NORTHERN SOLAR HOLDINGS BERHAD

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Open to apply: 18/12/2024
Close to apply: 20/01/2025
Balloting: 22/01/2025
Listing date: 06/02/2025

Share Capital   
Market cap: RM249.228 mil
Total Shares:  395.6 mil shares
1st day listing tradable shares: 148.776 mil shares

Industry CARG  
Installed capacity for solar PV systems and facilities in Malaysia (total installed): 29.31%
Industry competitors comparison (net profit%)
1. Northern Solar: 12.9%
2. COEE Engineering Sdn Bhd: 12.2%
3. Eleaps Sdn Bhd: 10.0%
4. Maqo Engineering Sdn Bhd: 7.8%
5. Gsparx Sdn Bhd: 7.2% 
6. Solarvest Energy Sdn Bhd: 4.5%
7. Pekat Solar Sdn Bhd: 0.5%
8. Others: losses to 5.0%

Business (FYE 2024)  
Involved in the Engineering, procurement, construction and commissioning of solar PV systems, generation of renewable energy as well as O&M of solar PV equipment and systems.
Revenue by Segment

1. EPCC of solar PV systems: 98.8%
2. Generation of renewable energy: 1.2%

Fundamental    
1.Market: Ace Market
2.Price: RM0.63
3.Forecast P/E: 24.23
4.ROE(Pro forma II):  24.21%
5.ROE: 48.85%(FYE2024),  57.87%(FYE2023), 69.80%(FYE2022)
6.Net asset: 0.15
7.Total debt to current asset:  0.42 (Debt: 34.493 mil, Non-Current Asset: 13.623mil, Current asset: 82.244mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 30Sep, 6mnth): RM40.156 mil (Eps: 0.019), PAT: 18.5% 
2024 (FYE 31Mar): RM77.974 mil (Eps: 0.0260),PAT: 12.9%
2023 (FYE 31Mar): RM44.672 mil (Eps: 0.0150),PAT: 13.7%
2022 (FYE 31Mar): RM22.232 mil (Eps: 0.0080),PAT: 14.0%

Order Book    
1. As per 19 Nov 2024 : RM83.228 mil

Major customer (FPE2025)   
1. Engtex Group: 12.1%
2. Customer B: 11.6%
3. Customer A: 4.8%
4. Vitaton (M) Sdn Bhd: 3.7%
5. FFM Group: 3.3%
***total 35.5%

Major Sharesholders   
1. Lew Shoong Kai: 30.8% (direct)
2. Chew Win Hoe: 30.8% (direct)
3. Lagenda Properties: 12.5% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.834 mil

key management remuneration: RM0.5 mil – RM0.6 mil
total (max): RM1.434 mil or 6.64%

Use of Funds   

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is low-to-middle risk investment, and also come with middle grow return opportunities. 

*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.

SWIFT ENERGY TECHNOLOGY BERHAD

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Open to apply: 09/12/2024
Close to apply: 23/12/2024
Balloting: 27/12/2024
Listing date: 08/01/2024

Share Capital  
Market cap: RM280.224 mil
Total Shares:  1.0008 bil shares
1st day listing tradable shares: 299.2425 mil shares

Industry CARG
1. Global production volume of edible oils (2019-2024e):2.7%
2. Global production volume of sugar (2019-2024e): 1.5%
3. Number of rigs in Malaysia (2019-2023): 0.0%
4. Sales value* of electricity distribution and control apparatus in Malaysia (2019-2023):  18.7%
5. Sales value* of switchboard in Malaysia (2019-2023):  14.7%
6. Import value of switchboards and control panels* in Malaysia (2019-2024e): 14.7%
Industry competitors comparison (net profit%)
1. Swift Energy Group: 13.2%
2. Elecol Switchgear S/B: 16.6%
3. Leapco S/B: 14.3%
4. Powerwell Holdings Berhad: 12.7%
5. Fuji SMBE Brighten S/B: 10.8%
6. Willowglen MSC Bhd: 4.9%
7. Solution A & C Technology: 7.0%
8. Others: losses to 9.8%

Business (FPE 2024)  
Provision of industrial automation and power systems focusing on process control, Ex solar PV, power distribution, and other systems, mainly serving customers in the O&G, as well as grain products, edible oils, and food manufacturing industries.
Revenue by Segment
1. Provision of industrial automation and power systems: 80.7%
2. Supply of related products and services: 19.3%
Revenue by Geo
1. Malaysia: 64.15%
2. Thailand: 17.34%
3. Singapore : 11.06%
4. China : 7.45%
Revenue by industry
1. O&G : 45.1%
2. Grain products, edible oils and food manufacturing:25.08%
3. Utilities: 18.27%
4. Others: 11.55%

