About that RM5 billion “miracle”
Plus: Jho Low's second pardon punt.
It’s Friday and to kickstart the weekend, I have two items in this morning’s newsletter:
➜ TNG Digital’s first net profit and the maths behind its RM5 billion valuation pitch.
➜ Jho Low files for a Trump pardon again, and the well-worn lobbying playbook behind it.
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I read the recent issue of The Edge and, as always, started with the cover.
It was TNG Digital — our long-suffering fintech — taking what can only be described as a victory lap dressed up as an exclusive interview.
At first glance, you would think TNG Digital had just rewritten the laws of fintech physics.
Chief executive Alan Ni walked the reader through the company’s first full-year net profit: RM103.23 million for 2025, reversing a RM42.48 million loss the year before.
Revenue is up 71.7% to RM707.28 million.
A Bursa listing is in the works, and management is openly fishing for a RM4 billion to RM5 billion “unicorn” valuation at a 40x to 50x price-to-earnings multiple1.
It’s a masterful pre-IPO pitch.
The only problem is that the pitch and the audited financial statements are telling slightly different stories.
Let’s run a reality check on Ni’s biggest claims.