RHB Expects 41% Upside for BMS Amid Johor Property Market Boom
StockTipRatings ·
RHB Investment Bank analyst Queenie Tan has assigned a fair value of RM0.31 for the upcoming IPO of BMS Holdings, implying a 41% potential upside from its IPO price of RM0.22. Being the largest tile retailer in Johor, she believes the company serves as a prime proxy for the region's property and infrastructure boom.
Leveraging its relationships with Johor property developers, the company is well-positioned to capture growth from major local developments and the influx of high-income Singaporean buyers.
Queenie Tan currently does not have an expert rating on StockTipRatings.com (based on data since 2023), as her coverage primarily focuses on IPOs and “Not Rated” reports. She has a 10% success rate across the stocks she covered over a 1-year period. Notably, her recent IPO coverage on Cheeding Holdings has surged 133% to RM0.84 since its October 7 listing, up from its IPO price of RM0.36.
The company is strategically expanding beyond its southern stronghold, aiming to open eight new retail showrooms — increasing floor space by 46% — in key growth corridors, including a flagship store in Seremban and seven in the Klang Valley. Note that BMS Holdings is a one-stop tile and stone surfaces provider.
The IPO application for BMS Holdings will close on November 19 (today), ahead of its ACE Market listing on December 8.