RHB Flags 22% Upside for YES IPO, Backs Corporate Travel and UK Expansion
C.R. Lee ·
AI-assisted, reviewed by C.R. Lee
RHB Investment Bank analyst John Liew assigned Yes Group Management a RM0.22 fair value in his “Not Rated” IPO report, approximately 22% above its RM0.18 IPO price. He favours its corporate-focused meetings, incentive travel and events business, forecasting approximately 14% annual earnings growth between FY26 and FY29.
The group’s approximately RM35 million outstanding order book and RM120 million tender pipeline provide visibility into FY27. Liew believes corporate clients are more likely to postpone business events and incentive trips than cancel them during geopolitical uncertainty, supporting demand resilience.
Yes Group Management plans to allocate RM6.5 million of IPO proceeds to European ground-transport services and a UK regional office, potentially reducing reliance on external operators and generating approximately 10% cost savings. Another RM3 million is earmarked for Yes Academy to strengthen its workforce.
IPO applications close on November 13, ahead of its scheduled ACE Market listing on November 26.
Disclaimer: All content is AI-aggregated from public sources for informational and educational purposes only. StockTipRatings.com does not constitute investment advice. Past performance and historical statistics are no guarantee of future returns.
