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Malacca Securities assigned a fair value of 51 sen per share for Golden Destinations, implying a 13.3 per cent upside from its initial public offering.
The valuation is based on a price-to-earnings multiple of 16 times, pegged to a projected financial year 2027 earnings per share of 3.17 sen.
Good thing is they are not overly exposed to the more troubled travel regions. East Asia made up 60.4% of FY2025 revenue, while Europe and Middle East were much smaller.
In terms of profitability, margins have improved meaningfully in recent years. Gross profit margin expanded from 6.5% in FY2022 to 16.1% in FY2024, before easing slightly to 15.4% in FY2025 due to a higher mix of European packages. Despite this, earnings remain stable, with net profit at RM27.0 million in FY2025 and expected to grow steadily over the next few years.
GDGROUP posted revenue of RM592.4 million for FY2025, compared with RM157 million in FY2022, translating into a robust three-year compound annual growth rate of 55.7%.
