Semico’s FY26 to FY27 revenue expected to grow 

PETALING JAYA: Semico Capital Bhd’s revenue for financial year 2026 (FY26) to FY27 is expected to grow at a compounded annual growth rate of 6%.

This, according to Mercury Research, reflects a normalisation from the elevated base of RM29mil in FY25, following strong growth over the last few years post pandemic.

Semico Capital is a wholesaler and distributor of toys and collectables and is enroute for a listing on the ACE Market of Bursa Malaysia on Jan 13, 2026.

The company plans to raise RM23mil from its initial public offering (IPO).

Mercury Research has placed a fair value of 29 sen a share on the company, based on a price-to-earnings ratio (PE) of 14 times applied to FY27 earnings per share of 2.1 sen.

The research firm said the PE target was derived from two-year forward PE of its comparable peers and a 20% discount to the two-year forward PE multiple of Bursa Malaysia Consumer Products Index.

It expects the company to ride on sustained consumer interest in North Asia–origin entertainment formats.

“Semico provides exposure to the continued diffusion of North Asia pop-culture and entertainment trends into Malaysia, particularly from Japan, South Korea, and Greater China.

“Rising consumer willingness to pay for character-led content has translated beyond media into collectibles, blind-box formats, and arcade entertainment, supporting repeat and impulse-driven spending,” Mercury Research said in a note to clients.

By acting as a local distributor and operator of proven North Asia formats, the research firm said Semico is able to capture this demand without assuming intellectual property creation risk, positioning the group to monetise established trends with relatively high earnings visibility.

Apart from this, Semico is also expected to benefit from sustained cross border discretionary spending by Singaporean consumers, particularly through its store presence in Southern Malaysia, particularly Johor.

“The structural strength of the Singapore dollar against ringgit supports higher spending power per visit, favouring affordable entertainment and collectibles purchases.”

According to Mercury Research, Semico intends to invest RM3mil, representing 13% of gross IPO proceeds, over the next 24 months to strengthen its workforce in support of ongoing operational scaling and growth initiatives.