Monday, March 18, 2024

SBH MARINE HOLDINGS BERHAD

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Open to apply: 18 March 2024
Close to apply: 25 March 2024
Balloting: 27 March 2024
Listing date: 08 April 2024

Share Capital 
Market cap: RM195.360 mil
Total Shares: 888 mil shares

Industry CARG
Historical Market Size (in terms of Export Value) and Growth Forecast for the Frozen Seafood Market in Malaysia, 2023-2027 : 5.2% 
Industry competitors comparison (net profit%)
1.SBH: 6.7% (PE)
2.AASB: 14.5%
3.BAB: -4.7%
4.Emperor Marine: 1.2%
5.MAG: 17.0% (PE9.22)

Business (FPE 2023) 
Frozen seafood processing
-Aquaculture shrimp farming, processing, & sale of frozen seafood products.
Business Segments
1.Processing and sale of frozen seafood products: 68.71%
2.Merchant trading of frozen processed seafood products: 25.88%
3.Distribution and trading of aquaculture related products: 5.41%

Fundamental
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 16.67 (Forecast, EPS RM0.0132)
4.ROE(FPE2023):  14.31%
5.ROE: 16.04%(FYE2022), 17.64%(FYE2021), 10.74%(FYE2020)
6.Net asset: 0.14
7.Total debt to current asset: 0.24 (Debt: 27.731mil, Non-Current Asset: 36.661mil, Current asset: 117.263mil)
8.Dividend policy: didn’t have formal dividend policy. 
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FPE 20Sep, 9mths): RM144.212 mil (Eps: 0.0095), PAT: 5.83%
2022 (FYE 31Dec): RM194.426 mil (Eps: 0.0147), PAT: 6.71%
2021 (FYE 31Dec): RM192.006 mil (Eps: 0.0147),PAT: 6.79%
2020 (FYE 31Dec): RM140.581 mil (Eps: 0.0094),PAT: 5.91%

Major customer (FPE 2023)
1.Customer F: 15.13%
2.Customer G: 11.93%
3.Customer A: 9.76%
4.Customer H: 9.24%
5.Customer C: 7.81%
Total top 5 customer: 53.87%

Major Sharesholders

1.TBN Holdings: 17.8% (direct)
2.Tan Boo Nam: 14.23% (direct)
3.Tan Yuak Ming: 6.84%  (direct)
4.Tan Yuak Kwang: 6.28%  (direct)
5.Tan Yok Jin: 6.28% (direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income 2022)

Total director remuneration: RM4.104 mil
key management remuneration: RM0.55 mil – RM.75 mil
total (max): RM4.854 mil or 18.23%

Use of funds 
1.Development of Selinsing Farm: 40.40%
2.Construction of a new seafood processing plant: 16.42%
3.Purchase of machineries/equipment and motor vehicles: 15.4%
4.Working capital requirements: 17.68%
5.Estimated listing expenses: 10.10%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is risk is a bit high as PAT% is not high, and revenue not much grow over past 3 years. 

*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.

Wednesday, March 6, 2024

PROLINTAS INFRA BUSINESS TRUST

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opinion and reader should take their own risk in investment decision.

Open to apply: 06 Mar 2024
Close to apply: 12 Mar 2024
Price Determination Date: 13 Mar 2024
Balloting: 14 Mar 2024
Listing date: 25 Mar 2024
Share Capital
Market cap: RM nil mil
Total Shares: 1.100 bil shares

Industry CARG
CAGR of the Urban Highways Industry in Klang Valley in terms of Revenue, 2017-2027F: 3.2%
Total registered vehicles in KL and Selangor, 2017-2022: 1.8%
Industry competitors comparison (net profit%, FYE2022)
1. Prolintas Infra BT: losses
2. Amanat Lebuhraya Rakyat Berhad: 77.79% (average)
3. Bina Puri Holding Bhd: 5.6%
4. Ekovest Berhad: losses
5. IJM Corporation Berhad: 17.1%
6. Maju Holdings Sdn Bhd: 38.7%
7. PLUS Malaysia Berhad: nil
8. SKVE: losses
9. Taliworks: 45.90%

