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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.
New Rating Format
The new rating format is separated into 2 category.
(Rating is only personal opinion, investor should take their own risk)
Four Colour Column of Risk Reward
Green: Low Risk, High Return
Blue: Low Risk, Low Return
Yellow: High Risk, High Return
Red: High Risk, Low Return
Vertical Line & Horizontal Line
Vertical line: Possible return within 3 years.
Horizontal line: Possible risk of not make profit.
Example 1 (Rating is only personal opinion, investor should take their own risk)
Samaiden: Rating as Return 5, Risk 4.
This is mean forecast the Samaiden business can growth with 3 years for 50% (Return 5), and the risk of not able to achieve business growth forecast is 40% (Risk 4).
***Samaiden first day IPO price open first day RM1.00 (+108% return), now slow drop back as price per now is RM0.78.
Example 2 (Rating is only personal opinion, investor should take their own risk)
SCGBHD (Southern Cable): Rating as Return 1, Risk 7.
This mean forecast business able to growth within 3 years is 10% (Return 1), and the risk of not able to achieve business growth forecast is 70%.
***SCGBHD first day open 0.335 (-1.47% losses), now price is at losses as well RM0.32 below IPO price.
(Rating is only personal opinion, investor should take their own risk)
Mr D.I.Y Group (M) Berhad
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Open to apply: 06/10/2020
Close to apply: 14/10/2020
Listing date: 26/10/2020
Share Capital
Market Cap: RM294.95mil
Total Shares: 6.2766 mil shares (Public apply:125.532mil, Company Insider/Miti/Private Placement/other: 815.958mil)
Industry
Home Improvement Retail Sector.
Home Improvement Retail Sector.
Business
Hardware store.
Malaysia: 670 stores. (Penisular: 568, East Malaysia:102)
Brunei: 4 stores.
Hardware store.
Malaysia: 670 stores. (Penisular: 568, East Malaysia:102)
Brunei: 4 stores.
Fundamental
1.Market: Main Market
2.Price: RM1.60 (EPS:0.0506)
-If retail IPO price lower than RM1.60, will refund the price difference.
3.P/E: PE31.6
4.ROE(Pro Forma III): 33.53
5.ROE: 54.19(2019), 58.79(2018), 60.14(2017)
6.Cash & fixed deposit after IPO: RM0.00807 per shares
7.NA after IPO: RM0.11
8.Total debt to current asset after IPO: 1.656 (Debt: 1.1203bil, Non-Current Asset: 1.1328bil, Current asset: 0.6767bil)
9.Dividend policy: 40% Net profit dividend payout ratio policy.
Past Financial Performance (Revenue, EPS)
2020 (6-mth): RM1.051bil (EPS: 0.0190)
2019: RM2.275bil (EPS: 0.0522)
2018: RM1.771bil (EPS: 0.0506)
2017: RM1.229bil (EPS: 0.0345)
***prospectures book EPS using Pre-IPO 6.088bil shares to calculate EPS, pg211)
2020 (6-mth): RM1.051bil (EPS: 0.0190)
2019: RM2.275bil (EPS: 0.0522)
2018: RM1.771bil (EPS: 0.0506)
2017: RM1.229bil (EPS: 0.0345)
***prospectures book EPS using Pre-IPO 6.088bil shares to calculate EPS, pg211)
Net Profit Margin
2020: 11.0%
2019: 14.0%
2018: 17.4%
2017: 17.1%
2020: 11.0%
2019: 14.0%
2018: 17.4%
2017: 17.1%
After IPO Sharesholding
1.Bee Family Limited: 50.6%
- Tan Yu Yeh
- Tan Yu Wei
- Yeh Family (PTC) LTD
- WEI Futures Capital
2.Hyptis: 15.2%
- Creador III L.P.
- Creador II, LLC
3.Platinum Alphabet: 6.9%
- Gan Choon Leng
- Tan Gaik Hoon
Directors Remuneration for FYE2020 (from gross profit 2019)
1.Dato' Azlam Shah Bin Alias: RM176k
2.Tan Yu Yah: RM1.187mil
3.Ong Chu Jin Adrian: RM1,271mil
4.Brahmal A/L Vasudevan: -
5.Ng Ing Peng: RM119k
6.Leng Choo Yin: RM111k
7.Tan Yu Wei: RM1.006mil
8.Soo Sze Yang: -
Total director remuneration from PBT: RM2.9646 mil or 0.308%
Key Management Remuneration for FYE2020 (from gross profit 2019)
1.Lim Chen Hwee: RM550k-600k
2.Tan Yew Hock: RM400k-450k
3.Tan Yew Teik: RM350k-400k
4.Hoe Lye Peng: RM450k-500k
5.Lau Boon Teck: RM450k-500k
6.Chin Guangui: 450k-500k
key management remuneration from PBT: RM2.65mil-2.95mil or 0.306%
Use of fund
1.Repayment of bank borrowing: 91.6%
2.Listing Expenses: 8.4%
Good thing is:
1. ROE over 15.
2. Most large in number of hardware store in Malaysia (cost advantage) & Brands influence.
3. Past 3 year revenue increasing.
4. total Director & key management fee did not over gross profit 3%.
5. Have fixed dividend payout policy.
The bad things:
1. PE31.6 is not cheap.
2. Net asset RM0.11
3. Net profit margin decreasing for pass 3 years.
4. 91.6% IPO fund use to pay back bank borrowing.
5. After IPO, still have RM1.12mil debt, but cash is RM50.623 mil.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
This businees model successfully expand their business to almost whole Malaysia. But we cannot expect the business continue growth as past few years, as it already expand notion wide.
In the prospectus book Pg13 mention they expected to add additional 100 store in 2020 & 100 store in 2021, however did not mention the expected area to expand.
The price PE31.6 is included & price in potential of futures expansion, trust this is not a fair price & there might have opportunities to buy open market when it adjusted into their fair value.
This businees model successfully expand their business to almost whole Malaysia. But we cannot expect the business continue growth as past few years, as it already expand notion wide.
In the prospectus book Pg13 mention they expected to add additional 100 store in 2020 & 100 store in 2021, however did not mention the expected area to expand.
The price PE31.6 is included & price in potential of futures expansion, trust this is not a fair price & there might have opportunities to buy open market when it adjusted into their fair value.
*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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