while maintaining our TP at RM1.26, based on unchanged 30x FY26F EPS of 4.2 sen.
26-Nov-2025
MBSB
  • KOPI's 4QFY25 revenue of RM133.2m and core PATAMI of RM15.9m were within expectations, lifting FY25 core earnings to RM62.1m.
  • 4QFY25 revenue rose +14.1%qoq to RM133.2m, driven by strong café operations and FMCG segment momentum.
  • Growth prospects remain supported by ongoing café expansion, FMCG segment contribution, new outlets, and packaged food portfolio.
26-Nov-2025
TradeView
  • Accelerating store expansion into tourism-heavy locations like airports and high-footfall malls.
  • Strengthening consumer-branded packaged goods portfolio both locally and abroad in markets like Hong Kong, Australia, and New Zealand.
  • Robust earnings expected from new outlet ramp-ups and scaling packaged-food distribution.
28-Aug-2025
Apex Securities
  • KOPI's GP margin contracted due to higher FMCG costs and pre-revenue labour expenses. SST expansion could further impact margins.
  • KOPI expanded FMCG distribution to 99 Speedmart. Overseas expansion targets Hong Kong, Australia, and New Zealand.
  • KOPI continues to innovate with SKUs rising to 35. New CY26 operational facility should enhance efficiency and R&D.
27-Aug-2025
Apex Securities
  • Earnings momentum is expected to continue into 4QFY25, supported by menu and packaged food innovation and outlet expansion.
  • Upgrade recommendation to BUY from HOLD, raising our target price to RM1.26/share.
27-Aug-2025
MBSB Research
  • 3QFY25 revenue registered at RM116.7m (+13.1%qoq), anchored by café contributions of RM107.8m.
  • Core PATAMI increased to RM18.1m in 3QFY25 (+23.2%qoq), outpacing revenue growth as operating leverage and a more favourable sales mix supported earnings.
  • Positive on KOPI's growth trajectory, anchored by its steady pace of café rollouts and the rising contribution from its higher-margin FMCG segment.
25-Aug-2025
Apex Securities
  • Stable 3QFY25 earnings are attributed to revenue growth from new outlet openings, partly offset by temporary margin dilution from ramp-up costs.
  • Believe valuations are already fair relative to peers and growth prospects.
20-Jun-2025
MIDF
  • Acquisition mitigates tenancy risk and strengthens Group's backend infrastructure in line with its expanding retail network.
30-May-2025
Aminvest
  • Maintain HOLD with unchanged TP of RM0.70, based on 16x CY26F PE.
  • 1HFY25 core net profit of RM28.2mil came in within expectations at 45% and 46% of estimates.
  • Gross margin came under pressure from festive bonuses and higher material costs.
  • Group opened six new café stores and two specialty retail stores so far in FY25.
  • 2QFY25 revenue rose 5.5% while CNP increased 8.6%, driven by new outlets and packaged foods growth.
  • 2QFY25 gross margin declined to 24.7% due to higher material costs and bonus payments.
  • Café store count stands at 23, with two new outlets added since Dec 2024.
26-May-2025
MIDF
  • 2QFY25 results met expectations, driven by festive-led café sales and contributions from newly opened outlets, alongside growing FMCG momentum.
  • KOPI chalked in 2QFY25 revenue of RM103.2m (+5.5%qoq) and core PATAMI of RM14.7m (+8.6%qoq).
  • Margin trends remain stable despite festive cost pressures.
  • Aggressive expansion strategy and increasing contribution from the high-margin FMCG segment.
Utilisation of Proceeds
Business Segments
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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