Business (FYE 2023)
(i) construction, toll collection, operation and maintenance of the Highways
(ii) provision of ancillary facilities to complement the operation of the Highways and enhance road users’ experience and convenience
Highways 
1. AKLEH: 16/05/1996 – 15/05/2037
2. GCE: 18/07/2000 – 31/05/2062
3. LKSA: 27/11/2006 – 31/07/2062
4. SILK: 08/10/1997 – 31/07/2062

Fundamental 
1.Market: Main Market
2.Price: RM0.95 (will follow final institutional price)
3.Forecast P/E: nil
4.ROE(FPE2023):  losses
5.ROE: losses(FPE2022), 49.92%(FYE2021), 4.45%(FYE2020)
6.Net asset: RM0.41
7.Total debt to current asset: 7.23 (Debt: 2.945 bil, Non-Current Asset: 3.188 bil, Current asset: 407.194 mil)
8.Dividend policy: 90% yearly distribution policy.
9.Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FPE 30Sep, 9mths): RM228.570 mil (Eps: - 0.2340), -112.4%)
2022 (FYE 31Dec): RM384.161 mil (Eps: -0.0120), PAT: -3.5%
2021 (FYE 31Dec): RM365.800 mil (Eps: 0.1270),PAT: 38.3%
2020 (FYE 31Dec): RM394.372 mil (Eps: 0.0070),PAT: 1.9%

Major customer (2023) 
Customer base primarily comprises the road users using the four Highways. Did not have single major customer. 

Major Sharesholders 
1.Projek Lintasan Kota Holdings Sdn Bhd  : 51% (direct)
2.Permodalan Nasional Berhad : 51% (indirect)
3.Amanah Saham Bumiputera: 51% (indirect)
4.Yayasan Pelaburan Bumiputra: 51% (indirect)
5.Lembaga Tabung Haji: 5.5% (direct)
6.AIIMAN Asset Management Sdn. Bhd: 5.4% (direct)
7.AHAM Asset Management Berhad: 1.0% (direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income 2022)
Total director remuneration: RM1.615 mil
key management remuneration: RM2.0 mil – RM2.15 mil
total (max): RM3.765 mil or 2.57% (compare from Profit from operation)

Use of Proceeds 
1.Selling unitholder: RM445.3 mil
2.Estimated listing expenses: 10.08mil
(Prolintas Infra BT will not be issuing any new Units for the IPO, the Trust will not receive any proceeds from the IPO)
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is medium risk investment. PBT must over RM150mil to cover the finance cost. Still unable to know the final institutional price. Forecast reasonable acceptance price level should fall under RM0.52 – RM0.65 range.

*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.

Tuesday, March 5, 2024

ZANTAT HOLDINGS BERHAD

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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.
Open to apply: 06 March 2024
Close to apply: 13 March 2024
Balloting: 18 March 2024
Listing date: 27 March 2024

Share Capital 
Market cap: RM70 mil
Total Shares: 280 mil shares

Industry CARG
Global Export Value of Calcium Carbonate 2018-2022: 5.4%
Export Volume of Calcium Carbonate in Malaysia 2018-22: -17.2%
Export Value of Calcium Carbonate in Malaysia 2018-22: -6.2%
Consumption Volume of Calcium Carbonate in Malaysia 2018-22: 3.7%
Industry competitors comparison (net profit%)
1. Zantat Group: 4.8%
2. Weng Fatt Calcium Industry S/B: 6.8%
3. Imerys Minerals Malaysia S/B: 3.5%
4. ICB Carbonate Technologies S/B: 3.0%
5. Zillion Freight S/B: 1.7%
6. Others: -75.9% to -0.1%

