Handal Indah’s HI Mobility goes public as cross-border transport demand surges between SG and JB
The iconic yellow Causeway Link bus—long a staple for Singapore-JB commuters—is now more than just a ride. It’s officially a listed company on Bursa Malaysia.
The Causeway Link, also known as CW, is a popular choice for daily travel between Singapore and Johor Bahru. Its parent company, Handal Indah, has now taken a major step by going public under HI Mobility Berhad, reflecting strong confidence in the future of cross-border transport.
To thousands of commuters between Singapore and Johor, the bright yellow CW buses are an everyday sight. Whether departing from Queen Street near Bugis or linking JB CIQ with Senai Airport, these buses represent reliability and convenience. Now, the transport firm behind them—HI Mobility Berhad (KLSE: HI)—has entered the financial market, launching its IPO at a valuation of RM 608 million, raising RM 116 million.
Resilient and Growing Cross-Border Demand
HI Mobility’s strength lies in a business model that thrives on consistent cross-border travel. With Singapore’s escalating housing costs, more Malaysians choose to live in Johor while working in the city-state. Earning in SGD and spending in MYR offers a lifestyle advantage that’s likely to endure. The Johor-Singapore route continues to be a safe bet for growth, with daily commutes remaining in high demand.
Solid Financials and EV-Driven Expansion
Despite being over two decades old, HI posted remarkable revenue growth: +380% in FY2023 and +174% in FY2024, reaching RM 208 million. Gross margins hover at 27–30%, with stable net margins of over 16%. More than 60% of its IPO funds—around RM 70 million—are allocated for fleet expansion and electric vehicle adoption. The move aligns with Malaysia’s National Energy Transition Roadmap and reflects a forward-looking push into sustainable transport.
Leadership and Vision
Founded by Lim Han Weng—who also built Yinson Holdings—HI is led today by his son, CEO Lim Chern Chuen. While Yinson operates globally, HI is sharply focused on Southeast Asia’s transport corridors. The company’s planned expansion into electric buses and EV infrastructure demonstrates not just environmental compliance, but an ambitious long-term strategy to dominate regional mobility.
The Causeway Link’s strategic position gives HI a strong advantage in the region’s most active land crossing. As both Singaporeans and Malaysians benefit from the cost and convenience balance, this cross-border dynamic offers sustained potential. HI’s growth trajectory indicates it could become one of Southeast Asia’s most stable transport investments—quietly building value far from flashy tech IPOs.
HI Mobility’s stock debut may not have grabbed headlines, but its deep roots in cross-border transit between Singapore and Johor position it as a quiet powerhouse. As travel grows and green transportation gains traction, the firm’s strategic niche could fuel long-term returns and regional connectivity.
Sources: The Finance SG (2025), DrWealth (2025)
Keywords: Causeway Link Bus, HI Mobility Stock, Handal Indah IPO, Cross Border Transport, Johor Commute Business
