Tag: ACE
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Teladan Setia Group Berhad
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Open to apply: 23/02/2021
Close to apply: 02/03/2021
Listing date: 16/03/2021
Close to apply: 02/03/2021
Listing date: 16/03/2021
Share Capital
Market Cap: RM386.543mil
Total Shares: 805.298 mil shares (Public apply: 40 mil, Company Insider/Miti/Private Placement/other: 161.595mil)
Market Cap: RM386.543mil
Total Shares: 805.298 mil shares (Public apply: 40 mil, Company Insider/Miti/Private Placement/other: 161.595mil)
Industry (Net Profit %)
Property development
Property development
Business
Business mainly in Melaka
Residential: 51%
Mixed development: 49%
Business mainly in Melaka
Residential: 51%
Mixed development: 49%
Fundamental
1.Market: Ace Market
2.Price: RM0.48 (EPS:RM0.054)
3.P/E: PE8.9
4.ROE(Pro Forma III): 10.36%
5.ROE: 12.60%(2019), 16.19%(2018), 22.27%(2017)
6.Cash & fixed deposit after IPO: RM0.1153 per shares
7.NA after IPO: RM0.54
8.Total debt to current asset after IPO: 0.56 (Debt: 214.877mil, Non-Current Asset: 266.719mil, Current asset: 381.972mil)
9.Dividend policy: 20% of PAT as dividend.
1.Market: Ace Market
2.Price: RM0.48 (EPS:RM0.054)
3.P/E: PE8.9
4.ROE(Pro Forma III): 10.36%
5.ROE: 12.60%(2019), 16.19%(2018), 22.27%(2017)
6.Cash & fixed deposit after IPO: RM0.1153 per shares
7.NA after IPO: RM0.54
8.Total debt to current asset after IPO: 0.56 (Debt: 214.877mil, Non-Current Asset: 266.719mil, Current asset: 381.972mil)
9.Dividend policy: 20% of PAT as dividend.
Past Financial Performance (Revenue, EPS)
2020 (9mths): RM100.028 mil (EPS:0.022)
2019: RM232.988 mil (EPS:0.054)
2018: RM259.141 mil (EPS:0.061)
2017: RM359.511 mil (EPS:0.078)
2020 (9mths): RM100.028 mil (EPS:0.022)
2019: RM232.988 mil (EPS:0.054)
2018: RM259.141 mil (EPS:0.061)
2017: RM359.511 mil (EPS:0.078)
Net Profit Margin
2020 (9mths):19.1%
2019: 18.6%
2018: 18.8%
2017: 17.49%
2020 (9mths):19.1%
2019: 18.6%
2018: 18.8%
2017: 17.49%
After IPO Sharesholding
Teo Lay Ban: 41.6%
Teo Lay Lee: 11.1%
Teo Siew May: 11.1%
Teo Lay Ban: 41.6%
Teo Lay Lee: 11.1%
Teo Siew May: 11.1%
Directors & Key Management Remuneration for FYE2021 (from gross profit 2019)
Total director remuneration: RM1.678 mil or 2.08%
key management remuneration: RM0.90 mil-1.05mil or 1.12%-1.30%
total (max): RM2.728mil or 3.38%
Total director remuneration: RM1.678 mil or 2.08%
key management remuneration: RM0.90 mil-1.05mil or 1.12%-1.30%
total (max): RM2.728mil or 3.38%
Use of fund
Land acquisition: 45.3%
Working capital for project development: 42.8%
Repayment of bank borrowings: 5.2%
Listing Expenses: 6.7%
Land acquisition: 45.3%
Working capital for project development: 42.8%
Repayment of bank borrowings: 5.2%
Listing Expenses: 6.7%
Good thing is:
1. IPO price fair with the company value, PE8.9.
2. Have profit margin of 17%-19% rannge.
3. Directors & Key Management Remuneration is not too expensive.
1. IPO price fair with the company value, PE8.9.
2. Have profit margin of 17%-19% rannge.
3. Directors & Key Management Remuneration is not too expensive.
The bad things:
1. Property development industry is effected by current overall economic.
2. ROE is less than 15%
1. Property development industry is effected by current overall economic.
2. ROE is less than 15%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
Overall is fair valuation, but current economic situation is not encouraging property market to grow. Property market will need to wait at least more than 2 year to better demand. Invest in this IPO might need more time to wait and need to continue monitoring their performance. For business growth & business risk please refer to below chart.
