17/03/2026

BIZ & FINANCE TUESDAY | MAR 17, 2026

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Alpha IVF Group to expand presence in Indonesia

Income distribution of 8.88 sen for PMB Shariah Growth Fund

PETALING JAYA: PMB Investment Bhd, an Islamic fund management company under Pelaburan Mara Bhd, declared an income distribution of 8.88 sen per unit for its PMB Shariah Growth Fund for the financial year ended Feb 28, 2026, amounting to a total gross distribution of RM10.59 million. PMB Investment said the net asset value (NAV) per unit was RM1.6676 before the distribution and RM1.5788 after the distribution. The distribution, credited based on the ex-date of Feb 28, 2025, represents a yield of 5.73% based on the closing NAV per unit. Reflecting on the fund’s trajectory, PMB Investment CEO Hang Tuah Amin Tajudin said the PMB Shariah Growth Fund recorded a one-year return of 7.55% and a three-year return of 21.44% as of Feb 28, 2026, demonstrating resilience through varying market cycles. “While we have seen a natural moderation from last year’s exceptional performance amid challenging global conditions, our fundamentals remain strong. Our disciplined approach, anchored in syariah-compliant equities and strategic asset allocation, continues to focus on quality investments and long-term value creation for our unitholders,“ he said. The fund’s portfolio, which allocates 80% to 99.5% of NAV to syariah-compliant equities and equity-related securities with the remainder in Islamic money market instruments, deposits, sukuk and other permissible investments, is continuously optimised to navigate evolving economic landscapes. PMB Investment chairman Datuk Mohd Idzwan Izuddin Ab Rahman said market performance will always fluctuate, but the group’s commitment to its investors never wavers. “ Mercury Securities said. The research firm said that despite evolving US trade policies and geopolitical volatility in the Middle East, SumiSaujana maintains an opti mistic outlook for FY26, supported by resilient global drilling activity and the full recognition of one-off listing expenses in FY25. The group is aggressively executing its next growth phase by scaling North American toll manufacturing opera tions and pursuing strategic colla borations to deepen its Middle East footprint, while simultaneously diver sifying into bio-based industrial chemicals via its MPOB-licensed and CoolisT partnerships slated for the second quarter of 2026. These initiatives are being complemented by an internal cost rationalisation exercise and the centralisation of operations at the new Puncak Alam facility, which are expected to optimise the group’s cost structure and drive long-term margin expansion, Mercury Secu rities said.

PETALING JAYA: Fertility care specialist Alpha IVF Group Bhd has set its sights on Jakarta for the group’s second in-vitro fertilisation (IVF) centre in Indonesia, following the signing of a clinical space lease through its subsidiary, PT Alpha IVF Dan SPOG Jakarta, with PT Surya Inter Wiesa to secure a location for the facility. The new centre will be located within Banten Special Economic Zone (SEZ) at the Biomedical Campus in Bumi Serpong Damai City, part of the Greater Jakarta metropolitan region, or Jabodetabek. The facility will benefit from a supportive regulatory environment and operating incentives in the SEZ aimed at attracting advanced healthcare investments. It will enjoy tax incentives, streamlined regu latory processes, access to specialised pharmaceutical supply chains and the ability to engage foreign medical specialists. The Banten SEZ is designated for international health, technology and education and is privately managed by Sinar Mas Land. The centre is targeted to begin operations in October. The expansion marks Alpha IVF Group’s second IVF development in Indonesia, following its Bali IVF centre, currently under construction in the Sanur Special Economic Zone, which is expected to begin opera o Signs lease to secure space for setting up IVF centre in Banten Special Economic Zone within Greater Jakarta PETALING JAYA: About 80% of SumiSaujana Group Bhd’s revenue is derived from the Asia-Pacific and American regions, and the group has given an assurance that business will run as usual despite the ongoing conflict in the Middle East. Mercury Securities Sdn Bhd said that while shipping disruptions have caused localised logistical delays, Middle East order flow remains intact, as the group views these as timing based bottlenecks rather than a loss of demand. “Sustained supply commitments from core customers in Kuwait and Oman support a clear revenue catch up narrative once logistical channels normalise,“ the research firm said in a report. SumiSaujana manufacture specialty chemicals for the oil and gas industry’s upstream, midstream and down-stream sectors. Touching on progress updates, Mercury Securities said SumiSaujana is aggressively executing its capacity expansion, with several key facilities

Alpha IVF Group country director Indonesia Siska Dewanty Hernando (centre, left), Sinar Mas Land chief Asset management BSD office and chief education business development Sandra Kosasih (centre, right) with other senior management and representatives of the companies at the lease signing ceremony.

