Open to apply: 07/03/2025
Close to apply: 19/03/2025
Balloting: 21/03/2025
Listing date: 28/03/2025

Share Capital     
Market cap: RM610 mil
Total Shares:  500 mil shares
1st day listing tradable shares: 198.85 mil shares

Industry CARG   
1. Real GDP of Land Transport Industry(2019-2023): 4.7%
2. Mean Monthly Household Expenditure2016-2022:  -3.2% (Scheduled Bus-Msia), 9.9% (PTR- Malaysia), 7.0%(PTR – Johor)
3. Gross Output Value of Bus Services (2015-2022): -4.0% (Malaysia), -6.9% (Johor) 
Industry competitors comparison (net profit%)
1. HI Mobility Group: 16.0%
2. Combined Bus: 44.4% 
3. Mara Liner S/B: 6.6%
4. SKS Coachbuilders S/B: 5.8%
5. SBS Transit Ltd: 4.5%
6. SMRT Buses Ltd: 3.9%
7. Others: losses to 2.7%

Business (FPE 2025)     
Operate within the mass transit sector providing both cross-border and local bus services. 
Revenue by segment
1. Scheduled bus services: 93.9% (Cross border Johor-singapore: 59.9%)
2. Chartered bus services: 5.3%
3. Other services: 0.8%
Revenue by geo
1. Malaysia: 51.2%
2. Singapore: 48.8%
Depots and fleet of buses
1. Number of buses: 683 buses
2. Number of routes: 124
3. Number of depots: 4

Fundamental   
1.Market: Main Market
2.Price: RM1.22
3.Forecast P/E: 18.4
4.ROE(Pro forma): 18.87%
5.ROE: 34.18%(FPE2025), 48.99%(FYE2024),  35.17%(FYE2023), losses(FYE2022)
6.Net asset: 0.44
7.Total debt to current asset: 1.03 (Debt: 209.498mil, Non-Current Asset: 226.907mil, Current asset: 203.339mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 31Oct, 9 mths): RM204.267 mil (Eps: 0.0674), PAT: 16.5%
2024 (FYE 31Jan): RM207.713 mil (Eps: 0.0663), PAT: 16.0%
2023 (FYE 31Jan): RM119.632 mil (Eps: 0.0390), PAT: 16.3%
2022 (FYE 31Jan): RM31.468  mil (Eps: -0.0641), PAT: losses

Order Book (LPD: 07 Feb 2025)    
1. Scheduled bus services: RM158.3mil 
2. Chartered bus services: RM16.3mil

Major customer (FPE 2025)     
1. APAD: 20.6%
2. PAJ : 4.0%
3. Customer A: 1.6%
4. Rapid Bus Sdn Bhd: 1.3%
5. Majlis Perbandaran Sepang: 1.0%
***total 28.5%

Major Sharesholders   
1. Lim Han Weng: 53.75% (direct), 6.48% (indirect)
2. Bah Kim Lian: 6.48% (direct), 53.75% (indirect)
3. Bumi Mampan: 13.77% (direct)
4. Dato Syed Naqiz Shahabuddin Bin Syed Abdul Jabbar: 13.77% (indirect)
5. Mohd Azmir Bin Rahmani: 13.77% (indirect)

Directors & Key Management Remuneration for FYE2026   
(from Revenue & other income 2024)
Total director remuneration: RM5.227 mil
key management remuneration: RM3.55 mil – RM4.00 mil
total (max): RM9.227 mil or 14.56%