Financial Performance in Detail
Exsim Hospitality Berhad (EHB) delivered a highly impressive set of results for Q3 FY2026 and the nine months ended 31 March 2026:
- Q3 FY2026 Revenue: RM74.35 million (up 33.4% YoY), driven by the Hospitality Operator (RM31.68 million) and Fit-out (RM42.66 million) segments.
- YTD Profit After Tax: RM28.84 million, with RM28.19 million attributable to shareholders. Basic EPS for 9M FY26 was 1.97 sen (diluted: 1.78 sen), a significant jump from 0.75 sen in the prior year.
- Gross Profit Margin: 26.7% for 9M FY26, up from 23.6% in 9M FY25, reflecting improved operational efficiencies and higher value-add services.
- Cash Flow: Net cash generated from financing activities (RM238.16 million) more than offset investing and operating outflows, resulting in a net cash increase of RM47.32 million.
- Net Assets per Share: Increased to RM0.22 from RM0.04, reflecting the enlarged capital base and improved retained earnings.
Transformation and Expansion Moves
Rights Issue & Balance Sheet Reinforcement
The Group completed a transformative rights issue with free detachable warrants, raising RM250.79 million. Proceeds are being deployed as follows:
- Corus Hotel expenditures: RM113.6 million (RM64 million utilised to date)
- Acquisition of hotel building: RM86.27 million (RM82.77 million utilised)
- Working capital: RM48.92 million (fully utilised)
- Corporate exercise expenses: RM2.0 million (fully utilised)
This capital injection has dramatically strengthened EHB’s gearing and liquidity, positioning the Group for aggressive growth and asset acquisition.
Strategic Diversification into Construction and Procurement
In a landmark development, shareholders approved EHB’s diversification into General Contracting and Centralised Procurement. This move enables the Group to:
- Bid for and undertake third-party construction and contracting projects, beyond hospitality fit-out.
- Establish a centralised procurement business for building materials and household appliances, leveraging group scale for cost advantages and new revenue streams.
- Capitalize on Malaysia’s robust construction and real estate pipeline.
The first major contract under this diversification, awarded in March 2026 (conditional on approval obtained in April), is expected to be a significant earnings driver going forward.
Operational Segment Performance
- Hospitality Operator: Q3 revenue soared to RM31.68 million (up 2,751.8% YoY); segment profit before tax was RM12.46 million. 9M revenue was RM45.07 million (up 1,727.5%). This rapid scaling reflects the ramp-up in managed properties, now at 4,260 units (2,538 operational, 1,677 under construction).
- Fit-out: Remains a core driver, with RM42.66 million Q3 revenue and RM21.61 million segment PBT for 9M FY26. Orderbook expansion underpins visibility for future quarters.
- Own and Operate: No revenue in Q3 as Corus Hotel and Tower E are under renovation. Both assets are scheduled to open in H2 2026 and are expected to significantly lift segment and group earnings.
- Investment Holding/Others: Losses are mainly due to administrative and overhead costs.
Balance Sheet and Capital Commitments
- Total Assets: RM438.97 million as at 31 March 2026.
- Shareholders’ Equity: RM310.95 million, up from RM33.84 million as at June 2025.
- Borrowings: Total secured borrowings at RM67.96 million, with no foreign currency exposure.
- Capital Commitments: RM170.41 million for hotel building acquisition, RM42.12 million for hotel refurbishment, and RM0.54 million for office renovation (all approved and contracted).
- No Material Contingent Liabilities or Derivative Exposures: As at the report date.
Outlook and Price Sensitive Developments
- The reopening of Corus Hotel and Tower E, expected in the second half of 2026, is likely to catalyze a new phase of revenue and profit growth in the Own and Operate segment. This is a major price-sensitive event for the company.
- The successful expansion into general contracting and procurement businesses, with contracts already secured, positions EHB for significant growth beyond hospitality.
- The enlarged orderbook and continued contract wins in fit-out and construction will underpin earnings visibility and investor confidence.
- The robust cash position and strengthened equity base provide ample firepower for further expansion or opportunistic acquisitions.
Conclusion
Exsim Hospitality Berhad is undergoing a strategic transformation, evolving from a pure hospitality play into an integrated operator, contractor, and procurement specialist. With renovations nearing completion on flagship assets, a rapidly expanding managed portfolio, and new business lines approved and operational, EHB is poised for a significant re-rating. The combination of strong earnings momentum, major capital investments, and new business verticals represents a clear set of catalysts that could materially impact the company’s share price in the coming quarters.
Disclaimer
This article is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a licensed financial advisor before making investment decisions.
Versi Bahasa Malaysia
Exsim Hospitality Berhad Q3 FY2026: Lonjakan Pendapatan dan Transformasi Strategik Berpotensi Menggerakkan Harga Saham
Sorotan Utama
- Pendapatan Melonjak 133% Tahun-Ke-Tarikh: Pendapatan Kumpulan untuk sembilan bulan berakhir 31 Mac 2026 mencecah RM180.17 juta, meningkat 132.7% berbanding RM77.43 juta pada tempoh yang sama tahun lalu.
- Untung Sebelum Cukai Naik 252%: Untung sebelum cukai untuk sembilan bulan melonjak ke RM37.82 juta, jauh lebih tinggi daripada RM10.74 juta sebelumnya.
- Terbitan Hak Berjaya: Terbitan hak dengan waran percuma sebanyak RM250.79 juta telah mengukuhkan kedudukan kewangan syarikat.
