IPO (Rating 2.5 star out of 5.0)
Copyright@http://lchipo.blogspot.com/
Date
Open to apply: 30/12/2016
Close to apply: 19/01/2017
Listing date: 08/02/2017
Core Business, Geo, Customers, Supplier
Business: Enginnering solution on O&G & power generation.
Geo (operating facilities): Malaysia, Indonesia, Bahrain, UAE, UK
Customer 2016: Petronas 23.14%, Sarawak shell bhd 3.36%, Energy Engineering & Services 2.53%, Energy Machine Services L.L.C 1.02%
Supplier: Technorette sdn bhd 14.38%, FRZ Scientific 10.95%, Qatar Enginerring & Construction 10.02%
Fundamental
Market: Main Market
Price: RM1.50 (par value:RM0.50)
Intrinsic Value: RM1.48 (forcase by 2016 EPS0.152)
EPS: RM0.152
P/E: 9.87
Cash & fixed deposit after IPO: RM0.38 per shares
NA after IPO: RM0.76
Dividend policy: at least 30% on PAT
Financial Ratio
Trade Receivables turnover days: 95.70
Trade Payable turnover days: 70.81
Inventory turnover days: 62.82
Current Ratio: 1.25
Gearing Ratio: 0.82
Debt ratio: 0.19 (Debt: RM0.861 bil, Total Asset: RM1.885 bil)
Past Financial Proformance (Revenue)
2013: RM 536.195 mil (EPS: 0.95)
2014: RM 755.768 mil (EPS: 1.03)
2015: RM1402.942 mil (EPS: 2.52)
2016 (6 mths): RM 911.726 mil (EPS: 1.52)
After IPO Sharesholding
Hj.Abdul Kadier: 22.22%
Dato' Awang Daud: 14.17%
Dato' Karim: 28.02%
Director Remuneration (from gross profit 2015)
Hj.Abdul Kadier: RM350k-400k
Dato' Awang Daud: RM900k-950k
Dato' Karim: RM1150k-1200k
Dato' Mohamed Nor: RM150k-200k
others 3 director: RM100k-150k
***total director fee from gross profit: 1.23%-1.38%
Use of fund
Expansion of business & operation facilities: 73.69%
Working capital: 7.2%
Repayment borrowing: 14.74%
Listing expenses: 4.37%
Conclusion
Good thing is:
1. PE around 10
2. Intrinsic value is near to IPO price (earning power).
3. Debt ratio still acceptable.
4. Revenue still growing.
The bad things:
1. O&G still industry still very depend on the crude oil price.
2. Receiveable turnover days quite high.
3. Director fee is look lower in percetage but the amount pay out is very heavy if they unable to sustain their revenue.
4. 14.74% IPO use to pay debt.
Conclusions
The timing of IPO might not the best for the company since crude oil price still in low level. Might not able to provide good return in short-term.
IPO Price at RM1.50 (PE9.87)
Good time : RM1.82 (PE12)
Bad time : RM0.76 (PE5)
Friday, December 30, 2016
KIP Real Estate Investment Trust
IPO (Rating 2.5 star out of 5.0)
Copyright@http://lchipo.blogspot.com/
Date
Open to apply: 30/12/2016
Close to apply: 16/01/2017
Listing date: 06/02/2017
Core Business
Business: Rental income (KIP Mall)
Consumer group (5km radius from properties): Lower to middle (6 malls), Middle (KIP Mall,Bangi).
Fundamental
Market: Main Market
Price: RM1.00
Intrinsic Value (earning power): RM0.562 (Provided by prospectus forecast yr until 2018)
EPS: RM0.0654 (2017)
P/E: 15.29
Cash & fixed deposit after IPO: RM0.0349 per shares
NAV after IPO: RM0.98
Dividend policy: 90% income half year basic
Debt ratio: 0.151 (Debt: RM90.492 mil, Total Asset: RM597.818 mil)
Past Financial Proformance (Revenue)
2014: RM 48.304 mil (EPS: 0.0648)
2015: RM 51.632 mil (EPS: 0.0757)
2016: RM 53.006 mil (EPS: 0.0836)
Forecast year 2017: RM 36.147 mil (EPS: 0.0654)
Forecast year 2018: RM 56.069 mil (EPS: 0.0659)
Property & Occupancy
KIP Mart Tampoi : 97.3%
KIP Mart Kota Tinggi: 94.6%
KIP Mart Masai: 92.6%
KIP Mart Lavender Senawang: 72.6%
KIP Mart Melaka: 65.8%
KIP Mart Bangi:90.3%
After IPO Sharesholding
Dato' Chew Lak Seong, Dato' Ong Kook Liong: 53.7%
Manager's Management Fees (from forecast year 2017,2018 on gross profit)
2017: RM1.824 (4.18%)
2018: RM3.313 (4.90%)
***Sunreit management expenses ratio: 0.88%
Use of fund
Purchase of consideration for Aquisitions: 94.87%
Listing expenses: 4.66%
Financing Facilities: 0.47%
Conclusion
Good thing is:
