CAMAROE BERHAD

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Open to apply: 29/08/2025
Close to apply: 12/09/2025
Balloting: 18/09/2025
Listing date: 02/10/2025

Share Capital   
Market cap: RM69.3 mil
Total Shares:  495 mil shares
1st day listing tradable shares: 146.619 mil

Industry CARG
1. Wholesale value of black tiger prawns* , Malaysia, 2019 – 2024: 11.31%
2. Production volume of black tiger prawns, Malaysia, 2019 – 2024e: 8.19%
3. Export value of black tiger prawns, Malaysia, 2019 – 2023: -10.43%
Industry competitors comparison (net profit%)
1.Camaroe Group: 20.27%
2.MAG Holdings Berhad: 10.72% 
3.QL Marine Products Sdn Bhd: 9.67% 
4.SBH Marine Holdings Berhad: 1.75% 
5.Others: losses to 4.99%

Business (FPE 2025)  
Prawn aquaculture: principal activities comprise farming and processing of prawns, primarily black tiger prawns.
Revenue by segment
1. Frozen black tiger prawns: 75.89%
2. Live prawns: 24.11%
Revenue  by Geo 
1. Malaysia: 29.71%
2. China: 61.82%
3. South Korea: 8.47%

Fundamental   
1.Market: Ace Market
2.Price: RM0.14
3.Forecast P/E: 8.59
4.ROE(Pro forma):  21.26%
5.ROE: 29.49%(FYE2024), 52.46%(FYE2023),  50.94%(FYE2022), 73.04%(FYE2021)
6.Net asset per shares: 0.08
7.Total debt to current asset: 0.58  (Debt: 20.653mil, Non-Current Asset: 23.133mil, Current asset: 35.493mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 31Mar, 3 mths): RM8.224 mil (Eps: 0.0013), PAT: 7.75% 
2024 (FYE 31Dec): RM39.823 mil (Eps: 0.0163), PAT: 13.55%
2023 (FYE 31Dec): RM33.909 mil (Eps: 0.0236), PAT: 23.09%
2022 (FYE 31Dec): RM36.010 mil (Eps: 0.0171),PAT: 23.30%
2021 (FYE 31Dec): RM38.179 mil (Eps: 0.0158),PAT: 16.42%

Major customer (FPE 2025)   
1. Shanghai Pinzhuan International Trade Co., Ltd: 49.21%
2. Pantai Seafood Supply: 14.43%
3. Customer A: 8.48%
4. Shanghai XiJuan Supply Chain Technology Co Ltd : 7.83%
5. Dragon Ocean Fishery: 6.92%
***total 86.87%

Major Sharesholders  
1. Teoh Han Boon, Aged 53: 35.39 (direct), 28.91% (indirect)
2. Low Saw Cheng, Aged 53: 28.76% (direct),  35.54% (indirect)
3. Teoh Kheng Huat, Aged 50: 6.08% (direct)

Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM1.872 mil
key management remuneration: RM300 mil – RM450 mil
total (max): RM2.322 mil or 17.83%

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 high risk investment, and also come with low 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.

JS SOLAR HOLDING BERHAD

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Open to apply: 28/08/2025
Close to apply: 09/09/2025
Balloting: 11/09/2025
Listing date: 23/09/2025

Share Capital    
Market cap: RM100.75 mil
Total Shares: 325 mil shares
1st day listing tradable shares: 161.005 mil shares 

Industry CARG
1. Installed capacity for solar PV systems in Malaysia: 20.9%
Industry competitors comparison (net profit%)
1. JS Solar: 4.3% 
2. Northern Solar Sdn Bhd: 12.9% 
3. Tera Va Sdn Bhd: 9.7% 
4. Samaiden Sdn Bhd: 6.2% 
5. Others: 0.7 % to 3.0%

