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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: 27/04/2023
Close to apply: 16/05/2023
Balloting: 19/05/2023
Listing date: 31/05/2023
Share Capital
Market cap: RM1.734 bil
Total Shares: 3.468 bil shares
Market cap: RM1.734 bil
Total Shares: 3.468 bil shares
Industry CARG (2019-2022)
Value of high-rise residential property transactions: 12.03% (KL), 9.35% (Selangor)
Number of high-rise residential property transactions: 9.02% (KL), 7.78% (Selangor)
Average prices of high-rise residential property transactions: 2.87%(KL), 1.72% (Selangor)
Total supply of high-rise residential properties: 595,317 (KL), 637.227 (Selangor)
Number of overhang high-rise residential units: 9,333 (KL), 5,650 (Selangor)
Industry competitors comparison
Radium Group: 17.06
IJM Corporation Berhad: PE42.16
Sunway Berhad: PE11.59
Mah Sing: PE8.16
WCT Holding Berhad: PE5.14
UEM Sunrise: PE15.71
UOADEV: PE19.39
Maxim Global Berhad: PE7.34
Binastra Land Sdn Bhd: nil
SkyWorld Development Sdn Bhd: nil
Business
Property developer
1. development of high-rise residential properties (mainly in KL)
2. Affordable housing.
Number of high-rise residential property transactions: 9.02% (KL), 7.78% (Selangor)
Average prices of high-rise residential property transactions: 2.87%(KL), 1.72% (Selangor)
Total supply of high-rise residential properties: 595,317 (KL), 637.227 (Selangor)
Number of overhang high-rise residential units: 9,333 (KL), 5,650 (Selangor)
Industry competitors comparison
Radium Group: 17.06
IJM Corporation Berhad: PE42.16
Sunway Berhad: PE11.59
Mah Sing: PE8.16
WCT Holding Berhad: PE5.14
UEM Sunrise: PE15.71
UOADEV: PE19.39
Maxim Global Berhad: PE7.34
Binastra Land Sdn Bhd: nil
SkyWorld Development Sdn Bhd: nil
Business
Property developer
1. development of high-rise residential properties (mainly in KL)
2. Affordable housing.
Fundamental
1.Market: Main Market
2.Price: RM0.50
3.Forecast P/E: 17.06 @ RM0.0293
4.ROE(Pro Forma III): 11.39
5.ROE: 29.49%(FYE2021), 38.24%(FYE2020), 84.19%(FYE2019)
6.Net asset: RM0.23
7.Total debt to current asset IPO: 01967 (Debt: 193.797mil, Non-Current Asset: 17.001mil, Current asset: 985.056mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes
1.Market: Main Market
2.Price: RM0.50
3.Forecast P/E: 17.06 @ RM0.0293
4.ROE(Pro Forma III): 11.39
5.ROE: 29.49%(FYE2021), 38.24%(FYE2020), 84.19%(FYE2019)
6.Net asset: RM0.23
7.Total debt to current asset IPO: 01967 (Debt: 193.797mil, Non-Current Asset: 17.001mil, Current asset: 985.056mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE31oct): RM302.011 mil (Eps: 0.0258), PAT: 30.49%
2021 (FYE 31Dec): RM563.691 mil (Eps: 0.0293),PAT: 19.33%
2020 (FYE 31Dec): RM588.067 mil (Eps: 0.0253),PAT: 16.83%
2019 (FYE 31Dec): RM472.806 mil (Eps: 0.0369),PAT: 28.47%
2022 (FPE31oct): RM302.011 mil (Eps: 0.0258), PAT: 30.49%
2021 (FYE 31Dec): RM563.691 mil (Eps: 0.0293),PAT: 19.33%
2020 (FYE 31Dec): RM588.067 mil (Eps: 0.0253),PAT: 16.83%
2019 (FYE 31Dec): RM472.806 mil (Eps: 0.0369),PAT: 28.47%
Operating cashflow vs PBT
FPE2022: 1.01%
2021: 107.06%
2020: 31.19%
2019: 25.01%
FPE2022: 1.01%
2021: 107.06%
2020: 31.19%
2019: 25.01%
Major customer (2021)
Did not have major customer (customer is individual buyer or companies buy on one unit or small number of unit).
Did not have major customer (customer is individual buyer or companies buy on one unit or small number of unit).
Major Sharesholders
1.Gan Kah Siong: 15.74% (direct), 37.49% (indirect)
2.Gan Tiong Kian: 7.5% (direct), 2.25% (indirect)
3.Gan Kok Peng: 7.5% (direct)
4.Cengal 2020 Sdn Bhd: 37.49% (direct)
5.Java Citarasa Sdn Bhd: 2.25%
6.Tambun Team Sdn Bhd: 1.12%
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.723mil
key management remuneration: RM1.1mil – RM1.3mil
total (max): RM 4.023mil or 2.26%
Use of funds
1.Acquisition of landbank and/or development expenditure: 39.4%
2.Repayment of bank borrowings: 21.63%
3.Hotel construction: 25.18%
4.Working capital: 9.18%
5.Estimated listing expenses: 4.61%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall the industry itself is expected not going to have high growth within 1-3 years. Is consider an overvalued IPO.
*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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