A Malaysian beauty-centre chain with its own product brands is heading for Bursa Malaysia. How the business works, where its products come from, and what its own prospectus says could go wrong.
Article type: Company profile (Company to Watch) · Scope: Malaysia and Singapore; beauty care services plus own-brand cosmetics · Research period: 24–25 September 2026
Written by: Lay Kim Oon · Fact-checked by: Chutinun Krisnakupt · Last reviewed: 25 September 2026
Main sources: 1 Doc International Berhad draft prospectus (Securities Commission Malaysia prospectus exposure, 14 January 2026, updated 22 May 2026); NPRA cosmetic notification register (snapshot 3–5 September 2026); Google Maps listings (captured 24–25 September 2026) · Corrections: contact form
Quick answer
1 Doc International Berhad is a Malaysian operator of 57 beauty care centres (53 in Malaysia, 4 in Singapore) under three brands: One Doc x Hair Doc (facial and scalp), Slim Doc (body) and Perfect Doc (face and body contouring). It has filed a draft prospectus for a Bursa Malaysia Main Market IPO, with RHB Investment Bank as principal adviser. The business earns most of its money from prepaid treatment packages (RM346.96 million revenue in FY2024), and it also sells its own-brand skincare, hair care and body products, which made RM60.66 million (17.5%) that year. One Puchong contract manufacturer, Maxcos Manufacturing, makes about 95% of the group's NPRA-notified products. The figures come from a draft prospectus and may change in the final registered version.
Key takeaways
- Scale: 57 centres at the prospectus's latest practicable date (1 December 2025). FY2024 revenue was RM346.96 million and profit after tax RM97.05 million (prospectus §2.9).
- Model: customers prepay for 12-month treatment packages. At 30 June 2025 the group held RM305.06 million of unused package value as contract liabilities (§12.4).
- Own brands: product sales grew from RM26.10 million (FY2022) to RM60.66 million (FY2024). All formulations belong to the group, per §7.16.
- Supply chain: Maxcos Manufacturing supplied 51–69% of all group purchases from FY2022 to H1 FY2025. It also makes 109 of the 115 products in our NPRA snapshot (94.8%).
- Plans: 23 new Malaysian and 8 new Singapore centres, and a move into doctor-led medical aesthetics through acquisitions (§4.4). The IPO price and the size of the raise were still blank in the draft.
- Listed risks: reliance on a few suppliers, regulatory change affecting machine-based treatments, rented premises, staff retention, and whether its past growth can continue (§2.5, §9).
Who this profile is for
This profile is for brand owners, private-label buyers and contract manufacturers who want to understand one of Malaysia's largest beauty-centre chains. It is useful for anyone asking how a service chain builds its own product line, how much it depends on one factory, and what an IPO might change in its buying. For the full financial breakdown, see our companion analysis, 1 Doc International: the numbers (publishing next). This is a business analysis, not investment advice.
What does 1 Doc International do?
1 Doc International operates multi-brand beauty care centres that sell non-medical facial, hair and body treatments, mostly as prepaid packages, alongside its own retail products. The listed holding company was incorporated on 24 November 2023. The business itself dates to 2016, when the first One Doc facial centre opened in Puchong, Selangor (§7.1.1).
The prospectus describes these milestones:
| Year | Milestone (prospectus §7.1.1) |
|---|---|
| 2016 | First One Doc facial care centre, Puchong |
| 2017 | Hair Doc added through the acquisition of a Penang hair care operator |
| 2018 | One Doc and Hair Doc merged into shared "One Doc x Hair Doc" centres, starting in Cheras |
| 2022 | First Slim Doc body care centre, Mid Valley, Kuala Lumpur |
| 2023 | First Perfect Doc centre, Kota Damansara; in-house therapist training approved under the Ministry of Human Resources' National Dual Training System |
| 2024 | First Singapore centre (One Doc x Hair Doc, opened August 2024) |
| 2025 | First Slim Doc in Singapore; first East Coast centre (Kuantan, March 2025) |
Regulation matters to the model. The prospectus states that in Malaysia the business falls under the Ministry of Domestic Trade and Cost of Living (KPDN) and follows KPDN's Beauty Guidelines. It says beauty care services are not under the Ministry of Health (§2.2). Trained beauty therapists perform the treatments, some of which use laser and ultrasonic machines registered with the Medical Device Authority. Laser-based services made up 35.36% of revenue in FY2022 and 17.56% in H1 FY2025, a decline the company puts down to faster growth in body care (§9.1.2).
