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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: 30/09/2022
Balloting: 04/10/2022
Listing date: 17/10/2022
Share Capital
Market cap: RM135.720 mil
Total Shares: 468mil shares
Industry CARG
Global solar installation CAGR 2017-2021: 21.3%
Msia Solar PV Installed CAGR 2017-2021: 45.9%
Crystalline Silicon Module Price CAGR: RM/W 16.4%
-Msia Gov committed to use renewable resources: 2025 (31%), 2035 (40%).
-In 2021 Msia renewable energy installed: 23%
Competitors PAT%
Solarvest: 4.2% (PE45.16)
Pekat: 3.9% (PE24.10)
Sunview: 9% (PE15.27)
Samaiden: 11% (PE24.07)
El Power Technologies Sdn Bhd: 3.9%
Business (FYE 2022)
EPCC of Solar PV facilities: 75.73%
Construction & Installation Solar PV facilities: 8.85%
Associated services & products: 11.9%
Solar power generation & supply: 3.52%
Fundamental
1.Market: Ace Market
2.Price: RM0.29
3.P/E: 15.27 @ RM0.019
4.ROE(Pro Forma III): 9.88%
5.ROE: 16.24%(FYE2022), 51.76%(FYE2021), 48.14%(FYE2020), -%(FYE2019)
6.NA after IPO: RM0.19
7.Total debt to current asset after IPO: 0.51 (Debt:92.975mil, Non-Current Asset: 56.462mil, Current asset: 182.895mil)
8.Dividend policy: no formal dividend policy.
9. Shariah starus: -
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Mar): RM99.263 mil (Eps: 0.0190),PAT: 8.95%
2021 (FYE 31Mar): RM43.330 mil (Eps: 0.0124),PAT: 13.36%
2020 (FYE 31Mar): RM26.375 mil (Eps: 0.0054),PAT: 9.59%
2019 (FYE 31Mar): RM5.651 mil (Eps: -0.0015),PAT: -%
Major customer (2022)
Customer A: 14.01%
Adil Bestari Sdn Bhd: 12.97%
GV Bumi Sandakan Sdn Bhd: 10.83%
Sinohydro Corporation Sdn Bhd: 8.6%
Malakoff Radiance Sdn Bhd:5.59%
***total 52.00%
Major Sharesholders
NEC: 35.70% (Direct)
Ong Hang Ping: 35.7% (indirect)
Chow Kian Hung: 35.7% (indirect)
Stellar One: 5.71%
Basil Power: 11.59%
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.068mil
key management remuneration: RM0.200 mil - 0.250mil
total (max): RM2.318 mil or 11.39%
Use of funds
1. Business expansion: 4.88%
2. Capital expenditure: 5.42%
3. Working capital: 58.72%
4. Repayment of bank borrowings: 20.46%
5. Listing Expenses: 10.52%
1. Business expansion: 4.88%
2. Capital expenditure: 5.42%
3. Working capital: 58.72%
4. Repayment of bank borrowings: 20.46%
5. Listing Expenses: 10.52%
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 with discounted price compare to it competitors in same 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.
Overall is a good IPO with discounted price compare to it competitors in same 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.