AUTOCOUNT DOTCOM 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: 14 Apr 2023
Close to apply: 25 Apr 2023
Balloting: 27 Apr 2023
Listing date: 09 May 2023

Share Capital
Market cap: RM181.665mil
Total Shares: 550.500mil shares

Industry CARG (2019-2021)
Accounting software licences CAGR: 14.84%
POS system: 9.27%
Payroll system: 13.8%
Competitor Comparison (Profit after Tax PAT%)
AutoCount: 35.75%
Access Software Sdn Bhd: 21.54%
E Stream MSC Sdn Bhd: 49.54%
Smart-Acc Solution Sdn Bhd: 7.22%
Asian Business Software Solution Sdn Bhd: 5.04%
QNE Software Sdn Bhd: 13.25%
Intuit Inc: 16.26%

Xero Limited: -0.91%

Business (FYE 2021)
Development and distribution of financial management software comprising accounting, POS and payroll under “AutoCount” brand.
Revenue by Geo
Malaysia: 80.65%
Singapore: 18.72%
Others: 0.63%

Fundamental
1.Market: Ace Market
2.Price: RM0.33
3.P/E: 13.15 @ RM0.0251
4.ROE(Pro Forma III): 27.54%
5.ROE: 63.89%(FYE2022), 125.25%(FYE2021), 35.64%(FYE2020), 40.51%(FYE2019)
6.Net asset: RM0.09
7.Total debt to current asset after IPO: 0.30 (Debt: 15.639mil, Non-Current Asset: 14.078mil, Current asset: 51.824mil)
8.Dividend policy: Didn't have formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Dec): RM38.717 mil (Eps: 0.0251),PAT: 35.75%
2021 (FYE 31Dec): RM29.483 mil (Eps: 0.0182),PAT: 34.02%
2020 (FYE 31Dec): RM19.638 mil (Eps: 0.0104),PAT: 29.11%
2019 (FYE 31Dec): RM18.891 mil (Eps: 0.0076),PAT: 22.14%

Operating cashflow vs PBT
2022: 93.51%
2021: 95.25%
2020: 127.46%
2019: 87.14%

Major customer (2023)
1. Ingenious Business Software Pte Ltd: 5.30%
2. Creative eWorld Pte Ltd: 2.39%
3. Accountsoft Enterprise Sdn Bhd: 2.38%
4. Asiacare Service & Marketing Sdn Bhd: 2.20%
5. SC Biz Solutions (Sabah) Sdn Bhd: 1.98%
***total 14.25%

Major Sharesholders
1. Choo Chin Peng: 30.76%
2. Choo Yan Tiee: 30.76%
3. Lim KIm Seng: 4.37%
4. Ng Boon Thye: 4.37%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.943mil
key management remuneration: RM0.90mil - RM1.050mil
total (max): RM2.993mil or 9.67%

Use of funds
1. Regional expansion: 56.19%
2. R&D: 16.86%
3. Working capital: 14.32%
4. Listing Expenses: 12.63%

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 high growth business and discounted offer price to go IPO. 

*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.