Open om te solliciteren: 27 maart 2024
Sluiting van sollicitatie: 04 april 2024
Stemming: 08 april 2024
Datum van notering: 23 april 2024

Aandelenkapitaal
Marktkapitalisatie: RM122.095 mil
Totaal aantal aandelen: 393.856 miljoen aandelen

Industrie CARG
The surface decorative products market in Malaysiaa: 4.806%
Vergelijking van concurrenten in de branche (nettowinst%)
1. Topmix: 13%
2. Polytec Laminates Sdn Bhd: 18.7%
3. Maica Corporation Sdn Bhd: 18.0%
4. Shimlen Sdn Bhd: 15.3%
4. ICA Innovation Sdn Bhd: 14.4%
5. Others: 0.4% to  13.2%% 

Zakelijk (FPE 2023) 
Marketing and sales of our own brands of surface decorative products. Also undertake the design of surface decorative products internally as well as in collaboration with third-party décor paper suppliers.
Product Revenue Segment 
1. HPL Product: 94.13%
2. Other surface decorative products: 5.33%
3. Kitchen and wardrobe accessories: 0.54%
***HPL : High pressure laminate (e.g. the surface layer of the compress wood)

Fundamenteel 
1. Market: Ace Market
2. Price: RM0.31
3. Forecast P/E: 15.88 (Forecass, EPS RM0.019525)
   *we disagree to follow Prospectus book pg 22 suggestion PE.
4. ROE(FPE2023):  12.77%
5. ROE: 28.33%(FYE2022), 20.48%(FYE2021), 13.34%(FYE2020)
6. Net asset: 0.15
7. Total debt to current asset: 0.5576  (Debt: 32.173mil, Non-Current Asset: 32.487mil, Current asset: 57.699mil)
8. Dividend policy: didn’t have formal dividend policy.
9. Sharia-status: –

Financiële prestaties uit het verleden (opbrengst, winst per aandeel, PAT%)  
2023 (FPE 30Sep): RM51.037 mil (Eps: 0.0141), PAT: 10.88%
2022 (FYE 31 dec): RM65.790 mil (EPS: 0.0217), PAT: 12.96%
2021 (FYE 31 dec): RM38.595 mil (EPS: 0.0112), PAT: 11.45%
2020 (FYE 31 dec): RM27.521 mil (EPS: 0.0060), PAT: 8.58%

Grote klant (FPE 2023) 
1. Kai Cheong Hardware Trading Sdn Bhd: 8.90%
2. JBR Hardware & Trading Sdn Bhd: 6.50%
3. Ekia Furniture Accessories Sdn Bhd: 4.48%
4. Bao Leng Wood Veneer Plywood Sdn Bhd: 2.97%
5. Daiyon Marketing Sdn Bhd: 2.88%
***totaal 25.73%

Grootaandeelhouders  
1. Teo Quek Siang: 62.36% (indirect)
2. Tan Lee Hong: 66.64% (indirect)
3. J and T Resources: 55% (direct)

Bezoldiging bestuurders en sleutelmanagement voor FYE2024 
(uit Omzet & overige inkomsten 2022)
Totale bestuurdersvergoeding: RM1.776 mil
bezoldiging key management: RM0.65 mil – RM0.80 mil
totaal (max): RM2.576 mil of 10.969%

Gebruik van fondsen 
1. Expansion into assembly of melamine faced chipboard (MFC) products: 20.74%
2. Business expansion, marketing and sales: 23.32%
3. Algemeen werkkapitaal: 44.24%
4. Geschatte noteringskosten: 11.70%

Conclusies (Blogger heeft geen aanbeveling en suggestie geschreven. Alles is een persoonlijke mening en de lezer moet zijn eigen risico nemen bij het nemen van investeringsbeslissingen)
Overall is high risk investment, and also come with grow opportunities.