KUALA LUMPUR (April 20): Manforce Group Bhd, en route to the ACE Market, leaves no upside for investors at its listing price amid potential earnings decline this year, TA Securities flagged.

The stock should be valued at 38 sen per share, the same as its initial public offering (IPO) price, the research house said. While there is no direct competitor on Bursa Malaysia, peers in Singapore and Japan average 12 times their 2027 earnings, lower than Manforce’s IPO valuation, the house noted.

Further, the company that mainly provides foreign worker management services could see earnings fall 4% this year before resuming growth in 2027, according to TA Securities’ projections.

Applications for the IPO will close on April 21, with the company…