Wednesday, September 18, 2024

CREST GROUP BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/


***Disclaimer***Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision.

Open to apply: 18/09/2024  
Close to apply: 25/09/2024
Balloting: 30/09/2024
Listing date: 09/10/2024

Share Capital  
Market cap: RM302.9593 mil 
Total Shares: 865.598 mil shares

Industry CARG 
Imaging, analysis and testing industry size, Malaysia, 2019 – 2023: 8.37%
E&E industry size, Malaysia, 2019 – 2023: 9.0%
Semiconductor industry size, Malaysia, 2019 – 2023: 11.77%
Industry competitors comparison (net profit%)
1. Crest Group: 10.71%
2. CLMO technology Sdn Bhd: 15.99% 
3. MTSC Solution Sdn Bhd: 17.92%
4. QES Group Berhad: 7.96% (PE28.95)
5. Others: 0.73% to 3.64%

Business (FPE 2024) 

Provision of imaging, analytical and test solutions used primarily for quality inspection, sample analysis and R&D. (for industries like semiconductor, E&E, academic, automotive, oil and gas, aviation, life sciences and healthcare.)
Revenue by segment
1. Provision of imaging, analytical and test solutions: 81.06%
2. Provision of after-sales services: 18.94%
Revenue by Geo
1. Malaysia: 51.3%
2. Thailand: 17.4%
3. PRC: 19.3%
4. Singapore: 5.2%
5. Others: 6.8%

Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 16.59
4.ROE(Pro Forma): 19.5% (forecast)
5.ROE:  34.06%(FYE2023),  33.14%(FYE2022), 30.21%(FYE2021), 22.29% (FYE2020)
6.Net asset: 0.11
7.Total debt to current asset:  0.327 (Debt: 45.956mil, Non-Current Asset: 6.677mil, Current asset: 140.713mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE, 30Apr, 4mths): RM49.523 mil (Eps: 0.0035), PAT: 5.90%
2023 (FPE 31Dec): RM187.619 mil (Eps: 0.0238), PAT: 10.7%
2022 (FYE 31Dec): RM170.202 mil (Eps: 0.0208), PAT: 10.6%
2021 (FYE 31Dec): RM148.410 mil (Eps: 0.0202),PAT: 11.7%
2020 (FYE 31Dec): RM124.425 mil (Eps: 0.0154),PAT: 10.9%
***Prospectuses book didn’t use enlarged shares after IPO for EPS calculation, hence we apply our own calculation for EPS result).

Major customer (FPE2024)  
1. Customer group E: 9.61%
2. Customer group I: 4.44%
3. Customer group J: 4.11%
4. Chulabhorn Research Institute: 4.09%
5. Thai Tohken Thermo Co Ltd: 3.69%
***total 25.94%

Major Sharesholders  
1. Climan: 55.00% (direct)
2. Lim Siong Wai: 5.98% (direct), 55% (Indirect)
3. Au Chun Mun: 5.65% (direct), 55% (Indirect)
4. Yap Kian Meng: 5.65% (direct), 55% (Indirect)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)

Total director remuneration: RM2.914 mil
key management remuneration: RM1.15 mil – RM1.35 mil
total (max): RM4.264 mil or 7.97%

Use of funds  
1. Setup of a new centralised headquarters: 15.762mil, 34.45%
2. Business expansion: 14.517mil, 31.73%
3. Purchase of additional demonstration equipment:  5.868mil, 12.83%
4. Expansion of technical support and maintenance team: 3.6mil, 7.87%
5. Estimated listing expenses: 6mil, 13.12%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is middle to high risk investment, and also come with grow opportunities. 

*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.


Sunday, September 8, 2024

SOLAR DISTRICT COOLING GROUP BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***Disclaimer***Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision.

Open to apply: 28 Aug 2024
Close to apply: 06 Sep 2024
Balloting: 10 Sep 2024
Listing date: 19 Sep 2024

Share Capital
Market cap: RM161.052 mil
Total Shares: 423.822 mil shares

Industry CARG
Existing supply of purpose-built offices: 0.5%
Existing supply of serviced apartments: 10.0%
Existing supply of hotels: 1.0%
Industry competitors comparison (net profit%)
1. SDCG: 23.8%
2. ADF Technologies S/B: 48.3%
3. Pegasus Automation S/B: 18.5%
4. Solar-mate S/B: 8.7%
5. Others: losses to 4.1%

Business (FPE 2024) 
Involved in the provision and maintenance of BMS, solar thermal systems and energy saving services. We also provide maintenance services for other systems and equipment. 
Revenue by segment
1. BMS: 63.78%
2. Solar thermal systems and energy saving services: 23.88%
3. Maintenance of other systems and equipment: 12.34%
Revenue by Geo
1. Malaysia: 99.82%
2. Others: 0.18%
Recurrent and non-recurrent revenue
1. Non-recurrent:  67.37%
2. Recurrent: 32.63%

Fundamental  
1.Market: Ace Market
2.Price: RM0.38
3.Forecast P/E: 25.38
4.ROE(Pro forma):  6.99%
5.ROE: 20.3%(FPE2024), 32.37%(FYE2023), 33.98%(FYE2022),  25.76%(FYE2021), 13.99%(FYE2020)
6.Net asset: 0.15
7.Total debt to current asset:  0.04 (Debt: 2.509mil, Non-Current Asset: 4.407mil, Current asset: 60.311mil)
8.Dividend policy: Doesn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 31 May): RM8.948 mil (Eps: 0.0103),PAT: 20.24%
2023 (FYE 31Dec): RM26.622 mil (Eps: 0.0150),PAT: 23.83%
2022 (FYE 31Dec): RM18.648 mil (Eps: 0.0123),PAT: 27.80%
2021 (FYE 31Dec): RM17.594 mil (Eps: 0.0099),PAT: 24.01%
2020 (FYE 31Dec): RM14.709 mil (Eps: 0.0047),PAT: 13.49%

Order Book 
1. FY2024: 16.468mil 
2. FY2025: 6.122 mil
3. FY2026: 0.194 mil

Major customer (FP2024) 
1. One Medicare Sdn Bhd: 18.36%
2. Megatara Sdn Bhd: 11.97%
3. Customer F: 11.41%
4. Evergrow Ventures Sdn Bhd: 8.55%
5. Pembinaan Mitrajaya Sdn Bhd: 7.81%
***total 58.10%

Major Sharesholders 
1. Edison Kong: 64.8% (direct), 7.2% (indirect)
2. Eileen Liuk: 7.20% (direct), 64.80% (indirect)
Directors & Key Management Remuneration for FY2024  
(from Revenue & other income 2023)

Total director remuneration: RM0.93 mil

key management remuneration: RM0.55 mil – RM0.75 mil
total (max): RM1.71 mil or 11.91%

Use of funds 

1. Expand Headquarters: 1.9mil, 4.21%
2. Tender bonds and/or performance bonds for future projects: 5 mil, 11.09%
3. Purchase of materials for BMS segment, and solar thermal systems and energy saving services segment: 18.7mil, 41.47%
4. General working capital: 12.673mil, 28.1%
5. Capital Expenditure: 2.522mil, 5.59%
6. Estimated listing expenses: 4.3mil, 9.54%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is mid risk and mid-high grow return opportunities in this investment. 

*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.