Investment View Catcha Digital's Q1 FY2026 was a strong quarter from an operating perspective. Revenue jumped 177% year-on-year to RM26.27 million, while adjusted EBITDA rose 215% to RM5.73 million and adjusted PATAMI increased 128% to RM2.85 million.Read more

SBS Nexus Berhad（SBS） 近期公布截至2026年3月31日首季业绩，整体表现比账面净利所呈现的更具看点。公司首季录得营业额RM13.85 million、毛利RM5.52 million、税前盈利RM1.38 million，以及税后盈利RM0.43 million；毛利率达39.8%，高于2025财年的34.8%。 这显示公司在营收短期放缓的情况下，仍成功提升项目执行效率与成本控制能力。 更关键的是，首季净利偏低， 主要受到约RM2.4 million一次性上市费用影响。若剔除该非经常性费用，公司调整后税后盈利约为RM2.8 million，反而比上一季税后盈利高出约RM0.3 million。 换言之，若市场只看RM0.43 million账面净利，可能会误判SBS的真实经营盈利能力。 从业务结构来看，SBS仍以数码品牌解决方案为核心，该分部贡献集团67.1%的季度营收；线下品牌解决方案贡献RM4.23 million，商业线索开发业务贡献RM333,000。这种组合让公司不只是传统广告服务商，而是逐步向 “ 品牌策略、数码营销执行、商业转化 ” 一体化服务平台靠拢。 值得注意的是，虽然首季营业额按季下滑8.0%，主要因为2026年首三个月工作天数较少，但毛利却按季增长15.3%，毛利率也从上一季31.8%提升至39.8%。这类 “ 收入略降、毛利提升 ” 的组合，通常反映公司并非单纯靠规模扩张，而是在项目结构、成本管理和资源配置方面出现改善。 估值层面，市场似乎仍未完全反映这项改善。 以 RM0.115股价作为参考，并按公司截至2026年3月31日的4.90亿股股本计算，SBS市值约RM56 million。 公司同期持有现金及银行结余RM32.95 million、定存RM5.00 million，借款约RM4.77 million，粗略净现金约RM33 million。换言之，扣除净现金后，市场给予核心业务的隐含价值并不高。 若以首季调整后税后盈利RM2.8 million作简单年化参考，SBS的经营盈利能力并不弱。当然，单季年化不能视为全年预测，尤其品牌营销业务仍可能受项目周期影响； 但从现金水平、毛利率改善及调整后盈利来看，目前市场对公司的定价确实偏保守。 此外，公司IPO募集资金RM30.63 million，截至首季末仍有RM24.45 million尚待使用，主要用于新总部、业务扩张、品牌营销、偿还借款及营运资金。公司也已开始落实扩张计划，包括租赁新办公室、委任装修承包商，并自2026年初增聘6名员工。这意味着SBS并非只是“守住现有业务”，而是仍处于上市后的扩张阶段。 整体而言，SBS首季业绩应被解读为 “ 被一次性费用压低的稳健季度 ”。账面净利不抢眼，但调整后盈利、毛利率提升、净现金状态和未动用IPO资金，都反映公司具备继续扩张的基础。若未来几个季度能够维持较高毛利率，并将上市资金转化为更明显的收入与盈利增长，市场对SBS的低估有望逐步修正。Read more

Bintai Kinden Corporation Berhad may be attracting renewed investor interest as the group moves closer to a potential liquidity enhancement tied to its wholly-owned subsidiary, Optimal Property Management Sdn Bhd (“OPM”). Under the latest conditional extension of the Extended Interim Settlement Proposal, Universiti Islam Melaka Berhad (“UIMB”) has proposed payments totalling RM3.9 million to OPM from July 2026 to December 2026.Read more

GIIB Holdings Bhd (KLSE: GIIB) is back on investors’ radar after a sharp share price rebound, fresh capital injection and the emergence of a new substantial shareholder. For a company that has spent the past few years dealing with losses, audit issues and weak cash flow, the latest development does not immediately complete the turnaround story, but it may mark the start of a cleaner reset.Read more

A1 A.K. Koh Group’s festive-season surge shows its everyday food and drink business is still growing, even as reported profits look weaker after one-off costs from its recent stock market listing. New ready-to-eat bowls, a push into younger and halal-focused shoppers, and heavier digital marketing could keep sales moving—if product choices and costs don’t squeeze profits again.Read more

ASM Automation’s recent slowdown comes as customers push back factory upgrades and projects take longer to finish, even as the company spends to keep service quality high. With fresh listing funds still available for a new factory, new equipment, and product development, it’s set up to benefit if manufacturers return to automation spending.Read more

A newly listed construction specialist stays profitable even as rising material and fuel costs squeeze the whole industry. Fresh project wins and a busy pipeline across Malaysia point to where growth could come from next—and what could still trip it up.Read more

OCR Group’s latest quarter looks stronger as building work moves faster on its affordable housing projects, helping sales and profit recognition pick up. With a bigger cash buffer and new launches lined up, the key question is whether this momentum can hold as project timing and the property market shift.Read more

IJM’s latest results look ugly on the surface, but much of the pain comes from one-off setbacks rather than weaker day-to-day business. With construction activity picking up, a large pipeline of contracted work, and demand tied to infrastructure and data centres, the case now hinges on whether those unusual hits fade and the core business shows through.Read more