Well here's a simple cost run down. From what i've seen in my liberty

Discreets :

Resistors : RM 2 ringgit at most (basic carbon)
Capacitors : Main Tank : RM 15 (Good quality)
Capacitors : Secondary and Output filter : RM 10 (Basic quality)
Capacitors : Film : RM 5 (basic quality)
SMD components : RM 3 (for the controller)
Inductors : RM 20 : (assuming high quality)
Transformers : One primary and one secondary : 25 ringgit
PCB : RM 5

RM 85 all together

ICs :

Rectification Diode - RM5
PWM controller - RM 20 (good one lah, TI or LT model)
Output MOSFET - Assuming Independent regulation RM30 (10 each)
Fan Controller - RM 5
Feedback amp - RM 1
Current Feedback amp - RM 2
Other transistors - RM 5 at most

RM 70 all together

Case Items :

Fan : RM 15 (assuming decent quality OEM stuff)
Case : Basic Steel with gloss coat : RM 20
Fan Grill : Free : Probably comes with the case
Heatsinks : RM 10
Cables and Connectors : RM 15 (assuming Street retail for MOLEX)
Assembly : China labour, under the assumption of output vs worker pay, i guess 5 ringgit a PSU

RM 55 at total
So technically you have a total (street price component value AKA no quantity discount), so if i buy all the above from a place like pasar road, it should cost me the below figure.

of

220 Ringgit to be sold around 400 bux

Real Production Price due to quantity discount should be 130-150 ringgit at WORST case. Electronics is a very quantity based industry, so even if the PSU costs 100 ringgit. I'm not surprised.

Nixie electronics in Jalan Pasar, remember to buy the connector AND crimp terminals. Tell them you want molex or AMP Mate-n-lok.