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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)

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%

Rimbaco: 3.4%

Business
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.

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)

Net Profit Margin
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

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%

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%  

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%

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. 

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. 

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.