KUALA LUMPUR: Johor-based BMS Holdings Bhd expects another two to three years of firm property and construction driven activity in the state to support the group’s sales in the project segment.
Chief marketing officer Ang Wei Liang said that BMS’s exposure to the construction sector comes through its project sales which make up a little over 20% of the group’s total revenue.
“The property market can be cyclical. But currently for us, we are in a good stage where the property market is actively growing. So during this period, we expect for another two to three years, we will continuously capture the gains from this property market boom, especially in Johor,” he said at the ACE Market listing today.
However, he stressed that BMS’s core business is still retail, which contributes the majority of revenue and is far less sensitive to construction or property market fluctuations.
“From our past experience, retail is very resilient and allows us to have very healthy cash flow to move forward. So even if there is a hit from the property market or cooling construction sector, we believe in Malaysia as an emerging market. Houses are still being built. People are still renovating. We are actually still quite positive with our business model’s future growth,” he said.
BMS is a home-finishing retailer specialising in tiles, stone surfaces, sanitaryware and kitchen fittings, operating 20 showrooms nationwide with a strong base in Johor.
Retail contributes about 60% of its sales, while wholesale and project segments make up the remainder.
As part of its post-listing expansion strategy, Ang said, BMS plans to open eight new showrooms. “Out of the eight showrooms that we are going to set up, there will be two to three showrooms that we expect to contribute for FY26.”
He added that if two new showrooms open as early as January 2026, each could generate RM500,000 to RM700,000 in sales monthly. “So if two showrooms, hopefully we are looking at about RM3 million of revenue contribution per month.”
Ang said BMS recorded about RM85 million in revenue and RM8.4 million in profit and earnings for the first quarter ended Sept 30, 2025, contributed by its retail, project and wholesale segments.
BMS opened at 19.5 sen in its debut on the ACE Market, below the initial public offering (IPO) price of 22 sen per share. It closed at 17.5 sen, down 4.5 sen or 20.45% from the IPO price.
While the opening was softer than expected, Ang said, the IPO is only the starting point of a much longer journey for them. “What matters now is executing our strategic plan and delivering sustainable value through strong fundamentals, healthy cash flow and a resilient retail-led business.”
Proceeds from the IPO will primarily fund the company’s expansion and digitalisation plans including RM34.28 million to build new retail showrooms and a regional distribution centre, RM17 million to upgrade facilities and ICT systems, RM4 million for marketing and RM18.8 million for working capital.
The company’s IPO comprises the public issuance of 364 million new shares and 156 million existing shares offered for sale, representing approximately 33.77% of the company’s enlarged share capital.
At 22 sen per share, BMS has a market capitalisation of about RM338.8 million upon listing.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for the IPO.