Business (FYE 2023)
Production of calcium carbonate namely GCC and CC dispersions. Product is mostly use in construction and non-construction-related applications.
Revenue by segment
Production of calcium carbonate and kaolin: 97.1%
Other business activities: 2.9%
Revenu by Geo
Malaysia: 31.9%
India : 59.5%
Others: 8.6%

Fundamental 
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 12.9
4.ROE(FPE2023):  10.04%
5.ROE: 9.44%(FPE2022), 11.83%(FYE2021), 10.98%(FYE2020)
6.Net asset: RM0.27
7.Total debt to current asset: 0.601  (Debt: 29.804mil, Non-Current Asset: 55.946mil, Current asset: 49.198mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 

2023 (FPE 30 Sep, 9mth): RM91.089 (Eps: 0.0200), PAT: 6.2%
2022 (FYE 31Dec): RM113.023 mil (Eps: 0.0190), PAT: 4.8%
2021 (FYE 31Dec): RM119.464 mil (Eps: 0.0230), PAT: 5.4

Major Sharesholders
1. CLHF Resources: 39.4% (direct)
2. Teh Ah Soon @ Teh Soon Tick: 6.6% (direct)
3. Chan Eng Hue: 5.9% (direct)
4. Chan Hup Ooi: 2.8% (direct)
5. Lee Mei Choon: 2.8% (direct)
6. Chan Bin Iuan: 2.8% (direct)
7. Chan Jee Chet: 2.8% (dire

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2022)

Total director remuneration: RM2.867 mil
key management remuneration: RM0.3 mil – RM0.35 mil
total (max): RM3.217 mil or 6.12%

Use of funds
1.Upgrading of R&D facilities: 27.4%
2.Upgrading of Calrock Perak Plant’s infrastructure: 7.2%
3.Investment in high efficiency machine components and industrial automation: 9.6%
4.Repayment of bank borrowings: 24.2%
5.Working capital: 10.2%
6.Estimated listing expenses: 21.4%
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 PAT% industry. Low growth & low PAT% industry. 
 
*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.

Friday, March 1, 2024

ALPHA IVF GROUP BERHAD

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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.
Open to apply: 01 March 2024
Close to apply: 08 March 2024
Balloting: 12 March 2024
Listing date: 22 March 2024

Share Capital
Market cap: RM1,5552 bil
Total Shares: 4.860 bil shares

Industry CARG
Number of ART Cycles in Singapore 2015-2019: 5.2%
Total Fertility Rate in Malaysia 2011-2022: -3.1%
Number of Live Births in Malaysia 2017-2022: -4.2%
Total Fertility Rate in Singapore 2012-2022: -2.1%
Number of Live Births in Singapore 2018-2022: -2.0%
Industry competitors comparison (net profit%)
1.Alpha Group: 39.9%
2.KL Fertility & Gynaecology Centre S/B: 26%
3.Ecofiesta S/B: 25%
4.Metro Healthcare Berhad: 12.5%
5.Others: -317.4% to 30.2%

Business (FYE 2023)
Fertility care specialist focusing on the provision of assisted reproductive services.
Revenue by Geo
1.Selangor centre: 52.25%
2.Penang Centre: 27.5%
3.Singapore: 20.25%

Fundamental
1.Market: Ace Market
2.Price: RM0.32
3.Forecast P/E: 29.2
4.ROE(Pro Forma III): 35.46%
5.ROE:  100.43%(FPE2023), 38.98%(FPE2022), 4.75%(FYE2021), 12.19%(FYE2020)
6.Net asset: 0.0314
7.Total debt to current asset: 0.2465 (Debt: 39.656 mil, Non-Current Asset: 33.304mil, Current asset: 160.850mil)
8.Dividend policy: 60% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FPE Oct, 5 mths): RM65.904 mil (Eps: 0.0044), PAT: 32.18%
2023 (FYE,31May): RM99.562 mil (Eps: 0.0011), PAT: 39.85%
2022 (FYE 31May): RM91.094 mil (Eps: 0.0047), PAT: 25.23%
2021 (FYE 31May): RM62.063 mil (Eps: 0.0005),PAT: 3.71%
2020 (FYE 31May): RM68.955 mil (Eps: 0.0007),PAT: 5.02%
***EPS above using 4.860bil shares as diluted EPS.
***EPS in prospecture draft doesn’t use 4.860bil shares to calculate diluted EPS

Major customer
Business does not have single major customer.