Customers. Customers with at least one purchase in the year rose from 58,388 in FY2022 to 80,066 in FY2024 (§7.1.6). About 60% were women and 40% men in FY2024. The group says it spends about 8–12% of revenue on marketing (§2.3), and customers can pay through buy-now-pay-later providers (§7.2).
How many outlets does it have, and how does that compare with Google Maps?
The prospectus lists 57 centres as at 1 December 2025: 53 in Malaysia and 4 in Singapore. Our Google Maps sweep matched 26 of them, mostly One Doc x Hair Doc and Perfect Doc. The gap is expected because our sweep targeted clinic, aesthetic and facial categories, not slimming centres. It does not suggest missing outlets.
| Brand | Main services | Centres per prospectus (MY + SG, at 1 Dec 2025) | Google Maps listings matched (24–25 Sep 2026) | Reviews on matched listings |
|---|---|---|---|---|
| One Doc x Hair Doc | Facial and scalp/hair | 27 + 2 = 29 | 20 | 35,296 |
| Slim Doc | Body and slimming | 19 + 2 = 21 | 1 | 1,579 |
| Perfect Doc | Face and body contouring | 7 + 0 = 7 | 5 | 4,379 |
| Total | 53 + 4 = 57 | 26 | 41,254 |
Sources: prospectus §2.2 and §7.1.1; Google Maps listings from our 15,507-listing Malaysian clinic and aesthetic sweep (24–25 September 2026). Review-weighted average rating across the 26 matched listings: 4.89★. The busiest listings were One Doc x Hair Doc Seremban (3,489 reviews), Ipoh (3,293) and Cheras (3,280).
One Doc's own outlet page lists 23 One Doc x Hair Doc locations and describes "over 29 outlets" in Malaysia and Singapore (onedoc.com.my, checked 25 September 2026). All centres are rented, in shop lots, commercial centres and malls (§2.5).
Where the revenue comes from. In FY2024, One Doc x Hair Doc brought in 55.0% of revenue, Slim Doc 42.9%, Perfect Doc 1.8% and Singapore 0.3% (§12.3.3). By service line, body care was 43.5%, facial care 35.6% and hair care 21.0%. Body care was only 18.0% in FY2022, so Slim Doc has been the growth engine.
Why does a service chain make its own products?
Own-brand products let the chain earn product margin on every package and keep customers inside its system. The prospectus shows those product sales tripled between FY2022 and FY2024. Product sales cover facial, hair and body products sold in the centres, many of them used at home between treatments. They are sold only in the group's own centres. We found no marketplace or third-party retail listings on the brand website (checked 25 September 2026).
| Product line | FY2022 (RM m) | FY2023 (RM m) | FY2024 (RM m) | H1 FY2025 (RM m) |
|---|---|---|---|---|
| Body care products | 3.42 | 16.16 | 22.65 | 16.53 |
| Facial care products | 13.42 | 23.83 | 22.26 | 12.28 |
| Hair care products | 9.27 | 17.03 | 15.76 | 9.05 |
| Total product sales | 26.10 | 57.02 | 60.66 | 37.85 |
| Share of group revenue | 13.6% | 18.9% | 17.5% | 18.5% |
Source: prospectus §12.3.3(i); totals and shares computed by OEMHallmark from the segment lines.
According to the NPRA register (our snapshot of 3–5 September 2026), the products are notified under six brand names: One Doc (35), Perfect Doc (31), Hair Doc (25), Slim Doc, labelled "SD" (21), Cellaxy (2) and Peptric (1). Two group companies hold the notifications: 1 Doc Trading Sdn Bhd (83) and Perfect Facelift Sdn Bhd (32). The prospectus counts 107 products notified to NPRA as at 1 December 2025, plus 66 notified to Singapore's Health Sciences Authority (§9.1.8). The group also sells six halal-certified food products, mainly premixed beverages served alongside treatments.