Overall is fair valuation, but current economic situation is not encouraging property market to grow. Property market will need to wait at least more than 2 year to better demand. Invest in this IPO might need more time to wait and need to continue monitoring their performance. For business growth & business risk please refer to below chart.
*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.
Mobilia Holdings Berhad
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Open to apply: 03/02/2021
Close to apply: 09/02/2021
Listing date: 23/01/2021
Share Capital
Market Cap: RM92mil
Total Shares: 400 mil shares (Public apply: 20mil, Company Insider/Miti/Private Placement/other: 80mil)
Industry (Net Profit %)
Homeriz: 15.18%
Spring Art: 13.14%
Mobilia: 11.14%
Liihen: 9.51%
Business
Design & Manufacturing of home furniture.
Oversea: 73.39%
Malaysia: 26.61%
*2017-2020: 50.48%-56.48% revenue come from 5 major customer.
Fundamental
1.Market: Ace Market
2.Price: RM0.23 (EPS:0.02)
3.P/E: PE11.50
4.ROE(Pro Forma III): 17.29%
5.ROE: 35.71%(2019), 27.55%(2018), 31.45%(2017)
6.Cash & fixed deposit after IPO: RM0.0406 per shares
7.NA after IPO: RM0.10
8.Total debt to current asset after IPO: 1.176 (Debt: 39.385mil, Non-Current Asset: 45.954mil, Current asset: 33.447mil)
9.Dividend policy: No fixed dividend policy.
Past Financial Performance (Revenue, EPS)
2020 (8mths): RM44.729 mil (EPS:0.0136)
2019: RM75.589 mil (EPS:0.0248)
2018: RM66.504 mil (EPS:0.0184 )
2017: RM55.730 mil (EPS:0.0184)
Net Profit Margin
2020 (8mths): 10.31%
2019: 11.14%
2018: 9.39%
2017: 11.24%
After IPO Sharesholding
Quek Wee Seng: 74.56% (Exelient & Firstchrome)
Quek Wee Seong: 73.88% (Exelient & Firstchrome)
Directors Remuneration for FYE2021 (from gross profit 2019)
Datin Siah Li Mei: RM42k
Quek Wee Seng: RM577k
Quek Wee Seong: RM474k
Tajul Arifin: RM42k
Lim See Tow: RM42k
Total director remuneration: RM1.177 mil or 6.05%
Key Management Remuneration for FYE2021 (from gross profit 2019)
Tan Ley Wun: RM150k-200k
Khoo Ai Lee: RM150k-200k
Ku Yong Yee: RM100k-150k
Wong Eng Chuan: RM200k-250k
Quek Yan Song: RM50k-100k
key management remuneration: RM0.65mil-0.9mil or 3.34-4.62%
Use of fund
Construction of building: 42.03%
Purchase of machineries: 9.42%
Repayment of borrowings: 13.77%
Working capital: 13.77%
Listing Expenses: 21.74%
Good thing is:
1. PE11.5 is acceptable fair value.
2. ROE above 15%.
3. Revneue continue increase over past 3 years.
4. Global work from home trend increase demand of furniture.
The bad things:
1. Top 5 major customer contribute over 50% of company revenue.
2. Debt is high.
3. Director & top management remuneration is over 10% from company gross profit.
4. Use 13.77% IPO fund to pay debt, & listing expenses is 21.74% of total IPO fund (this 2 item is less help to contribute business growth in futures)
Open to apply: 03/02/2021
Close to apply: 09/02/2021
Listing date: 23/01/2021
Share Capital
Market Cap: RM92mil
Total Shares: 400 mil shares (Public apply: 20mil, Company Insider/Miti/Private Placement/other: 80mil)
Industry (Net Profit %)
Homeriz: 15.18%
Spring Art: 13.14%
Mobilia: 11.14%
Liihen: 9.51%
Business
Design & Manufacturing of home furniture.
Oversea: 73.39%
Malaysia: 26.61%
*2017-2020: 50.48%-56.48% revenue come from 5 major customer.
