CBH ENGINEERING HOLDING BERHAD

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Open to apply: 20/12/2024
Close to apply: 02/01/2025
Balloting: 06/01/2025
Listing date: 16/01/2025

Share Capital   
Market cap: RM526.65 mil
Total Shares:  1.881 bil shares

Industry CARG   
M&E engineering industry in Malaysia: 17%
Residential, commercial and industrial property transactions in Malaysia: 7.58%
Industry competitors comparison (net profit%)
1. CBH Engineering Holding Berhad: 15.9%
2. Kinergy Advancement Berhad: 13.8%
3. LFE Corporation Berhad: 13.3%
4. Savelite Engineering Sdn Bhd: 10.7%
5. MN Holdings Berhad: 9.5%
6. Others:  losses to 10.9%

Business (FPE 2024)  
Electrical engineering service provider and specialise in electricity supply distribution systems. 
CBH design, supply, installation, testing, commissioning and maintenance of HV, MV, LV and ELV electrical systems
Revenue by Segment
1. M&E systems
 - Engaged as main contractor: 79.22%
 - Engaged as subcontractor: 20.56%
2. M&E maintenance: 0.22%
Revenue by facility type
1. Substation: 86.81%
2. Industrial: 10.68%
3. Commercial: 2.23%
4. Residential: 0.28%

Fundamental    
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 15.91
4.ROE(Pro forma III): 27% 
5.ROE:  42.14%(FYE2023),  30.89%(FYE2022), 7.65%(FYE2021)
6.Net asset: 0.09
7.Total debt to current asset: 0.204 (Debt: 42.196mil, Non-Current Asset: 5.546mil, Current asset: 206.861mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FPE 31Aug, 8mths): RM178.225 mil (Eps: 0.0163), PAT: 17.2%
2023 (FYE 31Dec): RM207.954 mil (Eps: 0.0176), PAT: 15.89%
2022 (FYE 31Dec): RM180.120 mil (Eps: 0.0107), PAT: 11.13%
2021 (FYE 31Dec): RM67.575 mil (Eps: 0.0019), PAT: 5.30%

Order Book (LPD)  
1. RM203.691 mil

Major customer (FPE2024)   
1. Customer D: 50.01%
2. Customer E Group: 28.53%
3. Customer B: 14.19%
4. Takenaka (Malaysia) Sdn Bhd: 3.90%
5. Customer N: 0.51%
***total 97.14%

Major Sharesholders  
1. CBH Equities: 72.76% (direct)
2. Ir. Cheah Boon Hwa : 72.76% (indirect)
3. Cheah Boon Huat: 72.76% (indirect)
4. Cheah Boon Kiat: 72.76% (indirect)
5. Cheah Boon Hoe: 72.76% (indirect)
6. Cheah Chai Siew: 72.76% (indirect)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income 2023)
Total director remuneration: RM2.679 mil
key management remuneration: RM3.40 mil – RM3.55mil
total (max): RM6.229 mil or 9.25%

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 high risk investment, and also come with mid 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.

NORTHERN SOLAR HOLDINGS BERHAD

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***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: 18/12/2024
Close to apply: 20/01/2025
Balloting: 22/01/2025
Listing date: 06/02/2025

Share Capital   
Market cap: RM249.228 mil
Total Shares:  395.6 mil shares
1st day listing tradable shares: 148.776 mil shares

Industry CARG  
Installed capacity for solar PV systems and facilities in Malaysia (total installed): 29.31%
Industry competitors comparison (net profit%)
1. Northern Solar: 12.9%
2. COEE Engineering Sdn Bhd: 12.2%
3. Eleaps Sdn Bhd: 10.0%
4. Maqo Engineering Sdn Bhd: 7.8%
5. Gsparx Sdn Bhd: 7.2% 
6. Solarvest Energy Sdn Bhd: 4.5%
7. Pekat Solar Sdn Bhd: 0.5%
8. Others: losses to 5.0%

Business (FYE 2024)  
Involved in the Engineering, procurement, construction and commissioning of solar PV systems, generation of renewable energy as well as O&M of solar PV equipment and systems.
Revenue by Segment

1. EPCC of solar PV systems: 98.8%
2. Generation of renewable energy: 1.2%

Fundamental    
1.Market: Ace Market
2.Price: RM0.63
3.Forecast P/E: 24.23
4.ROE(Pro forma II):  24.21%
5.ROE: 48.85%(FYE2024),  57.87%(FYE2023), 69.80%(FYE2022)
6.Net asset: 0.15
7.Total debt to current asset:  0.42 (Debt: 34.493 mil, Non-Current Asset: 13.623mil, Current asset: 82.244mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 30Sep, 6mnth): RM40.156 mil (Eps: 0.019), PAT: 18.5% 
2024 (FYE 31Mar): RM77.974 mil (Eps: 0.0260),PAT: 12.9%
2023 (FYE 31Mar): RM44.672 mil (Eps: 0.0150),PAT: 13.7%
2022 (FYE 31Mar): RM22.232 mil (Eps: 0.0080),PAT: 14.0%

