Malacca Securities has placed a fair value of RM0.66 on SKACAP, implying 53.5% upside from its IPO price of RM0.43. The non-rated note landed on 26 October 2026, the same day the research house previewed a week dominated by the US Federal Reserve decision and Big Tech earnings.
What SKACAP Does
Malacca Securities describes SKACAP as a provider of power infrastructure engineering solutions. The research house’s summary does not break down the company’s project mix, customer base or revenue split by segment.
Those operational details sit in the full report, which M+ Online makes available to readers. Retail investors reviewing the prospectus-stage story should treat the summary as a starting point rather than a complete profile.
Key Numbers Behind the Valuation
Three figures anchor the note: the RM0.66 fair value, the RM0.43 IPO price and the 53.5% gap between them. The arithmetic gives a RM0.23 spread per share between the offer price and the research house’s estimate.
The summary does not disclose SKACAP’s revenue, net profit or margin figures. Any earnings assumptions underpinning the RM0.66 valuation would be found in the full research report.
How the RM0.66 Fair Value Is Framed
Because the note is non-rated, Malacca Securities does not attach a buy, hold or sell label to SKACAP. The fair value is presented as the research house’s estimate of worth rather than a recommendation.
The valuation method is not set out in the summary reviewed here, so readers cannot test the assumptions from this article alone.
Risks Flagged Around the Listing
The company-specific risk section for SKACAP is not reproduced in the summary. The broader backdrop in the same report is more concrete: Brent crude settled above USD117/bbl, adding to inflation concerns.
Wall Street fell on Friday, with the Dow down 1.2%, the S&P 500 down 0.5% and the Nasdaq down 0.2%, as surging oil prices and concerns over AI financing weighed on sentiment. Newly listed counters can be sensitive to such swings in risk appetite.
What This Means for Retail Investors
A fair value gives a reference point, not a guarantee of where shares will trade after listing. Retail investors weighing a new issue typically compare the offer price with the valuation method, the company’s disclosed financials and the prevailing market mood.
The local backdrop is mixed. The Health Care sector gained 1.66% while Telco & Media fell 0.81%, and the research house expects the FBM KLCI to start the week on a softer note following the oil spike.
Malacca Securities also flagged the Fed’s policy decision, expected early Thursday Malaysian time, with rates widely expected to remain unchanged. Investors will be watching for signals on a potential December hike.
The full SKACAP report is available from M+ Online. Read the original research at M+ Online research report 1480.
Key Takeaways
- Malacca Securities’ non-rated SKACAP note sets a fair value of RM0.66.
- That fair value implies 53.5% upside from the RM0.43 IPO price, per the research house.
- No buy, hold or sell rating was issued, so the figure serves as a valuation reference only.
- The summary does not disclose SKACAP’s financial figures or company-specific risks.
- The KLCI ended marginally higher, with 531 losers edging past 528 gainers.
Frequently Asked Questions
What is the SKACAP IPO price and fair value?
Malacca Securities places a fair value of RM0.66 on SKACAP, against an IPO price of RM0.43. The research house states that this implies 53.5% upside from the offer price.
Did Malacca Securities issue a rating on SKACAP?
No, Malacca Securities published a non-rated IPO note, so it did not assign a buy, hold or sell call. The RM0.66 figure is presented as the research house’s fair value estimate.
What does SKACAP do?
According to Malacca Securities, SKACAP is a power infrastructure engineering solutions provider. The summary does not detail its project pipeline or revenue mix, which are covered in the full report.
Where can I read the full SKACAP research?
The full report is published by M+ Online under research report 1480. Readers can access it through the M+ Online research portal.
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Source & Attribution
This article summarises a research report published by Malacca Securities Sdn Bhd (M+ Online) on 26 October 2026. All ratings, target prices and forecasts belong to Malacca Securities Research, not to the author of this blog.
Read the original report: M+ Online Research Report | View full PDF
Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Ratings and target prices cited are those of Malacca Securities Research and are subject to change. Always do your own research before making investment decisions.
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