Online-merge-offline commercial foodservice and kitchen equipment supplier, Ping Edge Technology Berhad (“Ping Edge”) has successfully debuted on the LEAP Market of Bursa Malaysia Securities Berhad. The stock is categorised under the Consumer Products and Services sector and carries the stock name of PING, with a stock code of 03063.
At the opening bell, Ping Edge’s share price opened at 24 sen, with a premium of 4.3% over the issue price of 23 sen.
Founded in 2015, Ping Edge, through its wholly-owned subsidiary (collectively known as the “Group”), is principally involved in the trading of commercial foodservice and kitchen equipment through the Group’s digital platforms. Ping Edge operates two proprietary online channels – Kitchen Arena an online e-commerce platform which focuses on supplying new commercial foodservice and kitchen equipment, and Murah Kitchen an online marketplace for trading of pre-owned units. These online platforms are key revenue drivers to the Group, collectively contributing RM30.12 million, or approximately 97.5% of the total revenue for the financial year ended 31 October 2024 (“FYE 2024”).
To complement the online experience, Ping Edge also operates a physical showroom and warehouse, Kitchen 360, in Seri Kembangan, Selangor. The brick-and-mortar presence provides prospective customers the opportunity to view and assess equipment in person.
Ping Edge’s integrated approach has driven a steady growth in the Group’s customer base, serving 1,315 customers in FYE 2024, up from 943 in the previous financial year. Notable clients include subsidiaries of MSM International Limited, Ayam Gepuk (M) Sdn. Bhd. (i.e. Ayam Gepuk Pak Gembus), UR Restaurants Sdn. Bhd. (i.e. FUIYOH! It’s UNCLE ROGER), and Mamakim Wellness Kitchen Sdn. Bhd.
To meet the diverse operational needs of its clientele, Ping Edge offers a broad portfolio of approximately 7,814 stock keeping units (“SKUs”) across approximately 430 brands, spanning categories such as cooking and display units, beverage preparation systems, refrigeration appliances, cleaning and sanitation machinery, and stainless-steel fabrication. The Group’s brand portfolios include, among others, Frezmac, Modelux, Unox, Fresh, Redor, Powerline, Snow, Fagor, Robot Coupe, and Costimo.
Managing Director of Ping Edge, Mr. Dexter Soh Yeow Seng said, “The listing of Ping Edge on the LEAP Market marks an important milestone in our corporate journey – the culmination of our team’s dedication and hard work. The new status increases our visibility and strengthens our credibility among customers, business partners, and industry stakeholders. By embracing the transparency and accountability expected of a listed company, we aim to foster greater trust and confidence in our brands and platforms, as well as enhance the confidence our business partners have in us.”
“The food and beverage industry continues to grow in tandem with the rising population and higher disposable income. To capitalise on this favourable environment, we plan to set up three new showrooms with storage facilities in Negeri Sembilan, Johor, and Penang. This will enhance accessibility for customers outside the central region, improve service coverage and shorten delivery lead times, while complementing our online-first strategy by providing customers the opportunity to physically experience products with on-site guidance. Operations in Negeri Sembilan and Johor outlets are targeted to commence in the third quarter of 2025.”
In response to evolving market demands, Ping Edge also plans to expand its product range to cater to a wider target market. The expansion includes new categories such as bakery equipment, food processors, kitchenware, bar supplies, and cooking utensils, with potential additions such as tableware, crockery, and cutlery to complement existing offerings.
“We also aim to upgrade our digital platforms by improving functionality and user experience. Planned enhancements include integrating business intelligence tools to enhance the capabilities of both our online platforms, adding a bidding function on Murah Kitchen, and refining site navigation and responsiveness. Furthermore, we are stepping up digital marketing efforts and strengthening customer service touchpoints to boost trust and encourage repeat usage.”
“We intend to develop Business Doctor as a standalone business segment, extending beyond product sales. Currently, Business Doctor provides kitchen design consultancy, installation, servicing, and repair services for equipment purchased online. Given the rising demand for tailored solutions and aftersales support, we plan to offer these services to a broader customer base – including those outside our digital channels.” Mr. Dexter Soh concluded.
For FYE 2024, the Group’s revenue increased 79.5% year-on-year (“YoY”) to RM30.89 million on higher sales across both online platforms as well as its physical outlet. Profit after tax (“PAT”), meanwhile, jumped 219.8% YoY to RM2.91 million from RM0.91 million a year ago. This translated into a PAT margin of 9.4% in FYE 2024.
Ping Edge raised RM5.15 million from its LEAP Market listing to fund its strategic growth initiatives, allocating RM1.00 million (19.4%) for showroom expansion. Another RM0.50 million (9.7%) goes to digital enhancements, RM2.37 million (46.0%) for working capital, while the balance RM1.28 million (24.9%) will be utilised to defray listing-related expenses.
TA Securities Holdings Berhad is the Approved Adviser, Placement Agent, and Continuing Adviser for the listing exercise.
