CARLO RINO GROUP BERHAD

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Open to apply: 28/11/2024
Close to apply: 05/12/2024
Balloting: 09/12/2024
Listing date: 18/12/2024

Share Capital 
Market cap: RM263.9296 mil
Total Shares: 977.5171 mil shares

Industry CARG 
Revenue of Selected Segments of the Fashion Industry in Malaysia (RM Million)
a. Accessories: 3.9%
b. Women’s Footwear: 6.3%
c. Women’s handbags: 4.1%
Industry competitors comparison (net profit%)
1. Carlo Rino: 18.4% 
2. Vinnci Ladies’s Specialties Centre Sdn Bhd: 18.2%
3. Shiranoe Sdn Bhd: 9.0%
4. Miroza Leather (M) Sdn Bhd: 8.7%
5. F J Benjamin (M) Sdn Bhd: 7.2%
6. Others : 0.1% to 7.0%

Business (FYE 2024) 
Designing, promoting, marketing, distributing and retailing of women’s handbags, footwear and accessories.
Revenue by Product Group
Women’s handbag: 58.82%
Women’s Footwear: 21.33%
Women’s accessories: 19.85%
Others: -

Fundamental 
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 13.67
4.ROE(Pro forma): 12.73%
5.ROE: 23.81%(FYE2023),  24.6%(FYE2022), 5.52%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset:  0.32 (Debt: 38.420mil, Non-Current Asset: 70.237mil, Current asset: 119.838mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 30Jun): RM104.845mil (Eps: 0.0197), PAT: 18.41%
2023 (FYE 30Jun): RM113.534mil (Eps: 0.0244), PAT: 21.01%
2022 (FYE 30Jun): RM101.787mil (Eps: 0.0227), PAT: 21.84%
2021 (FYE 30Jun): RM76.460mil (Eps: 0.0041), PAT: 5.21%

Major customer   
Retail business. Business nature didn’t have single large customer. 
Major Sharesholders    
1. Dato’ Sri Chiang Fong Yee: 26.29%(direct) 
2. Chiang Sang Sem: 5.53% (direct), 36.66% (Indirect)
3. Bonia Holdings Sdn Bhd: 20.75% (direct)
4. Freeway Team Sdn Bhd: 11.36% (direct)

Directors & Key Management Remuneration for FYE2025  
(from Revenue & other income 2024)
Total director remuneration: RM1.565 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.365 mil or 3.59%

Use of fund

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 risk investment, and also come with low-middle grow return 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.

VANZO HOLDINGS BERHAD

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Open to apply: 27/11/2024
Close to apply: 04/12/2024
Balloting: 09/12/2024
Listing date: 17/12/2024

Share Capital 
Market cap: RM70 mil
Total Shares: 466.7511 mil shares

Industry CARG  
Air fragrance industry size in Malaysia (2021-2023): 10.7%
Air fragrance industry size in Malaysia (2024f-2026f): 9.0% 
Industry competitors comparison (net profit%)
1. Vanzo Group: 12.5%
2. The Procter & Gamble Company: 17.8%
3. Kobayashi Pharmaceutical Co., Ltd: 12.1%
4. Reckitt Benckiser Group plc: 11.3%
5. Farcent Enterprise Co., Ltd: 9.9%
6. Others: losses to 7.7%

Business (FYE 2024)  
Design, marketing and sale of air fragrance and fragrance-related products.
Revenue by segment
1. Car fragrances: 77.6%
2. Indoor fragrances: 21.3%
3. Personal and household care products: 1.0%
4. Accessories and others: 0.1%

