Yes Group IPO (YES 0485): Corporate Incentive Travel Specialist Opens Applications at 18 Sen
Yes Group Management Berhad, the company behind the Yes Travel brand that specialises in corporate incentive travel and MICE (Meetings, Incentives, Conferences, Exhibitions), opened its IPO for applications on 4 November 2026 at RM0.18 per share. The company is scheduled to list on the ACE Market of Bursa Malaysia on 26 November 2026 under the stock name YES (code 0485). At the IPO price, its market capitalisation is RM95.4 million.
If your company has ever rewarded its top sales team with a trip to Japan, Switzerland or Korea, there is a good chance a firm like Yes Travel organised it. The question is whether this project-based business is worth buying at a PE of 12.68 times. This article summarises the key facts from the official prospectus dated 4 November 2026: offer details, share allocation, use of proceeds, four years of financial performance, why FYE2026 revenue fell, and the strengths and risks you should understand before applying.
Quick summary: IPO price RM0.18 | Market cap RM95.4 million | PE 12.68x | Shariah compliant | Applications close 5pm, 13 November 2026 | Balloting 17 November | Listing 26 November 2026. View IPO data →
Who Is Yes Group Management Berhad?
Yes Group's history began on 7 November 2008 when Angela Mak Shau Kwan founded Yes Travel & Events Consultant Sdn Bhd (now Yes Travel Hub, or YTH). The listing vehicle, Yes Group Management Berhad, was incorporated in August 2025 specifically for the IPO and completed its acquisition of YTH in September 2026.
The group operates through two wholly owned subsidiaries:
- YTH (100%) - customised incentive travel plus event planning and management
- YSH (100% via YTH) - Malaysia My Second Home (MM2H) programme consultancy, holding an MM2H licence valid until 2031
The business model is asset-light. Yes Travel does not own hotels or buses. It designs itineraries, sources flights, hotels and ground operators, then escorts participants with its own and freelance tour leaders. Customers pay a 50% deposit on confirmation and the balance one month before departure, so cash typically arrives before costs are paid.
Who are Yes Travel's customers?
In FYE2026 (financial year ended 30 June 2026), 82.2% of revenue came from private-sector corporations, 17.6% from GLCs and government bodies, and 0.2% from MM2H individuals. The customer base leans heavily towards financial services: four of the five largest FYE2026 customers are banking and insurance groups, including a Main Market-listed bank group that has used Yes Travel for 16 years. The top five customers contributed 28.1% of revenue, so no single client dominates.
Over four financial years, the group handled 403 incentive trips for 146 corporate customers, 40.4% of which were repeat clients. It holds ISO 9001:2015 certification and won the Best MICE Planner Award 2024 from the Korea Tourism Organization. In 2026, Yes Group organised Citrawarna 2026 and the Citrawarna Speed Festival with Tourism Malaysia as part of Visit Malaysia 2026.
Yes Group IPO Details
| Item | Details |
|---|---|
| Company | Yes Group Management Berhad |
| Stock Name / Code | YES / 0485 |
| Market | ACE Market, Bursa Malaysia |
| IPO Price | RM0.18 per share (fixed price) |
| Shariah Status | Shariah compliant (SC Shariah Advisory Council) |
| Shares After IPO | 530,000,000 shares |
| Market Cap at RM0.18 | RM95.4 million |
| Public Issue (new shares) | 91.87 million shares (17.33%) - RM16.54 million to the company |
| Offer for Sale (OFS) | 45.93 million shares (8.67%) - RM8.27 million to Angela Mak |
| Total IPO Size | 137.8 million shares (26.0%) - about RM24.8 million |
| FYE2026 EPS (enlarged capital) | 1.42 sen |
| PE at RM0.18 | 12.68 times (10.47 times on pre-IPO capital) |
| Pro Forma NA per Share | RM0.06 (P/NA about 3.0 times) |
| Dividend Policy | No formal dividend policy |
| Principal Adviser, Sponsor, Underwriter & Placement Agent | Malacca Securities Sdn Bhd |
| Issuing House | Malaysian Issuing House Sdn Bhd (MIH Share Issue Account No. 717) |
Every adviser role is held by one firm, Malacca Securities, which also fully underwrites the 31.8 million shares for the public and Pink Form tranches. The underwriting agreement was signed on 22 September 2026, as reported by The Star. Bursa Securities approved the listing on 27 August 2026.
