THMY Holdings Berhad Delivers Robust Earnings and Expansive Growth Plans in FY2026 Q4 Results

Key Financial Highlights

• Revenue: RM17.28 million for Q4 FY2026; cumulative RM62.82 million for the year.
• Gross Profit (GP): RM8.88 million for Q4; cumulative RM29.66 million for the year, reflecting strong margins from higher-complexity, value-added solutions.
• Profit Before Tax (PBT): RM7.02 million for Q4; cumulative RM18.79 million for the year. Adjusted cumulative PBT, excluding non-recurring IPO expenses, is RM20.63 million.
• Net Profit: RM4.46 million for Q4; cumulative RM13.54 million for the year.
• Basic/Diluted Earnings Per Share (EPS): 0.50 sen for Q4; 1.53 sen for FY2026.
• Net Assets Per Share: 8.40 sen post-IPO (up from 2.02 sen in the previous year).
• Cash and Bank Balances: RM25.48 million as at 31 March 2026, a significant increase from RM2.24 million a year earlier.

Operational and Strategic Developments

• IPO Completion: The company successfully listed on the ACE Market of Bursa Malaysia on 23 October 2025, raising gross proceeds of RM44.61 million through the issuance of 143.9 million new shares at RM0.31 per share. This is a major milestone for the group and significantly strengthens the balance sheet.
• Capital Commitments: The group has approved but not yet contracted capital expenditure of RM27.1 million, earmarked primarily for the construction of a new factory and purchase of machinery and equipment. This expansion is intended to increase production capacity and position the company for further growth.
• Land Acquisition: On 26 February 2026, the group completed the acquisition of an industrial land from Penang Development Corporation for RM14.87 million, further supporting its expansion plans.
• Strong Overseas Revenue Contribution: 76% of revenue is from overseas markets, with Thailand (RM25.74 million), Taiwan (RM9.48 million), and USA (RM8.17 million) being key contributors. Local revenue was RM14.83 million.
• Segment Performance:
  • Automated Test Solutions: In-Circuit Test (ICT) Solutions contributed RM47.29 million; Functional Circuit Test (FCT) Solutions added RM13.16 million for the year.
  • Maintenance and Repair Services: RM1.72 million.
  • Industrial Automation Solutions: RM0.65 million.
• Effective Tax Rate: 29.62% for Q4, above the statutory rate due to non-deductible expenses and absence of reinvestment allowance.
• Significant Increase in Borrowings: Total borrowings surged to RM27.40 million (up from RM12.27 million), supporting expansion and capital investments.

Noteworthy and Potentially Price-Sensitive Information

• Strong Earnings and Margin Expansion: The company demonstrated strong earnings growth, driven by high-margin, complex testing solutions. The removal of one-off IPO expenses in the current quarter further boosted profitability.
• Major Expansion Plans: The new factory construction and land acquisition signal aggressive expansion and capacity building, likely positioning the company for increased future revenue and market share.
• Utilization of IPO Proceeds: Of the RM44.61 million raised, RM31.09 million remains unutilized as of 31 March 2026, to be deployed for factory construction, machinery, R&D, and working capital over the next 36 months. This war chest underpins management’s growth ambitions.
• Global Market Exposure: The company’s diverse overseas customer base reduces reliance on any single market, which can be attractive to investors seeking growth and risk diversification.
• No Dividend Declared: Despite strong profits and cash position, the company has not declared any dividend, signaling a focus on reinvestment and growth.
• No Material Litigation or Corporate Proposals: The company faces no legal uncertainties or pending corporate actions as of the reporting date.

Management Commentary and Outlook

THMY management remains optimistic about market demand, particularly in the electrical and electronics (E&E) sector, driven by developments in AI, cloud computing, and ongoing regional supply chain diversification. Management is aware of geopolitical uncertainties and foreign exchange risks but continues to focus on strengthening operational capabilities and market positioning. No profit forecast was issued, but prospects are viewed positively.

Other Key Details for Shareholders

• Related Party Transactions: RM599,000 in material purchases from related parties during FY2026.
• No Derivative Financial Instruments or Fair Value Losses: The company reported no such exposures for the period.
• Authorisation: The interim report was authorised for issue by the Board on 25 May 2026.

Investor Takeaways

• THMY Holdings Berhad is in a phase of rapid growth and expansion, with a strong cash position and major capital projects underway.
• Investors should note the company’s aggressive use of IPO proceeds for capacity expansion and R&D, which could translate into further growth but also entails execution risks.
• The absence of dividends underscores a reinvestment-focused strategy.
• The company’s broad international exposure may buffer against local market downturns but brings currency and geopolitical risks.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should conduct their own due diligence or consult a professional advisor before making any investment decisions. The information is based on the latest unaudited interim report of THMY Holdings Berhad as of 31 March 2026 and may be subject to future revisions.