Order Book    
1. As per 19 Nov 2024 : RM83.228 mil

Major customer (FPE2025)   
1. Engtex Group: 12.1%
2. Customer B: 11.6%
3. Customer A: 4.8%
4. Vitaton (M) Sdn Bhd: 3.7%
5. FFM Group: 3.3%
***total 35.5%

Major Sharesholders   
1. Lew Shoong Kai: 30.8% (direct)
2. Chew Win Hoe: 30.8% (direct)
3. Lagenda Properties: 12.5% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.834 mil

key management remuneration: RM0.5 mil – RM0.6 mil
total (max): RM1.434 mil or 6.64%

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-to-middle 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.

SWIFT ENERGY TECHNOLOGY BERHAD

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***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: 09/12/2024
Close to apply: 23/12/2024
Balloting: 27/12/2024
Listing date: 08/01/2024

Share Capital  
Market cap: RM280.224 mil
Total Shares:  1.0008 bil shares
1st day listing tradable shares: 299.2425 mil shares

Industry CARG
1. Global production volume of edible oils (2019-2024e):2.7%
2. Global production volume of sugar (2019-2024e): 1.5%
3. Number of rigs in Malaysia (2019-2023): 0.0%
4. Sales value* of electricity distribution and control apparatus in Malaysia (2019-2023):  18.7%
5. Sales value* of switchboard in Malaysia (2019-2023):  14.7%
6. Import value of switchboards and control panels* in Malaysia (2019-2024e): 14.7%
Industry competitors comparison (net profit%)
1. Swift Energy Group: 13.2%
2. Elecol Switchgear S/B: 16.6%
3. Leapco S/B: 14.3%
4. Powerwell Holdings Berhad: 12.7%
5. Fuji SMBE Brighten S/B: 10.8%
6. Willowglen MSC Bhd: 4.9%
7. Solution A & C Technology: 7.0%
8. Others: losses to 9.8%

Business (FPE 2024)  
Provision of industrial automation and power systems focusing on process control, Ex solar PV, power distribution, and other systems, mainly serving customers in the O&G, as well as grain products, edible oils, and food manufacturing industries.
Revenue by Segment
1. Provision of industrial automation and power systems: 80.7%
2. Supply of related products and services: 19.3%
Revenue by Geo
1. Malaysia: 64.15%
2. Thailand: 17.34%
3. Singapore : 11.06%
4. China : 7.45%
Revenue by industry
1. O&G : 45.1%
2. Grain products, edible oils and food manufacturing:25.08%
3. Utilities: 18.27%
4. Others: 11.55%

Fundamental   
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 23.53
4.ROE(Pro forma III): 12.85%
5.ROE: 28.34%(FPE2024), 28.31%(PYE2023), 18.98%(FYE2022),  9.42%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset:  0.296 (Debt: 40.412mil, Non-Current Asset: 24.874mil, Current asset: 136.579mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 9mths): RM81.446 mil (Eps: 0.0117), PAT: 14.34% 
2023 (FYE 30Sep): RM92.426 mil (Eps: 0.0119), PAT: 13.20%
2022 (FYE 30Sep): RM81.843 mil (Eps: 0.0079), PAT: 10.02%
2021 (FYE 30Sep): RM56.115 mil (Eps: 0.0036), PAT: 6.52%

Use of Funds

Order Book 

LPD: RM55.60mil

Major customer (FPE2024)  
1. Wilmar group of companies: 12.58%
2. Customer A: 12.20%
3. Malaysia Marine and Heavy Engineering Sdn Bhd: 10.13%
4. Equator Engineering Sdn Bhd: 9.57%
5. PTT Exploration and Production Public Company Limited (PTTEP): 7.84%
***total 52.32%

Major Sharesholders
1. Blueprint Capital: 31.61% (direct)
2. Tan Bin Chee: 27.8% (direct), 31.61% (indirect)
3. Chin Saw Yong: 10.59% (direct)
4. Suzana Binti Abu Bakar: 0.1% (direct), 31.61% (indirect)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM1.331 mil
key management remuneration: RM0.351 mil – RM0.45 mil
total (max): RM1.781 mil or 4.78%

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, middle growth 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.