Tag: too high
Haily Group Berhad
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Open to apply: 30/06/2021
Close to apply: 07/07/2021
Balloting: 12/07/2021
Listing date: 21/07/2021
Close to apply: 07/07/2021
Balloting: 12/07/2021
Listing date: 21/07/2021
Share Capital
Market Cap: RM61.929 mil
Total Shares: 178.32 mil shares
Market Cap: RM61.929 mil
Total Shares: 178.32 mil shares
Industry CAGR volume unit (Malaysia 2016-2020)
Residential : -1.5%
Commercial properties: -3.9%
Industrial properties: -4.0%
Residential : -1.5%
Commercial properties: -3.9%
Industrial properties: -4.0%
Competitors compare (Net profit margin%)
Haily: 6.3%
Kerjaya Prospek: 11.2%
AME Elite: 18.0%
GDB: 6.8%
others: -39.9% to 6.7%
Haily: 6.3%
Kerjaya Prospek: 11.2%
AME Elite: 18.0%
GDB: 6.8%
others: -39.9% to 6.7%
Business
Construction is primarily involved in the building construction of residential and non-residential buildings.
Residential Buildings: 87.23%
Non-residential Buildings: 11.41%
Others: 1.36%
Construction is primarily involved in the building construction of residential and non-residential buildings.
Residential Buildings: 87.23%
Non-residential Buildings: 11.41%
Others: 1.36%
Fundamental
1.Market: Ace Market
2.Price: RM0.68
3.P/E: 11.6 (EPS: 0.0586)
4.ROE(Pro Forma III): 14.88%
5.ROE: 20.09%(2020), 20.18%(2019), 20.53%(2018), 33.04%（2017）
6.Cash & fixed deposit after IPO: 0.257
7.NA after IPO: RM0.39
8.Total debt to current asset after IPO: 0.56 (Debt: 84.821mil, Non-Current Asset: 6.052mil, Current asset: 148.959mil)
9.Dividend policy: 30% profit after tax dividend policy.
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2020: RM166.132 mil (Eps: 0.0586),PAT%: 5.86%
2019: RM157.918 mil (Eps: 0.0497),PAT%: 4.97%
2018: RM173.787 mil (Eps: 0.0474),PAT%: 4.74%
2017: RM121.832 mil (Eps: 0.0704),PAT%: 7.04%
1.Market: Ace Market
2.Price: RM0.68
3.P/E: 11.6 (EPS: 0.0586)
4.ROE(Pro Forma III): 14.88%
5.ROE: 20.09%(2020), 20.18%(2019), 20.53%(2018), 33.04%（2017）
6.Cash & fixed deposit after IPO: 0.257
7.NA after IPO: RM0.39
8.Total debt to current asset after IPO: 0.56 (Debt: 84.821mil, Non-Current Asset: 6.052mil, Current asset: 148.959mil)
9.Dividend policy: 30% profit after tax dividend policy.
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2020: RM166.132 mil (Eps: 0.0586),PAT%: 5.86%
2019: RM157.918 mil (Eps: 0.0497),PAT%: 4.97%
2018: RM173.787 mil (Eps: 0.0474),PAT%: 4.74%
2017: RM121.832 mil (Eps: 0.0704),PAT%: 7.04%
Order Book
2023: RM5.67mil
2022: RM124.23mil
2021: RM330.14mil
2023: RM5.67mil
2022: RM124.23mil
2021: RM330.14mil
After IPO Sharesholding
See Tin Hai: 73.15% (indirect)
Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM2.144 mil
key management remuneration: RM0.4 mil- 0.5mil
total (max): RM2.644 mil or 9.62%
See Tin Hai: 73.15% (indirect)
Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM2.144 mil
key management remuneration: RM0.4 mil- 0.5mil
total (max): RM2.644 mil or 9.62%
Use of fund
Purchase of construction machinery, equipment, software, office equipment: 20.59%
Working capital: 29.41%
Repayment of bank borrowing: 34.31%
Listing expenses: 15.69%
Purchase of construction machinery, equipment, software, office equipment: 20.59%
Working capital: 29.41%
Repayment of bank borrowing: 34.31%
Listing expenses: 15.69%
Highlight
1. 2021 have RM330.14mil order book to be recognised.
***doesn't other special item to be highlight.
1. 2021 have RM330.14mil order book to be recognised.
***doesn't other special item to be highlight.
Good thing is:
1. PE11.6 is not consider too high.
2. ROE still above 10%
3. Revenue increase from 2017 to 2020
1. PE11.6 is not consider too high.
2. ROE still above 10%
3. Revenue increase from 2017 to 2020
The bad things:
1. PAT% is below 10%
2. Use 34.31% IPO fund to pay debt.
3. Properties industry not going to high expand in 1-2 years.
1. PAT% is below 10%
2. Use 34.31% IPO fund to pay debt.
3. Properties industry not going to high expand in 1-2 years.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Is a average IPO. Properties industry facing negative growth rate from 2016-2020, estimated should be continue to negative this year on lockdown continue. For 3years business growth prospect & risk score please refer to below chart.
Is a average IPO. Properties industry facing negative growth rate from 2016-2020, estimated should be continue to negative this year on lockdown continue. For 3years business growth prospect & risk score please refer to below chart.
*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.
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.