Business (FYE 2025)
Business of renewable energy solutions. 
i) EPCC: Involve in design, planning, engineering, procurement, construction, installation, testing and commissioning services required for installing solar PV systems. 
ii) Contracting services for solar PV systems: services as a subcontractor to main contractors.
iii)  O&M services:  to assist our customers in operating and maintaining their solar PV systems. 
Revenue by Segment
1. EPCC services for solar PV systems: 55.86%
2. Contracting services for solar PV systems: 44.1%
3. O&M services for solar PV systems: 0.04%

Fundamental    
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 12.6
4.ROE(Pro forma):  20.44%
5.ROE: 45.58%(FYE2025), 66.96%(FYE2024),  39.46%(FYE2023), losses(FYE2022)
6.Net asset per shares: RM0.12
7.Total debt to current asset: 0.79 (Debt: 62.510mil, Non-Current Asset: 22.075mil, Current asset: 79.588mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2025 (FYE 31Mar): RM186.534 mil (Eps: 0.0246), PAT: 4.29%
2024 (FYE 31Mar): RM140.385 mil (Eps: 0.0197), PAT: 4.56%
2023 (FYE 31Mar): RM70.270 mil (Eps: 0.0030), PAT: 1.37%
2022 (FYE 31Mar): RM21.438 mil (Eps: -0.0025), PAT: losses

Order Book (LPD: 31/07/2025)  
1. FYE 2026: 33.466 mil
2. FYE 2027: 1.440 mil
3. FYE 2028: 1.091 mil

Major customer (FYE 2025)    
1. NUR group of companies: 49.68%
2. GSPARX: 30.66%
3. Datapuri–JS Consortium: 1.9%
4. Site Platform Engineering Sdn Bhd: 1.52%
5. Customer A: 1.23%
***total 84.99%

Major Sharesholders    
1. Chai Jeun Sian, Aged 46: 14.7% (direct)
2. Ikwan Hafiz Bin Jamaludin, Aged 38: 16.15% (direct), 19.61% ( indirect)
3. Rantai Inspirasi: 19.61% (direct)
4. Sa Chee Peng, Aged 55: 16.94% (direct) 

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income 2025)
Total director remuneration: RM0.585 mil
key management remuneration: RM0.80 mil – RM0.95 mil
total (max): RM1.535 mil or 6.51%

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 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.

EXPRESS POWERR SOLUTIONS (M) BHD

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Open to apply: 20/08/2025
Close to apply: 08/09/2025
Balloting: 10/09/2025
Listing date: 24/09/2025

Share Capital   
Market cap: RM186.889 mil
Total Shares:  934.449 mil shares
1st day listing tradable shares: 236.412 mil shares 

Industry CARG  
Historical Size (Revenue) and Growth Forecast for the Light Machinery and Equipment Rental Industry in Malaysia, 2022-2029: 7.56%

Industry competitors comparison (net profit%)
1. Express Powerr : 23.7%
2. TTL Sales & Rental Sdn Bhd: 29.6
3. FG Generator Sdn Bhd: 24.7%
4. Gelombang Prestij Sdn Bhd: 5.8%
5. Dynasynergy Technology Sdn Bhd: 4.7%
6. Others: losses to 3.3%

Business (FPE 2025)  
Provision of generator rental services and other related services which include the supply of ancillary items such as distribution boards, generator synchronisation panels, transformers, switchgears, load banks and cables to meet the varied requirements of our customers

Fundamental
1.Market: Ace Market
2.Price: RM0.20
3.Forecast P/E: 20 (we rejected to follow prospectus PE11.26 pg25, as 2024 vs 2023 revenue suddenly increase double).
4.ROE(Pro forma 4):  17.38%
5.ROE: 44.51%(FYE2024), 34.47%(FYE2023),  32.87%(FYE2022), 32.73%(FYE2021)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.43  (Debt: 20.533mil, Non-Current Asset: 40.224mil, Current asset: 47.300mil)
8.Dividend policy:  Have formal dividend policy.
9. Shariah status: yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 31Mar, 3mths): RM12.860 mil (Eps: 0.0031), PAT: 22.64%
2024 (FPE 31Dec): RM70.167 mil (Eps: 0.0178), PAT: 23.65%
2023 (FYE 31Dec): RM39.424 mil (Eps: 0.0106), PAT: 25.08%
2022 (FYE 31Dec): RM31.412 mil (Eps: 0.0080), PAT: 23.86%
2021 (FYE 31Dec): RM19.341 mil (Eps: 0.0061), PAT: 29.25%

