Shares of Tanco Holdings Berhad slid another 11.5% to MYR 0.27 on Thursday, extending a punishing selloff that has destroyed the vast majority of a once-breathtaking speculative rally. The stock hit its all-time high of MYR 1.78 on June 3, 2026 , meaning today's price represents a collapse of roughly 85% in seven weeks. In just nine trading sessions after the peak, Tanco plummeted 93% to an intraday low of 12 sen , and the current bounce to the mid-20s range is merely a partial recovery from that floor.

  • A MYR 10 Billion Mirage Built on Hype, Not Earnings. Tanco had staged an 11-fold rise from MYR 0.15 in January 2024 to its peak, at which point it traded at a staggering price-to-earnings ratio of 1,187 times, with a net tangible asset per share of just MYR 0.06. In plain English, the market priced the stock at nearly 30 times the value of everything the company actually owns. Fiscal 2025 revenue fell 26% to MYR 128.5 million, while earnings dropped 34% to MYR 7.9 million. The numbers never supported the valuation — the narrative did.

  • The Boss Was Trading His Own Stock the Whole Way Down. The sharp crash didn't stop managing director Andrew Tan from selling 24.6 million shares in a block deal at MYR 1.555 — a price 40% above the day's intraday peak while the stock was in limit-down.

Despite frequent buying and selling, Tan's overall ~53% stake barely changed , raising governance questions that remain unresolved.

  • Bursa's Regulatory Spotlight Changed Nothing. Bursa Malaysia issued UMA queries in both April and June 2026 following the sharp surge and subsequent crash.

Tanco denied any fresh undisclosed corporate developments and said no new material information explained the moves. For shareholders, the regulator's intervention brought disclosure but no protection.

  • The Port Project Remains a Promise on Paper. The proposed smart AI container port in Port Dickson — the story that fueled the rally — has yet to see meaningful progress or contribute materially to earnings.

It remains unclear how Tanco will fund the estimated MYR 3.53 billion construction cost.

Cash flow is already negative — the company burned roughly MYR 30 million in operating and investing activities in the nine months through March 2026.

At MYR 0.27, Tanco is cheaper, but cheap and good value are not the same thing. Until real revenue appears from real projects, this remains a cautionary tale about speculative manias on the Malaysian exchange.