Tag: Shares
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After much investor anticipation following recent surges in IPO performance, payments giant Stripe is set to capitalize on investor confidence and go public in what may well become a record-breaking initial public offering. News about Stripe’s imminent listing has stretched all the way back to the summer of 2020, but to date, the company has […]
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Tuju Setia Berhad
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Open to apply: 26/04/2021
Close to apply: 05/05/2021
Listing date: 19/05/2021
Share Capital
Market Cap: RM221.780mil
Total Shares: 316.828mil shares (Public apply: 15.842mil, Company Insider/Miti/Private Placement/other: 91.683mil)
Market Cap: RM221.780mil
Total Shares: 316.828mil shares (Public apply: 15.842mil, Company Insider/Miti/Private Placement/other: 91.683mil)
Industry (Net Profit %)
Building construction for Residential & Non-residential buidling.
Tuju Setia: 6.4% (average 4 year 3.81%)
WCT: -10.8%
Suncon: 4.7%
Kerjaya: 11.2%
Vizione: -2.2%
GDB: 6.8%
Inta bina: 2.9%
TCS: 6.7%
Gagasan Nadi Cergas: 5.4%
Building construction for Residential & Non-residential buidling.
Tuju Setia: 6.4% (average 4 year 3.81%)
WCT: -10.8%
Suncon: 4.7%
Kerjaya: 11.2%
Vizione: -2.2%
GDB: 6.8%
Inta bina: 2.9%
TCS: 6.7%
Gagasan Nadi Cergas: 5.4%
Rimbaco: 3.4%
Business
M'sia: 100%
M'sia: 100%
Fundamental
1.Market: Main Market
2.Price: RM0.70 (EPS:RM0.0513)
3.P/E: PE13.65
4.ROE(Pro Forma III): 16.5%
5.ROE: 30%(2020), 35%(2019), 31%(2018), 33%(2017)
6.Cash & fixed deposit after IPO: RM0.2458 per shares
7.NA after IPO: RM0.31
8.Total debt to current asset after IPO: 0.66 (Debt: 135.120mil, Non-Current Asset: 31.077mil, Current asset: 202.352mil)
9.Dividend policy: PAT 25% dividend policy.
1.Market: Main Market
2.Price: RM0.70 (EPS:RM0.0513)
3.P/E: PE13.65
4.ROE(Pro Forma III): 16.5%
5.ROE: 30%(2020), 35%(2019), 31%(2018), 33%(2017)
6.Cash & fixed deposit after IPO: RM0.2458 per shares
7.NA after IPO: RM0.31
8.Total debt to current asset after IPO: 0.66 (Debt: 135.120mil, Non-Current Asset: 31.077mil, Current asset: 202.352mil)
9.Dividend policy: PAT 25% dividend policy.
Past Financial Performance (Revenue, Earning Per shares)
2020: RM255.768 mil (Eps: 0.0636)
2019: RM421.635 mil (Eps: 0.0369)
2018: RM327.794 mil (Eps: 0.0281)
2017: RM292.385 mil (Eps: 0.0230)
2020: RM255.768 mil (Eps: 0.0636)
2019: RM421.635 mil (Eps: 0.0369)
2018: RM327.794 mil (Eps: 0.0281)
2017: RM292.385 mil (Eps: 0.0230)
Net Profit Margin
2020: 6.36%
2019: 3.69%
2018: 2.71%
2017: 2.5%
2020: 6.36%
2019: 3.69%
2018: 2.71%
2017: 2.5%
Order book
2021: RM21.914 mil
2022: RM174.353 mil
2023: RM388.437 mil
2024: RM365.53 mil
2021: RM21.914 mil
2022: RM174.353 mil
2023: RM388.437 mil
2024: RM365.53 mil
After IPO Sharesholding
Wee Eng Kong: 44.37%
Dato' Wee Beng Aun: 21.86%
Wee Beng Chuan: 0.16%
Datin Seri Raihanah: 0.08%
Loo Ming Chee: 0.08%
Nor Adha bin Yahya: 0.08%
Wee Eng Kong: 44.37%
Dato' Wee Beng Aun: 21.86%
Wee Beng Chuan: 0.16%
Datin Seri Raihanah: 0.08%
Loo Ming Chee: 0.08%
Nor Adha bin Yahya: 0.08%
Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM2.084 mil or 8.96%
key management remuneration: RM1.45 mil - 1.7mil or 6.23%-7.30%
total (max): RM3.784 mil or 16.27%
Total director remuneration: RM2.084 mil or 8.96%
key management remuneration: RM1.45 mil - 1.7mil or 6.23%-7.30%
total (max): RM3.784 mil or 16.27%
Use of fund
Capital Expenditure (Machines/equitment/Software): 42.86%
Capital Expenditure (Land/storage facilities): 14.28%
Working capital: 33.93%
Listing expenses: 8.93%
Capital Expenditure (Machines/equitment/Software): 42.86%
Capital Expenditure (Land/storage facilities): 14.28%
Working capital: 33.93%
Listing expenses: 8.93%
Good thing is:
1. PE13.65 is not too high & have good ROE.
2. Still have some order book to sustain revenue until 2024.
3. Have clear dividend policy.
4. Most IPO fund to expand business activities.
1. PE13.65 is not too high & have good ROE.
2. Still have some order book to sustain revenue until 2024.
3. Have clear dividend policy.
4. Most IPO fund to expand business activities.
The bad things:
1. Company having high payable in liabilties. Grearing including payable is 2.49 in 2020.
2. Overall 4 year revenue almost no increase.
3. Major sharesholder age 60 & 63 (need more study on succession plan, & abilities of get new project).
4. RM13.3mil (70%) of working capital from IPO fund to pay subcontractor services (payable in liabilities RM104mil).
5. Net profit margin didn't exceed 10%.
6. Director & key management fees exceeded 10% of company gross profit.
1. Company having high payable in liabilties. Grearing including payable is 2.49 in 2020.
2. Overall 4 year revenue almost no increase.
3. Major sharesholder age 60 & 63 (need more study on succession plan, & abilities of get new project).
4. RM13.3mil (70%) of working capital from IPO fund to pay subcontractor services (payable in liabilities RM104mil).
5. Net profit margin didn't exceed 10%.
6. Director & key management fees exceeded 10% of company gross profit.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Consider a normal IPO. Construction of buidling activities might need to take another few year in Malaysia to see better growth. Please refer below 3 year revenue & risk reward estimation.
*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.
Consider a normal IPO. Construction of buidling activities might need to take another few year in Malaysia to see better growth. Please refer below 3 year revenue & risk reward estimation.
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