- Diversifikasi Strategik Diluluskan: Pemegang saham telah meluluskan diversifikasi ke perniagaan Kontraktor Umum dan Perolehan Berpusat, membuka aliran pendapatan baharu.
- Segmen Fit-out dan Operator Hospitaliti Pemacu Pertumbuhan: Kedua-dua segmen mencatat pertumbuhan tinggi, mengimbangi ketiadaan pendapatan sementara daripada segmen Own and Operate akibat kerja renovasi.
- Segmen Own and Operate Bakal Pulih: Corus Hotel dan Tower E dijangka dibuka semula pada separuh kedua 2026, dijangka memberi lonjakan ketara kepada pendapatan kumpulan.
- Buku Pesanan Bertambah: Buku pesanan EXSIM Concepto kini mencecah RM258.71 juta, dengan kontrak baharu bernilai RM164.13 juta diraih pada suku ini.
- Kedudukan Tunai Kukuh: Tunai dan setara tunai sebanyak RM51.36 juta setakat 31 Mac 2026, naik daripada RM4.04 juta pada awal tempoh.
Prestasi Kewangan Terperinci
- Pendapatan S3 FY2026: RM74.35 juta (naik 33.4% YoY), didorong oleh segmen Operator Hospitaliti (RM31.68 juta) dan Fit-out (RM42.66 juta).
- Untung Selepas Cukai YTD: RM28.84 juta, RM28.19 juta daripadanya untuk pemegang saham. EPS asas 9M FY26 ialah 1.97 sen (dilusi: 1.78 sen), melonjak daripada 0.75 sen tahun lalu.
- Margin Untung Kasar: 26.7% untuk 9M FY26, meningkat daripada 23.6% pada 9M FY25.
- Aliran Tunai: Tunai bersih daripada pembiayaan (RM238.16 juta) menampung aliran keluar operasi dan pelaburan, membawa kenaikan tunai bersih sebanyak RM47.32 juta.
- Aset Bersih per Saham: Meningkat ke RM0.22 daripada RM0.04, mencerminkan asas modal yang lebih teguh.
Langkah Transformasi & Pengembangan
Terbitan Hak & Pengukuhan Kunci Kira-kira
- Perbelanjaan Corus Hotel: RM113.6 juta (RM64 juta telah digunakan)
- Pembelian hotel: RM86.27 juta (RM82.77 juta telah digunakan)
- Modal kerja: RM48.92 juta (telah digunakan sepenuhnya)
- Perbelanjaan korporat: RM2.0 juta (telah digunakan sepenuhnya)
Diversifikasi Strategik
- Boleh membida dan melaksanakan projek pembinaan pihak ketiga.
- Menubuhkan perniagaan perolehan berpusat, memaksimumkan skala kumpulan.
- Mengambil peluang dalam sektor pembinaan Malaysia yang berkembang pesat.
Kontrak utama pertama di bawah diversifikasi ini dijangka menjadi pemacu pendapatan penting pada masa depan.
Prestasi Segmen Operasi
- Operator Hospitaliti: Pendapatan S3 melonjak ke RM31.68 juta (naik 2,751.8% YoY); untung sebelum cukai segmen RM12.46 juta.
- Fit-out: RM42.66 juta pendapatan S3 dan RM21.61 juta untung sebelum cukai segmen untuk 9M FY26. Pertumbuhan buku pesanan menyokong pendapatan masa depan.
- Own and Operate: Tiada pendapatan S3 kerana hotel dalam renovasi. Corus Hotel dan Tower E dijangka dibuka semula pada H2 2026.
- Lain-lain: Kerugian disebabkan kos pentadbiran dan overhed kumpulan.
Kedudukan Kewangan dan Komitmen Modal
- Jumlah Aset: RM438.97 juta setakat 31 Mac 2026.
- Ekuiti Pemegang Saham: RM310.95 juta, naik daripada RM33.84 juta pada Jun 2025.
- Pinjaman: Jumlah pinjaman bercagar RM67.96 juta, tiada pendedahan mata wang asing.
- Komitmen Modal: RM170.41 juta untuk pembelian hotel, RM42.12 juta untuk renovasi hotel, RM0.54 juta untuk pengubahsuaian pejabat (semua telah diluluskan dan dikontrakkan).
- Tiada Liabiliti Kontinjen atau Derivatif Material: Setakat tarikh laporan.
Prospek dan Perkembangan Sensitif Harga
- Pembukaan semula Corus Hotel dan Tower E dijangka mencetuskan fasa pertumbuhan baharu bagi segmen Own and Operate.
- Peluasan ke perniagaan kontraktor umum dan perolehan dengan kontrak telah dimeterai, bakal mempercepat pertumbuhan syarikat.
- Buku pesanan yang kukuh dan kontrak baru dalam fit-out dan pembinaan memberikan kepastian pendapatan.
- Kedudukan tunai dan ekuiti yang kukuh membolehkan pengembangan selanjutnya atau pengambilalihan berpotensi.
Kesimpulan
Exsim Hospitality Berhad kini dalam fasa transformasi strategik dengan potensi pertumbuhan ketara hasil daripada segmen baharu yang berkembang pesat, pengukuhan modal, dan pemulihan segmen Own and Operate. Ini memberikan pemangkin utama untuk kenaikan harga saham dalam suku akan datang.
Penafian
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