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Wow such a wonderful Q3 2025 set of results showcasing a massive increase in revenue and net profit as compared to cumulative 2Q.
The cumulative 3Q revenue and net profit now stand at RM 110 mil and RM 10.2 mil respectively, with net profit margin of 9.3%, similar to the prospectus.
Assuming Q4 will report similar results as Q3, the cumulative FY2025 will see a net profit of RM 15.6 MIL. EPS will be 15.6/325 = 0.048 sen.
Applying PE of 15x, TP 1 is 72 Sen.
PE 20 x = TP 2 is 96 sen
Assuming Q4 net profit comes in similar to the average of 1H2025 results of RM 2.4 mil, the cumulative net profit will be RM12.6 mil. EPS will be 12.6/325 = 3.88 sen.
Applying PE of 15x, the minimum TP will be 58 Sen.
The prospectus mentioned that the basis of balloting and its allocation will be posted on MIH and Bursa websites within one working days after the balloting date.
M&A and the company haven't posted the basis as at 6th Feb evening. Something fishy is happening.