SKA Capital IPO: Analyst Sees 53.5% Upside Over RM0.43 Ahead of ACE Debut
Experts pegs SKA Capital's fair value at RM0.66 against the RM0.43 IPO price. With a RM313.4m order book and TNB's RM18bn capex behind it, the ACE Market debut on 11 November is worth watching.
SKA Capital Berhad (SKACAP), a Malaysian power infrastructure engineering firm, closed its IPO applications on 27 October at RM0.43 per share. Balloting follows on 29 October, and shares are expected to debut on the ACE Market on 11 November 2026.
We are expecting the company fair value of RM0.66 per share. That implies 53.5% capital upside over the issue price, or a 55.9% total return including a 2.4% dividend yield. The target uses a 16.5x P/E on FY27 forecast EPS of 3.99 sen.
What the company does
Founded in 2009, SKA builds substations, from EPCC to civil, structural, electrical and mechanical works. It also does underground utilities work and trades electrical materials. It holds CIDB Grade G7 status and is a TNB-registered contractor, having delivered projects from 11kV to 500kV.
The growth case
Revenue rose 59% to RM241.4m in FY25, and core net profit grew 24.6% to RM21.7m. Analysts forecast core profit of RM31.3m in FY26, RM35.8m in FY27 and RM42.3m in FY28, a 24.8% three-year CAGR. Three factors support this:
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