相信前阵子有留意到 MAYU Global (7099) 的朋友，之前都被它牵扯进 MBI 洗钱案和反贪会调查的新闻吓到了。股价从高位一路被砸到 0.10 - 0.12 令吉这个仙股水平，成了大家碰都不敢碰的“地雷股”。老实说，前阵子那种天天提心吊胆的氛围，换作谁都会选择避而远之。

不过，翻看 Bursa 的最新公司公告，发现了一些非常关键、甚至可以说是决定性转折的官方进展。很多散户可能看英文公告嫌麻烦漏掉了，我在这里帮大家做个“人话翻译”和重点整理：

1. 银行账户全面解除冻结（Upliftment）
根据官方在 4 月 22 日发的重磅公告，武吉阿曼警方已经根据 AMLA 法令第 44A 条文，全面解除了 MAYU 公司及其旗下所有子公司此前被冻结的银行账户限制。这意味着什么？长达一年的大清查结束了，执法当局已经变相证实：MAYU 本身的钢铁制造业务和日常资金，不属于 MBI 案的赃款收益。公司的钱袋子重获自由了！

2. 核心人物回归，风险隔离结束
之前因为配合调查而降职为非执行董事的大股东 陈金喜（Tan Kim Hee），在账户解封的同一天，已经重新被委任为执行董事（Executive Director）。既然能重新回到前线带队，说明法律层面的合规禁令对他的限制已经阶段性厘清。

3. 子公司风波用 Compound（罚款）正式结案
之前闹得沸沸扬扬的子公司 Sunrise Manner 涉嫌被反贪会调查的事，官方在 3 月底也给出了结果——警方最终根据 AMLATFPUAA 法令第 92(1) 条文发出了 Compound Notice（罚款通知书）。在法律上，罚款结案意味着“过去式”，不用再担心未来会演变成无休止的刑事起诉，雷已经排完了。更绝的是，MAYU 紧接着宣布要向小股东买下这家子公司剩余的 20% 股权，直接把它变成 100% 全资子公司，管理层这波“扫除手尾”的动作非常快。

【谈谈估值：这是不是严重的价值洼地？】
抛开这些利空不谈，我们来看看基本面。因为官司缠身，它的股价被市场情绪杀到了 0.12 令吉左右。但你们去查一下它的 Financial Report，MAYU 现在的每股资产净值（NTA）其实高达 1.16 令吉左右！ 哪怕把里面的钢铁厂、土地和库存全部狠狠打个折，现在的股价也算是被严重超卖（Oversold）了。

如今最关键的营运资金（Working Capital）拿回来了，向供应商付款和银行信贷也会恢复正常。

想请教一下论坛里有研究这只股的前辈和技术派高手：

随着这几天成交量有点在放大，技术面上是不是已经形成底部反转的信号了？

资金重获自由后，下几个季度的盈利能力有没有机会借着这个利空出尽大幅反弹？

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3668187
最近大家都在关注MAYU的罚款和亏损，但利空出尽就是最大的利好。我们来算一笔账：

最大的“雷”已经排掉：RM2,400万的PDRM罚款已经在Q3财报中一次性计提。这意味着最坏的结果已经体现在股价里了。现在警察的调查也正式结案，账户全部解冻，这个历史包袱彻底甩掉了。

家底有多厚？ 截至2026年3月底，公司每股净资产依然高达RM1.10。现在的股价是多少？RM0.15。

一个核心问题：市场要给一家已经清除了重大不确定性、且每股净资产是股价7倍的公司，多低的估值才算“合理”？

大家都说风险大，股价从0.11反弹到0.15。现在这个价格，大家觉得P/B（市净率）跌倒多少才算是“跌透了”？

Recasting the Business: How Mayu Global Left Steel Behind

Mayu Global, formerly a steel-centric industrial group prior to 2020, has transformed into a diversified entity with property development now a central pillar of its business.

In 2019, the steel segment generated approximately RM150 million in revenue. However, this has declined by about two-thirds to an average of RM50 million annually over the past three years. This shift away from steel is understandable, as the segment has been consistently unprofitable over the past six years.

While the move into property development was initiated by the previous board in 2018, the change in controlling shareholders around 2022/23 appears to have solidified the group’s strategic pivot. Under the new leadership, there has been a marked increase in execution focus and capital commitment toward property projects.

In 2023, property development accounted for about ¾ of the group’s total revenue. Although this reduced to half in 2024, the property development segment still accounted for a big part of the profits in 2024.

Given the business mix today, peer comparisons would be more meaningful against property developers rather than steel manufacturers.

Hot rolled steel prices have risen by about 20% since the start of the year. Will this boost the performance of the steel flat companies? If you want to understand more about the impact of the steel price on other Bursa flat steel companies, join me this at this Thursday podcast

Date: 22 May 2025 (Thu)
Time: 8:30pm
Link: https://www.facebook.com/xifu.my

Here are the companies

https://klse.i3investor.com/web/blog/detail/Innothestar/2024-06-02-story-h-160566389-The_Under_rated_and_unknown_Data_Centre_related_stocks_in_Bursa_Malaysi

1. MAYU (7099)

How Mayu is related to Data Centre

Under their steel perforation business:

•Cable Support Systems

•Cable Tray

•Cable Ladder

•Cable Ducting

•Cable Trunking

•Metal Perforation and Fabrication