Formula ownership is the key strategic detail. Section 7.16 states that "all formulations used in the manufacture of our topical beauty care products are owned by our Group". Formulas are either supplied by the group or developed by the manufacturer to the group's brief. The group has four agreements with its main manufacturer that stop it from disclosing or supplying identical formulations to third parties. This is the structure we recommend to any brand owner in our guide on protecting your formula and IP with an OEM manufacturer: the owner's formula, the factory's production, and a written ban on reuse.
Who makes 1 Doc's products?
According to both the prospectus and the NPRA register, Maxcos Manufacturing Sdn Bhd in Puchong, Selangor, is the group's main manufacturer. It supplied 51–69% of all group purchases and made 109 of the 115 notified products in our NPRA snapshot.
| Measure | FY2022 | FY2023 | FY2024 | H1 FY2025 | Source |
|---|---|---|---|---|---|
| Purchases from Maxcos (RM m) | 8.71 | 6.77 | 8.87 | 5.13 | Prospectus §7.16 |
| Maxcos share of total purchases | 57.05% | 50.78% | 59.86% | 68.97% | Prospectus §7.16 |
| Top-3 suppliers' share of purchases | 75.99% | 63.99% | 73.13% | 82.98% | Prospectus §9.1.3 |
| Total purchases of products and consumables (RM m) | 15.26 | 13.34 | 14.82 | 7.44 | Prospectus §7.16 |
| NPRA snapshot (3–5 Sep 2026) | Products | Share |
|---|---|---|
| Maxcos Manufacturing Sdn Bhd (Malaysia) | 109 | 94.8% |
| Cansun Cosme Sdn Bhd (Malaysia) | 2 | 1.7% |
| Qemrich Sdn Bhd (Malaysia) | 1 | 0.9% |
| CLP Cosmetics (South Korea, imported) | 2 | 1.7% |
| Bio-FD&C Co., Ltd (South Korea, imported) | 1 | 0.9% |
| Total | 115 | 100% |
Our NPRA snapshot lists the manufacturer against each notification. Counts are "verified" against the public register on the snapshot date. Purchase figures are company-stated in the prospectus.
The relationship matters to both sides. The two companies have worked together since 2020, the year Maxcos was incorporated (§7.16). In our NPRA snapshot, 109 of Maxcos's 207 notified products (52.7%) are held by the two 1 Doc group companies. The chain relies heavily on one factory, and the factory relies heavily on one client.
Other suppliers named in §7.16 include NCS Science Sdn Bhd (food products, 7–14% of purchases), Zuellig Pharma, CFE Globals, Horizon PA and Neoasia (beauty products), and Papton Enterprise (consumables). Most machines come from a Korean supplier the prospectus identifies only as "Supplier A Group", because of a non-disclosure agreement, and from Venusys Medical Sdn Bhd.
One ratio stands out for manufacturers. In FY2024 the group bought only RM14.82 million of products and consumables, about 4.3% of its RM346.96 million revenue, and Maxcos's share was RM8.87 million. Most of the chain's revenue comes from labour, machines and packages, not from goods, so the factory captures only a small slice of each ringgit a customer spends. Our guide on switching manufacturers without losing your formula covers what a brand needs in place before relying this heavily on one plant.
What is the listing plan?
