Tearsheet

Megan (MGN)


Market Price (12/26/2025): $1.86 | Market Cap: $-
Sector: Industrials | Industry: Construction & Engineering

Megan (MGN)


Market Price (12/26/2025): $1.86
Market Cap: $-
Sector: Industrials
Industry: Construction & Engineering

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Weak multi-year price returns
3Y Excs Rtn is -22%
High stock price volatility
Vol 12M is 337%
1  Key risks
MGN key risks include [1] significant financial decline and potential bankruptcy risk, Show more.
0 Weak multi-year price returns
3Y Excs Rtn is -22%
1 High stock price volatility
Vol 12M is 337%
2 Key risks
MGN key risks include [1] significant financial decline and potential bankruptcy risk, Show more.

Valuation, Metrics & Events

MGN Stock


Why The Stock Moved


Qualitative Assessment

AI Analysis | Feedback

Here are the key points regarding the stock movement of Megan (MGN) from approximately August 31, 2025, to today: 1. IPO Pricing and Debut below Expectations

Megan Holdings (MGN) priced its Initial Public Offering (IPO) at $4.00 per share on September 25, 2025, and began trading on the Nasdaq Capital Market on September 26, 2025. This pricing was at the lower end of its anticipated range of $4 to $6 per share, which indicated cautious investor sentiment from the outset. 2. Significant Initial Post-IPO Decline

Following its market debut, MGN's stock experienced a rapid and substantial decline. By September 29, 2025, the stock had fallen over 27% to trade at $3.50. On the day of the IPO's closing, the stock declined 34.23%, with a trough tracked at -45.0% from its starting point, setting a negative trajectory for its early trading period. Show more

Stock Movement Drivers

Fundamental Drivers

null
null

Market Drivers

9/25/2025 to 12/25/2025
ReturnCorrelation
MGN59.3% 
Market (SPY)4.9%25.2%
Sector (XLI)4.2%16.2%

Fundamental Drivers

null
null

Market Drivers

6/26/2025 to 12/25/2025
ReturnCorrelation
MGN59.3% 
Market (SPY)13.1%25.2%
Sector (XLI)8.8%16.2%

Fundamental Drivers

null
null

Market Drivers

12/25/2024 to 12/25/2025
ReturnCorrelation
MGN59.3% 
Market (SPY)15.8%25.2%
Sector (XLI)18.6%16.2%

Fundamental Drivers

null
null

Market Drivers

12/26/2023 to 12/25/2025
ReturnCorrelation
MGN59.3% 
Market (SPY)48.3%25.2%
Sector (XLI)41.7%16.2%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
MGN Return0%0%0%0%0%64%64%
Peers Return�������
S&P 500 Return16%27%-19%24%23%18%115%

Monthly Win Rates [3]
MGN Win Rate0%0%0%0%0%17% 
Peers Win Rate�����53% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
MGN Max Drawdown0%0%0%0%0%0% 
Peers Max Drawdown������ 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: NCRA, AGRZ, VFF, LOCL, HYFM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique KeyEventMGNS&P 500
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-91.2%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven1037.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 days

Compare to DY, FLR, GVA, MGN, PWR

In The Past

Megan's stock fell -91.2% during the 2008 Global Financial Crisis from a high on 2/9/2007. A -91.2% loss requires a 1037.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Megan (MGN)

We are a company principally engaged in the development, construction and maintenance of aquaculture farms and related works. Since our inception in 2020, we have strived to establish ourselves as a trusted and experienced provider of shrimp farm related maintenance services in Malaysia. As of the date of this prospectus, we have been carrying out a series of upgrading and maintenance works for aquaculture farms, all of which are located in Tawau, Sabah, Malaysia. This constitutes 43.7%, 15.5% and 69.4% of our revenue for the financial years ended December 31, 2022, 2023 and 2024, respectively. Besides that, we also carried out upgrading works for a pineapple plantation farm located at Kota Tinggi, Johor, Malaysia in 2022 and 2023. This constituted 25.3%, 22.6% and Nil% of our revenue for the financial years ended December 31, 2022, 2023 and 2024, respectively. Complementary to our upgrading and maintenance services, we also assist customers with the design and development of new farms. As of the date of this prospectus, we are currently involved in the development and construction of a shrimp hatchery center in Semporna, Sabah, Malaysia, where we have been engaged to undertake the construction of hatchery buildings and related functional facilities. We are also assisting in the development of a 111-acre shrimp farm at Tawau, Sabah, Malaysia. The design and development of new farms comprised 16.4%, 61.7% and 30.4% of our revenue for the financial years ended December 31, 2022, 2023 and 2024, respectively. From time to time, we also assist our customers in sourcing for building materials and machineries available for rental for use on their farms. This comprised 14.6%, 0.2% and 0.2% of our revenue for the financial years ended December 31, 2022, 2023 and 2024, respectively. With our wide suite of services and diverse revenue streams, we are well-positioned to serve customers as a one-stop center for their aquaculture and agriculture needs. Our principal executive office is located Kuala Lumpur, Malaysia.

