Pan Merchant Berhad IPO Analysis

Pan Merchant Berhad

Pan Merchant Berhad, incorporated in 2024 and headquartered in Shah Alam, Selangor, Malaysia, specializes in the design, manufacture, assembly, delivery, and commissioning of filters for solid-liquid filtration. Through its subsidiaries, the company also engages in steel works and technical support services, catering to diverse industrial needs. Pan Merchant Berhad operates globally, leveraging its integrated solutions to deliver robust filtration systems and engineering services, reflecting its expertise in innovative industrial applications.

Draft Prospectus (MITI)
Final Prospectus (Public)

Interim Shariah Status (Draft)

SC Shariah Status :

Yes

Sharlife Shariah Status :

Yes

Prospectus Date :

May 2025

Interim Shariah Status (Final)

Interim Shariah Status :

TBD

Allocation	Shares	%
Malaysian Public
Eligible Directors and employees
Private placement to selected investors and others
Private Placement to Selected Investors and Others

Income Statement

	31/12/2021	31/12/2022	31/12/2023	% Growth
Revenue
Other Income
Interest Income
Profit After Tax
PAT Margin %

Balance Sheet

	31/12/2021	31/12/2022	31/12/2023	% Growth
Non-current Assets
Current Assets
Non Current Liabilities
Current Liabilities
Deferred Liabilities
Total Assets
Total Liabilities

Capital & Reserves

	31/12/2021	31/12/2022	31/12/2023	% Growth
Share Capital
Retained Earnings
Reserves
Working Capital
Shareholder Fund

Ratio

0 = Lowest | 5 = Highest

	31/12/2021	Score	31/12/2022	Score	31/12/2023	Score	% Growth
Current Ratio (Liquidity)
Debt Ratio (Leverage)
Gearing Ratio (Leverage)
Return on Capital Employed
Total Assets Turnover

Altman-Z

31/12/2021	31/12/2022	31/12/2023	Overall weighted score

Company P/E ratio

Peers	P/E

Checklist	Remarks
Business Model
Products/Services
Revenue Model
End-User Industries
Competitive Strengths
Future Plans and Strategies
Revenue

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