Guan Huat Seng Holdings Berhad is a steady food distributor with in-house manufacturing, projecting a 3-year earnings CAGR of 13.3% and core PATMI of RM8.8–10.5m, supported by its wide SKU base, strong distribution network, and near-peak utilisation. Fair value is RM0.29 (15x FY26F PER), implying ~16% upside plus ~2% dividend yield from the RM0.25 share price. Margins have improved (GPM up from 16.1% in FY22 to 25.1% in FY25), while a stronger Ringgit should ease costs given ~40% FX exposure. ~70% of IPO proceeds (~RM21m) will be used for capacity expansion to support more sustainable growth post-listing.