We did not build DXN for one market or one decade. We built it for the world and for generations. Thirty-three years ago, from Malaysia, we believed that nature holds the answer to human wellness. Today, 180 countries agree with us. We are only getting started.”
Datuk Lim Siow Jin
Founder and Executive Chairman
The global wellness industry is not emerging — it is exploding. Valued at over $7 trillion and growing at approximately 8% annually, it is powered by a generational shift toward preventive health, functional nutrition and natural living. Millennials and Gen Z are not just buying wellness products. They are building their lives around them.
At the centre of this global movement stands DXN Holdings Bhd. — a Malaysian-born company, headquartered in Cyberjaya, that has been quietly building its global wellness empire for 33 years, long before the world caught up. This is Malaysia’s quiet global champion — and it is only now stepping into the spotlight it deserves.
DXN generates RM1.9 billion in annual revenue, commands a captive consumer base of 22 million across 180 countries and maintains a return on invested capital exceeding 27% — all on a strong net cash position. It pays a consistent dividend yield of approximately 7%, making it one of the most compelling income-and-growth combinations on Bursa Malaysia today.
Critically, approximately 5 to 6 million of these are active distributors worldwide who contribute as repeat buyers, providing DXN with a recurring, highly predictable revenue base that most consumer companies can only aspire to. This is not passive membership. It is an engaged, incentivised and growing commercial network embedded across 180 markets.
A Malaysian Champion. A Global Architecture.
Born in Kedah in 1993, DXN was built on a single insight: that Ganoderma, a medicinal mushroom revered in traditional Asian medicine for centuries, could be cultivated, standardised and delivered to the world at scale. That insight became the foundation of a vertically integrated global business spanning cultivation, biotechnology R&D, precision manufacturing and distribution across every major continent.
Today DXN operates 14 manufacturing facilities across Malaysia, China, India, Indonesia, Mexico and the UAE — supported by dedicated R&D centres in Malaysia and China staffed by over 80 research scientists. DXN produces 474 of its 702 product offerings in-house, across a supply chain the Group owns entirely. This is genuine vertical integration — farm to shelf, fully controlled.
DXN’s business resilience is structural, not circumstantial. We control everything — from Ganoderma cultivation and raw material sourcing upstream, through R&D and precision manufacturing, all the way to distribution downstream. That vertical integration protects our gross margins, which consistently outperform industry benchmarks, and it is what kept DXN delivering when global supply chains were under severe stress. What further strengthens our model is approximately 5 to 6 million active distributors worldwide who contribute as repeat buyers, creating a deeply resilient, recurring revenue base that compounds as our global network grows. Every ringgit saved through integrated procurement and in-house processing flows directly to margin protection and shareholder returns. We generate RM1.9 billion in revenue across 180 countries, deliver ROIC exceeding 27%, maintain a strong net cash position and pay a dividend yield of approximately 7% — all while trading at 8x earnings against regional peers at 17 to 20x. We are deploying >RM500 million across six new facilities to deepen that integration and serve 22 million members and growing. DXN is not undiscovered — it is undervalued. And that gap will close.”
Prajith Pavithran
Executive Director and Group Chief Executive Officer
A >RM500 Million Expansion Already Underway
DXN’s approximately >RM500 million capital deployment programme is one of the most ambitious manufacturing expansions by any Malaysian company today. Six new facilities are being built across three continents, each strategically placed to serve the markets it sits within.
Beyond expanding capacity, these facilities are being designed around advanced automation, state-of-the-art processing equipment and integrated manufacturing technologies. The investments will enhance production efficiency, strengthen quality assurance, improve scalability and support faster response times across DXN's global markets.
- Peru & Bolivia - embedding production within Latin America, DXN’s highest-performing region contributing over 60% of Group revenue
- Brazil - a vertically integrated coffee ecosystem combining cultivation, processing and manufacturing, securing upstream inputs and reducing commodity price exposure
- Morocco - a strategic gateway into Europe and African markets, extending DXN’s footprint into North Africa
- Bukit Kayu Hitam & Gua Musang, Malaysia - anchoring an integrated production corridor in Kedah and Kelantan, reinforcing Malaysia as the Group’s global manufacturing heartland
The factories we are building today are not simply larger — they are smarter. DXN is incorporating state-of-the-art machinery, advanced automation systems and precision manufacturing technologies into every new facility across Latin America, Africa and Asia. These investments are designed to enhance productivity, improve consistency, strengthen quality control and optimise operating efficiency across our global manufacturing network.
Faster production cycles, tighter quality control, lower unit costs and greater market responsiveness — when combined with our vertically integrated model from plantation to finished product — create a manufacturing architecture that is genuinely difficult to replicate. We are not just expanding capacity. We are building one of the most efficient and technologically advanced wellness manufacturing networks in the industry."
Mahmood Hisham
Group Chief Operating Officer
Shariah-Compliant. ESG-Aligned. Built for Responsible Capital.
For institutional investors operating under Shariah screening requirements and ESG mandates, DXN offers a convergence of attributes that is increasingly rare in a single listed equity — and the same qualities that make it eligible for this capital are the qualities that make it a value proposition.
DXN is a constituent of the FTSE4Good Bursa Shariah Index and the Bursa Quality 50 Shariah Index — among the most demanding quality-and-Shariah screens on the Malaysian market. Backed by a net cash position, consistent profitability and a business rooted in natural, plant-based wellness, DXN sits structurally within the principles of responsible and Islamic investing. It is precisely the kind of counter that long-term, values-driven capital is built to hold.
On ESG, DXN reports in accordance with Global Reporting Initiative (GRI) Standards and has established a formal Human Rights Policy aligned to ILO Labour Conventions and the UN Universal Declaration of Human Rights — covering employees, partners and suppliers across all 180 markets. In FY2025, DXN completed 100% supplier due diligence across all new suppliers and established its carbon footprint baseline for ongoing emissions monitoring and reduction. The Group’s vertically integrated model is itself a sustainability asset — producing closer to demand, reducing logistics miles and lowering the overall environmental footprint of every product delivered to every market.
The Investment Case
There are very few companies on Bursa Malaysia that simultaneously offer a confirmed Shariah-compliant and Quality 50 Index constituent status, a 7% dividend yield, a net cash position, a 27%+ return on invested capital, a >RM500 million global expansion programme and direct exposure to a $7 trillion secular growth industry.
This is Malaysia’s global wellness champion. Built here. Scaling everywhere. Priced as if the market hasn’t noticed yet.
For investor enquiries, please contact [email protected]