The draft prospectus sets out an IPO on the Bursa Malaysia Main Market: 341.4 million new shares plus up to 238.98 million existing shares, giving an enlarged share base of 2.276 billion shares. The IPO price, the market capitalisation and the ringgit amounts for each use of proceeds were left blank ("RM[•]") in the draft (§2.1, §2.6).
| Item | Draft prospectus position |
|---|---|
| Market | Main Market, Bursa Malaysia |
| Principal adviser / sole underwriter | RHB Investment Bank Berhad |
| New shares (public issue) | 341,400,000 |
| Existing shares offered (offer for sale) | Up to 238,980,000 |
| Enlarged share capital | 2,276,000,000 shares |
| Controlling shareholder after IPO | Triark Holdings, 51.00% (held by the three founding executives) |
| Promoter moratorium | 6 months from listing |
| Dividend policy | Target 50–70% of PAT |
| IPO price / proceeds | Not disclosed in the draft (RM[•]) |
Source: prospectus §2.1, §2.7, §2.10; SC prospectus-exposure page (exposure 14 January 2026, updated 22 May 2026).
Planned use of proceeds (§4.4):
- New centres in Malaysia: 23 in total from 2026 to 2029, 18 of them funded by the IPO. The split is 12 Perfect Doc, 8 Slim Doc and 3 One Doc x Hair Doc, including East Malaysia (Sabah and Sarawak).
- New centres in Singapore: 8 from 2026 to 2028 (4 One Doc x Hair Doc, 4 Slim Doc), 7 funded by the IPO, plus a regional office and warehouse of about 6,000 sq ft.
- Medical aesthetics: acquire medical aesthetic clinics under Ministry of Health rules, staffed by doctors who hold the Letter of Credentialing and Privileging (LCP), to offer Botox, dermal fillers and microneedling. The prospectus states no targets had been identified.
- Other: refurbish 30 existing centres, buy a warehouse of up to 8,000 sq ft in Selangor, repay a head-office term loan (4.17% p.a.), and fund working capital and listing costs.
For suppliers, the expansion plan matters more than the share numbers. The IPO-funded centres alone will need 204 more beauty therapists (155 in Malaysia, 49 in Singapore), plus opening stock and machines, and Perfect Doc is planned to grow from 7 centres to about 19.
What risks does the prospectus itself list?
The prospectus lists nine key business risks. The most relevant for industry readers are regulatory change affecting machine-based treatments, dependence on a few suppliers, and whether its past growth can continue.
| Risk (prospectus §2.5 / §9.1) | What the document says |
|---|---|
| Reputation and consumer behaviour | Sensitive to negative publicity and shifting beauty trends |
| Regulatory change | Future rules could restrict treatments using laser or ultrasonic devices |
| Supplier dependence | Maxcos is over 50% of purchases; the top-3 suppliers make up 64–83% |
| Location and rent | All centres are rented; mall or foot-traffic declines hurt |
| Growth sustainability | The 34.49% revenue CAGR (FY2022–FY2024) may not continue |
| Inflation and costs | Cost increases may not be passable to customers |
| Execution | New centres, Singapore and medical aesthetics may not succeed |
| Licensing | Licences and product notifications must be renewed or obtained on time |
| Staff | Shortages of trained therapists, and retention |
The prospectus also discloses specific events (§7.24, §9.1.2, §9.1.9, §9.1.10):
- 14 Malaysian premises had not yet obtained renovation approvals as at 25 March 2026. Together they contributed 21.83% of FY2024 revenue, and applications had been submitted.
- In November 2024, Singapore authorities issued a warning letter about licensing of certain irradiating equipment. The group says it has since fixed the issue.
- In July 2024, 86 staff at eight Slim Doc outlets attempted a coordinated resignation. 80 returned to work the next day.
- In October 2025, the Advertising Standards Authority of Singapore received a complaint about a slimming advertisement. The group withdrew the advertisement and the matter was closed.
The company puts each of these at an immaterial financial impact.
What to watch next
Three questions will show whether the model travels well: whether Slim Doc and Perfect Doc keep driving growth, whether the move into medical aesthetics happens, and whether product sourcing spreads beyond one factory. Also watch the final prospectus: the IPO price, the size of the raise, and any revised figures will only be known when the SC registers it. Contract manufacturers should watch Perfect Doc's planned growth to about 19 centres, and any sign of a second source for the One Doc, Hair Doc and SD ranges. Any new product needs its own NPRA notification before sale, as our NPRA notification checklist explains.