THMY Holdings Berhad Catat Prestasi Kukuh Suku Keempat dan FY2026 dengan Rancangan Pengembangan Besar

Sorotan Kewangan Utama

• Hasil: RM17.28 juta untuk S4 FY2026; kumulatif RM62.82 juta untuk tahun kewangan.
• Keuntungan Kasar (GP): RM8.88 juta untuk S4; kumulatif RM29.66 juta, mencerminkan margin tinggi daripada penyelesaian kompleks dan bernilai tambah.
• Keuntungan Sebelum Cukai (PBT): RM7.02 juta untuk S4; kumulatif RM18.79 juta. PBT kumulatif terlaras tanpa kos sekali IPO ialah RM20.63 juta.
• Keuntungan Bersih: RM4.46 juta untuk S4; kumulatif RM13.54 juta.
• Pendapatan Asas/Dilusi Sesaham: 0.50 sen untuk S4; 1.53 sen untuk FY2026.
• Aset Bersih Setiap Saham: 8.40 sen selepas IPO (naik dari 2.02 sen).
• Tunai dan Baki Bank: RM25.48 juta pada 31 Mac 2026, peningkatan ketara dari RM2.24 juta tahun sebelumnya.

Perkembangan Operasi dan Strategik

• Penyelesaian IPO: Syarikat berjaya disenaraikan di ACE Market Bursa Malaysia pada 23 Oktober 2025, mengumpul RM44.61 juta menerusi terbitan 143.9 juta saham baharu pada RM0.31 sesaham. Ini mengukuhkan kedudukan kewangan syarikat.
• Komitmen Modal: Perbelanjaan modal sebanyak RM27.1 juta telah diluluskan (belum dikontrak), terutamanya untuk pembinaan kilang baharu dan pembelian mesin bagi meningkatkan kapasiti pengeluaran.
• Pembelian Tanah: Syarikat telah melengkapkan pembelian tanah industri dari Penang Development Corporation bernilai RM14.87 juta pada 26 Februari 2026.
• Sumbangan Pendapatan Luar Negara Kukuh: 76% pendapatan adalah dari pasaran luar negara, terutamanya Thailand (RM25.74 juta), Taiwan (RM9.48 juta), dan USA (RM8.17 juta). Pendapatan tempatan ialah RM14.83 juta.
• Prestasi Segmen:
  • Penyelesaian Ujian Automasi: In-Circuit Test (ICT) Solutions menyumbang RM47.29 juta; Functional Circuit Test (FCT) Solutions RM13.16 juta.
  • Penyelenggaraan dan Baik Pulih: RM1.72 juta.
  • Penyelesaian Automasi Industri: RM0.65 juta.
• Kadar Cukai Efektif: 29.62% untuk S4, lebih tinggi dari kadar statutori akibat perbelanjaan tidak boleh ditolak cukai dan ketiadaan elaun pelaburan semula.
• Peningkatan Ketara Pinjaman: Jumlah pinjaman meningkat kepada RM27.40 juta (dari RM12.27 juta), menyokong pelaburan modal dan pengembangan.

Maklumat Penting & Sensitif Harga

• Peningkatan Keuntungan & Margin: Keuntungan kukuh didorong oleh penyelesaian ujian bernilai tinggi. Ketiadaan kos IPO sekali sahaja meningkatkan lagi keuntungan.
• Rancangan Pengembangan Besar: Pembinaan kilang baharu dan pembelian tanah menandakan fasa pertumbuhan agresif syarikat.
• Penggunaan Hasil IPO: Daripada RM44.61 juta yang dikumpul, RM31.09 juta masih belum digunakan, akan digunakan untuk pengembangan, R&D, dan modal kerja dalam tempoh 36 bulan.
• Pendedahan Pasaran Global: Diversifikasi ke luar negara mengurangkan risiko pasaran tempatan tetapi membawa risiko mata wang dan geopolitik.
• Tiada Dividen Diumumkan: Syarikat tidak mengisytiharkan dividen, menandakan fokus pada pelaburan semula dan pertumbuhan.
• Tiada Litigasi atau Cadangan Korporat: Syarikat bebas dari ketidakpastian undang-undang atau tindakan korporat belum selesai.

Komen Pengurusan & Prospek

Pengurusan kekal optimis terhadap permintaan pasaran khususnya dalam sektor elektrik dan elektronik (E&E), dipacu kemajuan AI, pengkomputeran awan, dan kepelbagaian rantaian bekalan serantau. Syarikat akan terus memperkukuh keupayaan operasi dan kedudukan pasaran sambil berhati-hati terhadap risiko geopolitik dan turun naik mata wang.

Perkara Lain Untuk Pemegang Saham

• Urus Niaga Pihak Berkaitan: Pembelian bahan bernilai RM599,000 dari pihak berkaitan sepanjang FY2026.
• Tiada Instrumen Derivatif atau Kerugian Nilai Saksama: Tiada pendedahan untuk tempoh ini.
• Pengesahan: Laporan interim diluluskan oleh Lembaga Pengarah pada 25 Mei 2026.

Peringatan kepada Pelabur

• THMY berada dalam fasa pertumbuhan pesat dengan kedudukan tunai kukuh dan projek pengembangan besar sedang berjalan.
• Fokus kepada pelaburan semula dan pertumbuhan, bukan pembayaran dividen buat masa ini.
• Pendedahan antarabangsa yang meluas membantu mengurangkan risiko pasaran tempatan, tetapi membawa risiko baharu.

Penafian: Artikel ini untuk tujuan maklumat sahaja dan bukan nasihat pelaburan atau cadangan untuk membeli/menjual mana-mana sekuriti. Pelabur perlu membuat penyelidikan sendiri atau mendapatkan nasihat profesional sebelum membuat sebarang keputusan pelaburan. Maklumat berdasarkan laporan interim tidak diaudit THMY Holdings Berhad setakat 31 Mac 2026 dan tertakluk kepada perubahan.

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