FSBM Holdings shares more than halve in two sessions, sink to near five-year low

KUALA LUMPUR: FSBM Holdings Bhd has lost more than half its value in just two trading days, sinking to its lowest level in nearly five years as heavy selling swept through the technology counter.

At 11.15am, the Main Market-listed stock was down 28.57 per cent or three sen at 7.5 sen, with 75.68 million shares changing hands, its busiest session in at least five years, based on Bursa Malaysia's available historical data.

The counter opened 4.76 per cent or half a sen lower at 10 sen. It plunged as much as 47.62 per cent or five sen to 5.5 sen in morning trade before paring some losses.

FSBM, whose core business is intelligent applications and digital solutions, had closed at 17 sen on Tuesday before the market was shut for the Malaysia Day public holiday on Wednesday.

It tumbled 38.24 per cent to 10.5 sen when trading resumed on Thursday before extending its decline today.

At 7.5 sen, FSBM has fallen 9.5 sen, or 55.88 per cent, from Tuesday's close, wiping out about RM54.88 million in market capitalisation.

The current level is also its lowest since Sept 29, 2021.

It remains unclear what triggered the sharp sell-off as there has been no fresh corporate development surrounding the company.

FSBM began 2026 at 18 sen and traded as high as 24 sen during the year. At 7.5 sen, it has lost 58.33 per cent in value so far this year.

The company's latest Bursa Malaysia filing on Sept 10 involved the conversion of 174,000 Warrants B into ordinary shares at an exercise price of five sen each.

The new shares were listed on Sept 11, raising FSBM's issued share base to 577.67 million shares.

The share-price rout also comes despite a sharp turnaround in FSBM's latest financial results released on Aug 28.

Second-quarter revenue nearly tripled to RM10.38 million from RM3.56 million a year earlier, while the company swung to a net profit of RM1.59 million from a RM781,000 loss.

For the first six months of 2026, revenue jumped to RM19.89 million from RM5.35 million, while net profit stood at RM2.63 million against a RM1.55 million net loss previously.

The improvement was driven largely by its intelligent application and digital solutions business, which generated RM19.53 million in revenue in the first half, more than four times the RM4.55 million recorded a year earlier.

The segment posted a profit of RM4.25 million compared with a RM32,000 loss previously.

FSBM said it remained focused on smart manufacturing, intelligent applications and digital solutions, and cybersecurity, while deepening its artificial intelligence (AI) capabilities.

The company has allocated part of the proceeds from an earlier private placement towards developing augmented analytics and generative AI solutions.

As at June 30, RM1.71 million had been spent on research and development for augmented analytics, while RM583,000 had been deployed towards generative AI technologies, including implementation, technical support and market validation.