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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.
Close to apply: 18/08/2022
Balloting: 22/08/2022
Listing date: 02/09/2022
Share Capital
Market cap: RM403.194 mil
Total Shares: 1,612.779 mil shares
Industry CARG (2018-2021)
Sales of ICT products: 1.64%
Value added of ICT services: 5.25%
Competitors comparison (net profit)
SNS: 3.2%
IBM Malaysia S/B: 14.13%
Machines S/B (Apple): 4.33%
others: -19.56% to 4.33%
Business (FYE 2022)
- Sale of ICT product comprising hardware, devices and related peripherals, as well as the provision of ICT services and solutions. (2022: 98.9%)
- Provision of device repair and related services, as well as sale of broadband services.
Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.P/E: 11.21 @ RM0.0223
4.ROE(Pro Forma III): 20.06%
5.ROE: 38.61%(FYE2022), 37.05%(FYE2021), 17.96%(FYE2020), 25.52%(FYE2019)
6.NA after IPO: RM0.011
7.Total debt to current asset after IPO: 0.766 (Debt: 185.805mil, Non-Current Asset: 122.348mil, Current asset: 242.490mil)
8.Dividend policy: didn't have formal dividend policy.
1.Market: Ace Market
2.Price: RM0.25
3.P/E: 11.21 @ RM0.0223
4.ROE(Pro Forma III): 20.06%
5.ROE: 38.61%(FYE2022), 37.05%(FYE2021), 17.96%(FYE2020), 25.52%(FYE2019)
6.NA after IPO: RM0.011
7.Total debt to current asset after IPO: 0.766 (Debt: 185.805mil, Non-Current Asset: 122.348mil, Current asset: 242.490mil)
8.Dividend policy: didn't have formal dividend policy.
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Jan6mths amended typo): RM1,112.008 mil (Eps: 0.022),PAT: 3.2%
2021 (FYE 31Jan): RM721.469 mil (Eps: 0.0150),PAT: 3.2%
2020 (FYE 31Jan): RM675.282 mil (Eps: 0.0050),PAT: 1.2%
2019 (FYE 31Jan): RM594.140 mil (Eps: 0.0060),PAT: 1.5%
Major customer (2021)
Fan Technology International Ltd: 11.3%
Ecart Services Malaysia S/B: 4.4%
Shopee Mobile Malaysia: 4.0%
Pembangunan Leasing Corporation S/B: 2.8%
Pejabat Setiausaha Kerajaan Negeri Johor: 2.1%
***total 24.6%
2022 (FPE 31Jan
2021 (FYE 31Jan): RM721.469 mil (Eps: 0.0150),PAT: 3.2%
2020 (FYE 31Jan): RM675.282 mil (Eps: 0.0050),PAT: 1.2%
2019 (FYE 31Jan): RM594.140 mil (Eps: 0.0060),PAT: 1.5%
Major customer (2021)
Fan Technology International Ltd: 11.3%
Ecart Services Malaysia S/B: 4.4%
Shopee Mobile Malaysia: 4.0%
Pembangunan Leasing Corporation S/B: 2.8%
Pejabat Setiausaha Kerajaan Negeri Johor: 2.1%
***total 24.6%
Major Sharesholders
Ko Yun Hung: 32.2%
Pah Wai Onn: 32.2%
Siow Wei Ming: 7.3%
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM3.186 mil
key management remuneration: RM2.2mil - RM2.350 mil
total (max): RM5.536 mil or 5.89%
Use of funds
1. Expansion of DaaS subscription- based service: 34.1%
2. Set-up new retail stores: 2.5%
3. Construction of regional Hub: 19.8%
4. Marketing activities for JOI: 1.7%
5. Repayment of bank borrowings: 22%
6. General working capital: 14.5%
7. Listing Expenses: 5.1%
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 bit high risk business. But take consider into the grow record of business effort, it also possible to have continue growth in futures. Kindly refer to above SWOT analysis for more info.
Overall is a bit high risk business. But take consider into the grow record of business effort, it also possible to have continue growth in futures. Kindly refer to above SWOT analysis for more info.
*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.