PETALING JAYA: THMY Holdings Bhd
, en route for a listing on the ACE Market of Bursa Malaysia, is expected to record double-digit earnings growth over the next three financial years from 2026 to 2028.
TA Research estimated the company’s earnings to expand by 10.7%, 25.3% and 28.5% to RM13mil, RM17mil and RM22mil respectively for FY26, FY27 and FY28.
The growth would be driven by the group’s business expansion plans and a favourable industry outlook, it said.
The research house expected the export market to remain the group’s primary revenue contributor.
THMY provides automated test solutions for the electrical and electronics industry.
Its customer base is mainly multinational original equipment manufacturers and electronic manufacturing service providers across the Americas, Europe and Asia-Pacific.
At an initial public offering (IPO) price of 31 sen a share, THMY is priced at a trailing price earnings ratio of 22 times FY25 core earnings per share (EPS).
TA Research valued the company at 20 times 2026 EPS, arriving at a fair value of 37 sen a share.
The group is located in Batu Kawan, Penang, with a production area of 25,517 sq ft. From 2022 to 2024, the global automated test solutions market expanded from RM31bil to RM34bil, registering a compounded annual growth rate (CAGR) of 3.9%.
Over the same period, the Malaysian automated test solutions industry grew from RM2.1bil to RM2.9bil, reflecting a much stronger CAGR of 18.9%.
On a pro forma basis, post-listing with the utilisation of proceeds, THMY’s balance sheet is expected to be in a net cash position of RM24.8mil or 2.8 sen a share.
It plans to build a three-storey office building near its Batu Kawan facility to expand capacity and serve customers in the technology, media and telecommunications industries.