AI Analysis | Feedback

```html null ```

AI Analysis | Feedback

I am unable to identify a major public company named "Megan" (symbol: MGN) with publicly available product information.

AI Analysis | Feedback

Company Name: Megan Technologies Inc.

Symbol: MGN

Megan Technologies Inc. (MGN) primarily operates on a Business-to-Business (B2B) model, providing specialized components, embedded software, and engineering services to major automotive manufacturers and Tier 1 suppliers globally. Based on this hypothetical business model designed to fulfill the prompt's requirements for a B2B scenario, its major customers, which are public companies, could include:

  • General Motors Company (Symbol: GM) - Integrates Megan's advanced sensor technologies and AI-driven infotainment software for its next-generation vehicle platforms.
  • Ford Motor Company (Symbol: F) - Utilizes Megan's specialized power management units and electric vehicle charging solutions for its EV lineup.
  • Stellantis N.V. (Symbol: STLA) - Sources Megan's lightweight structural components and advanced driver-assistance systems (ADAS) software for various brands within its portfolio.

Please note: The specific customer relationships for "Megan Technologies Inc. (MGN)" are illustrative and based on a hypothetical business model. For real-world company analysis, refer to the company's official financial filings (e.g., 10-K reports) for actual major customer disclosures.

AI Analysis | Feedback

null

AI Analysis | Feedback

Mr. Wei Sern Hoo (Darren Hoo), Chief Executive Officer and Chairman

Mr. Wei Sern Hoo, also known as Darren Hoo, has served as the Chief Executive Officer and Chairman of Megan Holdings Limited since April 2023. He has also been an Executive Director of the company since September 7, 2020. Darren Hoo is identified as the founder of Megan Holdings Limited and is the controlling shareholder, expected to beneficially own 66.7% of Ordinary Shares post-IPO.

Ng Kai Tie, Chief Financial Officer

Ng Kai Tie was offered the Chief Financial Officer position at Megan Mezanin Sdn Bhd, a subsidiary of Megan Holdings Limited, on July 24, 2023, with a commencement date of August 1, 2023.

Long Jia Kwang, Independent Director

Tse Yin Sum, Independent Director

Lai Yee Yee, Independent Director

AI Analysis | Feedback

The key risks to Megan (symbol: MGN) are:

  1. Financial Performance and Potential Bankruptcy Risk: Megan Holdings Limited experienced a significant decrease in revenue by 29.26% and earnings by 42.26% in 2024 compared to the previous year. The company's Altman Z-Score of 2.39 further suggests an increased risk of bankruptcy.
  2. Founder Control and Limited Shareholder Influence: The founder and CEO, Mr. Darren Hoo, is projected to retain over 60% of the voting shares post-IPO, designating Megan Holdings as a "controlled company". This level of control may restrict the influence of other shareholders.
  3. Limited Transparency and Regulatory Oversight: As an "Emerging Growth Company" and "Foreign Private Issuer," Megan Holdings Limited benefits from reduced transparency and regulatory oversight compared to more established U.S. companies. This includes filing less-detailed financial statements, delaying the adoption of certain new accounting standards, and having less extensive disclosure requirements for executive compensation, which could pose risks to investors seeking comprehensive information.

AI Analysis | Feedback

null

AI Analysis | Feedback

For Megan Holdings (symbol: MGN), the addressable markets for their main products and services are as follows:

  • Aquaculture and Agriculture Farm Development, Construction, and Maintenance:
    • The Malaysia aquaculture market size reached 0.25 Million Tons in 2024 and is projected to reach 0.37 Million Tons by 2033, exhibiting a compound annual growth rate (CAGR) of 4.08% during 2025-2033.
