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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.
opinion and reader should take their own risk in investment decision.
Open to apply: 05 Jan 2024
Close to apply: 11 Jan 2024
Balloting: 16 Jan 2024
Listing date: 26 Jan 2024
Share Capital
Market cap: nil (will need refer final institutional price)
Total Shares: 688 mil shares
Industry CARG (2018-22)
Value of Construction Work Completed for Electrical Installation in Malaysia: 14.2%
Value of Construction Work Completed for Plumbing, Heat and Air-conditioning Installation in Malaysia: 17.3%
Operating Revenue of Cleaning Activities in Singapore (2017-21): 0.2%
Industry competitors comparison (PAT%)
KJTS Group: 7.6% (PE26)
UEM Edgenta Bhd: 1.8% (PE16.79)
GFM Services Bhd: 13.0% (PE8.65)
Widad Group Bhd: -3.8% (Losses)
Gas District Cooling (M) S/B: 15.3%
Others: -12.3% to 6.4%
Business (FPE 2023)
Providing building support services comprising cooling energy, cleaning and FM services
Revenue by Segments
1. Cooling energy: 50.21%
2. Cleaning services: 39.12%
3. Facilities management: 10.67%
Fundamental
1.Market: Ace Market
2.Price: RM0.27 (will follow final institutional price)
3.Forecast P/E: 26.04 (forecast FPE2023, EPS RM0.01037)
4.ROE(Pro Forma III): 6.56%
5.ROE: 14.08%(FPE2023), 19.84%(FYE2022), 20.84%(FYE2021), 24.07%(FYE2020)
6.Net asset: 0.14
7.Total debt to current asset: 0.319 (Debt: 38.497mil, Non-Current Asset: 16.978mil, Current asset: 120.805mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30 July, 7mths): RM71.767 (Eps: 0.0062),PAT: 5.29%
2022 (FYE 31 Dec): RM94.438 mil (Eps: 0.0100),PAT: 7.58%
2021 (FYE 31 Dec): RM85.285 mil (Eps: 0.0086),PAT: 7.01%
2020 (FYE 31 Dec): RM73.757 mil (Eps: 0.0078),PAT: 7.17%
Major customer (FPE 2023)
1. Bank Pembangunan Malaysia Berhad: 13.81%
2. Customer C: 10.36%
3. Micron Semiconductor (M) Sdn Bhd: 10.34%
4. Customer group A: 6.82%
5. Customer D: 4.69%
***total 46.02%
Major Sharesholders
1. Lee Kok Choon: 31.35%
2. Sheldon Wee Tah Poh: 31.35%
3. Yeow Boon Siang: 4.81%
Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM1.874mil
key management remuneration: RM0.95mil – RM1.150mil
total (max): RM3.024 mil or 13.3%
Use of funds
1. Expansion of cooling energy segment: 68.66%
2. Expansion of offices in Malaysia, Thailand and Singapore: 7.64%
3. Working capital: 13.79%
4. Defraying the listing expenses: 9.91%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a low PAT% industry.
*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.
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- Source: http://lchipo.blogspot.com/2024/01/kjts-group-berhad.html
