CHEMLITE INNOVATION BERHAD

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Open to apply: 05/03/2025
Close to apply: 12/03/2025
Balloting: 14/03/2025
Listing date: 26/03/2025

Share Capital   
Market cap: RM150 mil
Total Shares: 600 mil shares
1st day listing tradable shares: 178.5 mil shares

Industry CARG  
Estimated Market Size (in terms of sales value of manufactured products in Malaysia) and Growth Forecast of the ESI in Malaysia (2021-2028f): 12.55%
Estimated Market Size (in terms of sales value of manufactured products in Malaysia) and Growth Forecast of the Surface Engineering Market in Malaysia, (2021-2028): 16.33%
Industry competitors comparison (net profit%)
1. Chemlite: 27.1%
2. Richport Technology Sdn Bhd: 44.7%
3. RTR Technology Sdn Bhd: 16.2%
4. Fukar Sdn Bhd: 12.6%
5. Metal Surface Progress Sdn Bhd: 7.5%
6. Amlex Holdings Berhad: 0.9%
7. Others: 4.9% to 7.7%

Business (FYE 2024)   
Surface finishing treatment services in metal plating (through electroplating and/or electroless plating) and non-metal plating (primarily through anodising).
***Metal plating is a type of surface finishing treatment process that involves the deposition of 1 or more layers of metal coatings (such as gold, silver, palladium, nickel and/or other coating metals) onto the surface of an intermediate metal product. This process will alter the physical surface characteristics of the intermediate metal product, improving its functionality and characteristics, as well as enhancing its aesthetic appearance
Revenue by segment
1. Metal plating: 85.75%
2. Non-metal plating: 14.25%
Revenue by industries
1. E&E: 61.41%
2. Semiconductor: 28.22%
3. M&E: 9.76%
4. Others: 0.61% (include automotive and life science and medical technology industries)
Revenue by Geo
1. Malaysia: 75.03%
2. Philippines: 24.91%
3. Others: 0.06%

Fundamental   
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 16.23
4.ROE(Pro forma): 19.8% 
5.ROE: 47.66%(FPE2024), 88.5%(FYE2023),  51.56%(FYE2022), 36.83%(FYE2021)
6.Net asset: 0.08
7.Total debt to current asset: 1.59  (Debt: 20.3mil, Non-Current Asset: 21.942mil, Current asset: 12.759mil)
8.Dividend policy:  didn’t have format dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FPE 31Dec): RM34.192 mil (Eps: 0.0154), PAT: 27.08%
2023 (FYE 31Dec): RM28.048 mil (Eps: 0.0150), PAT: 32.09%
2022 (FYE 31Dec): RM22.147 mil (Eps: 0.0053), PAT: 14.35%
2021 (FYE 31Dec): RM18.396 mil (Eps: 0.0028), PAT: 8.98%

Major customer (FYE2024)      
1. Customer A: 61.33%
2. Customer B: 24.97%
3. Customer C: 1.33%
4. Histotech Engineering Sdn Bhd: 1.11%
5. Alliance Contract Manufacturing Sdn Bhd: 1.01%
***total 89.75%

Major Sharesholders     
1. Chong Yuen Fong: 38.5% (direct)
2. Heng Chee Khiang: 31.5% (direct), 0.25% (indirect). 

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM1.372 mil
key management remuneration: RM0.4 mil – RM0.5 mil
total (max): RM1.872 mil or 12.98%

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 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.

WAWASAN DENGKIL HOLDINGS BERHAD

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Open to apply: 28/02/2025
Close to apply: 11/03/2025
Balloting: 13/03/2025
Listing date: 25/03/2025

Share Capital     
Market cap: RM135.032 mil
Total Shares:  540.12876 mil shares
1st day listing tradable shares: 162.0388 mil shares

Industry CARG (2024e-2028f) 
1. Growth Forecast for the Construction Industry in Malaysia: 8.4%
2. Growth Forecast for the Civil Engineering and Special Trade Work Market in Malaysia: 9.4%
Industry competitors comparison (net profit%)
1. Wawasan Dengkil: 6.0%
2. Advancecon: -10.2%
3. Binaform: 2.5%
4. Gadang: -8.9%
5. Menta: 2.5%

Business (FPE 2025)   
Provision of construction services, earthworks and civil engineering services, trading of construction materials as well as provision of machineries and commercial vehicles for hire.
Revenue by Segment
1. Construction services: 86.7%
2. Trading of construction materials: 11.3%
3. Provision of machineries and commercial vehicles for hire: 2.0%
Revenue by Geo
1. Northern region: 7.7%
2. Central region: 92.3%

