Where can investors find value when everyone is looking at the same opportunities?
Here’s one idea: look across the Causeway.
Most of us head to Malaysia for a quick getaway. Get a massage, have a good meal, maybe squeeze in some shopping before heading home.
But Singapore’s relationship with Malaysia runs deeper than weekend trips. We rely on Malaysia for many essentials, including food, agricultural produce, and even water. And we grow together too.
Take the AI boom. With limited land, power and permits for data centers in Singapore, many new facilities are being built in Malaysia instead, while still benefiting from being just next door.
In the first half of 2026, both Singapore and Malaysia’s GDP grew by around 6%.
Yet when it comes to investing, some investors still steer clear of Malaysian stocks because of Ringgit weakness and currency concerns.
Fair enough. Currency risk is real.
But what if that caution is causing investors to overlook some interesting businesses?
We found 5 Malaysian companies listed on SGX that have delivered multi-baggers returns (gains of more than 100%) for shareholders. More than that, these companies have continued to grow their businesses, strengthen investor communications and raise their profile with the market.
And because they’re listed on SGX, investors don’t need to leave their familiar investing ecosystem to gain exposure to Malaysia’s growth story.
Let’s look at these 5 stocks and what’s driving their performance.
1. CNMC Goldmine Holdings Ltd (SGX: 5TP) — The Kelantan Gold Story
CNMC runs the Sokor gold field in Tanah Merah, Kelantan. It was the first gold miner to list on SGX’s Catalist board back in 2011.
For years it was a sleepy little thing.
Then gold went vertical, and so did CNMC.
For FY2025, the company reported revenue nearly doubling to US$128.4 million and group profit after tax rising more than fourfold to US$52.2 million, per its own results release. It sold 26,039 ounces of gold at an average realised price of US$3,589 an ounce.
The stock has risen more than 200% since it started trading in 2012.
But the story isn’t just about a higher gold price.
On the value unlock front, CNMC has been actively working to raise its profile and broaden its investor base. The company’s recent transfer from Catalist to the Mainboard is expected to improve visibility and give it access to a wider pool of investors, including institutions.
Management is also investing for future growth. In April 2025, CNMC expanded its processing plant, increasing ore-processing capacity by 60% from 500 to 800 tonnes per day. Two new deep vertical shafts are currently under construction and are expected to unlock additional resources, support future production growth and extend the mine’s potential.
Financially, the company is in a strong position, with US$64 million in cash and less than US$2 million in borrowings as at 31 December 2025. Management has raised dividends for four consecutive years as profits grew, while increased analyst coverage has helped bring greater attention to the company’s progress.
Gold prices will always be cyclical. But gold remains a recognised store of value, and investing in a miner provides operating leverage to the underlying commodity. If gold continues to perform well, and CNMC continues to execute on its growth plans, investors may have more reasons to pay attention than ever before.
2. Oiltek International Ltd (SGX: HQU) – The 30-bagger Nobody Talked About
This certified multi-bagger stock is hiding in plain sight.
Oiltek is a Malaysian engineering group that designs and builds the plants that refine edible and non-edible oils. Increasingly, it is also involved in facilities that convert palm-oil waste into renewable fuel feedstock.
It IPO’d on Catalist in March 2022 at S$0.23, raising just over S$5 million, with a grand total of 500,000 shares going to the public.
Then the contracts came, the earnings compounded, and the shares climbed and climbed. The stock has since risen more than tenfold from its IPO price. It touched S$2.46 in April 2026, briefly crossing a S$1 billion market cap, before easing back to around the S$1.40 mark.
That’s sizeable value creation from a company that refines cooking oil for a living. But it wasn’t just about a rising share price.
Aside from delivering consistent business growth, Oiltek has also taken steps to broaden its investor reach. The company transferred to the Mainboard in June 2025 and carried out a bonus issue, helping raise its profile with a wider pool of investors. It has also been proactive in updating shareholders on material developments and addressing market concerns directly, something not every listed company does.
The business fundamentals have largely supported that growing investor interest. FY2025 revenue was around RM211 million, down modestly on the prior year as project timing is lumpy. Either way, the forward story management keeps pointing to is sustainable aviation fuel.
Financially it’s clean: no debt, a net cash position of around RM100 million, and dividends paid every year since listing.
The world isn’t going to stop eating. Palm oil is the most consumed vegetable oil on earth, and someone has to build, upgrade and maintain the refineries that process it. That is Oiltek’s bread and butter, and it’s a good one. High-margin, patent-protected engineering, with more than 650 plants built across 35 countries.
3. Nam Cheong Ltd (SGX: 1MZ) – A Turnaround Wonder
Nam Cheong is a turnaround story worth knowing.
The company is a Sarawak-based shipbuilder, one of the largest builders of offshore support vessels in Malaysia, and it also owns and charters out a fleet of its own.
In 2017 it nearly didn’t survive. When oil crashed, and the offshore-marine industry with it, Nam Cheong booked an impairment of more than RM2.8 billion, a loss north of RM3.0 billion, and borrowings above RM1.6 billion it couldn’t service.
It needed to go through a restructuring.
Today it’s back on its feet. For FY2025 the company reported earnings of more than RM287 million on revenue of around RM620 million, supported by long-term charter contracts covering a large share of its fleet.
