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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
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%
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
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%
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
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
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%
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)
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
(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%
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.
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.