PSP ENERGY BERHAD

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Open to apply: 11/11/2025
Close to apply: 21/11/2025
Balloting: 25/11/2025
Listing date: 04/12/2025

Share Capital   
Market cap: RM171.008 mil
Total Shares:  1.0688 bil shares
1st day listing tradable shares: 287.817 mil shares 

Industry CARG     
1. Wholesale value of petroleum products in Malaysia (2019-24): 2.0%
2. Export volume of refined petroleum products in Malaysia (2019-24): 6.09%
3. Import volume of refined petroleum products in Malaysia (2019-24): 3.35%
Industry competitors comparison (net profit%)
1. PSP Energy Berhad: 1.5%
2. Avangaad Berhad: 125.8%
3. Sunmaju Sdn Bhd: 3.6%
4. Teck Guan Trading Sdn Bhd: 3.5%
5. Nikmat Mujur Sdn Bhd: 1.1%
6. Others: 0.4%-0.7%

Business (FYE 2025)      
Downstream value chain of the oil and gas industry, where we are principally involved in the sales and distribution of fuel and lubricant products. 
Revenue by Customer Segment
1. Wholesale and trading of petroleum products: 68.5%
2. Transportation and logistics: 10.7%
3. Utilities and energy: 1.3%
4. Construction: 8.0%
5. Manufacturing: 5.9%
6. Others: 5.6%
Revenue by business activity
1. Trading of fuel products: 48.1%
2. Distribution of fuel products: 48.1%
3. Distribution of lubricant product: 3.0%
4. Others: 0.8%
Revenue by Geo
1. Malaysia: 99.9%
2. Overseas : 0.1%

Fundamental    
1.Market: Ace Market 
2.Price: RM0.16
3.Forecast P/E: 12.3
4.ROE(Pro forma):  13.88%
5.ROE:  20.27% (FYE2025), 26.25%(FYE2024),  31.71%(FYE2023), 30.38%(FYE2022)
6.Net asset per shares: 0.10
7.Total debt to current asset: 0.758 (Debt: 181.111mil, Non-Current Asset: 45.326mil, Current asset: 238.783mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 30June): RM961.244 mil (Eps: 0.0130), PAT: 1.5%
2024 (FYE 30June): RM635.334 mil (Eps: 0.0160), PAT: 2.7%
2023 (FYE 30June): RM425.151 mil (Eps: 0.0140), PAT: 3.6%
2022 (FYE 30June): RM491.865 mil (Eps: 0.0090), PAT: 2.0%

Major customer (FYE 2025)    
1. Customer E: 37.9%
2. Customer H: 4.7%
3. Customer I: 3.2%
4. Lim Hong Kian Trading: 2.0%
5. G Ocean Trading Pte Ltd: 1.8%
***total 49.4%

Major Sharesholders      
1. CS Hutchison: 51% (direct)
2. Ong Chee Seng, aged 41: 5.0% (direct), 51% (indirect)
3. Rafidah Binti Bahtiar, aged 51: 17% (direct)

Directors & Key Management Remuneration for FYE2026   
(from Revenue & other income 2025)
Total director remuneration: RM1.493mil
key management remuneration: RM0.85 mil – RM1.05 mil
total (max): RM2.543 mil or 5.48%

Use of funds

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment, and also come with low-middle grow return opportunities. 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.