Fundamental  
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 11.90
4.ROE(Pro forma): 12.73%
5.ROE: 17.06%(FYE2024), 15.88%(FYE2023),  15.12%(FYE2022), 19.78%(FYE2021)
6.Net asset: 0.17
7.Total debt to current asset: 0.796 (Debt: 117.249mil, Non-Current Asset: 64.347mil, Current asset: 147.382mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9.Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 31Oct, 4mths): RM61.870 mil (Eps: 0.0074),  PAT: 6.5%
2024 (FYE 30Jun): RM188.541 mil (Eps: 0.0210), PAT: 5.8%
2023 (FYE 30Jun): RM123.494 mil (Eps: 0.0162), PAT: 5.5%
2022 (FYE 30Jun): RM82.871 mil (Eps: 0.0130), PAT: 2.9%
2021 (FYE 30Jun): RM69.856 mil (Eps: 0.0144), PAT: 9.7%

Order Book   
1. LPD As until 28/01/2025: RM378,140 mil

Major customer (FPE 2025)   

1. Milmix Sdn Bhd: 30.9%
2. LASB: 20.9%
3. Ang Chen Ho Quarry Sdn Bhd: 17.7%
4. WISB: 17.2%
5. Asas Jati Sdn Bhd: 6.7%
***total 93.4%

Major Sharesholders   
1. T Force: 56.0% (direct)
2. Lim Soon Yik: 14.0% (direct), 56.0% (indirect)
3. Lim Kok Seng: 56.3% (indirect)
4. Lim Soon Keat: 56.0% (indirect)
5. Sich Kah Yong: 56.0% (indirect)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM0.828 mil
key management remuneration: RM0.95 mil – RM1.20 mil
total (max): RM2.028 mil or 12.11%

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 low to mid 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.

LIM SEONG HAI CAPITAL BERHAD

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Open to apply: 28/02/2025

Close to apply: 06/03/2025
Balloting: 10/03/2025
Listing date: 21/03/2025

Share Capital     
Market cap: RM737.757 mil
Total Shares:  838.360 mil shares

Industry CARG 
1. Value of construction works completed by sub-sector in Malaysia (2019-2024f): 1.2447%
2. Building materials industry in Malaysia (2019-23): 0.7%
3. Lighting and M&E products industry in Malaysia (2019-23): 18.8%
4. Hardware, tools and machinery industry in Malaysia (2019-23): 8.9%
5. Overhang properties by location in Malaysia (2019-24Q3): -6.45% (2024Q3: 21,968 unit)

Industry competitors comparison (net profit%)
1. LSH capital Group: 20.6%
2. AME Elite Consortium Berhad: 17.6%
3. Crescendo Corporation Berhad: 16.7%
4. YTL Corp: 12.7%
5. IJM Corporation Berhad: 11.2%
6. Naim Holdings Berhad: 11.1%
7. Others: 0.4% to 9.6%

Business (FYE 2024)  
Construction and engineering works, provision of construction-related services and solutions, supply of building materials, lighting and related M&E products, hardware products and tools, rental of construction machinery and equipment as well as property development activities
Revenue by segments
1. Construction: 79.74%
2. Property development: 20.26%

Fundamental    
1.Market: Ace Market
2.Price: RM0.88
3.Forecast P/E: 9.93
4.ROE(Pro forma): 12.97%
5.ROE: 15.63%(FYE2024), 13.99%(FYE2023),  52.59%(FYE2022), 18.29%(FYE2021)
6.Net asset: 0.68
7.Total debt to current asset: 0.30 (Debt: 166.564mil, Non-Current Asset: 189.913mil, Current asset: 549.336mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)      
2024 (FPE 30 Sep): RM361.405 mil (Eps: 0.0886), PAT: 14.44%
2023 (FYE 30 Sep): RM357.755 mil (Eps: 0.0700), PAT: 16.46%
2022 (FYE 30 Sep): RM165.866 mil (Eps: 0.0499),PAT: 25.21%
2021 (FYE 30 Sep): RM67.416 mil (Eps: 0.0095),PAT: 11.76%
***we didn’t follow prospectus book pg 265 EPS as EPS calculation didn’t use enlarged shares volume. 

Order Book (as per 31/01/2025)     
1. LPD: RM 614.555 mil

Major customer (2024)      
1. Besteel Engtech Sdn Bhd: 41.58%
2. SLP Construction Sdn Bhd:11.07%
3. Pertama Makmur Sdn Bhd: 5.10% 
4. Euro Saga Sdn Bhd: 4.61%
5. Tekad Warisan (M) Sdn Bhd: 4.44%
***total 66.80%

Major Sharesholders        
1. LSH Resources: 64.65% (direct)
2. LSH Holdings: 64.65% (indirect)
3. Tan Sri Datuk Seri Lim Keng Cheng, Aged 62: 1.78% (direct),  64.65% (indirect)
4. Datuk Lim Keng Guan, Aged 60: 1.78% (direct),  64.65% (indirect)
5. Lim Pak Lian, Aged 59 : 1.78% (direct),  64.67% (indirect)
6. Lim Keng Hun, Aged 57: 1.78% (direct),  64.65% (indirect)

Directors & Key Management Remuneration for FYE2025     
(from Revenue & other income 2024)
Total director remuneration: RM4.104 mil
key management remuneration: RM1.125 mil – RM1.375 mil
total (max): RM5.479 mil or 4.27%

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 low-mid 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.

