1.SBH: 6.7% (PE)
2.AASB: 14.5%
3.BAB: -4.7%
4.Emperor Marine: 1.2%
5.MAG: 17.0% (PE9.22)

Business (FPE 2023) 
Frozen seafood processing
-Aquaculture shrimp farming, processing, & sale of frozen seafood products.
Business Segments
1.Processing and sale of frozen seafood products: 68.71%
2.Merchant trading of frozen processed seafood products: 25.88%
3.Distribution and trading of aquaculture related products: 5.41%

Fundamental
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 16.67 (Forecast, EPS RM0.0132)
4.ROE(FPE2023):  14.31%
5.ROE: 16.04%(FYE2022), 17.64%(FYE2021), 10.74%(FYE2020)
6.Net asset: 0.14
7.Total debt to current asset: 0.24 (Debt: 27.731mil, Non-Current Asset: 36.661mil, Current asset: 117.263mil)
8.Dividend policy: didn’t have formal dividend policy. 
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FPE 20Sep, 9mths): RM144.212 mil (Eps: 0.0095), PAT: 5.83%
2022 (FYE 31Dec): RM194.426 mil (Eps: 0.0147), PAT: 6.71%
2021 (FYE 31Dec): RM192.006 mil (Eps: 0.0147),PAT: 6.79%
2020 (FYE 31Dec): RM140.581 mil (Eps: 0.0094),PAT: 5.91%

Major customer (FPE 2023)
1.Customer F: 15.13%
2.Customer G: 11.93%
3.Customer A: 9.76%
4.Customer H: 9.24%
5.Customer C: 7.81%
Total top 5 customer: 53.87%

Major Sharesholders
1.TBN Holdings: 17.8% (direct)
2.Tan Boo Nam: 14.23% (direct)
3.Tan Yuak Ming: 6.84%  (direct)
4.Tan Yuak Kwang: 6.28%  (direct)
5.Tan Yok Jin: 6.28% (direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income 2022)
Total director remuneration: RM4.104 mil
key management remuneration: RM0.55 mil – RM.75 mil
total (max): RM4.854 mil or 18.23%

Use of funds 
1.Development of Selinsing Farm: 40.40%
2.Construction of a new seafood processing plant: 16.42%
3.Purchase of machineries/equipment and motor vehicles: 15.4%
4.Working capital requirements: 17.68%
5.Estimated listing expenses: 10.10%

Overall is risk is a bit high as PAT% is not high, and revenue not much grow over past 3 years.