Major Sharesholders 
1.Dato’ Dr. Lee Soon Soo, Colin: 34.01% (direct)
2.Lee Soon Ai: 8.91% (direct)
3.Dr. Ng Peng Wah: 8.32% (direct)
4.ACE Specialists: 9.15% (direct)
5.Dr.Leong Wai Yew : 6.58% (direct)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income forecast FPE2023 GP)
Total director remuneration: RM8.2115 mil
key management remuneration: RM1.35 mil – RM1.6 mil
total (max): RM9.8115 mil or 12.80%

Use of funds
1.Establishing new medical centres, satellite clinics and sales representative offices: 62.41%
2.Expansion and upgrade of existing medical centres, facilities and corporate office: 13.46%
3.Research and development: 1.89%
4.General working capital: 14.89%
5.General corporate purposes: 2.23%
6.Estimated listing expenses: 5.32%


Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a good IPO & good business. But price offer at PE29.2 is not in discount. 

*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.


Wednesday, January 17, 2024

AGX GROUP BERHAD

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opinion and reader should take their own risk in investment decision.


Open to apply: 16 Jan 2024
Close to apply: 23 Jan 2024
Balloting: 26 Jan 2024
Listing date: 07 Feb 2024

Share Capital
Market cap: RM151.503 mil
Total Shares: 432.866 mil shares

Industry (CAGR 2018-2022)
Malaysia external trade activities: 11.5%
The Philippines external trade activities: 3.3%
Korea external trade activities: 3.1%
Singapore external trade activities: 6.3%
Industry competitors comparison (net profit%)
1. AGX Group: 5.8%
2. Harbour: 17.4% (PE3.7)
3. Trimode: 8.4% (PE15.85)
4. Swift: 7.6% (PE8.53)
5. Others Listed companies in Malaysia: -13.5% to 6.1%
6. Other Listed companies in the Philippines: -39.3% to -3.6%
7. Other Listed companies in Korea, Myammar, Singapore: -47.3% to 7.1%

Business (FPE 2023)
Third-party logistics service provider. 
Revenue by Segments
1. Sea freight forwarding: 36.76%
2. Air frieght forwarding: 17.11%
3. Aerospace logistics: 37.06%
4. Warehousing and other 3PL services: 5.68%
5. Road freight transportation: 3.39%
Revenue by Geographic market
1. Malysia: 16.43%
2. Philippines: 41.67%
3. Korea: 7.74%
4. Myanmar: 4.97%
5. Singapore: 10.48%
6. others: 18.71%

Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 12.68 (latest 12 month, EPS RM0.0276)
4.ROE(Pro forma III):  15.17%
5.ROE: 22.82%(FPE2023),29.87%(FYE2022), 15.14%(FYE2021), 18.53%(FYE2020),
6.Net asset: RM0.18
7.Total debt to current asset: 0.071 (Debt: 6.682mil, Non-Current Asset: 19.488mil, Current asset: 93.751mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FPE 31Aug, 8mths): RM122.228 mil (Eps: 0.0172), PAT: 6.09%
2022 (FYE 31Dec): RM234.429 mil (Eps: 0.0313), PAT: 5.78%
2021 (FYE 31Dec): RM193.372 mil (Eps: 0.0137),PAT: 3.07%
2020 (FYE 31Dec): RM122.507 mil (Eps: 0.0013),PAT: 0.46%