Revenue by Geo
1. Malaysia: 98.9%
2. Overseas: 1.1%

Fundamental   
1.Market: Ace Market
2.Price: RM0.15
3.Forecast P/E: 14.29
4.ROE(Pro forma): 21.78%
5.ROE: 39.6%(FPE2024), 55.7%(FYE2023),  58.9%(FYE2022), 76.4%(FYE2021)
6.Net asset: 0.05
7.Total debt to current asset: 0.395  (Debt: 9.647 mil, Non-Current Asset: 7.587mil, Current asset: 24.444mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 9mths): RM36.775 (Eps: 0.0078), PAT: 9.9%
2023 (FYE 30Sep): RM40.855 mil (Eps: 0.0109), PAT: 12.5%
2022 (FYE 30Sep): RM33.970 mil (Eps: 0.0092),PAT: 12.4%
2021 (FYE 30Sep): RM22.791 mil (Eps: 0.0065),PAT: 9.5%

Major customer (FPE 2024)   
1. Watson’s Personal Care Stores Sdn Bhd: 25.3%
2. Luxury Accessories Enterprise: 4.7%
3. Mr. D.I.Y. Trading Sdn Bhd: 4.0%
4. Lotuss Stores (Malaysia) Sdn Bhd: 3.9%
5. MM One Stop Station Enterprise: 3.3%
***total 41.2%

Major Sharesholders  
1. Allan Wong Liang Tzer: 54% (indirect)
2. Fragrance Century: 54% (direct)
3. Lim Chee Lip: 16% (direct), 0.1% (indirect)
4. Choe Sook Ling: 0.1% (direct), 16% (indirect) 

Directors & Key Management Remuneration for FYE2024 (from Revenue & other income 2023)
Total director remuneration: RM0.6565 mil
key management remuneration: RM0.60 mil – RM0.75 mil
total (max): RM1.4065 mil or 7.38%

Use of funds

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 investment, and also come with mid-high grow return 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.

WINSTAR CAPITAL BERHAD

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Open to apply: 26/11/2024

Close to apply: 03/12/2024
Balloting: 06/12/2024
Listing date: 19/12/2024

Share Capital 
Market cap: RM101.5 mil
Total Shares: 290 mil shares

Industry CARG
1. aluminium extrusion application and products: Construction, Renewable energy, Transportation, others.
2. Growth Forecast Aluminium Extrusion Market in Malaysia, 2024-2028: 7.8%
Industry competitors comparison (net profit%)
1. Winstar: 5.2%
2. Zenshin Industries Sdn Bhd: 15.3%
3. Genesis Aluminium Industries Sdn Bhd: 10.2%
4. LB Aluminium (Sarawak) Sdn Bhd: 6.8%
5. P.A. Extrusion (M) Sdn Bhd: 5.0%
6. PMB Aluminium Sdn Bhd: 4.7%
7. Others: losses to 4.6%

Business (FYE 2024)
1. Extrusion of aluminium profiles and fabrication of aluminium ladders as well as aluminium solar PV mounting structures and related accessories. 
2. Trading and distribution of building materials; and
3. Solar PV system installation services.
Revenue by segments
1. Aluminium extrusion: 62.98%
2. Trading and distribution of building materials: 34.72%
3. Solar PV system installation services: 2.30%

Fundamental 
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 12.65
4.ROE(Pro forma III): 8.9%
5.ROE: 10.74%(FPE2024), 11.04%(FYE2023),  9.54%(FYE2022), 5.26%(FYE2021)
6.Net asset: 0.32
7.Total debt to current asset: 0.887  (Debt: 132.143mil, Non-Current Asset: 76.443mil, Current asset: 148.979mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Order Book  
1. LPD : RM4.026 mil

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 31Jul, 7mths): RM107.984 mil (Eps: 0.0167), PAT: 4.49%
2023 (FYE 31Dec): RM153.685 mil (Eps: 0.0276), PAT: 5.22%
2022 (FYE 31Dec): RM109.910 mil (Eps: 0.0181), PAT: 4.79%
2021 (FYE 31Dec): RM89.755 mil (Eps: 0.0091), PAT: 2.92%
*Prospectus book pg.191 is not using diluted 290 mil shares for calculate EPS. We will our own EPS calculation. 