Econframe Berhad
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Open to apply: 05/10/2020
Close to apply: 12/10/2020
Listing date: 27/10/2020
Close to apply: 12/10/2020
Listing date: 27/10/2020
Share Capital
Market Cap: RM91mil
Total Shares: 325mil shares (Public apply: 16.25mil, Company Insider/Miti/Private Placement/other: 81.25mil)
Market Cap: RM91mil
Total Shares: 325mil shares (Public apply: 16.25mil, Company Insider/Miti/Private Placement/other: 81.25mil)
Industry
Building material (specific in door)
Competitor (PAT%, refer prospecture pg149)
1.Door frame (9company): losses-5.1%
2.Key fire resistance door (10company): losses-7.21%
3.Key Woonden door (16 company):losses-7.81% (only one competitor have 14.32%)
4.Key Metal door (2company): 3.07%-15.14%
5.Key ironmongery (11 company): losses-8.3%
Building material (specific in door)
Competitor (PAT%, refer prospecture pg149)
1.Door frame (9company): losses-5.1%
2.Key fire resistance door (10company): losses-7.21%
3.Key Woonden door (16 company):losses-7.81% (only one competitor have 14.32%)
4.Key Metal door (2company): 3.07%-15.14%
5.Key ironmongery (11 company): losses-8.3%
Business
1.Design & manufacturing of metal door frame (Rev:47.5%).
2.Manufacturing of fire resistant door sets (Rev:33.2%).
3.Manufacturing of metal doors (Rev:0.6%)
4.Trading of wooden doors & inronmongery (Rev18.7%)
1.Design & manufacturing of metal door frame (Rev:47.5%).
2.Manufacturing of fire resistant door sets (Rev:33.2%).
3.Manufacturing of metal doors (Rev:0.6%)
4.Trading of wooden doors & inronmongery (Rev18.7%)
Fundamental
1.Market: Ace Market
2.Price: RM0.28 (EPS:0.025)
3.P/E: PE11.2
4.ROE(Pro Forma III): 18.58
5.ROE: 31.28(2019), 23.72(2018), 19.18(2017)
6.Cash & fixed deposit after IPO: RM0.068 per shares
7.NA after IPO: RM0.14
8.Total debt to current asset after IPO: 0.083 (Debt: 3.25mil, Non-Current Asset: 10.068mil, Current asset: 39.089mil)
9.Dividend policy: No fixed dividend policy.
1.Market: Ace Market
2.Price: RM0.28 (EPS:0.025)
3.P/E: PE11.2
4.ROE(Pro Forma III): 18.58
5.ROE: 31.28(2019), 23.72(2018), 19.18(2017)
6.Cash & fixed deposit after IPO: RM0.068 per shares
7.NA after IPO: RM0.14
8.Total debt to current asset after IPO: 0.083 (Debt: 3.25mil, Non-Current Asset: 10.068mil, Current asset: 39.089mil)
9.Dividend policy: No fixed dividend policy.
Past Financial Performance (Revenue, EPS)
2020 (9-mth): RM29.977 mil (EPS: 0.0130)
2019: RM44.089 mil (EPS: 0.0250)
2018: RM39.834 mil (EPS: 0.0157)
2017: RM35.494 mil (EPS: 0.0096)
2020 (9-mth): RM29.977 mil (EPS: 0.0130)
2019: RM44.089 mil (EPS: 0.0250)
2018: RM39.834 mil (EPS: 0.0157)
2017: RM35.494 mil (EPS: 0.0096)
Net Profit Margin
2020: 14.0%
2019: 18.5%
2018: 12.8%
2017: 8.80%
2020: 14.0%
2019: 18.5%
2018: 12.8%
2017: 8.80%
After IPO Sharesholding
1.Lim Chin Horng: 34.7%
2.Khoo Soon Beng: 2.0%
3.Lim Saw Kee: 33.4%
Directors Remuneration for FYE2020 (from gross profit 2019)
1.Robert Koong Yin Leong: RM15k
2.Lim Chin Horng: RM222k
3.Khoo Soon Beng: RM133k
4.Lim Saw Kee: RM10k
5.Tan Hock Soon: RM15k
6.Ilham Fadilah Binti Sunhaji: RM12k
Total director remuneration from PBT: RM0.407mil or 2.79%
Key Management Remuneration for FYE2020 (from gross profit 2019)
1.Yong Wai Kin: RM100k-150k
2.Lai Shu San: RM100k-150k
3.Yong Chaw Ang: RM100k-150k
4.Soi Wen Li: RM50k-100k
5.Ang Sze Cie: RM50k-100k
key management remuneration from PBT: RM0.4mil-0.65mil or 4.45%
Use of fund
1.Land acquisition and construction of new manufacturing facility: 27.5%
2.Automation of manufacturing process: 22.0%
3.Working capital: 34.1%
4.Listing Expenses: 16.4%
Good thing is:
1. PE11.12 is not too high & ROE is over 15.
2. Debt is healthy.
3. Director remuneration is acceptable.
4. Most of the IPO fund use to expand business.
5. The company planned to increase automation process in the production line.
1. PE11.12 is not too high & ROE is over 15.
2. Debt is healthy.
3. Director remuneration is acceptable.
4. Most of the IPO fund use to expand business.
5. The company planned to increase automation process in the production line.
The bad things:
1. Too many competitors in market.
2. Most competitor PAT Margin making either losses or less than 8% PAT margin, buy why Ecoframe only make 18.45%, unless they very specific price/cost advantage in this industry.
3. No fixed dividend policy.
4. Current over supply property environment & covis-19 is not benefit the industry growht.
1. Too many competitors in market.
2. Most competitor PAT Margin making either losses or less than 8% PAT margin, buy why Ecoframe only make 18.45%, unless they very specific price/cost advantage in this industry.
3. No fixed dividend policy.
4. Current over supply property environment & covis-19 is not benefit the industry growht.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
The timing of property growth have very high related with their product demand. Hence, current property oversupply & covis-19 effect economic growth, will not benefit the company in coming 1-3years.
The timing of property growth have very high related with their product demand. Hence, current property oversupply & covis-19 effect economic growth, will not benefit the company in coming 1-3years.
*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.
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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