YES remains Shariah compliant until the next review by the Shariah Advisory Council, which updates its list on the last Friday of May and November. The official list is available on the Securities Commission Malaysia website.
Key Application Dates
| Event | Date |
|---|---|
| Applications open | 10am, 4 November 2026 |
| Applications close | 5pm, 13 November 2026 (Friday) |
| Balloting | 17 November 2026 |
| Allotment | 24 November 2026 |
| Listing on the ACE Market | 26 November 2026 |
You can apply electronically through internet banking or your broker's platform. If this is your first IPO, see our guide on how to apply for a Bursa IPO via MPlus Global. Application status can be checked on the Malaysian Issuing House website after balloting.
Share Allocation: Only 26.5 Million Shares for the Public Ballot
| Category | Shares | % of Enlarged Capital |
|---|---|---|
| Malaysian public (ballot) - half reserved for Bumiputera | 26,500,000 | 5.00% |
| Pink Form (directors, management, employees) | 5,300,000 | 1.00% |
| Private placement to MITI-approved Bumiputera investors (new shares) | 60,067,000 | 11.33% |
| Private placement to MITI-approved Bumiputera investors (OFS) | 6,183,000 | 1.17% |
| Private placement to selected investors (OFS) | 39,750,000 | 7.50% |
| Total | 137,800,000 | 26.00% |
The public ballot tranche is only 26.5 million shares, worth about RM4.77 million. Half of it (13.25 million shares) is reserved for Bumiputera applicants. This small size is typical for ACE Market IPOs, and a tranche this small is usually easily oversubscribed, so your chance of success in the ballot may be slim. Note the different share types in this offer: new shares raise money for the company, while the OFS pays cash to the selling shareholder. Learn more in our article on the difference between public issue, offer for sale and private placement.
Use of Proceeds: 39% to Enter the UK Market
The public issue raises RM16.54 million for the company. The breakdown:
| Purpose | RM million | % | Timeframe |
|---|---|---|---|
| Ground transportation services in Europe and a UK regional office | 6.50 | 39.31% | 36 months |
| Establishment of Yes Academy | 3.00 | 18.14% | 36 months |
| Working capital | 3.04 | 18.36% | 24 months |
| Estimated listing expenses | 4.00 | 24.19% | 1 month |
| Total | 16.54 | 100% |
UK office and ground transport (RM6.5 million). Yes Group plans a small office near London Heathrow, six vehicles (three 16 to 21-seater vans and three 8-seaters) and six drivers. The aim is to reduce reliance on third-party ground operators for European trips and capture the middleman's margin. Ground transport typically makes up 8% to 12% of each trip's cost. However, the rollout may be deferred until flight disruptions from the Israel-Iran conflict ease, and hiring has not started.
Yes Academy (RM3.0 million). A training centre for tour leaders and tour managers, open to the public, in a rented space of about 5,000 square feet near the Sungai Besi headquarters. It needs a Tourism Training Institute licence from MOTAC.
One point to note: 24.19% of the proceeds go to listing costs, a high ratio for an IPO of this size. Of the RM4.0 million, RM3.08 million will be expensed directly to the income statement in Q2 FYE2027, so that quarter's earnings are likely to look weak.
Four-Year Financial Performance
| RM million | FYE2023 | FYE2024 | FYE2025 | FYE2026 |
|---|---|---|---|---|
| Revenue | 41.39 | 47.63 | 75.47 | 67.14 |
| Revenue growth | - | +15.1% | +58.5% | -11.0% |
| Gross profit | 11.08 | 11.83 | 15.89 | 16.03 |
| Gross margin | 26.8% | 24.8% | 21.1% | 23.9% |
| Profit before tax | 6.77 | 6.89 | 10.02 | 10.12 |
| Net profit (PAT) | 5.13 | 5.20 | 7.34 | 7.53 |
| Net margin | 12.4% | 10.9% | 9.7% | 11.2% |
| Net cash from operations | 2.32 | 10.88 | 0.52 | 7.37 |
| Gearing (times) | 0.63 | 0.90 | 0.09 | 0.02 |
Net profit grew from RM5.13 million to RM7.53 million over four years, a compound annual growth rate of about 13.6%. The group is almost debt-free, with gearing of just 0.02 times at 30 June 2026.