Fundamental   
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 23.53
4.ROE(Pro forma III): 12.85%
5.ROE: 28.34%(FPE2024), 28.31%(PYE2023), 18.98%(FYE2022),  9.42%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset:  0.296 (Debt: 40.412mil, Non-Current Asset: 24.874mil, Current asset: 136.579mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 9mths): RM81.446 mil (Eps: 0.0117), PAT: 14.34% 
2023 (FYE 30Sep): RM92.426 mil (Eps: 0.0119), PAT: 13.20%
2022 (FYE 30Sep): RM81.843 mil (Eps: 0.0079), PAT: 10.02%
2021 (FYE 30Sep): RM56.115 mil (Eps: 0.0036), PAT: 6.52%

Use of Funds

Order Book 

LPD: RM55.60mil

Major customer (FPE2024)  
1. Wilmar group of companies: 12.58%
2. Customer A: 12.20%
3. Malaysia Marine and Heavy Engineering Sdn Bhd: 10.13%
4. Equator Engineering Sdn Bhd: 9.57%
5. PTT Exploration and Production Public Company Limited (PTTEP): 7.84%
***total 52.32%

Major Sharesholders
1. Blueprint Capital: 31.61% (direct)
2. Tan Bin Chee: 27.8% (direct), 31.61% (indirect)
3. Chin Saw Yong: 10.59% (direct)
4. Suzana Binti Abu Bakar: 0.1% (direct), 31.61% (indirect)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM1.331 mil
key management remuneration: RM0.351 mil – RM0.45 mil
total (max): RM1.781 mil or 4.78%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall is high risk investment, middle growth investment. 

*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.

CARLO RINO GROUP BERHAD

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Open to apply: 28/11/2024
Close to apply: 05/12/2024
Balloting: 09/12/2024
Listing date: 18/12/2024

Share Capital 
Market cap: RM263.9296 mil
Total Shares: 977.5171 mil shares

Industry CARG 
Revenue of Selected Segments of the Fashion Industry in Malaysia (RM Million)
a. Accessories: 3.9%
b. Women’s Footwear: 6.3%
c. Women’s handbags: 4.1%
Industry competitors comparison (net profit%)
1. Carlo Rino: 18.4% 
2. Vinnci Ladies’s Specialties Centre Sdn Bhd: 18.2%
3. Shiranoe Sdn Bhd: 9.0%
4. Miroza Leather (M) Sdn Bhd: 8.7%
5. F J Benjamin (M) Sdn Bhd: 7.2%
6. Others : 0.1% to 7.0%

Business (FYE 2024) 
Designing, promoting, marketing, distributing and retailing of women’s handbags, footwear and accessories.
Revenue by Product Group
Women’s handbag: 58.82%
Women’s Footwear: 21.33%
Women’s accessories: 19.85%
Others: -

Fundamental 
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 13.67
4.ROE(Pro forma): 12.73%
5.ROE: 23.81%(FYE2023),  24.6%(FYE2022), 5.52%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset:  0.32 (Debt: 38.420mil, Non-Current Asset: 70.237mil, Current asset: 119.838mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 30Jun): RM104.845mil (Eps: 0.0197), PAT: 18.41%
2023 (FYE 30Jun): RM113.534mil (Eps: 0.0244), PAT: 21.01%
2022 (FYE 30Jun): RM101.787mil (Eps: 0.0227), PAT: 21.84%
2021 (FYE 30Jun): RM76.460mil (Eps: 0.0041), PAT: 5.21%

Major customer   
Retail business. Business nature didn’t have single large customer. 
Major Sharesholders    
1. Dato’ Sri Chiang Fong Yee: 26.29%(direct) 
2. Chiang Sang Sem: 5.53% (direct), 36.66% (Indirect)
3. Bonia Holdings Sdn Bhd: 20.75% (direct)
4. Freeway Team Sdn Bhd: 11.36% (direct)

Directors & Key Management Remuneration for FYE2025  
(from Revenue & other income 2024)
Total director remuneration: RM1.565 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.365 mil or 3.59%

Use of fund

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is middle risk investment, and also come with low-middle grow return opportunities. 

*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.