1. Reits is a safety investment.
2. NAV value near to IPO price.
3. PE meet the minimum requirement (country PE 16.1 @23/12/2016)
4. Provide rental income from distribution.
The bad things:
1. Management fee is very expensive compare other retail Reits.
2. Doesn't provide any clear futures grow plan.
Conclusions
1. Attractive for those like to invest in low risk & receive dividend about 6% per year.
2. Not attractive to short-term investor.
IPO Price at RM1.00 (PE15.29)
Good time : RM0.999 (PE15)
Bad time : RM0.45 (PE7)
Copyright@http://lchipo.blogspot.com/
Date
Open to apply: 30/12/2016
Close to apply: 16/01/2017
Listing date: 06/02/2017
Core Business
Business: Rental income (KIP Mall)
Consumer group (5km radius from properties): Lower to middle (6 malls), Middle (KIP Mall,Bangi).
Fundamental
Market: Main Market
Price: RM1.00
Intrinsic Value (earning power): RM0.562 (Provided by prospectus forecast yr until 2018)
EPS: RM0.0654 (2017)
P/E: 15.29
Cash & fixed deposit after IPO: RM0.0349 per shares
NAV after IPO: RM0.98
Dividend policy: 90% income half year basic
Debt ratio: 0.151 (Debt: RM90.492 mil, Total Asset: RM597.818 mil)
Past Financial Proformance (Revenue)
2014: RM 48.304 mil (EPS: 0.0648)
2015: RM 51.632 mil (EPS: 0.0757)
2016: RM 53.006 mil (EPS: 0.0836)
Forecast year 2017: RM 36.147 mil (EPS: 0.0654)
Forecast year 2018: RM 56.069 mil (EPS: 0.0659)
Property & Occupancy
KIP Mart Tampoi : 97.3%
KIP Mart Kota Tinggi: 94.6%
KIP Mart Masai: 92.6%
KIP Mart Lavender Senawang: 72.6%
KIP Mart Melaka: 65.8%
KIP Mart Bangi:90.3%
After IPO Sharesholding
Dato' Chew Lak Seong, Dato' Ong Kook Liong: 53.7%
Manager's Management Fees (from forecast year 2017,2018 on gross profit)
2017: RM1.824 (4.18%)
2018: RM3.313 (4.90%)
***Sunreit management expenses ratio: 0.88%
Use of fund
Purchase of consideration for Aquisitions: 94.87%
Listing expenses: 4.66%
Financing Facilities: 0.47%
Conclusion
Good thing is:
1. Reits is a safety investment.
2. NAV value near to IPO price.
3. PE meet the minimum requirement (country PE 16.1 @23/12/2016)
4. Provide rental income from distribution.
The bad things:
1. Management fee is very expensive compare other retail Reits.
2. Doesn't provide any clear futures grow plan.
Conclusions
1. Attractive for those like to invest in low risk & receive dividend about 6% per year.
2. Not attractive to short-term investor.
IPO Price at RM1.00 (PE15.29)
Good time : RM0.999 (PE15)
Bad time : RM0.45 (PE7)
Tuesday, December 20, 2016
HLT Global Berhad
IPO (Rating 3.25 star out of 5.0)
Copyright@http://lchipo.blogspot.com/
Date
Open to apply: 20/12/2016
Close to apply: 28/12/2016
Listing date: 10/01/2017
Core Business, Geo, Customers, Supplier
Business: Glove Dipping line 97.78% (design, fabrication, installation, tesing, commissioning),upgrading & modification works 1.42% & supply part 0.8%
Geo: M'sia 73.62%, Thai 25.86%, Indo 0.52%
Customer 2016 (top3): Central Medicare S/B (33.3%,6yrs), Cardinal Health 222 Thai ltd (25.8%,2yrs), Green Prospect S/B (19.1%,7yrs)
Supplier (top3): Choo Bee Hardware S/B (12.8%,7yrs), Yoshiki Solution Thai Ltd (12.7%,1yr), Yankong Stainless S/B (10%,6yr).
