AMS IPO: 20x PE for Aluminum Processing?

AMS Advanced Materials is heading for an ACE Market listing to raise approximately RM33 million, pitching a rapid climb up the industrial value chain. However, with a valuation sitting at 20 times earnings and negative operating cash flow in its most recent financial year, the question for potential investors is clear: are you funding a high-tech processing future or simply refueling a capital-intensive trading engine?

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