Venture(US:VEMLY) 智通财经网·2025-12-24 23:54Core Viewpoint - BBSB International Limited is preparing for an IPO on the Hong Kong Stock Exchange, focusing on its extensive experience in civil engineering and bridge construction in Malaysia, with a significant market presence and government contracts as key drivers for growth [1][4]. Company Overview - BBSB has over 16 years of experience as a civil engineering contractor in Malaysia, specializing in large-scale transportation infrastructure projects initiated by the government or government-related companies [1]. - The company has expanded its services to include flood control projects, leveraging its expertise in bridge engineering [4]. Financial Performance - For the fiscal year 2023, BBSB reported revenues of approximately 76.76 million MYR, with bridge engineering contributing 97.2% of total revenue [5]. - Projected revenues for fiscal year 2024 are expected to reach 133 million MYR, with bridge engineering still dominating at 92.6% [5]. - The company recorded a net loss attributable to shareholders of 14.46 million MYR in fiscal year 2023, but is projected to achieve a profit of 26.19 million MYR in fiscal year 2024 [7]. Market Position - BBSB ranks as the tenth largest bridge engineering subcontractor in Malaysia, holding a market share of approximately 2.5% with revenues of about 123.2 million MYR in 2024 [6]. - The Malaysian bridge engineering market is fragmented, with fewer than 30 active subcontractors despite around 2,000 companies holding the highest G7 certification [6]. Competitive Landscape - The Malaysian bridge engineering industry requires contractors to obtain a registration certificate from the Construction Industry Development Board, which categorizes contractors from G1 to G7 [6]. - BBSB's strong track record in various bridge projects positions it favorably to benefit from ongoing government support for transportation infrastructure development [4].