Fundamental
Market: Ace Market
Price: RM0.45 (par value:RM0.10)
Intrinsic Value: RM0.344
EPS: RM0.0235 (7mth)
P/E: 11.25 (forecast 12month EPS 0.40)
Cash & fixed deposit after IPO: RM0.095 per shares
NA after IPO: RM0.19
Dividend policy: Does not fixed any % in dividend policy
Financial Ratio
Trade Receivables turnover days: 46
Trade Payable turnover days: 129
Inventory turnover days: 18
Current Ratio: 1.98
Gearing Ratio: 0.04
Debt ratio after IPO: 0.386 (Debt: RM32.618 mil, Total Asset: RM84.411 mil)
Past Financial Proformance (Revenue)
2013: RM 46.042 mil (EPS: 0.0377)
2014: RM 43.568 mil (EPS: 0.0324)
2015: RM 75.697 mil (EPS: 0.0460)
2016: RM 47.692 mil (EPS: 0.0235) **for 7month
After IPO Sharesholding
Chan Yoke Chun: 35.09%
Wong Kok Wah: 36.52%
Director Remuneration
Wong Kok Wah: 700k-750k
Chan Yoke Chun: 700k-750k
other 2 director: 50k-100k
other 1 director: 0-50k
***total director fee from gross profit 2015: 9.85%-11.50%
Use of fund
Capital Expenditure: 50.52%
R&D expenditure: 8.42%
Working Capital: 27.59%
Listing Expenses: 13.47%
***Factory utilasation rate:84.62% (2016), 81.42% (2015), 72.73% (2014), 90.91% (2013)
Conclusion
Good thing is:
1. Revenue still growing & around PE11.
2. Debt ratio still healthy.
3. Co-founded WKW still remain as major sharesholder.
4. Big potion of IPO fund use to develop business (buid new factory).
The bad things:
1. listing in ACE market.
2. Price is 30% above intrinsic value.
3. Director fee is too high.
Conclusions
Overall is a above average IPO & near to fair IPO. Still able to see the true value of IPO. However, director fee might quite high.
IPO Price at RM0.45 (PE11.25)
Good time : RM0.60 (PE15)
Bad time : RM0.28 (PE7)
Copyright@http://lchipo.blogspot.com/
Date
Open to apply: 20/12/2016
Close to apply: 28/12/2016
Listing date: 10/01/2017
Core Business, Geo, Customers, Supplier
Business: Glove Dipping line 97.78% (design, fabrication, installation, tesing, commissioning),upgrading & modification works 1.42% & supply part 0.8%
Geo: M'sia 73.62%, Thai 25.86%, Indo 0.52%
Customer 2016 (top3): Central Medicare S/B (33.3%,6yrs), Cardinal Health 222 Thai ltd (25.8%,2yrs), Green Prospect S/B (19.1%,7yrs)
Supplier (top3): Choo Bee Hardware S/B (12.8%,7yrs), Yoshiki Solution Thai Ltd (12.7%,1yr), Yankong Stainless S/B (10%,6yr).
Fundamental
Market: Ace Market
Price: RM0.45 (par value:RM0.10)
Intrinsic Value: RM0.344
EPS: RM0.0235 (7mth)
P/E: 11.25 (forecast 12month EPS 0.40)
Cash & fixed deposit after IPO: RM0.095 per shares
NA after IPO: RM0.19
Dividend policy: Does not fixed any % in dividend policy
Financial Ratio
Trade Receivables turnover days: 46
Trade Payable turnover days: 129
Inventory turnover days: 18
Current Ratio: 1.98
Gearing Ratio: 0.04
Debt ratio after IPO: 0.386 (Debt: RM32.618 mil, Total Asset: RM84.411 mil)
Past Financial Proformance (Revenue)
2013: RM 46.042 mil (EPS: 0.0377)
2014: RM 43.568 mil (EPS: 0.0324)
2015: RM 75.697 mil (EPS: 0.0460)
2016: RM 47.692 mil (EPS: 0.0235) **for 7month
After IPO Sharesholding
Chan Yoke Chun: 35.09%
Wong Kok Wah: 36.52%
Director Remuneration
Wong Kok Wah: 700k-750k
Chan Yoke Chun: 700k-750k
other 2 director: 50k-100k
other 1 director: 0-50k
***total director fee from gross profit 2015: 9.85%-11.50%
Use of fund
Capital Expenditure: 50.52%
R&D expenditure: 8.42%
Working Capital: 27.59%
Listing Expenses: 13.47%
***Factory utilasation rate:84.62% (2016), 81.42% (2015), 72.73% (2014), 90.91% (2013)
Conclusion
Good thing is:
