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Open to apply: 02/06/2021 Close to apply: 10/06/2021 Balloting: 14/06/2021 Listing date: 23/06/2021
Share Capital Market Cap: RM206.389mil Total Shares: 644.968mil shares (Public apply: 32.248mil, Company Insider/Miti/Private Placement/other: 138.667mil) Industry Solar PV Installation CAGR: 50.3% (2015-2019) Solar PV Module price: CAGR -21.1% (RM/W) Competitors (PE) Solarevst: 52.63 Samaiden: 60.4
Business 1.Solar Division: Design, Supply & Installation of solar PV system and power plants. 2.ELP division: Supply and installation of ELP System. 3.Trading Division: Distribution of electrical products and accessories.
Fundamental 1.Market: Ace Market 2.Price: RM0.32 (EPS:RM0.021) 3.P/E: PE15.2 4.ROE(Pro Forma III): 13% 5.ROE: 21.3%(2020), 31.2%(2019), 29.5%(2018), 36.6%(2017) 6.Cash & fixed deposit after IPO: RM0.0586 per shares 7.NA after IPO: RM0.16 8.Total debt to current asset after IPO: 0.446 (Debt: 50.937mil, Non-Current Asset: 41.109mil, Current asset: 114.178mil) 9.Dividend policy: no formal dividend policy.
Past Financial Performance (Revenue, Earning Per shares) 2020: RM125.562 mil (Eps: 0.0210) 2019: RM119.521 mil (Eps: 0.0230) 2018: RM120.129 mil (Eps: 0.0170) 2017: RM72.830 mil (Eps: 0.0150)
Order book 2021: RM117.2 mil 2022: RM24.8 mil 2023: RM11.5 mil After IPO Sharesholding Chin Soo Mau: 34.9% Tai Yee Chee: 10.4% Wee Chek Aik: 8.6% Hextar (Stock code 5151): 19.6%
Directors & Key Management Remuneration for FYE2021 (from gross profit 2020) Total director remuneration: RM2.548 mil or 6.68% key management remuneration: RM0.90 mil - 1.05mil or 2.36%- 2.75% total (max): RM3.598 mil or 9.4%
Use of fund Contrusction of new head office and operation facilities: 40.6% Working capital: 28.6% Repayment of bank borrowings: 22.5% Listing expenses: 8.3% Good thing is: 1. PE15 is a fair value. 2. Sunrise industry (clean energy demand increase, lower solar PV module price). 3. Competitor from same industry with high PE (over 50). 4. Revenue increase over 4 years.
The bad things: 1. Use 22.5% of IPO fund to pay debt. 2. Drop in ROE% 3. No formal dividend policy. 4. Director & management remuneration near to 10%.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision) Consider a an attractive IPO. The offer price of IPO RM0.32 (PE15) much lower compare to same industry competitor. Overall business activities is on sunrise industry & the industry expected to continue growth globally.
*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.
Meanwhile, another project of the company, also based in Hefei, is making steady progress simultaneously with an annual 2.5GW production of shingled modules.
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