Malacca Securities has initiated coverage on Johor-based property developer Gold Li Holdings Berhad (GOLDLI), assigning a fair value of RM0.14 per share. This represents a 7.7% upside from its Initial Public Offering (IPO) price of RM0.13.
The valuation is based on a target Price-to-Earnings (PE) ratio of 7.5x, pegged to the group’s mid-FY28 estimated earnings. The research house projects a three-year earnings compound annual growth rate (CAGR) of 13.7%, with core profits expected to reach between RM9.5 million and RM11.5 million.
Gold Li is a established player in Johor’s secondary towns, including Muar, Tangkak, and Batu Pahat. Over its 27-year history, the group has completed 108 residential projects, specializing in landed properties such as terrace, semi-detached, and detached house.
While the group’s core strength lies in landed residential developments, management has signaled an ambitious expansion plan. Gold Li intends to enter the high-rise residential segment for the first time, with a targeted commencement in the first half of 2027 (1H27).
“While the landbank acquisition strategy is a strategic continuation of the current model, we view the move into high-rise development as a high-stake entry into unfamiliar territory,” Malacca Securities noted. The research house advised investors to closely monitor market acceptance and pre-booking rates for these upcoming projects, which carry a projected GDV of RM400.4 million.
Gold Li is seeking a listing on the ACE Market of Bursa Malaysia. The IPO involves a public issue of 117 million new shares and an offer for sale of 36 million existing shares.
- IPO Closing Date: May 5, 2026
- Balloting Date: May 8, 2026
- Allotment of Shares: May 15, 2026
- Tentative Listing Date: May 18, 2026
Proceeds from the IPO are primarily earmarked for working capital to supplement property development costs and to fund future landbank acquisitions in its core Johor markets.