1. Revenue still growing & around PE11.
2. Debt ratio still healthy.
3. Co-founded WKW still remain as major sharesholder.
4. Big potion of IPO fund use to develop business (buid new factory).
The bad things:
1. listing in ACE market.
2. Price is 30% above intrinsic value.
3. Director fee is too high.
Conclusions
Overall is a above average IPO & near to fair IPO. Still able to see the true value of IPO. However, director fee might quite high.
IPO Price at RM0.45 (PE11.25)
Good time : RM0.60 (PE15)
Bad time : RM0.28 (PE7)
Matang Berhad
IPO (Rating 1.0 star out of 5.0)
Copyright@http://lchipo.blogspot.com/
Date
Open to apply: 19/12/2016
Close to apply: 03/01/2017
Listing date: 17/01/2017
Core Business, Customers, Supplier
Business: Plantation estate, Sale of FFB, & Property Investment Holding.
Major Customer: Lenga Palm Industrial S/B (100%, 2016)
Supplier: Twwin Arrow Fertillizer S/B 68.2%, Nisin Bio Tech 19.4%
Fundamental
Market: Ace Market
Price: RM0.13 (par value:RM0.10)
Intrinsic Value: RM0.075 (forcase by 2016 EPS RM0.0009)
EPS: RM0.0009
P/E: 144.44
Cash & fixed deposit after IPO: RM0.015 per shares
NA after IPO: RM0.10
Dividend policy: Does not fixed any dividend policy
Financial Ratio
Trade Receivables turnover days: 23
Trade Payable turnover days: 27 (2015d data, 2016 no data)
Inventory turnover days: 17
Current Ratio: 17 (after IPO 29.96)
Debt ratio: 0.013 (Debt: RM2.396 mil, Total Asset: RM184.53 mil)
Past Financial Proformance (Revenue)
2013: RM 8.720 mil (EPS: 0.0011)
2014: RM 9.402 mil (EPS: 0.0011)
2015: RM 7.411 mil (EPS: 0.0010)
2016: RM 7.169 mil (EPS: 0.0009)
Platation area (by Hectares)
Less profitable trees
Replanting: 16.4 (need 5 years to mature)
1-4 years: 217.6
21-25 years: 16.4
Profitable trees
5-10 years: 244.9
11-15 years: 216.8
16-20 years: 370.0
After IPO Sharesholding
Eng Cheng Guan 0.01%
Datuk Tan Teck Poh 0.01%
Ng Keng Heng 0.05%
Director Remuneration (from gross profit 2016)
Eng Cheng Guan 50k-100k
others 11 director 0-50k
***total director fee from gross profit 2015: 1.09%-14.27%
Use of fund
Replanting: 1.5%
Capital Expenditure: 15.1%
Working Capital: 70.5%
Listing Expenses: 12.9%
Conclusion
Good thing is:
1.Profitable trees 76.9% (2016), the company forecast 93.3% (2017).
2. Debt is very low compare Asset
The bad things:
1. PE is too high because of EPS too low.
2. Director fees too high (14.27% from gross profit 2016) & too many directors for this company size.
3. Yearly profit is dropping.
4. Director holding % very low (major sharesholder Huaren, Rohua, MHB)
Conclusions
Avoid this IPO
Copyright@http://lchipo.blogspot.com/
Date
Open to apply: 19/12/2016
Close to apply: 03/01/2017
Listing date: 17/01/2017
Core Business, Customers, Supplier
Business: Plantation estate, Sale of FFB, & Property Investment Holding.
