Rakuten Trade Sdn Bhd said the sector is also benefiting from increasing demand for sustainable buildings, green-certified developments and modern workplace designs, which are expected to create further opportunities for specialised interior fit-out contractors.

Against this backdrop, the firm said Adnex Group Bhd is well positioned for earnings growth, underpinned by a healthy order book, expansion plans and favourable long-term prospects within Malaysia's interior fit-out industry.

Adnex currently has an outstanding order book of RM28.5 million and a tender pipeline worth RM120 million, providing visibility on future earnings and opportunities to secure additional projects.

ADNEX demonstrated resilient performance despite a RM3.06 million one-off listing expense that weighed on reported profit, while its adjusted PBT margin remained strong at 14.20%. Revenue stayed stable with slight quarter-on-quarter growth despite a seasonally softer Q1, and the IPO significantly strengthened the balance sheet, boosting total equity to RM35.00 million and cash reserves to RM21.85 million. Interior Fit-out Works remained the main revenue contributor at 75.31%, followed by Turnkey Fit-out Services at 24.69%