VANZO HOLDINGS BERHAD

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Open to apply: 27/11/2024
Close to apply: 04/12/2024
Balloting: 09/12/2024
Listing date: 17/12/2024

Share Capital 
Market cap: RM70 mil
Total Shares: 466.7511 mil shares

Industry CARG  
Air fragrance industry size in Malaysia (2021-2023): 10.7%
Air fragrance industry size in Malaysia (2024f-2026f): 9.0% 
Industry competitors comparison (net profit%)
1. Vanzo Group: 12.5%
2. The Procter & Gamble Company: 17.8%
3. Kobayashi Pharmaceutical Co., Ltd: 12.1%
4. Reckitt Benckiser Group plc: 11.3%
5. Farcent Enterprise Co., Ltd: 9.9%
6. Others: losses to 7.7%

Business (FYE 2024)  
Design, marketing and sale of air fragrance and fragrance-related products.
Revenue by segment
1. Car fragrances: 77.6%
2. Indoor fragrances: 21.3%
3. Personal and household care products: 1.0%
4. Accessories and others: 0.1%

Revenue by Geo
1. Malaysia: 98.9%
2. Overseas: 1.1%

Fundamental   
1.Market: Ace Market
2.Price: RM0.15
3.Forecast P/E: 14.29
4.ROE(Pro forma): 21.78%
5.ROE: 39.6%(FPE2024), 55.7%(FYE2023),  58.9%(FYE2022), 76.4%(FYE2021)
6.Net asset: 0.05
7.Total debt to current asset: 0.395  (Debt: 9.647 mil, Non-Current Asset: 7.587mil, Current asset: 24.444mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 9mths): RM36.775 (Eps: 0.0078), PAT: 9.9%
2023 (FYE 30Sep): RM40.855 mil (Eps: 0.0109), PAT: 12.5%
2022 (FYE 30Sep): RM33.970 mil (Eps: 0.0092),PAT: 12.4%
2021 (FYE 30Sep): RM22.791 mil (Eps: 0.0065),PAT: 9.5%

Major customer (FPE 2024)   
1. Watson’s Personal Care Stores Sdn Bhd: 25.3%
2. Luxury Accessories Enterprise: 4.7%
3. Mr. D.I.Y. Trading Sdn Bhd: 4.0%
4. Lotuss Stores (Malaysia) Sdn Bhd: 3.9%
5. MM One Stop Station Enterprise: 3.3%
***total 41.2%

Major Sharesholders  
1. Allan Wong Liang Tzer: 54% (indirect)
2. Fragrance Century: 54% (direct)
3. Lim Chee Lip: 16% (direct), 0.1% (indirect)
4. Choe Sook Ling: 0.1% (direct), 16% (indirect) 

Directors & Key Management Remuneration for FYE2024 (from Revenue & other income 2023)
Total director remuneration: RM0.6565 mil
key management remuneration: RM0.60 mil – RM0.75 mil
total (max): RM1.4065 mil or 7.38%

Use of funds

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is mid risk investment, and also come with mid-high grow return opportunities. 

*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.

WINSTAR CAPITAL BERHAD

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Open to apply: 26/11/2024

Close to apply: 03/12/2024
Balloting: 06/12/2024
Listing date: 19/12/2024

Share Capital 
Market cap: RM101.5 mil
Total Shares: 290 mil shares

Industry CARG
1. aluminium extrusion application and products: Construction, Renewable energy, Transportation, others.
2. Growth Forecast Aluminium Extrusion Market in Malaysia, 2024-2028: 7.8%
Industry competitors comparison (net profit%)
1. Winstar: 5.2%
2. Zenshin Industries Sdn Bhd: 15.3%
3. Genesis Aluminium Industries Sdn Bhd: 10.2%
4. LB Aluminium (Sarawak) Sdn Bhd: 6.8%
5. P.A. Extrusion (M) Sdn Bhd: 5.0%
6. PMB Aluminium Sdn Bhd: 4.7%
7. Others: losses to 4.6%

Business (FYE 2024)
1. Extrusion of aluminium profiles and fabrication of aluminium ladders as well as aluminium solar PV mounting structures and related accessories. 
2. Trading and distribution of building materials; and
3. Solar PV system installation services.
Revenue by segments
1. Aluminium extrusion: 62.98%
2. Trading and distribution of building materials: 34.72%
3. Solar PV system installation services: 2.30%

Fundamental 
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 12.65
4.ROE(Pro forma III): 8.9%
5.ROE: 10.74%(FPE2024), 11.04%(FYE2023),  9.54%(FYE2022), 5.26%(FYE2021)
6.Net asset: 0.32
7.Total debt to current asset: 0.887  (Debt: 132.143mil, Non-Current Asset: 76.443mil, Current asset: 148.979mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Order Book  
1. LPD : RM4.026 mil

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 31Jul, 7mths): RM107.984 mil (Eps: 0.0167), PAT: 4.49%
2023 (FYE 31Dec): RM153.685 mil (Eps: 0.0276), PAT: 5.22%
2022 (FYE 31Dec): RM109.910 mil (Eps: 0.0181), PAT: 4.79%
2021 (FYE 31Dec): RM89.755 mil (Eps: 0.0091), PAT: 2.92%
*Prospectus book pg.191 is not using diluted 290 mil shares for calculate EPS. We will our own EPS calculation. 

