Data room · Bursa ACE Market pricing anchor · Y5 listing

Why RM 40m ACE Y5 — priced below the 15–25× band.

RM 40m = 13.4× P/E on Y5 (FY2032) core PAT RM 2.98m — per Financial Model v2.1 and the TCC Capital Advisory independent valuation (Sep 2026); below Genting Malaysia's 14× LTM (GENM) and the listed FEC peer-set first quartile of 15.8×. Path: LEAP Market admission Y3 (FY2030, governance only — no raise, no dilution) → Transfer of Listing to ACE Y5, per the Bursa ACE Market Listing Requirements. Y7 target MCAP RM 75m at the same 13.4× on PAT RM 5.60m. Below: the comparable set, the arithmetic, the sensitivity grid and the liquidity disclosure.

ACE mcap target

RM 40m

Listing moment · Y5 (FY2032)

Y5 core PAT at listing

RM 2.98m

Rawang + Royalty + Events (core — Sites 4-6 not yet contributing)

Trailing P/E (pitch anchor)

13.4×

Below Genting Malaysia 14× LTM · below FEC peer-set Q1 15.8×

New dilution at ACE

25%

Raise = RM 10m · funds Site 4 + 2 satellites

The ACE Market comparable band

Bursa listings reframed as a growth-listing multiple band.

No Bursa ACE family-entertainment pure play exists, so Malaysian and regional leisure names are read as a reference band for an ACE growth listing. Growth-stage ACE listings typically clear at 15–25× trailing P/E — sponsor-driven suitability, not a hard profit gate.

Ticker · Company	Segment	P/E	Read for a PlayTown ACE listing
Straco Corporation SGX:S85 Aquariums (Shanghai + Xiamen) + Singapore Flyer + Lixing Cable Car	Ticketed family attractions · closest pure-play regional comp	17.6× TTM (Apr 2026) 10-yr median 14.8× GuruFocus	Best FEC read Family-attraction earnings on a regional exchange; a mature operator at the bottom of the growth band.
Genting Malaysia KLSE:GENM Resorts World Genting (theme parks + hotels + casino)	Theme parks + casino · large-cap Bursa main board	14.0× LTM (Aug 2026) Casino-diluted StockAnalysis	Floor reference The floor for family-attraction earnings on Bursa. PlayTown's 13.4× prices just below it.
Sunway Berhad KLSE:SUNWAY Property + construction + Sunway Lagoon + healthcare	Diversified conglomerate w/ theme park	27.2× Trailing (Aug 2026) Forward 27.6× StockAnalysis	Upper reference Property + healthcare inflate the multiple — the ceiling inside a broader group.
Only World Group KLSE:OWG The Top Komtar, Wet World, Ripley's, F&B	Water parks + attractions + F&B · small-cap	n/a Market cap RM 92m Small-cap · thin volume StockAnalysis	Structural comp only Closest Bursa peer by business type; illiquidity distorts the multiple. RM 92m for a stressed multi-site operator sanity-checks PlayTown's RM 40m ask.
TCC Capital listed FEC peer set Songcheng · Round One · United Parks Songcheng Performance Development (China) 19.5× · Round One Corp (Japan) 18.8× · United Parks & Resorts (US) 12.9× — TTM P/E per TCC Capital Advisory Revised Valuation Report, 25 Sep 2026, Appendix 4	Listed family-entertainment / theme-park operators · independent valuer's peer set	Q1 15.8× First quartile of 12.9× / 18.8× / 19.5× Median 18.8× TCC Capital (Sep 2026) · re-verify at launch	Independent anchor 13.4× is set below the first quartile (15.8×) of the independent valuer's peer set; same methodology reaches RM 40m / FY2032. Peer P/E as of Sep 2026 filings — re-verified at campaign launch.
ACE growth-listing band (pitch anchor)	Typical Malaysian growth listing on ACE	15–25× Sponsor-driven, no profit gate	PlayTown at RM 40m (13.4×) is priced below this band, below the Genting floor and below the TCC peer-set Q1. Not a stretch price.

Why the band, not a single number

Bursa "Consumer Services" trades at ~42.7× (Apr 2026, Simply Wall St) — inflated by loss-making names, not usable. Berjaya Food is loss-making; Padini is apparel. Hence the observed 15–25× ACE band plus the TCC Capital FEC peer set (Q1 15.8×) as the independent read. The Y7 hold return does not use the band headroom — it is struck at the same 13.4×.