Fundamental
1.Market: Ace Market
2.Price: RM0.23 (EPS:0.02)
3.P/E: PE11.50
4.ROE(Pro Forma III): 17.29%
5.ROE: 35.71%(2019), 27.55%(2018), 31.45%(2017)
6.Cash & fixed deposit after IPO: RM0.0406 per shares
7.NA after IPO: RM0.10
8.Total debt to current asset after IPO: 1.176 (Debt: 39.385mil, Non-Current Asset: 45.954mil, Current asset: 33.447mil)
9.Dividend policy: No fixed dividend policy.
Past Financial Performance (Revenue, EPS)
2020 (8mths): RM44.729 mil (EPS:0.0136)
2019: RM75.589 mil (EPS:0.0248)
2018: RM66.504 mil (EPS:0.0184 )
2017: RM55.730 mil (EPS:0.0184)
Net Profit Margin
2020 (8mths): 10.31%
2019: 11.14%
2018: 9.39%
2017: 11.24%
After IPO Sharesholding
Quek Wee Seng: 74.56% (Exelient & Firstchrome)
Quek Wee Seong: 73.88% (Exelient & Firstchrome)
Directors Remuneration for FYE2021 (from gross profit 2019)
Datin Siah Li Mei: RM42k
Quek Wee Seng: RM577k
Quek Wee Seong: RM474k
Tajul Arifin: RM42k
Lim See Tow: RM42k
Total director remuneration: RM1.177 mil or 6.05%
Key Management Remuneration for FYE2021 (from gross profit 2019)
Tan Ley Wun: RM150k-200k
Khoo Ai Lee: RM150k-200k
Ku Yong Yee: RM100k-150k
Wong Eng Chuan: RM200k-250k
Quek Yan Song: RM50k-100k
key management remuneration: RM0.65mil-0.9mil or 3.34-4.62%
Use of fund
Construction of building: 42.03%
Purchase of machineries: 9.42%
Repayment of borrowings: 13.77%
Working capital: 13.77%
Listing Expenses: 21.74%
Good thing is:
1. PE11.5 is acceptable fair value.
2. ROE above 15%.
3. Revneue continue increase over past 3 years.
4. Global work from home trend increase demand of furniture.
The bad things:
1. Top 5 major customer contribute over 50% of company revenue.
2. Debt is high.
3. Director & top management remuneration is over 10% from company gross profit.
4. Use 13.77% IPO fund to pay debt, & listing expenses is 21.74% of total IPO fund (this 2 item is less help to contribute business growth in futures)
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
The company choosen the right timing to IPO as global work from home increase demand of furniture, however Mobilia furniture is more focus on wood based furniture. The exstimated completion time for factory block B & C is 2022, we should see more revenue come in after 2 years time (unable to find out how many % increase in production capacity). Please refer below chart to understand the risk vs business growth forecast for the company within 3 years.
*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.
HPP Holdings Berhad
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Open to apply: 15/12/2020
Close to apply: 07/01/2021
Listing date: 20/01/2021
Share Capital
Market Cap: RM139.8345mil
Total Shares: 388.43mil shares (Public apply: 19.4216mil, Company Insider/Miti/Private Placement/other: 89.2474mil)
Industry
Printing Industry CAGR 2016-2019: 6.04%
Top Five Industry Player (by PAT Margin)
Kinta Press & Packaging S/B: 20.98%
GL Printing S/B: 18.99%
Thumbprints Utd S/B: 13.47%
Hin Press S/B: 9.10%
Hayan Group (HPP): 8.72%
Business
Printing & production of paper-based packaging.
*Standard format machine utilisation rate 88.44%
*Currently 6 machines (5 in production line, 1 for training purpose)
*IPO add 2 machines (will dispose on old machines)
*Forecast printing capacity increase 20%
Revenue from Malaysia: 72.44%
Revenue from Oversea: 27.56%
Fundamental
1.Market: Ace Market
2.Price: RM0.36 (EPS:0.0212)
3.P/E: PE16.98
4.ROE(Pro Forma III): 8.885%
5.ROE: 12.72%(2020), 22.76%(2019), 28.82%(2018)
6.Cash & fixed deposit after IPO: RM0.0878 per shares
7.NA after IPO: RM0.25
8.Total debt to current asset after IPO: 0.4655 (Debt: 28.566mil, Non-Current Asset: 66.417mil, Current asset: 61.360mil)
9.Dividend policy: 20% Net profit dividend payout ratio policy.
