Close to apply: 06 Dec 2023
Balloting: 08 Dec 2023
Listing date: 20 Dec 2023

Share Capital
Market cap: RM105.786 mil
Total Shares: 391,800,800 shares

Industry CARG (2016-2022)
Capital expenditure incurred for recurring electricity generation, transmission and distribution CAGR: 8.3%

Industry competitors comparison (net profit%)
1. Jati Tinggi: 4.4%
2. System Protection & Maintenance Sdn Bhd: 11.2%
3. Kum Fatt Engineering Sdn Bhd: 11%
4. Pestech S/B: 4.1%
5. Others: -111.1% to 8.3%

Business (FPE 2023)
1. Provision of underground and overhead utilities engineering services and solutions: 99.46% (group revenue)
2. Provision of substation EPCC services: 0.02%
3. Trading of equipment for substations: 0.29%% 
4. Street Lighting Services: 0.23%

Fundamental
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 18.61 (FPE2023)
4.ROE(FPE2023): 13.50%
5.ROE:  26.03%(FYE2022), 27.89%(FYE2021), 40.89%(FYE2020)
6.Net asset: RM0.14
7.Total debt to current asset: 0.73 (Debt: 67.024mil, Non-Current Asset: 12.180mil, Current asset: 92.021mil)
8.Dividend policy: 20% net profit dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31May): RM 46.003 mil (Eps: 0.0053),PAT: 4.55% 
2022 (FYE 30Nov): RM234.612 mil (Eps: 0.0233),PAT: 3.89%
2021 (FYE 30Nov): RM 96.413 mil (Eps: 0.0185),PAT: 7.51%
2020 (FYE 30Nov): RM112.666 mil (Eps: 0.0195),PAT: 6.79%

Major customer (FPE2023)
1. Worktime Engineering: 47.58%
2. YM Teras: 37.12%
3. CD Electrical: 9.64%
4. Tempinas Sdn Bhd: 3.24%
5. Pintar Gembira Sdn Bhd: 2.42%
***total 100%

Major Sharesholders
1. Dato’ Seri Lim Yeong Seong: 51.05% (Indirect)
2. Chin Jiunn Shyong: 55.64% (Indirect)
3. Lim Ming Hong: 51.05% (Indirect)
4. Board River Capital: 51.05% (Direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM0.954 mil
key management remuneration: RM0.350 mil – RM0.450 mil
total (max): RM1.754 mil or 10.08%

Use of funds
1. Repayment of bank borrowing: 38.81%
2. General working capital: 40.67%
3. Capital expenditure: 1.11%
4. Estimated listing expenses: 19.41%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment with low PAT% industry business. 
 
*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.