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La silla que le hace honor a su nombre.
Corrección de estilo por: Esther Salazar.
Debo admitir que desde que las sillas gamer se popularizaron nunca...
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Open to apply: 01/10/2020 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)
Industry 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.
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.
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)
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%
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%
Use of fund 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.
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.
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.
*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.
Recent developments in the integration of ultra-thin silicon dies within a flexible film lead to a new paradigm. Indeed, thanks to the thinness and flexibility of devices, it is conceivable that functions can be added around any object without changing its aspect [1-5]. Currently, only electronic tracks between components are flexible in the major flexible […]