Winstar Capital Berhad: A High-Growth Investment Opportunity in Aluminium and Renewable Energy

Winstar Capital Berhad, poised to list on the ACE Market of Bursa Malaysia, presents a compelling growth opportunity. The company, specialising in aluminium extrusion, fabrication, and solar mounting structures, is strategically allocating IPO proceeds to expand production capacity, addressing rising demand across the construction and renewable energy sectors.

– The first locally listed aluminium company to collaborate deeply with Malaysian solar energy firms, including Sunview Group Berhad, driving revenue growth and diversification.

– Projected 3-year CAGR of 30%, supported by capacity expansion and increasing demand for local aluminium products due to reduced price gaps with Chinese imports.

– One of the most attractively valued IPOs of 2025, with an average target price reflecting a 50% upside.

Winstar’s alignment with Malaysia’s National Energy Transition Roadmap (NETR) positions it as a key beneficiary of the renewable energy boom, while its competitive pricing and strong client base further underscore its investment potential.

The RM19.79 million raised from the IPO will be fully allocated to expanding production capacity, avoiding the common practice of debt repayment seen in similar listings. This strategic investment will address rising demand for aluminium products and solar mounting structures. The company plans to increase its extrusion capacity significantly, positioning itself to cater to Malaysia’s growing construction and renewable energy sectors.

Winstar is Malaysia’s first aluminium company to form deep collaborations with local solar energy firms. Over 95% of solar mounting structures in the market are currently sourced from China, but Winstar is changing that dynamic. Through its partnership with Sunview Group Berhad, the company has already seen revenue contributions from solar-related products. The IPO proceeds will further enhance Winstar’s ability to scale production, supporting its efforts to meet growing demand in the renewable energy sector.

The group also maintains strong business relationships with several other local solar companies, including listed firms, further diversifying its revenue sources in this high-growth industry.

Malaysia’s push towards renewable energy through the National Energy Transition Roadmap (NETR) places Winstar as a key beneficiary. The growing demand for solar infrastructure aligns with Winstar’s expanded capabilities in solar mounting structures and related aluminium products.

Additionally, recent changes in China, including the removal of aluminium subsidy taxes, have narrowed the price gap between local and Chinese aluminium products. This shift has resulted in increased local demand for Malaysian-made aluminium, benefiting Winstar as a trusted supplier.

Winstar’s IPO has drawn strong interest from institutional investors and analysts, with target prices reflecting an average upside potential of 50% from its IPO price, inclusive a RM0.52 Fair Value (FV) given by Mercury Securities, supported by historical high CAGR as well as capacity expansion. This endorsement highlights the market’s confidence in Winstar’s growth trajectory.

The company’s diversified revenue streams, bolstered by strategic partnerships and its competitive edge in solar energy and aluminium fabrication, further reinforce its investment appeal.

Winstar Capital Berhad presents a strong case for investors seeking exposure to Malaysia’s renewable energy and construction sectors. The company’s focus on capacity expansion, strategic industry partnerships, and alignment with the country’s energy transition initiatives positions it as a high-growth stock.