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Posted on September 20, 2025 at 9:21 am (GMT+8)
Name: JS Solar Holding Berhad
Incorporation: June 25, 2024 (as JS Solar Holding Sdn Bhd), converted into a public company on November 29, 2024.
Principal Activities:
EPCC services for solar PV systems (main contractor).
Contracting services for solar PV systems (subcontractor).
O&M services for solar PV systems.
Key Projects:
Rooftop C&I solar projects (malls, govt. buildings).
Utility-scale solar under LSS1, LSS2, LSS5.
2023: Collaboration with Huawei & N.U.R. Distribution for BESS project.
2024: Consortium with Samaiden Group for 50MWac KHTP project.
Profit & Loss (RM ’000)
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Balance Sheet (FYE 2025)
Total Assets: RM81.3m
Total Equity: RM17.6m
Total Liabilities: RM63.7m
Debt-to-Capital Ratio: improves from 3.38x → 0.61x post-IPO
Cash Flow (FYE 2025)
Net operating cash: RM3.55m
Cash balance: RM8.26m
Revenue Breakdown (FYE 2025)
EPCC: RM104.21m (55.9%)
Contracting: RM82.26m (44.1%)
O&M: RM0.07m (0.04%)
2018: First rooftop & utility-scale projects.
2020: Registered SPSI vendor with GSPARX (TNB).
2021: JV with Gadang Holdings for Tawau LSS1.
2022: Sin Chew Business Excellence & SME100 Awards.
2023: MGTC certified (MyHIJAU).
Pre-IPO indebtedness: RM43.4m.
Post-IPO indebtedness: RM30.7m.
Capitalisation post-IPO: RM32.7m.
Debt/Capital ratio falls to 0.61x.
Name: JS Solar Holdings Berhad
Incorporation: June 25, 2024 (as JS Solar Holding Sdn Bhd), converted into public company on Nov 29, 2024.
EPCC (Engineering, Procurement, Construction & Commissioning) services for solar PV systems (main contractor).
O&M (Operation & Maintenance) services for solar PV systems.
Rooftop C&I solar (malls, govt buildings).
Utility-scale solar (LSS1, LSS2, LSS5).
2023: Collaboration with Huawei & N.U.R. Distribution Sdn Bhd for BESS project.
2024: Consortium with Samaiden Group Berhad for 50MWac KHTP project.
2018: First rooftop & utility-scale solar projects.
2022: Won Sin Chew Business Excellence & SME100 Awards.
2023: Certified by MGTC (MyHIJAU mark).
Profit & Loss (RM ’000):
Balance Sheet (RM ’000):
Total Assets (2025): RM81.3m
Total Equity (2025): RM17.6m
Total Liabilities (2025): RM63.7m
Debt-to-Capital Ratio post-IPO: improves from 3.38x → 0.61x
Cash Flows (2025):
Growth mainly from large C&I rooftop projects for GSPARX (TNB subsidiary).
Pre-IPO indebtedness: RM43.4m
Post-IPO utilisation: reduces to RM30.7m
Capitalisation post-IPO: RM32.7m
Debt/Capital ratio falls 3.38x → 0.61x
(Malaysia solar EPC/renewables peers)
Read-through: On headline multiples, JS Solar lists at ~12.6×, materially below established EPC peers (often high-teens to 30s P/E). That valuation gap, alongside clear topline growth and deleveraging post-IPO, is typically supportive for listing-day demand.
JS Solar Holding Berhad — Offer price RM0.31, ACE Market, listing 23 Sep 2025.
Oxford Innotech Berhad — Appears on the same Bursa IPO roster (Jun–Sep window).
Implication: A busy ACE tape with tech/renewables names often keeps sentiment buoyant into debuts, provided pricing is not aggressive.
(directional read; exact prints vary by session)
Samaiden (0223.KL): trading on a ~30× TTM P/E, market cap ~RM560m; near-term tone constructive.
Solarvest (0215.KL): LTMs P/E in 30s; premium multiple persists, indicating healthy interest in solar EPC plays.
Sunview (0262.KL): TTM ~32× / forward ~19×; EV/EBITDA ~16.5× — valuations still supportive vs industrials average.
Debut signal: A firm peer tape with premium multiples tends to support positive Day-1 follow-through for a new entrant priced at a discount to the group.
Fair value estimate: RM0.45 vs IPO RM0.31 (implied +45%). Method: 15.3× P/E on mid-FY27F EPS 2.95 sen.
(No broader sell-side coverage identified yet; more may come closer to listing.)
Enlarged shares: 325m
Market cap at IPO: ~RM100.75m (at RM0.31)
PER: ~12.6×
Proceeds: bank repayment, office, expansion, working capital, listing expenses.
Debut read-through: Reasonable size and below-peer PER typically correlate with healthy opening prints when sector appetite is firm.
Verdict on subscription: Leaning Positive. Discounted P/E vs peers, improving leverage post-IPO, and a constructive sector tape are supportive.
Estimated Day-1 trade band: RM0.33 – RM0.40 (roughly +6% to +29% vs RM0.31), with bias to close mildly to solidly above offer, assuming stable market tone.
Upside drivers: peer premium multiples, growth optics, small-mid IPO float.
Watch-outs: delivery/execution risk, order-book visibility, general market volatility.
Thank you
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