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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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