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5E is well-positioned under the 13th Malaysia Plan, supported by steady demand from the electronics, chemical, and metal industries. The group maintains a healthy balance sheet, with net cash of RM49.3 million and minimal borrowings of RM1.8 million as of October 2025. Although it does not have a formal dividend policy, 5E has consistently paid dividends over the past three years. RHB Research forecasts a 30 per cent payout ratio, which would translate into dividend yields of 1.7 per cent, 2.3 per cent, and 2.8 per cent for the financial years 2025 to 2027 (FY25–FY27).
ACE MARKET
Price: RM 0.26
PE (FYE 2024): 18.44×
Number of shares: 1,540.00 million
Shariah status: SC (YES)
Underwriter: TA Securities Holdings Berhad (Principal Adviser, Sponsor, Underwriter and Placement Agent)
Closing date: 3 / 4 / 2026 (5 p.m.)
Balloting date: 7 / 4 / 2026
Listing date: 15 / 4 / 2026
Business Overview:
5E Resources Holdings Berhad is principally engaged in scheduled waste management, focusing on the recovery, recycling, and treatment of industrial waste in Malaysia. The Group operates licensed facilities that process various types of scheduled waste and convert them into reusable resources.
Its core activities include waste collection, testing, and treatment using technologies such as solvent and oil recycling, carbonisation, thermal oxidation, and e-waste recovery. These processes allow the Group to extract valuable by-products such as recycled solvents, fuel oil, and metals.
In addition, the Group generates revenue from the sale of recovered and recycled products, as well as the trading of industrial chemicals. Overall, it operates an integrated business model that supports environmental sustainability by transforming waste into commercially valuable resources.
Utilisation of IPO Proceeds:
Part finance the construction of the New Perak Facility – RM24m (30.31%)
Part finance the purchase of machinery and equipment for the New Perak Facility – RM34m (42.95%)
Working capital – RM14.77m (18.66%)
Estimated listing expenses – RM6.4m (8.08%)
Past Financial Performance (Revenue, PAT%):
FYE 2022: Revenue ~RM65m, PAT ~RM15.4m (23.73%)
FYE 2023: Revenue ~RM80m, PAT ~RM23.8m (29.75%)
FYE 2024: Revenue ~RM80.1m, PAT ~RM21.8m (27.17%)
FPE 2025: Revenue ~RM67.8m, PAT ~RM20.2m (29.83%)
It’s not exactly a deep value IPO, but the pricing looks fair when you factor in the solid margins, low debt, and clear growth plans. The ESG angle and circular economy model also make it more appealing, especially if you’re looking at it for the long run
Interesting IPO. A scheduled waste business with recovery income is not common. The ability to extract value from waste while collecting service fees could support stronger margins and more stable earnings. Looks like a defensive growth story.
Getting into this industry isn’t easy because there are a lot of licenses and rules to follow. Since they can handle 34 types of waste, they’ve got pretty solid coverage. That should help them protect their market share as they grow