Past Financial Performance (Revenue, EPS)
2020: RM101.203 mil (EPS: 0.0212)
2019: RM82.681 mil (EPS: 0.0343)
2018: RM64.395 mil (EPS: 0.0384)
Net Profit Margin
2020: 8.71%
2019: 16.53%
2018: 23.19%
After IPO Sharesholding
Aurora Meadow S/B: 51.72%
Kok Hon Seng: 5.94% (indirect 55.3%)
Lau Teee Tee @ Lau Kim Wah: 1.98% (indirect 53.51%)
Ng Soh Hoon: 3.58% (indirect: 57.66%)
Chong Fea Chin: 1.79% (indirect 53.7%)
Ang Poh Geok: 7.01%
Directors Remuneration for FYE2021 (from gross profit 2020)
Lau Tee Tee @ Lau Kim Wah: RM100k
Kok Hon Seng: RM0.954 mil
Ng Soh Hoon: RM0.216 mil
Philip Goh Teck Siang: RM60k
Choo Chee Beng: RM36k
Lee Chong Leng: RM36k
Total director remuneration: RM1.402 mil or 6.77%
Key Management Remuneration for FYE2020 (from gross profit 2019)
Tan Kian Siong @ Chen Kian Siong: RM0.251mil-0.3 mil
Mah Chen Wah: RM0.151mil-0.2mil
Ng Soh Moy: RM0.151mil-0.2mil
Teng Tiang Chia: RM0.201mil-0.25mil
Lee Kuei Yong: RM0.051mil-0.1mil
Subramaniam A/L Mogan: RM0.101mil-0.15mil
Nur Syafiqah Binti Hassan: RM0-0.05mil
key management remuneration: RM0.906mil-1.25mil or 4.38%-6.04%
Use of fund
Capital expenditure and expansion: 40.82%
Repayment of bank borrowing: 24.38%
Working capital: 16.31%
Sales and marketing expenses: 6.27%
Listing Expenses: 12.22%
Good thing is:
1. PE 16.98 under acceptable range.
2. Revenue increase over 3 years.
3. Major sharesholder hold by Aurora Meadow S/B, will have less large dispose of shares activities after IPO.
4. After IPO forecast printing capicity increase 20%.
The bad things:
1. ROE & EPS dropping over 3 years.
2. 16.31% IPO fund allocate to pay back bank borrowing.
3. Industry CAGC is not in high growth.
4. HPP is not major market player among their competitors.
5. Director & top management remuneration is over 10% of the company gross profit.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
The IPO is at fair value.Estimated after completed install the new printing machine will have increase of printing capacity 20% that will increase revenue. However the business is not going to increase 100% in one or two years, as revenue also need to come with printing capacity. We might not see very high growth of business. (WARNING: business growth is not shares price growth)
for Risk vs business growth potential please refer below chart.
Lau Tee Tee @ Lau Kim Wah: RM100k
Kok Hon Seng: RM0.954 mil
Ng Soh Hoon: RM0.216 mil
Philip Goh Teck Siang: RM60k
Choo Chee Beng: RM36k
Lee Chong Leng: RM36k
Total director remuneration: RM1.402 mil or 6.77%
Key Management Remuneration for FYE2020 (from gross profit 2019)
Tan Kian Siong @ Chen Kian Siong: RM0.251mil-0.3 mil
Mah Chen Wah: RM0.151mil-0.2mil
Ng Soh Moy: RM0.151mil-0.2mil
Teng Tiang Chia: RM0.201mil-0.25mil
Lee Kuei Yong: RM0.051mil-0.1mil
Subramaniam A/L Mogan: RM0.101mil-0.15mil
Nur Syafiqah Binti Hassan: RM0-0.05mil
key management remuneration: RM0.906mil-1.25mil or 4.38%-6.04%
Use of fund
Capital expenditure and expansion: 40.82%
Repayment of bank borrowing: 24.38%
Working capital: 16.31%
Sales and marketing expenses: 6.27%
Listing Expenses: 12.22%
Good thing is:
1. PE 16.98 under acceptable range.
2. Revenue increase over 3 years.
3. Major sharesholder hold by Aurora Meadow S/B, will have less large dispose of shares activities after IPO.
4. After IPO forecast printing capicity increase 20%.
The bad things:
1. ROE & EPS dropping over 3 years.
2. 16.31% IPO fund allocate to pay back bank borrowing.