Major Customer: Lenga Palm Industrial S/B (100%, 2016)
Supplier: Twwin Arrow Fertillizer S/B 68.2%, Nisin Bio Tech 19.4%
Fundamental
Market: Ace Market
Price: RM0.13 (par value:RM0.10)
Intrinsic Value: RM0.075 (forcase by 2016 EPS RM0.0009)
EPS: RM0.0009
P/E: 144.44
Cash & fixed deposit after IPO: RM0.015 per shares
NA after IPO: RM0.10
Dividend policy: Does not fixed any dividend policy
Financial Ratio
Trade Receivables turnover days: 23
Trade Payable turnover days: 27 (2015d data, 2016 no data)
Inventory turnover days: 17
Current Ratio: 17 (after IPO 29.96)
Debt ratio: 0.013 (Debt: RM2.396 mil, Total Asset: RM184.53 mil)
Past Financial Proformance (Revenue)
2013: RM 8.720 mil (EPS: 0.0011)
2014: RM 9.402 mil (EPS: 0.0011)
2015: RM 7.411 mil (EPS: 0.0010)
2016: RM 7.169 mil (EPS: 0.0009)
Platation area (by Hectares)
Less profitable trees
Replanting: 16.4 (need 5 years to mature)
1-4 years: 217.6
21-25 years: 16.4
Profitable trees
5-10 years: 244.9
11-15 years: 216.8
16-20 years: 370.0
After IPO Sharesholding
Eng Cheng Guan 0.01%
Datuk Tan Teck Poh 0.01%
Ng Keng Heng 0.05%
Director Remuneration (from gross profit 2016)
Eng Cheng Guan 50k-100k
others 11 director 0-50k
***total director fee from gross profit 2015: 1.09%-14.27%
Use of fund
Replanting: 1.5%
Capital Expenditure: 15.1%
Working Capital: 70.5%
Listing Expenses: 12.9%
Conclusion
Good thing is:
1.Profitable trees 76.9% (2016), the company forecast 93.3% (2017).
2. Debt is very low compare Asset
The bad things:
1. PE is too high because of EPS too low.
2. Director fees too high (14.27% from gross profit 2016) & too many directors for this company size.
3. Yearly profit is dropping.
4. Director holding % very low (major sharesholder Huaren, Rohua, MHB)
Conclusions
Avoid this IPO
Tuesday, December 13, 2016
FoundPac Group Berhad (FPGROUP 5277)
IPO (Rating 3.75 star out of 5.0)
Copyright@http://lchipo.blogspot.com/
Date
Open to apply: 13/12/2016
Close to apply: 19/12/2016
Listing date: 29/12/2016
Industrial product (Core Business, Geo, Customers, Supplier)
Business: Percision engineering parts in semiconductor industry
Geo: - does not decladed
Major Customer: Broadcom Corporation 47.7% (US- having 11 years of business relationship)
Major Supplier: ADE Technologies Pte Ltd 38.26% (S'pore), Gaffoglio 6.86% (US), Innovation semicon 6.10% (US).
Fundamental
Market: Main Market
Price: RM0.54 (par value:RM0.10)
Intrinsic Value: RM0.4099 (forcase by 2016 EPS 0.0448)
EPS: RM0.0448
P/E: 12.054
Cash after IPO: RM0.08319 per shares
NA after IPO: RM0.16
Dividend policy: at least 30% dividend profit after tax
Financial Ratio
Trade Receivables turnover days: 61
Trade Payable turnover days: 53
Inventory turnover days: 41
Current Ratio: 9.92
Debt ratio: 0.0787 (Debt: RM5.198 mil, Total Asset: RM66.087 mil)
Past Financial Proformance (Revenue)
2014: RM 30.204 mil (EPS: 0.0256), profit margin 41.96%
2015: RM 34.370 mil (EPS: 0.0359), profit margin 46.14%
2016: RM 44.108 mil (EPS: 0.0448), profit margin 47.06%
After IPO Sharesholding
FoundPac Holdings: 64.32%
(Lee Chun Wah, Tan Sin Khoon, Ong Choon Heng)
Director Remuneration (from gross profit 2016)
Tan Cheik Eaik: RM0-50k
Lee Chun Wah: RM750k-800k
Tan Sin Khoon: RM750k-800k
Ong Choon Heng: RM350k-400k
Chan Bee Cheng: RM0-50k
Teoh Lay Fung: RM0-50k
Total director fee: 8.91%-10.12%
Use of fund
Purchase of property, plant & equipment: 37.04%
Overseas expansion: 18.52%
Working Capital: 16.66%
D&D Expenditure: 13.89%
Listing Expenses: 13.89%
Conclusion
Good thing is:
1. 3 years revenue, EPS, profit margin, continue perform better.