Demand-side sanity check — capture-rate benchmarks behind the Y5 PAT

The PAT the multiple is applied to rests on Rawang reaching RM 6.7m venue revenue by Y7 (Facility RM 4.9m + Other RM 1.77m): 130,000 families × 20% capture × 2.0 visits × 3.2 headcount = 166,000 person-visits × RM 40 ARPU — ~19% of primary SOM (~RM 35m), ~7% of combined (~RM 95m). Below every Malaysian destination-park benchmark:

Venue	Catchment	Visits / yr	Capture
Sunway Lagoon	KL metro ~8M	~2M	~25%
Lost World of Tambun	Ipoh + surrounds ~1.5M	~1M	~65%
Legoland Malaysia	JB · SG · S. Msia ~5–7M	~1.5–2M	~25–30%
Berjaya Times Square TP	KL metro ~8M	~1.5M	~20%
PlayTown Y7 target	~600k primary + 3M accessible	166k · RM 6.7m	20% families · ~19% primary SOM

ARPU = Average Revenue Per User. Benchmarks are Issuer-compiled approximations from Bursa operator filings and press (pre-pandemic baselines where available; catchment definitions vary by operator); SOM and catchment are Issuer-derived on DOSM public data, not independently verified.

The math waterfall

Y5 core PAT → 13.4× trailing → RM 40m market cap.

Y5 core PAT RM 2.98m (four engines, Y5 gross RM 9.42m; Sites 4–6 not yet contributing) × 13.4× = RM 40m. The RM 10m raised funds Site 4 + 2 satellites, lifting consolidated PAT to RM 5.60m by Y7 and RM 8.12m by Y12.

Base case waterfall · ACE Y5 · RM 40m mcap

Year 5 core PAT at listing
Rawang Facility + Rawang Other + 5% licence royalty + Events · Y5 gross RM 9.42m · Sites 4-6 not yet contributing

RM 2.98m

Apply 13.4× P/E
Below Genting Malaysia's 14× LTM floor · below the TCC peer-set Q1 (15.8×) and the ACE growth-listing band (15–25×)

× 13.4

ACE market capitalisation · Base
RM 2.98m × 13.4× ≈ RM 40m

RM 40m

25% new float at ACE
RM 10m raised · pre-ACE external holders diluted 60% → 45% (× 0.75)

RM 10m

Use of proceeds
Site 4 major (Rawang-equivalent) RM 7m + 2× satellites @ RM 1.5m = RM 3m · listing costs from operating cash

1 major + 2 satellites

Sites 4-6 open Y6 / Y7 / Y8
Consolidated PAT trajectory: Y6 RM 4.37m → Y7 RM 5.60m → Y10 RM 7.84m → Y12 RM 8.12m

RM 7–8m

Y7 hold · same 13.4× on Y7 PAT
13.4× × RM 5.60m consolidated PAT ≈ RM 75m mcap · external 45% post-float ≈ RM 33.7m terminal equity

RM 75m

+ cumulative Y1–Y7 dividends
RM 18.78m distributable at company level, paid pro-rata: 60% pre-ACE (Y1–Y5) + 45% post-ACE (Y6–Y7) ≈ RM 9.7m to the RM 6m external line

RM 9.7m

Total hold-to-Y7 return on RM 6m
RM 33.7m terminal + RM 9.7m dividends ≈ RM 43.4m → 7.24× MOIC / ~32.7% IRR · no P/E re-rate

7.24×

Framing rule. The anchor is trailing 13.4× on Y5 core PAT — no forward-multiple defence needed. The forward story (Sites 4–6 lifting PAT to RM 5.60m) is the defence layer, not the anchor. Hold-to-Y7 needs no multiple expansion: 7.24× at the RM 6m target is the headline; 6.59× at the RM 7m maximum. Why lower: at max raise (RM 7m OS), 11M total shares post-money vs 10M at target → external 63.6% pre-ACE (vs 60% at target), but per-RM MOIC drops to 6.59× because the fixed Y7 MCAP (RM 75m at 13.4× P/E on PAT RM 5.60m) divides across more shares. The uplift over the 3.0× Y5 exit is higher Y7 PAT at the same multiple plus the dividends a Y5-seller forfeits.

Test the multiple yourself

Slide the Y5 core PAT and P/E, watch the market cap.

Two levers — Y5 core PAT and trailing P/E. Outputs: implied ACE mcap, and the Y7-hold view at the same P/E on RM 5.60m Y7 PAT plus the fixed Y1–Y7 dividend stream. No re-rate anywhere.

Y5 core PAT (RM millions)

RM 2.98m

RM 2.0mRM 4.0m

Reference: RM 2.98m = v2.1 model Base (Rawang + 5% Royalty + Events, no Sites 4-6). RM 2.0m = soft-ramp downside. RM 4.0m = upside if events + royalty compound faster.