3. Industry CAGC is not in high growth.
4. HPP is not major market player among their competitors.
5. Director & top management remuneration is over 10% of the company gross profit.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
The IPO is at fair value.Estimated after completed install the new printing machine will have increase of printing capacity 20% that will increase revenue. However the business is not going to increase 100% in one or two years, as revenue also need to come with printing capacity. We might not see very high growth of business. (WARNING: business growth is not shares price growth)
for Risk vs business growth potential please refer below chart.
*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.
Econframe Berhad
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Open to apply: 05/10/2020
Close to apply: 12/10/2020
Listing date: 27/10/2020
Close to apply: 12/10/2020
Listing date: 27/10/2020
Share Capital
Market Cap: RM91mil
Total Shares: 325mil shares (Public apply: 16.25mil, Company Insider/Miti/Private Placement/other: 81.25mil)
Market Cap: RM91mil
Total Shares: 325mil shares (Public apply: 16.25mil, Company Insider/Miti/Private Placement/other: 81.25mil)
Industry
Building material (specific in door)
Competitor (PAT%, refer prospecture pg149)
1.Door frame (9company): losses-5.1%
2.Key fire resistance door (10company): losses-7.21%
3.Key Woonden door (16 company):losses-7.81% (only one competitor have 14.32%)
4.Key Metal door (2company): 3.07%-15.14%
5.Key ironmongery (11 company): losses-8.3%
Building material (specific in door)
Competitor (PAT%, refer prospecture pg149)
1.Door frame (9company): losses-5.1%
2.Key fire resistance door (10company): losses-7.21%
3.Key Woonden door (16 company):losses-7.81% (only one competitor have 14.32%)
4.Key Metal door (2company): 3.07%-15.14%
5.Key ironmongery (11 company): losses-8.3%
Business
1.Design & manufacturing of metal door frame (Rev:47.5%).
2.Manufacturing of fire resistant door sets (Rev:33.2%).
3.Manufacturing of metal doors (Rev:0.6%)
4.Trading of wooden doors & inronmongery (Rev18.7%)
1.Design & manufacturing of metal door frame (Rev:47.5%).
2.Manufacturing of fire resistant door sets (Rev:33.2%).
3.Manufacturing of metal doors (Rev:0.6%)
4.Trading of wooden doors & inronmongery (Rev18.7%)
Fundamental
1.Market: Ace Market
2.Price: RM0.28 (EPS:0.025)
3.P/E: PE11.2
4.ROE(Pro Forma III): 18.58
5.ROE: 31.28(2019), 23.72(2018), 19.18(2017)
6.Cash & fixed deposit after IPO: RM0.068 per shares
7.NA after IPO: RM0.14
8.Total debt to current asset after IPO: 0.083 (Debt: 3.25mil, Non-Current Asset: 10.068mil, Current asset: 39.089mil)
9.Dividend policy: No fixed dividend policy.
1.Market: Ace Market
2.Price: RM0.28 (EPS:0.025)
3.P/E: PE11.2
4.ROE(Pro Forma III): 18.58
5.ROE: 31.28(2019), 23.72(2018), 19.18(2017)
6.Cash & fixed deposit after IPO: RM0.068 per shares
7.NA after IPO: RM0.14
8.Total debt to current asset after IPO: 0.083 (Debt: 3.25mil, Non-Current Asset: 10.068mil, Current asset: 39.089mil)
9.Dividend policy: No fixed dividend policy.