2. Have at least 30% dividend PAT policy.
3. Debt is at very minimum compare to asset.
4. Cash Flow statement showing perform better over pass 3 years.
5. IPO fund use to expend business.
6. At least having 47.7% revenue is from USD.
7. Business (Percision for semiconductor) product still in industrial growth stage.
The bad things:
1. Director fee is too expensive 8.91%-10.12%.
2. Over depend on single major customer (47.7% Broadcom Corp)
3. 31% expensive compare intrinsic value.
Conclusions
Is a good IPO. But the 2 major weakness is director fee too high, & over depend on one single customer.
By forecast on it growing business, it should able to perform better for coming years, since weak MYR will increase their product demand.
IPO Price at RM0.54 (PE12)
Good time : RM0.675 (PE15)
Bad time : RM0.35 (PE8)
Copyright@http://lchipo.blogspot.com/
Date
Open to apply: 13/12/2016
Close to apply: 19/12/2016
Listing date: 29/12/2016
Industrial product (Core Business, Geo, Customers, Supplier)
Business: Percision engineering parts in semiconductor industry
Geo: - does not decladed
Major Customer: Broadcom Corporation 47.7% (US- having 11 years of business relationship)
Major Supplier: ADE Technologies Pte Ltd 38.26% (S'pore), Gaffoglio 6.86% (US), Innovation semicon 6.10% (US).
Fundamental
Market: Main Market
Price: RM0.54 (par value:RM0.10)
Intrinsic Value: RM0.4099 (forcase by 2016 EPS 0.0448)
EPS: RM0.0448
P/E: 12.054
Cash after IPO: RM0.08319 per shares
NA after IPO: RM0.16
Dividend policy: at least 30% dividend profit after tax
Financial Ratio
Trade Receivables turnover days: 61
Trade Payable turnover days: 53
Inventory turnover days: 41
Current Ratio: 9.92
Debt ratio: 0.0787 (Debt: RM5.198 mil, Total Asset: RM66.087 mil)
Past Financial Proformance (Revenue)
2014: RM 30.204 mil (EPS: 0.0256), profit margin 41.96%
2015: RM 34.370 mil (EPS: 0.0359), profit margin 46.14%
2016: RM 44.108 mil (EPS: 0.0448), profit margin 47.06%
After IPO Sharesholding
FoundPac Holdings: 64.32%
(Lee Chun Wah, Tan Sin Khoon, Ong Choon Heng)
Director Remuneration (from gross profit 2016)
Tan Cheik Eaik: RM0-50k
Lee Chun Wah: RM750k-800k
Tan Sin Khoon: RM750k-800k
Ong Choon Heng: RM350k-400k
Chan Bee Cheng: RM0-50k
Teoh Lay Fung: RM0-50k
Total director fee: 8.91%-10.12%
Use of fund
Purchase of property, plant & equipment: 37.04%
Overseas expansion: 18.52%
Working Capital: 16.66%
D&D Expenditure: 13.89%
Listing Expenses: 13.89%
Conclusion
Good thing is:
1. 3 years revenue, EPS, profit margin, continue perform better.
2. Have at least 30% dividend PAT policy.
3. Debt is at very minimum compare to asset.
4. Cash Flow statement showing perform better over pass 3 years.
5. IPO fund use to expend business.
6. At least having 47.7% revenue is from USD.
7. Business (Percision for semiconductor) product still in industrial growth stage.
The bad things:
1. Director fee is too expensive 8.91%-10.12%.
2. Over depend on single major customer (47.7% Broadcom Corp)
3. 31% expensive compare intrinsic value.
Conclusions
Is a good IPO. But the 2 major weakness is director fee too high, & over depend on one single customer.
By forecast on it growing business, it should able to perform better for coming years, since weak MYR will increase their product demand.
IPO Price at RM0.54 (PE12)
Good time : RM0.675 (PE15)
Bad time : RM0.35 (PE8)
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