HI MOBILITY BERHAD (5335.KL)
- Sector
- Consumer Products & Services
- Price
- RM 1.65 (0.61%)
- Market cap
- 881.7M MYR
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About HI MOBILITY BERHAD
Company Description
HI Mobility Berhad (HI) is a Malaysia-based investment holding company and public transport operator, primarily engaged in scheduled bus services under the Causeway Link brand. Founded in 2003 by Lim Han Weng as Handal Indah Sdn Bhd to address cross-border connectivity gaps between Johor Bahru and Singapore, the group was listed on Bursa Malaysia in March 2025. It operates scheduled bus services across cross-border, intracity, and intercity segments, complemented by charter services and ancillary activities like maintenance and advertising. As of April 2026, the group operates a fleet of 818 buses across Malaysia and Singapore, focusing on expanding fleet electrification and digital capabilities.
Business Model
The company operates an asset-intensive, volume-driven public transport model where earnings are driven by passenger volumes rather than pricing. The core business is scheduled bus services, which contributed up to 96.7% of revenue in FY26 YTD. Operations span three segments: cross-border routes between Johor Bahru and Singapore (commercial, net-cost model), intracity services under government-backed Gross-Cost models like BAS.MY (providing stable, contract-backed cash flows), and intercity routes. The company leverages a centralised Operations Control Centre and digital platforms like ManjaLink and LUGO for operational efficiency, data-driven route optimisation, and potential SaaS-type income. A structural advantage is earning revenue in SGD from cross-border routes while maintaining a predominantly MYR cost base.
Revenue Segment
In FY26, the revenue breakdown by segment was: Cross-Border Bus Services at 60% (RM190.6m), Intracity Bus Services at 32% (RM101.7m), Intercity Bus Services at 5% (RM15.9m), Charter and Ancillary Services at 2% (RM6.4m), and Others at 1% (RM3.9m). Scheduled bus services collectively dominated, accounting for 96.7% of total revenue in FY26 YTD, up from 91-94% in previous years. The cross-border segment experienced significant growth, expanding from 12.8% in FY22 to 60% in FY26 due to post-pandemic border reopenings.
Geographic Segment
In FY26, the geographical revenue breakdown was: Malaysia at 53.2% (RM168.9m) and Singapore at 46.8% (RM148.7m). This marks a structural shift from FY22 when Malaysia represented 91.0% of revenue during pandemic border closures. Singapore-linked operations recovered strongly post-reopening, with revenue growing from RM47.8m in FY23 to RM148.7m in FY26. Malaysia revenue also grew from RM71.9m in FY23 to RM168.9m in FY26, supported by domestic normalisation and government-backed intracity programmes.
Top Client
The primary contracting party is the Malaysian government, through programmes such as the Stage Bus Service Transformation (SBST), BAS.MY, Bas Muafakat Johor, and the Rapid Bus Route Outsourcing Program. The group holds approximately RM360m in unbilled orderbook from these government-linked contracts as of January 2026. Additionally, the group has 12 ongoing charter contracts with various clients for corporate staff transportation, airport transfers, and tourism-related travel.
Operational Scale
As of April 2026, HI Mobility operates a fleet of 818 buses, including 65 electric buses, supported by four depots (three in Johor, one in Melaka) and a centralised Operations Control Centre. Average daily cross-border ridership rebounded to approximately 65,000 passengers currently, up from about 260 during initial border reopenings in FY22. The fleet covers 148 routes, operating 414 daily cross-border trips. Future targets include expanding capacity through an RM82.5mil acquisition of Acacia and Handal, aiming to scale bus assembly to 600 units per annum to capture national EV bus tenders.
Associate Companies
The group is acquiring Acacia and Handal (Handal Indah Sdn Bhd's bus assembly and distribution businesses) via an RM82.5mil all-share acquisition expected to complete in 1QFY27. The acquisition is immediately earnings-accretive and aims to integrate vertical capabilities, but specific ownership percentages were not detailed. The core operating subsidiary remains Handal Indah Sdn Bhd. Top shareholders include Yimen Legacy Sdn Bhd (59.3%), Bumi Mampan Sdn Bhd (7.8%), and Lim Han Weng (3.0%).