Berdasarkan Prospektus ISF Group Berhad bertarikh 8 Januari 2026, berikut ialah Laporan Penuh Analisis Fundamental & Valuation seperti yang diminta.
(Analisis ini berpandukan data audited sehingga FPE 31 Julai 2025 dan maklumat IPO rasmi)

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📊 IPO AUTOPSY – LAPORAN PENUH

ISF Group Berhad (ACE Market)

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1️⃣ Auto Summary Table (Ringkasan Utama)

Metrik Utama	Nilai
IPO Price	RM0.33
Market Cap (post-IPO)	RM330 juta
Shares (enlarged)	1.0 bilion
Revenue CAGR (FY22–FY24)	≈ +48%
PAT CAGR (FY22–FY24)	≈ +222%
PAT Margin (FPE 2025)	25.5%
ROE (annualised est.)	≈ 35–40%
Gearing Ratio (FPE 2025)	0.22x
PER @ IPO (annualised FY25)	12.7x
Fair Value (base case)	RM0.42 – RM0.48
Growth Score (1–10)	8 / 10
Risk Score (1–10)	4 / 10
Overall Verdict	ATTRACTIVE IPO

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2️⃣ Gambaran Perniagaan & Model Bisnes

ISF Group Berhad ialah syarikat investment holding yang melalui subsidiari utamanya terlibat dalam:

• Supply & installation piping systems
• Water supply & sewer infrastructure
• Maintenance & repair services

Ciri utama model bisnes:

• Project-based (CAPEX rendah)
• Working capital ringan
• Fokus end-user premises (residential, commercial, infrastructure)

ISF ialah CIDB Grade 7 contractor – tiada had nilai projek, kelebihan kompetitif penting.

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3️⃣ Analisis Kewangan (Trend & Kualiti)

📈 Revenue & Profitability

Tahun	Revenue Trend	PAT (RM juta)	PAT Margin
FY2022	Rendah	0.93	4.3%
FY2023	Naik ketara	4.38	11.3%
FY2024	Lonjakan	9.64	17.6%
FPE 2025	Sangat kukuh	15.18	25.5%

➡ Operating leverage jelas
➡ Margin meningkat konsisten = pricing power + efficiency

⚖️ Kewangan & Leverage

• Current Ratio: 1.53x
• Gearing: 0.22x (sangat selamat)
• Tiada isu kecairan
• Cash balance meningkat ketara

📌 Kesimpulan:
➡ Ini bukan growth “kosmetik”, tetapi earnings quality tinggi

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4️⃣ Valuation Analysis

🔢 PER Method (Industry-adjusted)

Senario	PER	Fair Value
Conservative	15x	RM0.39
Base Case	18x	RM0.47
Optimistic	20x	RM0.52

EPS FY25 (annualised): ≈ 2.60 sen

➡ IPO pada PER 12.7x = DISCOUNT berbanding ACE peers

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5️⃣ Utilisation of Proceeds (IPO Funds)

Jumlah hasil IPO: RM61.1 juta

Kegunaan	Penilaian
Working capital	✔ Positif
Expansion capacity	✔ Growth-driven
Listing expenses	Neutral
Repayment besar hutang	❌ Tiada

📌 Kualiti penggunaan dana: BAIK
➡ Tiada “red flag” (tiada promoter cash-out melalui proceeds)

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6️⃣ SWOT Analysis

✅ Strengths

• Margin tinggi & meningkat
• CIDB Grade 7
• Track record kukuh
• Gearing rendah

⚠️ Weaknesses

• Project-based revenue
• Order book visibility jangka pendek

🚀 Opportunities

• Infrastructure spending Malaysia
• Water & sewer upgrades
• Urbanisation & property demand

❌ Threats

• Persaingan fragmentasi
• Risiko projek & subcontractor
• Kebergantungan kepada kontrak baru

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7️⃣ Business Growth vs Risk Matrix

Kedudukan ISF:

• Growth: Tinggi (8/10)
• Risk: Rendah–Sederhana (4/10)

➡ Kuadran: High Growth – Low Risk
(Sangat jarang untuk IPO ACE)

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8️⃣ Kesimpulan & Cadangan

📌 IPO Verdict: BELI / LANGGAN

Kenapa IPO ini menarik?
✔ Earnings growth sebenar
✔ Margin & ROE luar biasa
✔ Valuation IPO konservatif
✔ Balance sheet sihat
✔ Bukan “story IPO”, tetapi numbers-driven

🎯 Strategi Pelaburan

• Short-term: Potensi listing gain ✔
• Mid–Long term: Sangat sesuai (compounder potential)

⛔ Risiko utama

• Kegagalan mengekalkan order book
• Over-dependence projek berskala besar