Major customer (FPE 2025)     
1. TNB : 32.52%
2. Dynasynergy : 28.13%
3. KLKB : 23.30%
4. KKB : 6.73%
5. Besi Tech Engineering Sdn Bhd: 1.65%
***total 92.33%

Major Sharesholders    
1. Lim Cheng Ten. Aged 64: 73.74% (direct)
2. Rosli Bin Jonid, Aged 54: 0.04% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.898 mil
key management remuneration: RM0.25 mil – RM0.35 mil
total (max): RM1.248 mil or 3.33%

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 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.

Quarter 2: Invest Group Performance Update

 T&C to join Invest Group

1. Understand that all material in the Whatsapp Invest Group 2 or 3 is only opinion sharing.  
2. Members in group have to take their own risk. 
3. Memberships fee is not refundable. 
4. Admin is not take any responsible on member investment decision. 
5. Member have to do their own study & own analysis.
6. Memberships fees RM369.00 per year. 

Some detail on the Invest group
1. stock pick based on fundamental (sometime will use technical stock pick)
2. one year might less than 10 pick. 
4. is not a training class.

5. some counter that need to hold quite longer term.
6. No any other phone number is authorize, other than this admin number 013-2820766 

And REMEMBER, we never personal message / never advertise /  never call any member to offer any type of trading signal & no training class.  ALL member joint us is they have to personally come to contract us. If you received any call/ message is all SCAM!!!

OXFORD INNOTECH BERHAD

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Open to apply: 26/06/2025

Close to apply: 16/07/2025
Balloting: 21/07/2025
Listing date: 29/07/2025

Share Capital   
Market cap: RM205.9 mil
Total Shares:  710 mil shares
1st day listing tradable shares: 249.892 mil shares

Industry CARG   
Engineering solutions industry in Malaysia (2020-2024): 6.8%
Robotics and automation segment (2020-2024): 14.6% 
Industry competitors comparison (net profit%)

1. Oxford Innotech Berhad : 16.8%
2. UIS Technologies Sdn Bhd: 24.3%
3. PP Perfect Precision Sdn Bhd: 14.1%
4. Aimflex Berhad: 11.3%
5. SFP Tech Holdings Berhad: 7.1%
5. UWC Berhad: 5.3%
6. Others : losses to 4.4%

Business (FYE 2024) 
Oxford Bond is principally involved in the business of manufacturing and dealing in metal precision parts.
Revenue by Segment
1. Sheet metal fabrication: 31.19%
2. CNC machining: 14.69%
3. Plastic injection moulding: 2.29%
4. Mechanical assembly solutions: 46.24%
5. Automation and robotics solutions: 5.59%

Fundamental     
1.Market: Ace Market
2.Price: RM0.29
3.Forecast P/E: 13.18
4.ROE(Pro forma): 13.06%  
5.ROE: 19.46% (FYE2024), 10.79%(FYE2023),  35.3%(FYE2022), 47.56%(FYE2021)
6.Net asset per shares: 0.17
7.Total debt to current asset: 0.60 (Debt: 52.369mil, Non-Current Asset: 85.649mil, Current asset: 86.090mil)
8.Dividend policy:  No formal dividend policy. 
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 31Dec): RM92.905 mil (Eps: 0.0220), PAT: 16.78%
2023 (FYE 31Dec): RM49.533 mil (Eps: 0.0113), PAT: 16.24%
2022 (FYE 31Dec): RM33.582 mil (Eps: 0.0116), PAT: 24.45%
2021 (FYE 31Dec): RM25.133 mil (Eps: 0.0101), PAT: 28.47%

