The counter’s closing price today marked a 17 sen or 22.2% drop compared to yesterday.

It also represents a 26.5% decline compared to the group’s initial public offering (IPO) price of 81 sen.

The stark drop placed the counter as one of Bursa’s top losers today, with some 44.4 million shares exchanging hands. Its market capitalisation currently stands at RM488.4 million.

MST Golf’s shares have been on a downward trend following its lacklustre debut on July 20, opening at 70.5 sen, 12.96% lower than its IPO price. The counter closed 3 sen or 3.7% lower at 78 sen that day.

Despite the slightly disappointing debut, analysts remained optimistic of the group’s outlook.

TA Securities Research had valued MST Golf at RM1.20 per share prior to its listing. The assessment was based on its remarkable 40% return on equity (ROE) in FY2022.

Meanwhile, Apex Securities had established a target price of 97 sen for MST Golf, equivalent to a price-earnings ratio of 21.9 times the company’s estimated earnings per share of 4.4 sen for FY2024.

The group posted a net profit of RM8.79 million in Q1 FY2023, on a revenue of RM86.29 million.