Not many people realize that the bus you take to go back to your hometown, school, or even to work might come from a company with a 58-year legacy in Malaysia.
Founded back in 1968 in Ipoh, this humble bus manufacturing workshop started small — just a local engineering shop building buses from scratch. The founder, Eng Bu Bunlan Lan, built a legacy that didn’t stop there. Today, the business is being carried forward by the second and third generation family leadership, turning it into a rare multi-generational industrial success story.
Now, this company is heading for a major milestone — a listing on the ACE Market at just 23 sen per share.
📊 What makes this IPO interesting?
- 🚌 58 years of experience in bus manufacturing
- 🏭 Fully integrated production: from chassis to finished bus
- 📈 Revenue jumped from RM6.6 million (2022) to RM88 million (2025)
- 💹 Profit growth surged dramatically (reportedly up to 24x)
- 🚍 Supplies school buses, staff buses, and tour buses nationwide
At first glance, the valuation looks “undemanding” compared to typical industrial peers — but as always, the real question is: why is it priced this way?
⚠️ Key risks to consider
- No long-term locked contracts
- Dependency on chassis suppliers
- Low liquidity typical of microcap stocks
- Post-IPO share sell-down risk after moratorium
- Industry shift towards EV buses may affect long-term outlook
- Competitors already exploring new tech faster
This is why analysts are watching closely — strong growth, but still a developing story.
🚀 Potential catalysts ahead
- Expansion of production capacity after IPO
- Malaysia tourism recovery (Visit Malaysia 2026 effect)
- Higher demand for premium & semi high-deck buses
- Potential margin improvement if premium segment grows
💡 Final thought
This isn’t just another IPO — it’s a family legacy business stepping into the public market after nearly 6 decades. But like all small-cap opportunities, it comes with both upside potential and real risks.
The question is:
👉 Is this the next hidden gem… or a wait-and-see story?
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💬 What do you think?
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