BMS HOLDINGS BERHAD (0385.KL)
- Sector
- Consumer Products & Services
- Price
- RM 0.140 (3.70%)
- Market cap
- 207.9M MYR
See analyst ratings, target prices and the track record of every expert covering BMS HOLDINGS BERHAD. Unlock full analyst calls.
About BMS HOLDINGS BERHAD
Company Description
BMS Holdings Berhad, founded in 1990 as BMS Enterprise, is a Malaysia-based investment holding company specializing in the retail, wholesale, and project sales of tiles and stone surfaces, along with bathware and kitchenware. Operating through wholly-owned subsidiaries like Jubin 1990 and Rubino, the Group caters to residential and commercial markets, offering a diverse portfolio of porcelain and ceramic tiles, natural and engineered stones, mosaics, and kitchen/bathroom accessories. Headquartered in Johor, it operates a network of 20 retail showrooms across Peninsular Malaysia and Sarawak, complemented by online platforms. The company functions as a one-stop solution provider for interior and exterior surface finishing needs, leveraging strong brand recognition through its in-house brand, JUBIN BMS.
Business Model
BMS operates an asset-light business model, forgoing capital-intensive manufacturing to focus on marketing, design, and distribution as a net importer. The Group generates revenue through three distinct channels: retail sales directly to homeowners and end-users, wholesale distribution to resellers, and project sales to building contractors and property developers. This diversified approach ensures stable cash flow from retail while capturing growth from large-scale projects. Key advantages include a strong distribution network of 20 showrooms, a wide product range of approximately 8,800 SKUs, pricing power from its in-house brands which account for 77.1% of tile revenue, and strategic positioning to benefit from the Johor property boom and a strengthening Ringgit.
Revenue Segment
For FY2025, the Group's revenue was primarily driven by the retail segment, which contributed 59.8% of total sales. The project sales segment accounted for 23.9% of revenue, benefiting from the robust recovery in the Malaysian property sector, particularly in Johor. The wholesale segment contributed the remaining 16.3% of revenue, distributing tiles, stone surfaces, and bathware to resellers. In terms of product categories, tiles and stone surfaces dominated revenue, contributing 90.4% in FY2025, while bathware and kitchenware products made up the remaining 9.6%. Own-brands constituted 77.1% of tile revenue, with third-party brands comprising the rest.
Geographic Segment
The Group's revenue is heavily concentrated in Johor, which accounted for 67.7% of total revenue in FY2025, driven by strong demand from the region's vibrant property and construction sectors. The Group's network of 20 retail showrooms spans across key regions, including 16 in Peninsular Malaysia (specifically Johor, Selangor, Kuala Lumpur, and Negeri Sembilan) and 4 in East Malaysia (Sarawak). Operations in the central region, including the Klang Valley, and Sarawak collectively represented markets that aligned with 72% of Malaysia's total nationwide construction value, presenting a significant addressable market for the Group's expansion strategies.
Top Client
The Group's project sales segment serves building contractors and property developers, with major contracting parties explicitly named as Eco World and KSL. These partnerships provide robust sales guidance and stable relationships that underpin the project segment's growth. While the retail segment serves a broad base of approximately 54,000 active customers in FY2025, the project segment relies on key developers in the Johor region. The company also supplies to resellers and tradespeople in its wholesale segment.
Operational Scale
As of the latest practicable date in FY2025, BMS operates 20 retail showrooms across Malaysia, supported by distribution centres encompassing 620,000 sq. ft. of storage space with an 89% utilization rate. The Group manages approximately 8,800 active stock-keeping units (SKUs) and serves around 54,000 active customers. To support future growth, BMS plans to expand its operational footprint by opening eight new retail showrooms—one in Seremban and seven in the Klang Valley—which is expected to increase showroom floor space by 46%. Additionally, a new centralised distribution centre in the Klang Valley is planned to increase floor space by 14%.
Associate Companies
The Group operates through several wholly-owned subsidiaries, including Jubin 1990, Jubin NS, Jubin Klang, and Jubin Sarawak, which manage retail operations in their respective regions. Rubino operates as the subsidiary handling tile and stone surface processing. Major shareholders include Ang Kwee Peng and family, and Lee Kok Chuan and family, each holding a 31.0% equity interest post-IPO. Ang Weng Liang and Yu Bee Chew are also significant shareholders with 17.5% and 17.1% stakes respectively.