Malaysia Coffee Wars: What the Insiders Are Doing With Their Own Money
Four coffee brands are competing for Malaysia's caffeine dollar: Starbucks, Luckin Coffee, Oriental Kopi, and Zus Coffee. Only three are listed on Bursa. And the filings from the past week tell a very clear story.
The insiders are voting with their wallets — in opposite directions.
Hextar: The Chairman Is Buying
Hextar Industries is the Malaysian franchisee for Luckin Coffee. The company has gone all in on the bet — divesting its fertilizer business to raise RM100 million to expand the brand locally.
On 11 February 2026, Vice Chairman Dato' Ong Soon Ho bought 2.1 million Hextar Global shares at around RM0.66 per share. That's roughly RM1.4 million of personal money, purchased during a closed period — meaning quarterly results are imminent.
Buying during a closed period is legal if done under a pre-arranged trading plan, but it's a strong signal. You don't put RM1.4 million into your own company before earnings unless you're confident about what's coming.
Separately, Hextar Holdings (the family vehicle) has been restructuring its substantial shareholding — disposing 38.6 million Hextar Industries shares on 5 February. This isn't a loss of confidence; it's consistent with the corporate restructuring to fund Luckin's Malaysian expansion.
Berjaya Food: The Director Is Selling
On the other side of the coffee counter sits Berjaya Food — the operator of Starbucks Malaysia.
On 6 February 2026, director Dato' Sydney Lawrance Quays disposed 50,000 shares at RM0.22 — below the closing price of RM0.25. When a director sells below market, it's one of the more bearish insider signals you can get.
The numbers tell the wider story. What used to be Berjaya Food's crown jewel has become its biggest drag after the boycott fallout. From RM165 million pre-tax profit in FY23 to deep losses in FY24 and FY25. Revenue shrinking, losses widening, equity getting hit.
At the parent level, things aren't much better. On 9 February, Tan Sri Vincent Tan disposed 50 million Berjaya Corporation shares at RM0.265 during a closed period — again below the closing price. That's a RM13.25 million exit.
Oriental Kopi: Growing, But Priced for Perfection
Oriental Kopi is the local kopitiam chain that's been expanding aggressively. FY25 numbers look strong: RM60.8 million net profit on RM450.9 million revenue.
But at around 40x PE, expectations are sky-high. The market is pricing in continued rapid growth — which means there's very little room for disappointment. The key questions:
- Can they keep delivering profitable growth as they scale?
- How will working capital behave as they expand outlets and FMCG distribution?
- At 40x earnings, how much of the upside is already priced in?
No notable insider dealing in the past few days. The absence of insider selling at these valuations is mildly positive, but it's not the same conviction signal as active buying.
Zus Coffee: The One You Can't Buy (Yet)
Zus is the name on everyone's lips — rapid, profitable expansion with strong unit economics. But it's still private. The persistent question is whether an IPO is coming.
Until then, Zus remains the coffee stock you can't trade. For investors who want coffee exposure on Bursa, the listed options are Hextar (Luckin bet), Berjaya Food (Starbucks drag), and Oriental Kopi (growth premium).
The Insider Scorecard
| Company | Coffee Brand | Insider Action | Signal |
|---|---|---|---|
| Hextar Global | Luckin Coffee | RM1.4m buy in closed period | Bullish |
| Berjaya Food | Starbucks MY | Director sold below market | Bearish |
| Berjaya Corp | (Parent) | Vincent Tan sold RM13m in closed period | Bearish |
| Oriental Kopi | Oriental Kopi | No notable insider dealing | Neutral |
What to Watch Next
The earnings calendar for coffee-adjacent stocks is heating up:
- Hextar Industries — 20 February 2026 (first results since Luckin pivot)
- Oriental Kopi — 26 February 2026
- Berjaya Food — 8 May 2026
Hextar's upcoming results are the most interesting. The chairman just put RM1.4 million on the table before the numbers drop. Either the Luckin ramp is going better than expected, or this is one of the more expensive expressions of optimism we've seen on Bursa lately.
How We Found This
Sang Tikam's AI scans every Bursa Malaysia filing as it's published. The divergence in insider behaviour between Hextar (buying) and Berjaya Food (selling below market) was flagged automatically — the kind of cross-company pattern that's impossible to spot from individual announcement titles.
Want to catch insider signals like this automatically? Try Sang Tikam on Telegram — AI-scored alerts for the announcements that actually matter.
Originally posted on Threads