Past Financial Performance (Revenue, EPS)
2020 (9-mth): RM29.977 mil (EPS: 0.0130)
2019: RM44.089 mil (EPS: 0.0250)
2018: RM39.834 mil (EPS: 0.0157)
2017: RM35.494 mil (EPS: 0.0096)
2020 (9-mth): RM29.977 mil (EPS: 0.0130)
2019: RM44.089 mil (EPS: 0.0250)
2018: RM39.834 mil (EPS: 0.0157)
2017: RM35.494 mil (EPS: 0.0096)
Net Profit Margin
2020: 14.0%
2019: 18.5%
2018: 12.8%
2017: 8.80%
2020: 14.0%
2019: 18.5%
2018: 12.8%
2017: 8.80%
After IPO Sharesholding
1.Lim Chin Horng: 34.7%
2.Khoo Soon Beng: 2.0%
3.Lim Saw Kee: 33.4%
Directors Remuneration for FYE2020 (from gross profit 2019)
1.Robert Koong Yin Leong: RM15k
2.Lim Chin Horng: RM222k
3.Khoo Soon Beng: RM133k
4.Lim Saw Kee: RM10k
5.Tan Hock Soon: RM15k
6.Ilham Fadilah Binti Sunhaji: RM12k
Total director remuneration from PBT: RM0.407mil or 2.79%
Key Management Remuneration for FYE2020 (from gross profit 2019)
1.Yong Wai Kin: RM100k-150k
2.Lai Shu San: RM100k-150k
3.Yong Chaw Ang: RM100k-150k
4.Soi Wen Li: RM50k-100k
5.Ang Sze Cie: RM50k-100k
key management remuneration from PBT: RM0.4mil-0.65mil or 4.45%
Use of fund
1.Land acquisition and construction of new manufacturing facility: 27.5%
2.Automation of manufacturing process: 22.0%
3.Working capital: 34.1%
4.Listing Expenses: 16.4%
Good thing is:
1. PE11.12 is not too high & ROE is over 15.
2. Debt is healthy.
3. Director remuneration is acceptable.
4. Most of the IPO fund use to expand business.
5. The company planned to increase automation process in the production line.
1. PE11.12 is not too high & ROE is over 15.
2. Debt is healthy.
3. Director remuneration is acceptable.
4. Most of the IPO fund use to expand business.
5. The company planned to increase automation process in the production line.
The bad things:
1. Too many competitors in market.
2. Most competitor PAT Margin making either losses or less than 8% PAT margin, buy why Ecoframe only make 18.45%, unless they very specific price/cost advantage in this industry.
3. No fixed dividend policy.
4. Current over supply property environment & covis-19 is not benefit the industry growht.
1. Too many competitors in market.
2. Most competitor PAT Margin making either losses or less than 8% PAT margin, buy why Ecoframe only make 18.45%, unless they very specific price/cost advantage in this industry.
3. No fixed dividend policy.
4. Current over supply property environment & covis-19 is not benefit the industry growht.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
The timing of property growth have very high related with their product demand. Hence, current property oversupply & covis-19 effect economic growth, will not benefit the company in coming 1-3years.
The timing of property growth have very high related with their product demand. Hence, current property oversupply & covis-19 effect economic growth, will not benefit the company in coming 1-3years.
*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.
Aneka Jaringan Holding Berhad
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Open to apply: 01/10/2020
Close to apply: 09/10/2020
Listing date: 20/10/2020
Close to apply: 09/10/2020
Listing date: 20/10/2020
Share Capital
Market Cap: RM177.5 mil
Total Shares: 538.1mil shares (Public apply: 26.906mil, Company Insider/Miti/Private Placement/other: 112.984mil)
Market Cap: RM177.5 mil
Total Shares: 538.1mil shares (Public apply: 26.906mil, Company Insider/Miti/Private Placement/other: 112.984mil)
Industry
Construction Industry
Competitor (Net Profit Margin%)
Econpile: 3.8%
Pintaras Jaya: 8.3%
Sunway Geotechnics: 3.0%
Ikhmas Jaya: Loss making
Construction Industry
Competitor (Net Profit Margin%)
Econpile: 3.8%
Pintaras Jaya: 8.3%
Sunway Geotechnics: 3.0%
Ikhmas Jaya: Loss making
Business
Foundation and basement constructions.
Foundation and basement constructions.
Fundamental
Market: Ace Market
Price: RM0.33 (EPS:0.0343)
P/E: PE9.62
ROE(Pro Forma III): 13.2
ROE: 24.1(2019), 22.9(2018), 14.8(2017)
Cash & fixed deposit after IPO: RM0.0728 per shares
NA after IPO: RM0.24
Total debt to current asset after IPO: 0.577 (Debt: 82.852mil, Non-Current Asset: 73.811mil, Current asset: 143.559mil)
Dividend policy: No fixed dividend policy.