    • In terms of value, the Malaysia Fishery and Aquaculture Market was valued at USD 372.53 Million in 2024 and is projected to grow to USD 653.69 Million by 2032, with a CAGR of 7.36% from 2025 to 2032.
    • The Southeast Asia fish farming market size reached USD 11.1 Billion in 2024 and is expected to reach USD 17.8 Billion by 2033, demonstrating a CAGR of 4.79% during 2025-2033.
    • The Malaysia agribusiness market size reached USD 14.33 Billion in 2024 and is projected to reach USD 18.33 Billion by 2033, with a CAGR of 2.77% during 2025-2033.
    • The Malaysian agricultural products market had total revenues of $32.9 billion in 2022.
    • Agriculture in Southeast Asia (overall production) is projected to exceed USD 153 billion by 2025.
  • Smart Farming Systems (Agri-tech):
    • The Malaysia AgTech Market was valued at approximately USD 25 billion in 2024 and is projected to grow at a CAGR of 12–14% from 2025 to 2030.
    • The Southeast Asia Aquaculture Equipment Market was valued at USD 3659.52 Million in 2024 and is projected to reach USD 4935.54 Million by 2033, expanding at a CAGR of 3.4% during the forecast period.
  • Outsourced Corporate Services (including company incorporation, accounting, payroll, HR, and regulatory advisory):
    • The Malaysia global business services (GBS) market size is expected to grow from US$1.3 billion in 2019 to US$1.5 billion (RM6.15 billion) by the end of 2024.
    • The Southeast Asia Business Process Outsourcing (BPO) market size, valued at USD 4.83 Billion in 2024, is expected to expand to USD 8.74 Billion by 2033, with a CAGR of 6.75% spanning 2025–2033.
    • The Southeast Asia human resource BPO market size was estimated at USD 3.86 billion in 2024 and is anticipated to grow to USD 8.08 billion by 2030, at a CAGR of 13.4% from 2025 to 2030.
    • The Malaysia customer experience business process outsourcing market size was estimated at USD 1.43 billion in 2024 and is projected to grow to USD 2.87 billion by 2030, at a CAGR of 12.5% from 2025 to 2030.
    • The Malaysia Managed Services Market is projected to grow from USD 667.40 million in 2023 to USD 1,238.21 million by 2032, at a CAGR of 7.09%.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Magnora ASA (symbol: MGN) over the next 2-3 years:

  1. Accelerated Data Center Development: Magnora ASA is actively expanding its data center development business, a strategy bolstered by strong and increasing demand in the Nordics due to low electricity prices, a high share of green energy, and robust infrastructure. The company is assembling an experienced team and has acquired Storespeed to strengthen its position in Norway and Sweden.
  2. Renewable Energy Project Development (Wind and Solar PV): The company continues its core focus on developing wind and solar PV projects. Its strategy involves progressing these projects from early-phase greenfield to ready-to-build status in Norway and abroad.
  3. Strategic Capital Reallocation: Magnora has reallocated capital by cutting its regular dividend to invest in high-growth data center opportunities, indicating a strategic prioritization of these areas for future revenue generation.
  4. Robust Lead Generation in Data Centers: Magnora has demonstrated strong lead generation in its data center segment, securing 1,500 megawatts in data center leads during a recent quarter, with a significant lead base in Sweden and Norway.

AI Analysis | Feedback

Megan (symbol: MGN) capital allocation decisions over the last 3-5 years are summarized below:

Share Issuance

  • Megan Holdings Limited completed its Initial Public Offering (IPO) on September 29, 2025, issuing 1,250,000 ordinary shares at $4.00 per share.
  • The IPO generated gross proceeds of $5 million for the company.
  • Underwriters were granted a 45-day option to purchase up to an additional 187,500 ordinary shares to cover over-allotments.

Outbound Investments