Major customer (FYE 2024)    
1. SIBS : 42.3%
2. Customer H : 12.7%
3. Customer G : 11.2%
4. Klitz Vibrant : 3.2%
5. Customers E : 2.1%
***total 71.5%

Major Sharesholders     
1. Ng Thean Gin, Aged 49 : 27.67% (direct), 14.68% (indirect)
2. Lee Lai Chan, Aged 49 : 14.68% (direct), 27.67% (indirect)
3. Teh Teng Wah, Aged 49 : 13%  (direct)
4. Oh Yen San, Aged 52: 7.32% (direct)

Directors & Key Management Remuneration for FYE2025 
(from Revenue & other income 2024)
Total director remuneration: RM1.884 mil
key management remuneration: RM0.5 mil – RM0.65 mil
total (max): RM2.534 mil or 8.1%

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 high risk investment, and also come with middle-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.

ENPROSERVE BERHAD

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Open to apply: 26/06/2025
Close to apply: 08/07/2025
Balloting: 10/07/2025
Listing date: 18/07/2025

Share Capital    
Market cap: RM252 mil
Total Shares: 1.050 bil shares
1st day listing tradable shares: 315 mil shares 

Industry CARG
1. PETRONAS’ operating expenses 2020-24: 8.6%
2. PETRONAS’ capital investment 2020-24: 12.9%
3. PETRONAS’ actual and planned* plant turnaround activities 2022-2027: 6.9%
4. Malaysia average daily crude oil* production 2020-24: -3.7%
5. Malaysia average daily natural gas production 2020-24: 4.5%  
Industry competitors comparison (net profit%)
1. Enproserve Group: 10.6%
2. Mushtari Maintenance Services S/B: 6.8%
3. Amalgamated Plant Engineering S/B: 6.8%
4. Sankyu (Malaysia) S/B: 6.0%
5. Others: losses to 4.5%

Business (FYE 2024)
Mechanical and civil engineering service provider focusing on providing plant maintenance and turnaround, EPCC, as well as FM services
Revenue by segment
1. Plant maintenance and turnaround : 83.08%
2. EPCC: 5.54%
3. FM services: 5.58%
4. Others: 5.80%
Revenue by Geo
1. Johor: 71.63%
2. Melaka: 13.42%
3. Putrajaya: 5.58%
4. Terengganu: 8.88%
5. Others: 0.49%

Main industries served
1. O&G: 88.98%
2. Government Sector: 5.58%
3. Others: 0.49%

Fundamental  
1.Market: Ace Market
2.Price: RM0.24
3.Forecast P/E: 12.44
4.ROE(Pro forma): 19.84%
5.ROE: 35.75%(FYE2024), 28.69%(FYE2023),  16.63%(FYE2022), 7.81%(FYE2021)
6.Net asset per shares: 0.10
7.Total debt to current asset: 0.80 (Debt: 91.839mil, Non-Current Asset: 83.360mil, Current asset: 114.982mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FYE 31Dec): RM198.409 mil (Eps: 0.0193), PAT: 10.65%
2023 (FYE 31Dec): RM163.837 mil (Eps: 0.0161), PAT: 7.52%
2022 (FYE 31Dec): RM118.275 mil (Eps: 0.0051), PAT: 4.59%
2021 (FYE 31Dec): RM70.650 mil (Eps: 0.0020), PAT: 3.01%

Order Book (LPD: 27/05/2025) 
1. FYE2025 : RM39.055 mil
2. FYE2026 : RM10.310 mil 
3. FYE2027: RM8.487 mil 

Major customer (FYE 2024) 
1. PRefChem : 47.59%
2. PETRONAS Group: 43.94%
3. Jabatan Raya: 4.07%
4. Perbadanan Putrajaya : 1.51%
5. PCG PCC Oxyalkylates Sdn Bhd: 1.18%
***total 98.29%

Major Sharesholders 
1. Azman Yusof, Aged 58 : 10% (direct), 60% (indirect)
2. 299 Global: 60% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM2.364 mil
key management remuneration: RM0.70 mil – RM0.80 mil
total (max): RM3.164 mil or 5.26%%

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 high 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.