Major customer (FPE 2023) 
1.Airasia Group: 27.37%
2.Kukdo Chemical Co.,Ltd: 7.16%
3.Autoliv Cebu Safety Manufacturing Inc: 3.49%
4.Moog Controls Corporation: 3.29%
5.Customer Group B: 2.83%
***total 44.15%

Major Sharesholders 
1. Dato’ Ponnudorai A/L Periasamy: 11.54%
2. Jayasielan A/L Gopal: 11.54%
3. Penu Mark: 17.6%
4. Neo Lip Pheng, Peter: 17.6% 
5. Maximino Baylen Gulmayo, Jr.: 4.97%

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income 2022)

Total director remuneration: RM3.413 mil
key management remuneration: RM1.5 mil – RM1.65 mil
total (max): RM5.063 mil or 10.04%

Use of funds 
1.Business expansion: 25.8%
2.Repayment of bank borrowings: 12.2%
3.Working capital: 48.7%
4.Estimated listing expenses: 13.3%
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.  

*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.

Monday, January 15, 2024

WENTEL ENGINEERING HOLDINGS BERHAD

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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.
Open to apply: 15 Jan 2024
Close to apply: 22 Jan 2024
Balloting: 24 Jan 2024
Listing date: 06 Feb 2024

Share Capital
Market cap: RM299 mil
Total Shares: 1.150 bil shares

Industry (CAGR 2018-2022)
GDP of fabricated metal product industry: 1.0%
Sales value from machining, and treatment and coating of metals in Malaysia: 8.9%
GDP of machinery and equipment industry: 4.3%
Sales value of domestically manufactured machinery and equipment: 7.2%
Export value of machinery, equipment and parts: 11.7%
Industry competitors comparison (net profit%)
1. Wentel: 17.4%
2. MACE Instrumentation S/B : 13.4% (JHM: 28.09)
3. UWC: 19.8 % (PE126)
4. Dufu: 22% (PE50.45)
5. SFPtech: 37.3% (PE55.82)
6. CPETech: 20.9% (PE63.74)
6. Grand Venture Technology S/B: 19.2% (SGX: PE18.93)
7. Others: -2.8% to 14.6%

Business (FPE 2023)
Fabrication of semifinished metal products, fabrication of metal parts and assembly of finished products.
Revenue Segments
1. Fabrication of semifinished metal product: 75.56%
2. Fabrication of metal parts: 16.66%
3. Assembly of finished products: 7.78%
Revenue by Geo
1. Malaysia: 69.02%
2. Singapore: 30.48%
3. US: 0.50%

Fundamental
1.Market: Ace Market
2.Price: RM0.26
3.Forecast P/E: 18.51 (latest 12 month, EPS RM0.01405)
4.ROE(Pro forma II):  9%
5.ROE: 23.16%(FPE2022), 18.45%(FYE2021), 5.38%(FYE2020),
6.Net asset: RM0.14
7.Total debt to current asset: 0.1038  (Debt: 13.737mil, Non-Current Asset: 45.244mil, Current asset: 132.393mil)
8.Dividend policy: doesn’t have any formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FPE 30Sep, 9mths): RM72.129 mil (Eps: 0.0096), PAT: 15.25%
2022 (FYE 31Dec): RM117.540 mil (Eps: 0.0178), PAT: 17.42%
2021 (FYE 31Dec): RM89.854 mil (Eps: 0.0119),PAT: 15.25%
2020 (FYE 31Dec): RM64.759 mil (Eps: 0.0031),PAT: 5.53%

Major customer (FPE 2023) 
1. Rapiscan Group: 34.79%
2. Customer E Group: 31.36%
3. Makino Asia Pte Ltd: 17.25%
4. Customer D Group: 5.87%
5. Customer B Group: 4.57%
***total 92.84%

Major Sharesholders 
1. Wong Kim Fatt: 37.07% (direct)
2. Ban Kim Wah: 13.25% (direct)
3. Loo Sok Ching: 0.6% (direct)
4. WCSB: 16.56% (indirect)
5. Tai Yuan Heng: 4.77% (direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income 2022)
Total director remuneration: RM0.952 mil
key management remuneration: RM1.054 mil – RM1.25 mil
total (max): RM2.202 mil or 7.06%

Use of funds 
1.Part finance the construction of 2 blocks factory & 2 blocks workers’ hostel: 56.31%  
2.Part finance the purchase of new machinery and equipment: 35.24%
3.Estimated listing expenses: 8.45%
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.