Major customer (FPE2024)   
1. Kerjaya Prospek Group: 4.85%
2. Fabulous Sunview Sdn Bhd: 4.66%
3. SA Aluminium & Glass Sdn Bhd: 4.54%
4. Sunway Winstar Sdn Bhd: 3.86%
5. Lynox Industries Sdn Bhd: 3.00%
***total 20.91%

Major Sharesholders   
1. Chua Nyok Chong: 26.02% (direct)
2. Chua Boon Hong: 8.63% (direct)
3. Lee Yong Zhi: 8.47% (direct)
4. Khoo Nee Cheng: 7.23% (direct)
5. Vafe System: 24.15% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM2.069 mil
key management remuneration: RM0.85 mil – RM1.0 mil
total (max): RM3.069 mil or 16.3%

Use of fund

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment, and also come with high grow return 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.

TMK CHEMICAL BERHAD

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Open to apply: 25/11/2024
Close to apply: 29/11/2024
Price determination: 29/11/2024
Balloting: 03/12/2024
Listing date: 12/12/2024

Share Capital    
Market cap: RM1.75 bil
Total Shares:  1 bil shares

Industry CARG  
1. Consumption of inorganic chemicals, Malaysia, 2019 – 2023: 5.51%
2. Number of manufacturing establishments in Malaysia that are users of inorganic chemicals, 2023: 72.22% (39,741 from 55,029)
3. Consumption of inorganic chemicals, Vietnam, 2019 – 2023: 3.46%
4. Consumption of inorganic chemicals, Singapore, 2019 – 2023: 5.95%
Industry competitors comparison (net profit%)
1.TMK: 7%
2.Malay-Sino Chemical Industries Sdn Bhd: 18.63%
3.Chemical Company of Malaysia Berhad: 11.36%
4.Kong Long Huat Chemicals Sdn Berhad: 7.82%
5.Others: Losses to 2.42%

Business (FPE 2024) 
Chemical management comprising sourcing, processing and distribution of inorganic chemicals and value-added services, as well as the provision of chemical terminal services which encompasses bulk storage services.
Revenue by Segment
1. Provision of total chemical management: 99.2%
2. Provision of chemical terminal services: 0.8%
Revenue by Geo
1. Malaysia: 54.3%
2. Vietnam: 21.3%
3. Singapore: 20.7%
4. Others: 3.7%

Fundamental   
1.Market: Main Market
2.Price: RM1.75 (will follow institutional price if lower)
3.Forecast P/E: 19.1
4.ROE(Pro forma II): 17.69%
5.ROE: 39.21%(FPE2024), 17.54%(FYE2023),  31.21%(FYE2022), 30.87%(FYE2012)
6.Net asset: RM0.68
7.Total debt to current asset: 0.821 (Debt: 712.957mil, Non-Current Asset: 520.404mil, Current asset: 868.473mil)
8.Dividend policy:  30%-50% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 30Jun, 6mths)): RM659.434 mil (Eps: 0.0600), PAT: 9.1%
2023 (FYE 31Dec): RM1,306.096 mil (Eps: 0.0920), PAT: 7.0%
2022 (FYE 31Dec): RM1,484.338 mil (Eps: 0.1500), PAT: 10.1%
2021 (FYE 31Dec): RM1,126.844 mil (Eps: 0.1230), PAT: 10.9%

Major customer (FPE 2024) 
1.Customer A: 11.2%
2.Customer B: 5.3%
3.Customer D: 4.6%
4.Customer C: 3.9%
5.Customer F: 2.6%
***total 27.6%

Major Sharesholders  
1.Dato’ Lee Soon Hian: 39.5% (direct)
2.Leong Chao Seong: 9.5% (direct), 2.1% (indirect)
3.Wong Kin Wah: 4.6% (direct)
4.Lee Oi Loon: 6.5% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM2.3734 mil
key management remuneration: RM3.25 mil – RM3.40 mil
total (max): RM5.77 mil or 2.75%

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

Overall is high risk investment, and also come with middle grow return 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.