Trailing P/E multiple

13.4×

8×25×

Reference: 10× = below-band downside print. 13.4× = Base — just below GENM's 14× LTM floor. 15–25× = ACE growth-listing band. 20× = in-band upside.

Implied ACE market cap · Y5 listing

RM 40m

Base zone — 13.4× trailing on RM 2.98m Y5 core PAT

Y7 hold at the same P/E on RM 5.60m consolidated PAT: RM 75m mcap → external 45% = RM 33.7m + Y1–Y7 dividends RM 9.7m = RM 43.4m on RM 6m → 7.24× hold-to-Y7 (Base 13.4× = 7.24× / ~32.7% IRR, no re-rate).

10× · Downside

RM 30m

Below-band pricing · dead zone under sponsor pricing

13.4× · Base

RM 40m

Below Genting 14× floor · the credible print

20× · Upside

RM 60m

Upper end of ACE band on Y5 PAT

25× · Band ceiling

RM 75m

Top of ACE 15-25× band · not a listing-day ask

Full sensitivity grid

Every combination of P/E × Y5 core PAT in one table.

Rows = Y5 core PAT · columns = trailing P/E · cells = implied ACE mcap (RM m). Highlighted: the RM 30–50m defensible corridor.

Y5 core PAT ↓ · Trailing P/E →	10×	13.4×	15×	18×	20×	25×

Legend: cells in the RM 30–50m corridor are the defensible price zone under sponsor pricing; the outlined cell is Base = Y5 core PAT RM 2.98m × 13.4× trailing ≈ RM 40m. Everything at 15× and above on Base PAT is in-band upside; 10× on any row is below-band downside.

The two adjacent numbers

Why not 30m, and why not 60m?

The RM 40m anchor sits between two neighbouring numbers investors will test. Both answers below.

Why not RM 30m

30 sits in the dead zone below any credible ACE print.

~10× trailing — below the ACE floor and well below Genting Malaysia's 14× LTM. Reached only if the market dismisses both the four-engine PAT quality and the funded Sites 4–6 pipeline. A soft-launch, muted-demand print: the Downside scenario, not a sponsor-priced anchor.

RM 30m ÷ RM 2.98m Y5 PAT = 10.1× trailing
Below GENM 14× LTM · below ACE 15–25× band
Dead zone under sponsor pricing — downside floor only

Why not RM 60m

60 prices the top of the band on listing day.

~20× trailing — top of the ACE band. ACE listings do clear at 20×, but not on listing day: sponsors leave upside on the table so the stock trades well post-listing. Achievable if pre-ACE demand and the Sites 4–6 story book strongly — the Upside scenario, which the Base hold-to-Y7 return does not rely on.

RM 60m ÷ RM 2.98m Y5 PAT = 20.1× trailing
Top of ACE 15–25× band — atypical at launch
Better held as post-listing upside, not listing-day ask

Verdict on the RM 40m ACE Y5 anchor

RM 40m at ACE Y5 (FY2032) = 13.4× on Y5 core PAT RM 2.98m — below the 15–25× ACE band, below Genting Malaysia's 14× LTM and below the TCC peer-set first quartile (15.8×). RM 10m raised (25% float) → Site 4 (RM 7m) + 2 satellites (RM 3m) → consolidated PAT RM 5.60m at Y7, RM 8.12m by Y12. At the same 13.4×: Y7 mcap ≈ RM 75m → 7.24× / ~32.7% IRR hold-to-Y7 at the target raise (6.59× / ~31% at RM 7m max — 11M shares post-money vs 10M, the fixed RM 75m mcap divides across more shares), no re-rate — workings in the waterfall above. RM 30m under-prices the PAT and pipeline; RM 60m prices the top of the band on listing day. The credible print is RM 40m, defended trailing. Peer P/E as of Sep 2026 filings, re-verified at campaign launch; actual MCAP depends on realised Y5 PAT; admission to LEAP / ACE subject to Bursa and SC approval.

Liquidity disclosure · Bursa ACE Market rules

ACE listing does not create instant liquidity for pre-listing investors.

Bursa's standard 6-month moratorium applies to promoter and pre-listing shareholders following an ACE Market listing (extendable in some cases at the exchange's discretion). Public trading liquidity is available to investors after the moratorium period; the price at which pre-listing holders can actually exit depends on secondary-market demand at that point, which is a function of post-listing execution on Sites 4-6 as well as broader market conditions.

Investors should size the ticket on the basis of a Y5 listing plus post-moratorium exit, not on the assumption of listing-day liquidity. The MOIC and IRR figures quoted for the ACE exit are struck at the listing valuation; realised outcomes depend on the secondary-market exit price.