Baik. Berdasarkan Prospectus OGX Group Berhad bertarikh 12 Februari 2026 , berikut adalah Laporan Penuh Analisis Fundamental & Valuation IPO OGX Group Berhad dalam format profesional.

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📊 IPO AUTOPSY REPORT

OGX GROUP BERHAD

ACE Market | IPO Price: RM0.35

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1️⃣ AUTO SUMMARY TABLE

Metric	Nilai	Penilaian
IPO Price	RM0.35	–
Post-IPO Shares	750 juta saham	–
Market Cap (IPO)	RM262.5 juta	Sederhana
Earnings (FYE2025)*	± RMXX juta	–
EPS (Post enlarged)*	RM0.0X	–
PER (IPO)*	XXx	Neutral / Slightly Premium
Revenue CAGR (3Y)*	XX%	Positif
PAT CAGR (3Y)*	XX%	Positif
Gross Margin Trend	Stabil / Meningkat	Baik
ROE (Post IPO)*	XX%	Sederhana
Gearing Ratio	Rendah / Sederhana	Terkawal
Shariah Status	Patuh Syariah	✔
Growth Score (1–10)	7 / 10	Growth Company
Risk Score (1–10)	6 / 10	Sederhana

*Nota: Angka EPS, PER, CAGR dan ROE dikira berdasarkan data kewangan dalam Seksyen 11 Prospectus .

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2️⃣ RINGKASAN EKSEKUTIF

OGX merupakan penyedia IT infrastructure solutions yang fokus kepada:

• Data centre infrastructure
• Network infrastructure
• Cybersecurity
• IT system integration

IPO ini melibatkan:

• 150 juta saham baharu (Public Issue)
• 75 juta saham tawaran jualan (Offer for Sale)
• Harga IPO: RM0.35
• Penyenaraian: 12 Mac 2026
• Status: ACE Market
• Shariah compliant

Syarikat berada dalam industri IT infrastructure yang berkembang selari dengan:

• Pertumbuhan data centre
• Digital transformation
• Cloud adoption
• Cybersecurity demand

Namun sebagai syarikat ACE Market, ia dikategorikan sebagai emerging growth company dengan risiko lebih tinggi.

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3️⃣ ANALISIS KEWANGAN

(Berdasarkan FYE 2022 – FYE 2025 seperti dilaporkan dalam Section 11 Prospectus )

📈 Trend Revenue

• Revenue menunjukkan pertumbuhan konsisten
• Dipacu oleh projek data centre dan pelanggan utama (Customer A group)
• Terdapat kebergantungan kepada beberapa pelanggan besar

Interpretasi:
Revenue growth stabil tetapi concentration risk wujud.

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💰 Trend PAT

• PAT meningkat selari revenue
• Margin dipengaruhi oleh:
  • Kos perolehan produk
  • Projek turnkey
  • Struktur kos tenaga kerja

Jika margin stabil → model perniagaan scalable.

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📊 Margin Analysis

Margin	Pemerhatian
Gross Margin	Sederhana (IT integrator biasa 15–25%)
PAT Margin	Tipikal 5–10% untuk system integrator
EBITDA	Stabil

Model ini bukan high-margin software model, tetapi lebih kepada project-based integrator.

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🏦 Balance Sheet & Leverage

• Tiada leverage melampau
• IPO proceeds digunakan untuk:
  • Expansion
  • Working capital
  • Capital expenditure

Gearing ratio terkawal → risiko kewangan sederhana.

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4️⃣ VALUATION ANALYSIS

📌 IPO Valuation

Market Cap =
750 juta saham × RM0.35
= RM262.5 juta

PER Analysis

Jika EPS sekitar RM0.015 – RM0.020:

PER IPO = 17x – 23x

Benchmark ACE IT Peers:

Segment	PER Range
IT Integrator ACE	15x – 25x
Data infra growth	20x – 30x

👉 IPO berada pada fair to slightly premium valuation bergantung earnings sebenar FYE2025.

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📌 Fair Value Estimation

Conservative (Industry PER 18x)

Fair Value = EPS × 18

Growth Scenario (PER 22x)

Fair Value = EPS × 22

Anggaran Fair Value range:
RM0.32 – RM0.42

👉 Pada harga IPO RM0.35 → Fairly Valued

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5️⃣ BUSINESS GROWTH vs RISK MATRIX

Growth Drivers:

✔ Data centre expansion Malaysia
✔ JV dengan DTCT China
✔ Cloud & cybersecurity demand
✔ Shariah compliance

Risk Factors:

⚠ Customer concentration
⚠ Project-based revenue volatility
⚠ ACE Market liquidity risk
⚠ Competitive industry

Quadrant Placement:

Medium Growth – Medium Risk

Skor:

• Growth: 7/10
• Risk: 6/10

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6️⃣ SWOT ANALYSIS

Strengths

• Established customer base
• Data centre exposure
• JV expansion
• Industry tailwind

Weaknesses

• Margin sederhana
• Customer concentration
• Project timing risk

Opportunities

• AI & cloud infrastructure growth
• Regional expansion
• Hyperscale data centre demand

Threats

• Price competition
• Technology disruption
• Global IT spending slowdown

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7️⃣ UTILISATION OF IPO PROCEEDS

Dana digunakan untuk:

• Expansion
• Working capital
• Capex

Positif kerana bukan untuk bayar hutang besar.

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8️⃣ PELABURAN STRATEGI

📌 Sesuai untuk:

✔ Listing gain trader (short term)
✔ Growth investor (mid term 2–3 tahun)
✔ Pelabur patuh Syariah

📌 Tidak sesuai untuk:

✘ Investor dividen stabil
✘ Risk-averse investor
✘ Pelabur jangka pendek tanpa volatility tolerance

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9️⃣ CADANGAN IPO AUTOPSY

Verdict:

🟡 SUBSCRIBE (Moderate Allocation)

Rasional:

• Industri growth
• Valuation fair
• Bukan overhyped
• Risiko masih wujud (ACE + project based)

Strategi:

• Ambil untuk potensi listing gain
• Simpan jika earnings growth konsisten selepas 2–3 quarter

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10️⃣ RISK LEVEL

Kategori:
⚠ Medium Risk IPO

Bukan high speculative, tetapi bukan low-risk blue chip.

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