Saturday, May 6, 2017

Inta Bina Group Berhad

IPO (Rating 2.75 star out of 5.0)
Copyright@http://lchipo.blogspot.com/

Date
Open to apply: 05/05/2017
Close to apply: 15/05/2017
Listing date: 25/05/2017

Share Capital
Market Cap: RM133.814 mil
Public Issue: 107.051 mil shares
Enlarged Issued Shares: 525.259 mil shares

Core Business & Geo
Business: Construction Industry, General civil engineering, building general works
Geo : Klang Valley 83.27%, Johor 17.5%

Major Customer
2017: Mitraland (38.69%), Ecoworld (27.44%)
2016: UEM Sunrise BHD, Tropicana Corp BHD, Ecoworld, Plenitude BHD.

Fundamental
Market: Ace Market
Price: RM0.25
EPS: RM0.0238
P/E: 10.5
Cash & fixed deposit after IPO: RM0.074 per shares
NA after IPO: RM0.15
Debt ratio after IPO:  0.65 (Debt: 150.822 mil, Non-Current Asset:68.712 mil, Current asset: 161.068mil)
Dividend policy: nil
ROE: 16.1%

Order Book (RM445.907)
2019: RM48 mil
2018: RM171 mil
2017: RM226 mil

Financial 
Trade Receivable: 97 days
Trade payable: 74 days
Cashfow: -9.680mil (2014), -9.625mil (2015), 0.730mil (2016)

Past Financial Proformance (Revenue)
2016: RM257 mil (eps: 0.0238)
2015: RM271 mil (eps: 0.0215)
2014: RM245 mil (eps: 0.0198)

Net Profit Margin
2016: 4.95%
2015: 4.23%
2014: 4.31%

After IPO Sharesholding
Lim Pang Kiam: 0.37%
Lim Ooi Joo: 33.88%
Teo Hock Choon: 8.8%
Ahmad Bin Awi: 12.68%
Chau Yik Mun: 2.41%
Yap Yoon Kong: 4.52%
Dato' Sia Thian Sang: 0.37%

Director Remuneration (from gross profit 2016)
Lim Pang Kiam: RM0-50k
Lim Ooi Joo: RM450k-500k
Teo Hock Choon: RM400k-450k
Ahmad Bin Awi: RM100k-150k
Chau Yik Mun: RM350k-400k
Yap Yoon Kong: RM0-50k
Dato' Sia Thian Sang: RM0-50k
Total director remuneration from gross profit: 10.22% - 12.97%

Use of fund
Capital Expenditure: 18.68%
Repayment bank borrowing: 33.63%
Working Capital: 35.73%
Listing Expenses: 11.96%

Conclusion
Good thing is:
1. PE is around 10, Debt is healthy, ROE more than 15%.
2. Average Trade receiveable able to maintain less than 100 days.
3. 3 years PAT showing it qualified for main board.

The bad things:
1. No clear dividend policy
2. Director remuneration is expensis
3. USE IPO fund pay debt, 33.62

Conclusions
Is a normal IPO. The interesting part is that they qualified to IPO in market, but now IPO in Ace market.

IPO Price: RM0.25
Good time: RM0.35 (PE15)
Bad time: RM0.17 (PE7) 

1 comment:

  1. Assalamu’alaikum Warahmatullahi Wabarakatuh.
    Saya HANDAYANI ingin berbagi kpd teman semua…tentang Angka Togel Yang Di Berikan Ki HAJAR DEWANTORO, Awalnya saya sedikit ragu tetapi saya sangat membutuhkan bantuan, dan saya coba hub ki HAJAR DEWANTORO
    Alhamdulillah saya bisa di bantu oleh beliau, pertama beliau memberikan angka 4D kpd saya, dan angka itu saya pasang,, awalnya saya tidak percaya ketika teman saya memberikan kabar, kalau angka yg aku pasang benar-benar keluar, dan saya menang 357juta, berkat bantuan ki HAJAR DEWANTORO.,
    Saya ucapkan banyak terima kasih kepada ki HAJAR DEWANTORO yang telah meluangkan waktunya untuk saya, konsultasi dengan ki HAJAR DEWANTORO selama ini benar benar sangat luar biasa…. Selain hebat, ki HAJAR DEWANTORO juga punya keahlian banyak. seperti, minyak penarik uang Pesugihan,, Santet,, Penarikan dana ghaib,, Pelaris,, dan Pelet,,
    Info: Buat Teman yang Pengen Merubah Nasib Silahkan..
    Hub: Ki HAJAR DEWANTORO Di:082-188-463-467.
    ATAU KLIK DISINI

    ReplyDelete