Why did FYE2026 revenue fall 11%?
Revenue from European trips dropped 62.9% to RM11.0 million. The prospectus explains that the Israel-Iran conflict disrupted Europe-Asia flight routes, lengthened travel times and pushed up airfares and accommodation costs. Six European trips worth RM9.88 million were postponed: two (RM1.75 million) were eventually cancelled, while four were rescheduled, pushing RM8.13 million of revenue into FYE2027.
The group offset part of the decline by shifting trips to Asia. Revenue from China, Japan and Korea jumped 72.7% to RM32.1 million, Oceania rose 92% and events grew 40.8% to RM8.6 million. As a result, even though sales fell, gross profit and net profit still edged up thanks to more complex trips and high-margin government events.
The order book stood at RM34.56 million on 9 October 2026, almost all of it expected to be recognised in FYE2027. Nearly half (RM16.1 million) is still for European destinations, so a recovery in European travel is a key factor for next year's results.
Valuation: Margins Far Above Competitors
There is no pure-play incentive travel company listed on Bursa for a direct PE comparison. However, the independent market research (IMR) report by Smith Zander in the prospectus compares Yes Group with private industry players:
| Company | Revenue (RM million) | Gross margin | Net margin |
|---|---|---|---|
| Holiday Tours & Travel | 667.11 | 6.1% | 2.0% |
| WorldTravellers DMC | 474.88 | 9.7% | 2.6% |
| Sunway Travel | 77.35 | 10.7% | 2.5% |
| Yes Group | 67.14 | 23.9% | 11.2% |
| Orex Travel & Tours | 41.68 | 11.5% | 2.6% |
Yes Group's net margin is roughly four times that of its larger rivals. This reflects its focus on customised incentive trips rather than standard tour packages or thin-margin ticketing. On the other hand, Yes Group holds only 0.36% of Malaysia's RM18.74 billion MICE industry in 2025, so it remains a small player in a fragmented market.
At 12.68 times earnings, YES is valued in line with other ACE Market IPOs this month, such as the Impact Capital IPO at 11.28 times. For a sector comparison, you can also read our coverage of the Golden Destinations Group IPO (in Malay), another travel company that chose Bursa to raise funds. The RM0.18 price is about 3.0 times pro forma NA per share, so IPO investors absorb dilution of RM0.12 per share or 66.7%, the gap between the IPO price and pro forma NA.
Strengths of the Yes Group IPO
- 11.2% net margin, far above the travel industry average of around 2% to 3%
- Almost no debt (gearing 0.02 times) and an asset-light model with customer deposits paid upfront
- Net profit kept rising even as FYE2026 revenue fell, showing the ability to switch destinations when Europe was disrupted
- RM34.56 million order book plus RM8.13 million of deferred revenue expected in FYE2027
- Government policy support: Budget 2027 extends the 100% tax exemption for organisers of international incentive trips and conferences to YA2030, and Visit Malaysia 2026 has already brought event contracts to the group
- A 12.68 times PE that is reasonable for a company with a consistent profit record
Risks and Weaknesses to Consider
1. Project-based business with no long-term contracts
Every trip is a one-off engagement. Revenue can jump 58% one year and fall 11% the next, depending on clients' incentive budgets. When the economy slows, employee reward budgets are often among the first to be cut. COVID proved this: revenue fell from RM15.2 million (2019) to RM4.0 million (2021), with two consecutive years of losses.
2. Geopolitical and currency risk
Revenue is earned in ringgit, but a large share of overseas trip costs is paid in euros, Swiss francs, yen and US dollars. A weak ringgit or a conflict that disrupts flight routes can erode margins, as happened with the European trips in FYE2026.
3. The UK plan is unproven
A UK ground transport business needs capital (vehicles), public service vehicle operator licences and a local team, while the group has no overseas operating experience. The IMR itself describes the barriers to entry for foreign players in the UK as high.