The share price reflects the resurrection. It traded around S$0.42 – 0.44 in late November 2024, after a batch of RM1.2 billion charter wins. By April 2026, it had a blistering run to S$1.63. It has since given back about a third, changing hands near S$1.09 on 11 August 2026. Anyone who bought at the turnaround base is still sitting on roughly two and a half times their money.
This is a company that learned to talk about stability after nearly dying of volatility. Management now frames its strategy explicitly around charter coverage, aiming to lock in the bulk of the fleet on long-term contracts for recurring income while keeping some exposure to spot rates.
Just as importantly, management regularly updates the market on charter wins and business developments, giving shareholders greater visibility over the company’s prospects.
The value unlock strategy here isn’t dividend payouts. The company still pays none, choosing instead to keep strengthening its balance sheet after the previous harrowing experience.
It’s the deleveraging, and the deliberate shift toward a charter-led model, locking in long-term contracts that give visibility on recurring income rather than living quarter to quarter on spot rates.
Hedging away uncertainty for retail investors is a type of value unlock mechanism that is under-rated in cyclical sectors.
4. Grand Banks Yachts Ltd (SGX: G50) — Luxury Boats, Built In Johor
Grand Banks builds luxury motor yachts under the Grand Banks, Eastbay and Palm Beach names, out of a yard in Pasir Gudang, Johor.
The buyers are high-net-worth individuals from across the globe. The boats, between roughly 42 and 85 feet, are Malaysian-made.
The business has quietly improved for years. Revenue climbed from S$96.1 million in FY2021 to a record S$162.3 million in FY2025, and profit after tax from S$4.2 million to S$18.2 million. The net order book stood at S$156.6 million as of 30 June 2025. That is visibility most micro-caps would envy.
The stock has been a multi-bagger over the longer window: up around 200% over five years on adjusted returns and up around 155% over three years, trading near S$0.70 in 2026.
Grand Banks has also been doing many of the little things investors often ask for.
It runs shareholder tours of the Pasir Gudang yard. It publishes written responses to shareholder questions before AGMs. It has articulated a clear expansion strategy, with a dedicated composites facility in Johor and a marina acquisition in Newport, Rhode Island. These efforts help investors better understand the business, management’s plans and where future growth could come from.
It also sits in a net cash position, with S$51.5 million on hand as of June 2025 and S$31.2 million of operating cash flow for the year, while paying a steady dividend of 1.5 Singapore cents for FY2025.
Selling large discretionary toys to affluent buyers might be cyclical and lumpy. But they’re toys the affluent keep playing with.
5. Riverstone Holdings Ltd (SGX: AP4) — The fallen multi-bagger
Riverstone was a stock darling just a few years back.
It’s a Malaysian glove-maker, but put the pandemic image out of your mind. Riverstone’s real prize is cleanroom gloves, the ultra-high-spec kind used in semiconductor and hard-disk-drive fabs, where a single stray particle ruins a silicon wafer. Manufacturing runs mostly out of Malaysia, with plants in Thailand and China too. It has been on the SGX Mainboard since 2006.
For FY2025, revenue slipped 7.2% to RM995.3 million and net profit fell 27.6% to RM207.8 million, per its results release, pressured by cut-throat pricing in commodity healthcare gloves and a stronger ringgit against the US dollar.
The cleanroom side, by contrast, is growing, pulled along by data-centre and AI demand for contamination-free consumables.
Riverstone had its share-price moonshot during Covid-19 and has spent the years since drifting back down to earth. It traded between S$0.68 – 0.97 through 2026, a long way under its pandemic peak of S$2.35 per share.
But look at how it returns money instead.
Riverstone has paid a dividend every single year since listing, special dividends included, funded by a fortress balance sheet with no debt. For FY2025 it declared 17.0 sen per share in total, a payout ratio of 121%, meaning it handed shareholders more than it earned that year by returning accumulated cash. It now pays quarterly, which provides a more regular income stream for shareholders.
This is a different kind of value unlocking at work.
Riverstone’s multi-bagger days may be behind it, but management continues to create value through disciplined capital management and a shareholder-friendly dividend policy.
Not a rocket anymore, perhaps. But for investors who appreciate steady cash returns, it remains a stock worth paying attention to. While healthcare gloves are essential, pricing remains under pressure from Chinese and Malaysian competition, and the cleanroom recovery leans on the semiconductor cycle staying friendly.
Verdict
The Malaysian economy still has room to grow. But for investors looking beyond the usual names, there are a handful of proven businesses on SGX with track records worth considering.
These five companies are just the tip of the iceberg of businesses riding on Malaysia’s growth story while choosing to list on SGX and trade in SGD.
And while there are concerns over the Ringgit’s volatility, many of these businesses operate internationally, providing some diversification to their revenue streams and helping to mitigate currency risks.
More importantly, these companies have not relied on business performance alone. Across different industries, their management teams have taken deliberate steps to review longer-term growth strategies, uncover new opportunities, optimise investment portfolio and capital allocation, as well as improve investor communications, broaden market visibility and engage shareholders more actively.
For investors, understanding these efforts provides valuable context beyond earnings and share-price movements. After all, some of the best opportunities are not just found in companies creating value, but in companies helping the market recognise that value too.
Disclosure. This article is sponsored as part of SGX’s market development initiative. However, all opinions expressed are solely those of the author and do not constitute financial advice.
