Main Market-bound Stratus Global Holdings Bhd has received fair value estimates of RM1.36 to RM1.55 per share from RHB Investment Bank Bhd (RHB Research) and TA Securities Holdings Bhd, supported by its 28-year track record in semiconductor cleanroom automated material handling system (AMHS) solutions and exposure to the global semiconductor upcycle.
RHB Research assigned Stratus Global a fair value of RM1.55 per share based on 24 times FY28 forecast earnings, while TA Securities valued the company at RM1.36 per share based on 20 times CY27 forecast earnings.
RHB Research said Stratus Global’s IPO is expected to raise RM285 million, mainly to fund facility expansion, overseas offices and research and development activities. The research house highlighted the group’s proprietary AMHS solutions, including conveyor-based AMHS, hybrid AMHS and automated storage and retrieval systems, as key competitive advantages supporting its margins and market position.
The company’s Bayan Lepas facility expansion, targeted for completion in 3Q28, is expected to increase production capacity and support its RM108.4 million unbilled order book as at June 3, 2026. Stratus Global also plans to establish sales and engineering support offices in Japan, Taiwan, Germany and the US to expand its global footprint.
RHB Research expects Stratus Global’s revenue to grow at a three-year CAGR of 20.6% from FY26 to FY29, supported by semiconductor capital expenditure growth, while forecasting FY27 net profit of RM67.2 million.
TA Securities projected earnings to increase to RM66.2 million in FY27, RM74.9 million in FY28 and RM88.5 million in FY29, driven by order book growth, expansion plans and rising demand for factory automation solutions.
Both research houses said Stratus Global is positioned to benefit from growing semiconductor automation demand, particularly from artificial intelligence, data centre investments and advanced manufacturing.
Post-listing, the company is expected to maintain a strong balance sheet, with RHB Research estimating a net cash position of about RM391.7 million and TA Securities projecting RM335.9 million. Stratus Global targets a minimum dividend payout ratio of 25% of net profit.
The analysts, however, highlighted risks including customer concentration, semiconductor capital expenditure cycles, foreign exchange exposure and the sustainability of future orders.