Mercury Securities said SumiSaujana is transitioning into a technology partner for the facility in collaboration with PT Kilang Pertamina Internasional, Topsoe A/S and SPCI HELM. The next phase, under a build own-operate-transfer model, is expected to kick off in the second quarter. Lastly, on the North America expansion, Mercury Securities said SumiSaujana is advancing its toll manufacturing strategy in the US market, leveraging its recently granted USPTO patents for sand agglomeration chemicals to localise production and mitigate shipping overheads by the first half of FY26. “We raise our FY26 earnings forecast by 21%, mainly reflecting the absence of one-off listing expenses and a steadier forex outlook, as management expects the USD/MYR to remain relatively stable. Our model also assumes a higher effective tax rate of 29% (up from 24%) in line with SumiSaujana guidance, and slightly stronger output growth of 3%, driven ging director Datuk Dr Colin Lee Soon Soo said the Greater Jakarta metropolitan area, with a population of about 35 million, is one of Southeast Asia’s largest potential fertility markets. “Based on global IVF bench marks, the region would need around 45,000 IVF cycles annually, yet only 6,342 cycles were performed in 2024, highlighting significant unmet demand. “With fertility procedures heavily concentrated in the Jabodetabek region, Jakarta is a strategically important market for Alpha IVF Group. “Locating our centre within this ecosystem allows us to directly access the country’s largest fertility patient base while leveraging the operational advantages of the SEZ. “Together with our upcoming Bali

and projects nearing full operational status, such as the Puncak Alam Integrated Complex, a newly acquired warehouse which commenced utilisation in the third quarter of FY25. The research firm noted that full renovation of the corporate office and warehouse is on track for completion and occupancy by early next month. On Pengerang, Mercury Securities said operations for the three-year specialised supply contract with Pengerang Refining Company Sdn Bhd are scheduled to begin in April May. The contract involves the supply of Ditertbutyl Polysulfide and Ethyl Mercaptan, along with technical in situ sulfiding services. Thirdly, on the China Bio-Polyol MoU, Mercury Securities said under the strategic partnership with CoolisT Group, the supply of speciality additives and the commercialisation of renewable vegetable oil-based biopolyols is targeted to begin in the second quarter of this year. As for the group’s wet gas sulphuric acid project in Indonesia, tions in 2027. Indonesia represents one of the largest untapped fertility treatment markets in Asia. Despite a population exceeding 270 million, IVF penetration remains relatively low compared with more mature healthcare markets, high lighting significant long-term growth potential for assisted reproductive services. Within Indonesia, demand for fertility treatment is concentrated in Jabodetabek. In 2024, a total of 15,041 assisted reproductive technology cycles were performed nationwide, of which 6,342 cycles, representing more than 42% of the national total, were performed in Jabodetabek, accor ding to the Perfitri Report 2024. Alpha IVF Group group mana

by stronger contributions from Asia Pacific and the Americas. “These positives are partly offset by lower selling prices and a normalising ringgit, which together trim our topline estimates by about 15%,“ Mercury Securities said. Mercury Securities cut FY27 earnings outlook by 35%, largely due to lower assumed selling prices and a stronger ringgit, although the impact is partly cushioned by unchanged output growth of 4%. “We keep our dividend payout assumption at 30% for FY26-FY27, supported by the absence of post listing costs and a more stable ringgit/USD environment. “Following these revisions, we derive a new target price of RM0.13 (previously RM0.11), based on FY26 EPS of 0.77 sen and a slightly lower target PER of 17.2x. This still represents about a 50% discount to the global peer group’s 10-year average. With valuations remaining undemanding (FY26 P/BV below 1.0x), we upgrade the stock to Buy,“ centre, the expansion strengthens our regional platform and positions Alpha IVF Group to capture long term growth opportunities in Indonesia,” he said. Alpha IVF Group has secured about 612.46 square metres of clinical and laboratory space for the centre. The group aims to incur total capital expenditure of 47 billion rupiah (RM10.9 million), to be funded through proceeds from an initial public offering and internally generated funds. The centre will feature the group’s proprietary technologies and labo ratory optimisation systems, inclu ding Cryotec vitrification, time-lapse embryoscope, preimplantation genetic testing and utilising ad vanced artificial intelligence to enhance embryo selection.

‘SumiSaujana expects resilient demand despite shipping disruptions’