KUALA LUMPUR, 24 August – Aviation maintenance, repair and overhaul (MRO) specialist GTA Holdings Bhd is poised to benefit from rising demand in the aerospace sector, with TA Securities assigning a fair value of RM0.39 per share, representing an 11.4% upside from its IPO price of RM0.35 ahead of its ACE Market listing on Sept 8.
TA Securities said GTA’s growth prospects are underpinned by its strong position in Malaysia’s aviation MRO industry and its exclusive relationships with leading global engine manufacturers. The group is currently the sole authorised supplier of Safran and EPI-branded aircraft engines, modules, parts and components in Malaysia, providing a significant competitive advantage and high barriers to entry.
Established in 2010, GTA provides maintenance, repair and overhaul services for helicopter and fixed-wing aircraft engines, auxiliary power units and related components, serving mainly military customers while maintaining a presence in the civil aviation segment. The company has built long-standing customer relationships spanning up to 15 years, supported by multi-year contracts that provide recurring revenue visibility.
Looking ahead, TA Securities expects future growth to be driven by the expansion of GTA’s MRO capabilities into landing gear, wheels and brakes, which are expected to generate new recurring income streams from FY2027 onwards. The group is also pursuing opportunities in Brunei and the Middle East, leveraging its existing technical expertise and certifications.
The research house forecasts GTA’s earnings to grow to RM44.6 million in FY2027 and RM47.9 million in FY2028, supported by contract renewals, expansion initiatives and a positive industry outlook.
TA Securities noted that the global MRO market is expected to grow at a compound annual growth rate (CAGR) of 5.1% between 2025 and 2030, while the Asia-Pacific market is projected to outpace global growth with a 6.1% CAGR, providing a favourable backdrop for GTA’s expansion plans.
With a recurring government contract base, expanding service offerings and regional growth ambitions, GTA is positioning itself to capitalise on the long-term growth of the aerospace maintenance sector.
GTA looks interesting at current levels. Growth visibility seems quite strong going forward.