4. Governance and promoter control
Angela Mak will hold 74% after the IPO. The prospectus discloses several past issues: interest-free advances to the director totalling RM4.36 million that breached section 224 of the Companies Act 2016 (settled by set-off against the FYE2024 dividend, which reached 151.8% of profit), seven MOTAC compounds totalling RM9,200 for changing shareholders and directors without prior approval, and tax penalties for YA2022 to YA2024. The group set up an Audit and Risk Management Committee in January 2026 as a remedial step.
5. Cash fell after the financial year end
Cash dropped from RM7.24 million on 30 June 2026 to RM3.27 million on 9 October 2026, partly due to advances to suppliers for the rescheduled European trips. Together with the RM3.08 million listing expense charge, the first quarters after listing may look weak.
Other risks
- Dependence on MOTAC and MM2H licences
- Dependence on one airline (Supplier B) for tickets
- Dependence on Managing Director Angela Mak and Executive Director Too Wai Loon
- Seasonality: demand peaks in April, May, September and October
- Potentially low trading liquidity on the ACE Market
Who Are the Major Shareholders After the IPO?
Angela Mak, the founder and Managing Director, is the sole promoter and substantial shareholder. Her stake falls from 100% to 74% after selling 45.93 million shares through the OFS. All of her 392.2 million shares are locked up (moratorium) for the first six months, and 45% of the share capital stays locked for the following six months before being released in stages. Read why lock-up expiry matters in our article on the IPO lock-up period. The board is chaired by Wong Chan Yuen (Independent Non-Executive Chairman), and four of its six directors are independent.
IPO Review and IPO Financing
Still deciding whether to apply? We will hold an online review of the Yes Group IPO on Thursday, 12 November 2026, at 3:30pm, one day before applications close. Our remisier will walk through the prospectus, valuation and application strategy. Join the IPO Review with a Remisier.
If you want to apply for a larger quantity, IPO financing is available for YES (0485). Apply for 5x/10x IPO Financing. Remember that financing magnifies both potential gains and potential losses, so understand the risks first in our article on share margin and IPO financing.
Gold members can read the full prospectus analysis, including the MICE industry outlook and a detailed valuation, in the Yes Group IPO Review.
Frequently Asked Questions (FAQ)
When does the Yes Group IPO application close?
Applications close at 5pm on Friday, 13 November 2026. Balloting takes place on 17 November and the shares list on the ACE Market on 26 November 2026.
Is YES stock Shariah compliant?
Yes. The Securities Commission's Shariah Advisory Council classifies Yes Group shares as Shariah compliant. The status is reviewed twice a year, on the last Friday of May and November.
What is the PE of the Yes Group IPO?
Based on FYE2026 net profit of RM7.53 million and 530 million shares after the IPO, EPS is 1.42 sen and the PE at RM0.18 is 12.68 times.
What does Yes Group do?
Through its Yes Travel brand, Yes Group provides customised corporate incentive trips, event planning and management, and MM2H application services. Its main customers are financial services, property and consumer companies, as well as GLCs.
Why did Yes Group's revenue fall in FYE2026?
The Israel-Iran conflict disrupted trips to Europe. Six trips worth RM9.88 million were postponed, and RM8.13 million of them were rescheduled into FYE2027. Net profit still rose 2.6% to RM7.53 million.
What is the minimum number of shares to apply for the YES IPO?
Applications are made in units of 100 shares. At RM0.18, 100 shares cost RM18, so the minimum capital is very low. Most applicants apply for larger multiples to increase the value of their allotment if successful.
How will Yes Group use the IPO proceeds?
RM6.5 million (39.3%) for a UK regional office and European ground transport, RM3.0 million for Yes Academy, RM3.04 million for working capital and RM4.0 million for listing costs.
Will Yes Group pay dividends?
There is no formal dividend policy. Dividends are at the board's discretion, based on the group's profits and cash needs.
Conclusion
The Yes Group IPO offers a small but profitable Shariah-compliant incentive travel company, with net margins well above its rivals, almost no debt and a reasonable 12.68 times PE. However, its revenue depends on one-off projects and is exposed to geopolitics and currency swings, the UK plan is unproven, and its past governance record deserves attention given the promoter's 74% stake. The stock market is always uncertain, including how IPO shares perform after listing, so make your decision based on your own research and risk tolerance.
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Disclaimer: This article is for educational purposes only and is not a recommendation to buy or sell any stock. Stock investing involves risk and past performance does not guarantee future returns.