Friday, January 12, 2024

HE GROUP BERHAD

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opinion and reader should take their own risk in investment decision.

Open to apply: 12 JAN 2024
Close to apply: 18 JAN 2024
Balloting: 22 JAN 2024
Listing date: 30 JAN 2024

Share Capital
Market cap: RM123.2 mil
Total Shares: 440 mil shares

Industry CARG
Value of Construction Work Completed for Non-Residential Buildings: -2.5%
Value of Construction Work Completed for Electrical Installation: 14.2%
Number of Applications for New Electrical Installations: 4.3%
Number of Applications for Existing Electrical Installations: 3.8%
Competitors comparison (PAT%)
1. HE Group: 5.7% (PE12.9)
2. LWE Engineering S/B: 10.6%
3. Hong Hin Electrical S/B: 
4. CBH Engineering S/B: 8.8%
5. PESTECH S/B: 4.1%
6. Kinergy Advancement Bhd: 1.5% (PE30.18)
7. Others: -0.4% to 7.2%

Business (FPE 2023)
Provision of power distribution system, other building systems and works, hook-up and retrofitting of electrical equipment and trading.
Revenue Segment
1. Power distribution: 66.54%
2. Other building system and works: 28.49%
3. Electrical equipment hook-up and retrofitting: 4.81%
4. Trading of electrical product: 0.16%

Fundamental
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 12.90 (estimated latest 12 month, EPS RM0.0217)
4.ROE(Proforma III): 16.61%
5.ROE: 38.8%(FPE2022), 32.5%(FYE2021), 18.69%(FYE2020).
6.Net asset: RM0.10
7.Total debt to current asset: 0.732 (Debt: 87.464 mil, Non-Current Asset: 6.867mil, Current asset: 119.471mil)
8.Dividend policy: didn't have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31Aug, 8mth): RM138.577 mil (Eps: 0.0165), PAT: 5.24%
2022 (FYE 31Dec): RM107.573 mil (Eps: 0.0140), PAT: 5.73%
2021 (FYE 31Dec): RM100.461 mil (Eps: 0.0094), PAT: 4.12%
2020 (FYE 31Dec): RM31.388 mil (Eps: 0.0039), PAT: 5.41%

Order Book 
FYE2023: 22.993mil 
FYE2024: 188.916mil
Trade receivable vs revenue
2020: 33.3%
2021: 37.73%
2022: 39.6%
2023: 45.76%

Major customer (2023)
1. Customer A: 42.11%
2. Zalam Corporation Sdn Bhd: 31.95%
3. Customer C: 9.25%
4. Exyte Malaysia Sdn Bhd: 6.45%
5. Xeonics Co., Ltd: 4.59%
***total 94.35%

Major Sharesholders
1. Haw Chee Seng: 20.42% (direct)
2. Eng Choon Leong: 14.8% (direct)
3. Hexatech Energy Consolidated Sdn Bhd: 24.6% (direct)
4. Yong Chong Cheang: 24.6% (indirect)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM0.884 mil
key management remuneration: RM0.85mil – RM1.1mil
total (max): RM1.984 mil or 13.22 %

Use of funds
1. Business expansion: 15%
2. Capital expenditure: 7.19%
3. Working capital: 62.19%
4.Estimated listing expenses: 15.62%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is reasonable price and but risk level is a bit high. 

*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.