Major customer (FPE2024)   
1. Kerjaya Prospek Group: 4.85%
2. Fabulous Sunview Sdn Bhd: 4.66%
3. SA Aluminium & Glass Sdn Bhd: 4.54%
4. Sunway Winstar Sdn Bhd: 3.86%
5. Lynox Industries Sdn Bhd: 3.00%
***total 20.91%

Major Sharesholders   
1. Chua Nyok Chong: 26.02% (direct)
2. Chua Boon Hong: 8.63% (direct)
3. Lee Yong Zhi: 8.47% (direct)
4. Khoo Nee Cheng: 7.23% (direct)
5. Vafe System: 24.15% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM2.069 mil
key management remuneration: RM0.85 mil – RM1.0 mil
total (max): RM3.069 mil or 16.3%

Use of fund

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment, and also come with high grow return opportunities. 

*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.

TMK CHEMICAL BERHAD

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Open to apply: 25/11/2024
Close to apply: 29/11/2024
Price determination: 29/11/2024
Balloting: 03/12/2024
Listing date: 12/12/2024

Share Capital    
Market cap: RM1.75 bil
Total Shares:  1 bil shares

Industry CARG  
1. Consumption of inorganic chemicals, Malaysia, 2019 – 2023: 5.51%
2. Number of manufacturing establishments in Malaysia that are users of inorganic chemicals, 2023: 72.22% (39,741 from 55,029)
3. Consumption of inorganic chemicals, Vietnam, 2019 – 2023: 3.46%
4. Consumption of inorganic chemicals, Singapore, 2019 – 2023: 5.95%
Industry competitors comparison (net profit%)
1.TMK: 7%
2.Malay-Sino Chemical Industries Sdn Bhd: 18.63%
3.Chemical Company of Malaysia Berhad: 11.36%
4.Kong Long Huat Chemicals Sdn Berhad: 7.82%
5.Others: Losses to 2.42%

Business (FPE 2024) 
Chemical management comprising sourcing, processing and distribution of inorganic chemicals and value-added services, as well as the provision of chemical terminal services which encompasses bulk storage services.
Revenue by Segment
1. Provision of total chemical management: 99.2%
2. Provision of chemical terminal services: 0.8%
Revenue by Geo
1. Malaysia: 54.3%
2. Vietnam: 21.3%
3. Singapore: 20.7%
4. Others: 3.7%

Fundamental   
1.Market: Main Market
2.Price: RM1.75 (will follow institutional price if lower)
3.Forecast P/E: 19.1
4.ROE(Pro forma II): 17.69%
5.ROE: 39.21%(FPE2024), 17.54%(FYE2023),  31.21%(FYE2022), 30.87%(FYE2012)
6.Net asset: RM0.68
7.Total debt to current asset: 0.821 (Debt: 712.957mil, Non-Current Asset: 520.404mil, Current asset: 868.473mil)
8.Dividend policy:  30%-50% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 30Jun, 6mths)): RM659.434 mil (Eps: 0.0600), PAT: 9.1%
2023 (FYE 31Dec): RM1,306.096 mil (Eps: 0.0920), PAT: 7.0%
2022 (FYE 31Dec): RM1,484.338 mil (Eps: 0.1500), PAT: 10.1%
2021 (FYE 31Dec): RM1,126.844 mil (Eps: 0.1230), PAT: 10.9%

Major customer (FPE 2024) 
1.Customer A: 11.2%
2.Customer B: 5.3%
3.Customer D: 4.6%
4.Customer C: 3.9%
5.Customer F: 2.6%
***total 27.6%

Major Sharesholders  
1.Dato’ Lee Soon Hian: 39.5% (direct)
2.Leong Chao Seong: 9.5% (direct), 2.1% (indirect)
3.Wong Kin Wah: 4.6% (direct)
4.Lee Oi Loon: 6.5% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM2.3734 mil
key management remuneration: RM3.25 mil – RM3.40 mil
total (max): RM5.77 mil or 2.75%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall is high risk investment, and also come with middle grow return opportunities. 

*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.

TOPVISION EYE SPECIALIST BERHAD

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