ICENTS GROUP HOLDING BERHAD

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Open to apply: 25/06/2025
Close to apply: 02/07/2025
Balloting: 07/07/2025
Listing date: 17/07/2025

Share Capital     
Market cap: RM120.00 mil
Total Shares:  500 mil shares
1st day listing tradable shares: 142.5 mil shares 

Industry CARG (2020-2024)     
1. Value of Construction Work Completed for MEP Systems: 21.9%
2. Value of Construction Work Completed for Building Completion and Finishing: 24.9%
3. Value of Construction Work Completed for Nonresidential Buildings: 9.3%
4. Sales Value of Electronic Components and Boards: 13.0%
5. Value of Approved Investments in the Electronic Products* Industry: 39.10%
6. Number of Approved Projects in the Electronic Products* Industry: -4.40%
Industry competitors comparison (net profit%) 
1. iCents Group: 8.7%
2. LWE Engineering S/B: 23.4%
3. QTS S/B: 13.9%
4. Green Excel: 13%
5. City Point Solutions S/B: 8.1%
6. T.T.E. Engineering: 7.9%
7. Others: losses to 7.3%

Business (FPE 2025)    
VC Engineering: Engineering, construction and related services for cleanrooms and other facilities
Maytech: Manufacture of cleanroom fixtures and related products
Revenue by Segment
1. Cleanroom Services: 90.49%
2. Other facility services: 9.51%
Revenue by End-user industry
1. Semiconductor and electronics: 83.28%
2. Data centre: 0.86%
3. Pharmaceutical: 3.8%
4. Life Sciences: 0.25%
5. Others: 11.81%

Revenue by Geo
1. Malaysia: 100%

Fundamental  
1.Market: Ace Market
2.Price: RM0.24
3.Forecast P/E: 17.14
4.ROE(Pro forma): 25.2%
5.ROE: 52.92%(FPE2025), 50.2%(FYE2024), 58.04%(FYE2023),  39.16%(FYE2022)
6.Net asset per shares: 0.08
7.Total debt to current asset: 0.519  (Debt: 30.716mil, Non-Current Asset: 11.478mil, Current asset: 59.101mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2025 (FPE 31Dec, 6mths): RM55.779 mil (Eps: 0.0101), PAT: 11.45%
2024 (FYE 30Jun): RM80.699 mil (Eps: 0.0140), PAT: 8.70%
2023 (FYE 30Jun): RM108.263 mil (Eps: 0.0133), PAT: 6.15%
2022 (FYE 30Jun): RM55.779 mil (Eps: 0.0058), PAT: 5.20%

Order Book (LPD 05 June 2025)   
1. LPD: RM93.209 mil

Major customer (FPE 2025)    
1. Fluor Daniel International (Malaysia) Sdn Bhd: 46.55%
2. Customer 7: 10.88%
3. Customer 4: 6.48%
4. Minsec Engineering Sdn Bhd: 6.47%
5. Customer 3: 5.34%
***total 75.72%

Major Sharesholders   
1. Ir. Ts. Ong Mum Fei, Aged 48: 5% (direct), 30.75% (indirect)
2. Foo Siang Leng, Aged 51 :  5% (direct), 30.75% (indirect)
3. Tan Wei Ying, Aged 49: 30.75% (indirect)
4. Khor Fei Yi @ Shi Fei Yi, Aged 40 : 30.75% (indirect)
5. Quinnity : 30.75% (direct)
6. EZLotus: : 30.75% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM1.372 mil
key management remuneration: RM1.30mil – RM1.60mil
total (max): RM2.972 mil or 18.91%

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 high risk investment, and also come with low-middle range 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.