TOPVISION EYE SPECIALIST BERHAD

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CROPMATE BERHAD

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Open to apply: 15/11/2024
Close to apply: 22/11/2024
Price determination date: 22/11/2024
Balloting: 27/11/2024
Listing date: 05/12/2024

Share Capital 
Market cap: RM147.6 mil
Total Shares: 738 mil shares
1st day listing tradable shares: 331.7 mil shares

Industry CARG (2019-2023)  
1. Sales value of domestic manufactured fertilisers : -4.5%
2. Import value of fertilisers: 12.6%
3. Import volume of fertilisers: 12%
4. Export value of fertilisers: 11.5%
5. Export volume of fertilisers: -0.6%
6. Apparent consumption value of fertilisers: -1.5%

Industry competitors comparison (net profit%)
1. Cropmate Group: 6.6%
2. Hextar Fert S/B: 9.4%
3. Twin Arrow Fertilizer S/B: 9.3%
4. Farmcochem S/B: 7.7%
5. Other: losses to 4.3%

Business (FYE 2024)  
Involved in the formulation and blending of conventional and specialty fertilisers as well as trading of straight fertilisers and related products.
Revenue by segment
1. Formulation and blending of conventional and specialty fertilisers: 75.3%
2. Trading of straight and other fertilisers: 24.7%
Revenue by brand
1. Own Brands: 73%
2. Without Brands: 24.6%
3. Third-party brands: 2.4%

Fundamental  
1.Market: Ace Market
2.Price: RM0.20  (Price will follow final institution price)
3.Forecast P/E: 14.7
4.ROE(Pro forma IV):  17.05%
5.ROE: 36.64%(FPE2024), 27.12%(FYE2023),  47.12%(FYE2022), 46.49%(FYE2021)
6.Net asset: 0.11
7.Total debt to current asset: 0.586 (Debt: 43.760mil, Non-Current Asset: 47.656mil, Current asset: 74.635mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 31May): RM67.311 mil (Eps: 0.0076), PAT: 8.3%
2023 (FPE 31Dec): RM151.547 mil (Eps: 0.014), PAT: 6.6%
2022 (FYE 31Dec): RM188.296 mil (Eps: 0.020), PAT: 7.8%
2021 (FYE 31Dec): RM108.799 mil (Eps: 0.010), PAT: 7.0%
***2024 EPS diluted to 738mil shares should be 0.0076, hence we disagree with prospectus pg.232 EPS.  

Major customer (FPE2024) 
1. Agrivest Trade Sdn Bhd: 9.1%
2. Sinong Group: 5.0%
3. Great Organic Group: 3.6%
4. Golden Agrochem (Kuching) Sdn Bhd: 3.1%
5. Consolidated Fertiliser Corporation Sdn Bhd: 2.7%
***total 23.50%

Major Sharesholders   
1. Lee Chin Yok: 29.1% (direct), 26% (indirect)
2. Lee Cheng Seng: 13% (direct)
3. Lee Cheng Fei: 13% (direct)
4. Lau Sam Siong: 6.5% (direct)
5. Datuk Tan Chew Chin: 3.2% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM1.460 mil
key management remuneration: RM0.8mil – RM1.0mil
total (max): RM2.46 mil or 8.9%

Use of funds   

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

Overall is low growth industry, however the timing of IPO quite favor to the company (the open of fresh durian can export to China, and the price of FCPO price).

*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.

CapitalA-LA Case study

In our investment journey, it is impossible to everytime buy now and immediately profit next second. Even if can, but how BIG amount we can confidence to buy in. Some investment we need take few years to see actual BIG profit, and this type of investment confidence that allow us to invest BIG, is FUNDAMENTAL study. Hold for years and one-off harvest BIG profit.

All this 3 years, was have a lot member ask : "Still can keep or not", "why it keep dropping"....actually i also don't how to answer....

In investment journey, only keep study and focus on fundamental will give us confidence to continue hold the shares until we can harvest the actual BIG profit. Congratulation to all members, even market drop you still make good profit.