⚡️Express Powerr IPO: Supercharged Demand, Solid Margins — Can XPB Light Up Day One?⚡️
Below is a reporter-style, decision-ready digest of Express Powerr Solutions (M) Berhad (XPB) ahead of its ACE Market debut, using only the article/prospectus facts and current public sources. It includes a peer snapshot, recent sector color, analyst targets, allotment result, and a first-day trading take.
At-a-glance (what matters)
- IPO price: RM0.20; implied market cap RM186.9m at listing.
- Business: generator rental & related power solutions; 115-unit fleet; key clients include TNB ecosystem.
- FY2024 revenue: RM70.2m; net margin ~24% (recent PAT margin 23.7–25%).
- Valuation at IPO: PER ~11.26x (prospectus FYE method).
- Use of proceeds (RM36m): fleet expansion (RM20.5m), debt repayment (RM5m), M/HV equipment (RM4.1m), WC & listing costs.
- Oversubscription: 13.55x overall public; 9.92x Bumiputera; 17.18x other public. Listing date: 24 Sep 2025.
Peer Comparison (Malaysia power/infra value-chain proxies)
| Company (Ticker) |
P/E (ttm/IPO) |
P/B |
ROE |
EPS (sen) |
Revenue (RM m) |
Net Margin |
Div. Yield |
Market Cap (RM m) |
| Express Powerr (XPB) |
~11.26x |
~2.86x |
~17.4% |
~1.78* |
70.2 |
~24% |
Policy in place |
186.9 |
| MN Holdings (MNHLDG 0245) |
21.96x |
5.39x |
24.6% |
8.11 |
n/a |
n/a |
0.14% |
1,058.8 |
| UUE Holdings (UUE 0310) |
22.8x |
n/a |
n/a |
~4 |
163.5 |
n/a |
n/a |
492.7 |
| Jati Tinggi Group (JTGROUP 0292) |
~55.5x |
n/a |
n/a |
~1 |
121.7 |
n/a |
n/a |
269.4 |
| Powerwell (PWRWELL 0217) |
15.0x |
3.17x |
21.1% |
3.80 |
n/a |
n/a |
~5.3% |
330.9 |
| Southern Cable (SCGBHD 0225) |
n/a |
7.27x |
n/a |
2.42 |
n/a |
n/a |
n/a |
n/a |
*XPB EPS (sen) is back-solved from IPO PER; shown for context only.
IPOs in the Same Period
- Cheeding Berhad (ACE): IPO price RM0.36, FY2025 PER ~10.9x.
- Camaroe Berhad (ACE): oversubscribed ~15x; listing Oct 2.
- Powertechnic (ACE): underwriting inked; RM84m offering announced.
Take: Domestic small-cap IPO tape is active and generally well-bid into late-September listings.
10-day Sector Pulse (Peers)
MNHLDG, PWRWELL, UUE, JTGROUP, SCGBHD have shown mixed-to-constructive bias over recent sessions (prices near YTD highs for several names; PWRWELL 52-week band 0.35–0.61 with recent prints ~0.57). Real-time charting indicates upward drift in multiple proxies into the Fed-cut window.
Implication for Day-1: A firm small/mid-cap tape usually supports debut momentum for reasonably-priced ACE listings with strong oversubscription.
Research & Expert Opinions
- M+ Research (Muhammad Nabil): FV RM0.31 (15x mid-FY26F EPS 2.05 sen). Rationale: unique listed genset rental play; margin outperformance; proceed-funded capacity build-up.
- Bursa Research (Unnamed): FV RM0.26–0.26 (c.12–13x FY26F), citing size discount vs peers.
- iSaham aggregator: FV targets include M+ (0.31), Public Investment (0.23), TA (0.26), RHB (0.26).
Latest IPO Allotment Result
Public tranche oversubscribed 13.55x; both tranches fully taken up; listing 24 Sep 2025. This demand magnitude typically correlates with positive Day-1 prints on ACE listings priced near sector medians.
Is the IPO Worth Subscribing? First-day Trading Call & Range
Bottom line (reporter’s take):
- Pricing: At ~11.3x PER vs mid-teens for listed proxies, XPB comes modestly cheaper, while boasting ~24% net margins.
- Demand: 13.55x public oversubscription signals strong retail appetite.
- Street targets: Clustered RM0.26–0.31, with a median near RM0.26–0.28.
Day-1 estimate: Likely to open/trade above IPO. Estimated Day-1 trade band: RM0.23 – RM0.28, with close biasing RM0.24–RM0.27, barring market shocks. (Estimate, not advice.)
Thank you