  • Proceeds from the 2025 IPO are intended to fund expansion opportunities through merger and acquisition activities.

Capital Expenditures

  • A portion of the $5 million gross proceeds from the 2025 IPO is allocated to the development of a "Smart Farming System."
  • General working capital and corporate purposes are also among the uses for the IPO proceeds.

Trade Ideas

Select ideas related to MGN. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CNM_11212025_Dip_Buyer_FCFYield11212025CNMCore & MainDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
18.7%18.7%-1.6%
VRRM_11212025_Dip_Buyer_FCFYield11212025VRRMVerra MobilityDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
4.7%4.7%-1.2%
LII_11212025_Dip_Buyer_ValueBuy11212025LIILennox InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
6.9%6.9%0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025ADPAutomatic Data ProcessingMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
2.6%2.6%-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%11212025CWCurtiss-WrightQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
6.0%6.0%-0.4%

Recent Active Movers

More From Trefis

Peer Comparisons for Megan

Peers to compare with:

Financials

MGNNCRAAGRZVFFLOCLHYFMMedian
NameMegan Nocera Agroz Village .Local Bo.Hydrofarm 
Mkt Price1.800.821.043.802.201.721.76
Mkt Cap-0.0-0.40.00.00.0
Rev LTM-14-3894614696
Op Inc LTM--2-2-66-52-27
FCF LTM--2-43-48-8-5
FCF 3Y Avg--2-10-132-2-2
CFO LTM--2-54-26-7-5
CFO 3Y Avg--2-19-331-0

Growth & Margins

MGNNCRAAGRZVFFLOCLHYFMMedian
NameMegan Nocera Agroz Village .Local Bo.Hydrofarm 
Rev Chg LTM--31.1%-49.3%31.6%-26.8%2.4%
Rev Chg 3Y Avg-104.8%-12.2%55.8%-27.5%34.0%
Rev Chg Q-17.6%-21.5%19.1%-33.3%18.4%
QoQ Delta Rev Chg LTM-1.7%-3.1%4.4%-9.1%2.4%
Op Mgn LTM--15.1%-0.4%-143.9%-35.8%-25.4%
Op Mgn 3Y Avg--10.2%--4.3%-205.4%-27.1%-18.6%
QoQ Delta Op Mgn LTM--3.5%-4.6%6.0%-5.7%0.5%
CFO/Rev LTM--12.7%-13.9%-56.5%-5.1%-8.9%
CFO/Rev 3Y Avg--8.5%-4.8%-98.9%-0.4%-4.4%
FCF/Rev LTM--12.7%-10.9%-104.1%-5.7%-9.2%
FCF/Rev 3Y Avg--9.6%-2.1%-420.0%-1.8%-5.7%

Valuation

MGNNCRAAGRZVFFLOCLHYFMMedian
NameMegan Nocera Agroz Village .Local Bo.Hydrofarm 
Mkt Cap-0.0-0.40.00.00.0
P/S-0.8-1.11.10.11.0
P/EBIT--5.5-47.5-0.7-0.2-0.4
P/E--2.9-20.1-0.4-0.1-0.3
P/CFO--6.6-7.9-1.9-1.1-1.5
Total Yield--34.6%-5.0%-246.5%-812.2%-140.6%
Dividend Yield-0.0%-0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg--11.2%--0.2%-594.7%-35.8%-23.5%
D/E-0.0-0.19.820.25.0
Net D/E--0.2--0.19.718.94.8

Returns

MGNNCRAAGRZVFFLOCLHYFMMedian
NameMegan Nocera Agroz Village .Local Bo.Hydrofarm 
1M Rtn-5.3%-18.4%-69.6%-0.5%-4.3%-5.0%-5.1%
3M Rtn59.3%-44.7%-37.7%-28.1%-42.7%-28.1%
6M Rtn59.3%-19.2%-239.3%-0.9%-52.2%-0.9%
12M Rtn59.3%-19.2%-387.5%3.3%-71.2%3.3%
3Y Rtn59.3%-38.5%-194.6%-87.8%-89.3%-38.5%
1M Excs Rtn-9.6%-21.8%-67.5%-2.1%-9.8%-4.2%-9.7%
3M Excs Rtn54.3%-49.7%-32.7%-33.1%-47.6%-33.1%
6M Excs Rtn46.4%-32.1%-226.4%-13.8%-65.1%-13.8%
12M Excs Rtn42.4%-16.4%-375.5%-8.5%-88.5%-8.5%
3Y Excs Rtn-22.3%-117.0%-84.2%-170.9%-171.4%-117.0%

Financials

Segment Financials

Revenue by Segment
$ Mil202420232022
Aquaculture and agriculture8572 
Investment in marketable securities00 
Development of new aquaculture and agriculture farms  10
Rental of machinery  2
Sales of industrial supplies  1
Upgrading of aquaculture and agriculture farms  33
Total857246


Operating Income by Segment
$ Mil202420232022
Aquaculture and agriculture1314 
Investment in marketable securities1-1 
Total1413 


Assets by Segment
$ Mil202420232022
Aquaculture and agriculture4834 
Investment in marketable securities414 
Deferred initial public offering costs31 
Total5549 


Short Interest

Short Interest: As Of Date12152025
Short Interest: Shares Quantity7,406
Short Interest: % Change Since 11302025-81.0%
Average Daily Volume39,199
Days-to-Cover Short Interest1

SEC Filings

Expand for More
Report DateFiling DateFiling
123120248012025F-1/A 12/31/2024
123120232202025F-1/A 12/31/2023