Yes Group Management Berhad is preparing for its ACE Market listing on 26 November 2026, with PublicInvest Research and RHB Research both assigning a fair value of RM0.22 per share. In their respective IPO research notes dated 13 November 2026, PublicInvest indicated a potential upside of 22.2%, while RHB projected a return of 21.9% over the RM0.18 IPO price. PublicInvest’s valuation is based on approximately 12 times calendar-year 2027 forecast earnings, while RHB applies an 11.2-times multiple to FY2028 forecast earnings.
An established position in the MICE industry
With 18 years of industry experience, Yes Group specialises in customised incentive travel and event planning and management solutions within the meetings, incentives, conferences and exhibitions (MICE) industry.
Operating under the Yes Travel brand, the Group primarily serves corporate clients, including private corporations, government-linked corporations and government bodies. PublicInvest highlights its track record of 403 incentive travel engagements from FY2023 to FY2026, with 40.4% of its private sector corporate customers being repeat clients.
RHB views corporate MICE spending as relatively resilient, noting that companies are more likely to defer rather than cancel business events and incentive trips amid geopolitical uncertainties.
Order pipeline supports earnings visibility
As at 9 October 2026, Yes Group had an unbilled order book of RM34.6 million, according to PublicInvest, with RM34.0 million expected to be recognised in FY2027 and the remaining RM0.6 million in FY2028.
RHB similarly cited an outstanding order book of approximately RM35 million as at the last practicable date, alongside a RM120 million tender book and a historical tender success rate of around 30%, providing reasonable earnings visibility into FY2027.
Improving margins and earnings outlook
Yes Group recorded FY2026 revenue of RM67.1 million, down 11.0% from RM75.5 million in FY2025, mainly due to weaker European incentive travel demand amid geopolitical tensions and higher travel costs.
However, gross profit margin improved to 23.9% from 21.1%, supported by higher margins from customised incentive travel and event management engagements. Revenue from event planning and management services also increased 40.8% to RM8.6 million.
RHB highlighted the Group’s 1QFY2027 performance, with revenue reaching RM27.4 million and core profit attributable to owners amounting to RM2.2 million. The stronger quarterly revenue was primarily supported by an approximately RM10 million project deferred from FY2026.
Looking ahead, PublicInvest forecasts a three-year net profit compound annual growth rate of approximately 17%, reaching RM12.0 million by FY2029. RHB projects earnings growth of approximately 14% annually from FY2026 to FY2029, supported by continued expansion in the MICE business.
UK expansion and talent development support growth
Both research houses highlight Yes Group’s planned expansion into Europe, with RM6.5 million of IPO proceeds allocated towards establishing a regional office in the UK and developing in-house ground transportation services.
The initiative is expected to reduce reliance on third-party operators and improve operational efficiencies, with RHB estimating potential cost savings of approximately 10% and a payback period of three years.
Another RM3.0 million will be allocated towards establishing Yes Academy, a training and development centre aimed at developing skilled tour leaders and managers to support the Group’s long-term operational scalability.
What investors should watch
While both research houses assign a fair value of RM0.22 per share, they also highlight risks to the Group’s outlook. PublicInvest identifies competition, changing corporate preferences, reliance on third-party suppliers and potential travel disruptions as key concerns.
Meanwhile, RHB points to economic slowdowns, licence renewal requirements, foreign exchange fluctuations and lower-than-expected project deliveries as potential risks to future performance.