Market: Ace Market
Price: RM0.33 (EPS:0.0343)
P/E: PE9.62
ROE(Pro Forma III): 13.2
ROE: 24.1(2019), 22.9(2018), 14.8(2017)
Cash & fixed deposit after IPO: RM0.0728 per shares
NA after IPO: RM0.24
Total debt to current asset after IPO: 0.577 (Debt: 82.852mil, Non-Current Asset: 73.811mil, Current asset: 143.559mil)
Dividend policy: No fixed dividend policy.
Past Financial Performance (Revenue, EPS)
2020 (9-mth): RM104.226 mil (EPS: 0.161)
2019: RM221.172 mil (EPS: 0.0343)
2018: RM266.872 mil (EPS: 0.0249)
2017: RM171.153 mil (EPS: 0.0118)
2020 (9-mth): RM104.226 mil (EPS: 0.161)
2019: RM221.172 mil (EPS: 0.0343)
2018: RM266.872 mil (EPS: 0.0249)
2017: RM171.153 mil (EPS: 0.0118)
Net Profit Margin
2020: 8.85%
2019: 9.10%
2018: 5.55%
2017: 5.00%
2020: 8.85%
2019: 9.10%
2018: 5.55%
2017: 5.00%
After IPO Sharesholding
Dato'Ir.Tan Gim Foo:0.06%
Pang Tse Fui:18.50%
Chong Ngit Sooi:18.50%
Loke Kien Tuck:18.50%
Dato' Noraini binti Abdul Rahman:0.06%
Wee Kee Hong:0.06%
Directors Remuneration for FYE2021 (from gross profit 2019)
Dato'Ir.Tan Gim Foo:RM54k
Dato'Ir.Tan Gim Foo:RM54k
Pang Tse Fui:RM434k
Chong Ngit Sooi:RM434k
Loke Kien Tuck:RM434k
Dato' Noraini binti Abdul Rahman:RM46k
Wee Kee Hong:RM49k
Total director remuneration from PBT: RM1.451mil or 3.71%
Chong Ngit Sooi:RM434k
Loke Kien Tuck:RM434k
Dato' Noraini binti Abdul Rahman:RM46k
Wee Kee Hong:RM49k
Total director remuneration from PBT: RM1.451mil or 3.71%
Key Management Remuneration for FYE2021 (from gross profit 2019)
Ooi Chong Pin: RM300k-350k
Steven Koh: RM350k-400k
Tham Kai How: RM150k-300k
Tung Sin Thian: RM250k-300k
Ngoi Tong King: RM250k-300k
key management remuneration from PBT: RM1.3mil-1.65mil or 4.21%
Ooi Chong Pin: RM300k-350k
Steven Koh: RM350k-400k
Tham Kai How: RM150k-300k
Tung Sin Thian: RM250k-300k
Ngoi Tong King: RM250k-300k
key management remuneration from PBT: RM1.3mil-1.65mil or 4.21%
Use of fund
Purchase of new rotary drilling rigs and crawler crane: 37.48%
Repayment bank borrowing: 52.56%
Listing Expenses: 9.96%
Purchase of new rotary drilling rigs and crawler crane: 37.48%
Repayment bank borrowing: 52.56%
Listing Expenses: 9.96%
Good thing is:
1. PE is not too high & ROE have double digit.
2. Debt is not too high.
1. PE is not too high & ROE have double digit.
2. Debt is not too high.
The bad things:
1. 52.56% IPO fund use to repayment of debt.
2. Industry competitor & Aneka net profit didn't more than 10%
3. No fixed dividend policy.
4. Key management & Director remuneration total almost 8% of the total gross profit.
1. 52.56% IPO fund use to repayment of debt.
2. Industry competitor & Aneka net profit didn't more than 10%
3. No fixed dividend policy.
4. Key management & Director remuneration total almost 8% of the total gross profit.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
52.56% use to pay company debt is totally not acceptable. Not attractive, and is not the good timing for investment in construction business.
52.56% use to pay company debt is totally not acceptable. Not attractive, and is not the good timing for investment in construction 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.
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