Practical lessons for brand owners and manufacturers
The 1 Doc structure is a template worth studying: formula ownership, exclusivity clauses and a dominant manufacturer, backed by a captive retail channel. What brand owners can take from it:
- Own the formula in writing. A "formulations belong to us" clause is what makes switching factories possible. Check yours before you scale.
- Put exclusivity on paper. The group's four no-reuse agreements with its manufacturer are the protection. A verbal promise is not.
- Plan for concentration. Over 50% of purchases from one supplier is a disclosed risk even for a profitable chain. Have a second-source plan, even if unused.
- Watch notification housekeeping. More than 100 notifications across several brand names and two holder companies need a system for renewals and label changes.
- Match categories to treatments. The Hair Doc range sits next to scalp treatments. Scalp claims have their own limits, covered in our guide to scalp-care claims and actives.
If you are choosing a factory for a service-led brand, start with our guide to choosing an OEM cosmetics manufacturer.
FAQ
What brands does 1 Doc International operate?
It operates three centre brands: One Doc x Hair Doc (facial and scalp), Slim Doc (body) and Perfect Doc (face and body contouring). It also sells own-brand products notified to NPRA as One Doc, Hair Doc, SD (Slim Doc), Perfect Doc, Cellaxy and Peptric. All are sold through its own centres in Malaysia and Singapore.
How many One Doc, Slim Doc and Perfect Doc outlets are there?
The draft prospectus lists 57 centres as at 1 December 2025: 29 One Doc x Hair Doc, 21 Slim Doc and 7 Perfect Doc. That is 53 in Malaysia and 4 in Singapore. Outlet counts change as centres open, so check the brand websites for the current list.
Who manufactures One Doc and Hair Doc products?
Maxcos Manufacturing Sdn Bhd in Puchong makes 109 of the group's 115 notified products in our NPRA snapshot of 3–5 September 2026. Cansun Cosme and Qemrich make three more, and three are imported from South Korea. The prospectus states that the group owns all its topical formulations.
Is 1 Doc International a medical clinic?
No. The prospectus describes its services as beauty care services under KPDN's Beauty Guidelines, performed by trained beauty therapists and not regulated by the Ministry of Health. It plans to enter medical aesthetics separately by acquiring clinics staffed by LCP-credentialed doctors.
When will 1 Doc International list on Bursa Malaysia?
The draft prospectus does not give a listing date or IPO price. It was placed on the SC's prospectus-exposure page on 14 January 2026 and updated on 22 May 2026. The listing depends on the SC registering the final prospectus, so watch the SC and Bursa Malaysia announcements.
How much of 1 Doc's revenue comes from selling products?
Product sales were RM60.66 million in FY2024, or 17.5% of revenue, and RM37.85 million (18.5%) in the six months to June 2025. The rest came from treatment services, mostly sold as prepaid 12-month packages.
Sources and evidence
- Securities Commission Malaysia, Prospectus Exposure: 1 Doc International Berhad (exposure 14 January 2026, updated 22 May 2026). Sections cited: §2.1–2.10 summary, §4.4 use of proceeds, §7.1 history and outlets, §7.16 major suppliers, §7.24 non-compliances, §9 risk factors, §12 financial information.
- National Pharmaceutical Regulatory Agency (NPRA), cosmetic notification search: manufacturer–product holder register, snapshot 3–5 September 2026.
- Google Maps listings: OEMHallmark capture of 15,507 Malaysian clinic, aesthetic and facial listings, 24–25 September 2026.
- One Doc website, onedoc.com.my (About, Our Outlets pages), checked 25 September 2026.
Limitations
This profile relies on a draft prospectus. Numbers, plans and risk wording may change in the registered version, and the IPO price and proceeds were not yet filled in. Supplier purchase figures are company-stated. NPRA counts are from a dated register snapshot, and notifications change over time. Our Google Maps sweep was built for clinics and aesthetic centres and under-counts slimming centres, so treat the matched-listing figure as a sample, not an outlet census. We did not visit the centres, audit the factory or interview the company.
Update history
| Date | Change |
|---|---|
| 26 September 2026 | First published |