SALIRAN GROUP BERHAD

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Open to apply: 19 Feb 2025

Close to apply: 28 Feb 2025
Balloting: 04 Mar 2025
Listing date: 13 Mar 2025

Share Capital   
Market cap: RM103.383 mil
Total Shares:  382.9 mil shares
1st day listing tradable shares: 118.69 mil shares 

Industry CARG   
Consumption of pipes, fittings and flanges (Malaysia), 2019 – 2023: -2.6626%
Manufacturing sales value of pipes, fittings and flanges (Malaysia), 2019 – 2023: 2.9121%
Consumption of structural steel products (Malaysia), 2019 – 2023: -4.8733%
Industry competitors comparison (net profit%)
1. Saliran Group Berhad: 4.17%
2. Pantech Group Holdings Berhad: 11.15%
3. Unimech Group Berhad: 10.25%
4. Ban Hee Metal Sdn Bhd: 9.12%
5. Others: losses to 8.82%.

Business (FPE 2024) 
Supply and distribution of pipes, fittings and flanges as well as steel products.
Revenue by Segment
1. Supply and distribution segment: 99.19%
2. Manufacturing segment: 0.81%
Revenue by industries
1. Oil & gas: 89.09%
2. Building materials: 3.55%
3. Palm oil refining: 2.49%
4. Manufacturing: 0.29%
5. Others: 4.58%
Revenue by Geo
1. Malaysia: 70.79%
2. Indonesia: 28.67%
3. Singapore: 0.52%
4. Others: 0.02%

Fundamental 
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 10.19
4.ROE(Pro forma): 23.74%
5.ROE:  35.27%(FPE2024), 33.232%(FYE2023),  30.86%(FYE2022), 33.82%(FYE2021)
6.Net asset: 0.15
7.Total debt to current asset: 0.867 (Debt: 114.852mil, Non-Current Asset: 41.152mil, Current asset: 132.417mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2024 (FYE 31Aug, 8 mths): RM217.180 mil (Eps: 0.0243), PAT: 4.28%
2023 (FYE 31Dec): RM243.160 mil (Eps: 0.0265), PAT: 4.17%
2022 (FYE 31Dec): RM138.622 mil (Eps: 0.0164), PAT: 4.52%
2021 (FYE 31Dec): RM70.647 mil (Eps: 0.0120), PAT: 6.49%

Major customer (FPE2024)   
1. Harmoni Group: 36.87%
2. PT Promatcon Tepatguna: 26.80%
3. Teraskita (Muadzam) Sdn Bhd: 3.42%
4. Duragate Engineering & Services Sdn Bhd: 3.42%
5. HVAC Experts (M) Sdn Bhd: 3.07%
***total 74.03%

Major Sharesholders     
1. Maju Alliance: 69% (direct)
2. Dennis Liaw Choon Wei: 69% (indirect)
3. William Chan Koon Wai: 69% (indirect)

Directors & Key Management Remuneration for FYE2025 
(from Revenue & other income 2023)
Total director remuneration: RM1.490 mil
key management remuneration: RM0.85 mil – RM0.95 mil
total (max): RM2.44 mil or 5.94%

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 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.

PANTECH GLOBAL BERHAD

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Open to apply: 10/02/2025
Close to apply: 19/02/2025
Balloting: 24/02/2025
Listing date:03/03/2025

Share Capital  
Market cap: RM578 mil
Total Shares:  850 mil shares

Industry CARG (2021-2023)  

1. Global import and export values of stainless steel welded pipes: 2.9% (import), -2.5% (export)
2. Global import and export values of butt weld pipe fittings: 14.2% (import), 4.7%(export)
3. Malaysia’s sales value of manufacture of stainless steel welded pipes: 16.7%
4. Malaysia’s import of stainless steel welded pipes: -9.9%
5. Malaysia’s export of stainless steel welded pipe: -17%
6. Malaysia’s consumption of stainless steel welded pipe: 19.1%
7. Malaysia’s Growth of export & Import for butt weld pipes fittings: 19.3% (export), -4.4% (import) 
Industry competitors comparison (net profit%)
1. Pantech Global Group: 11.3%
2. S.P. United Industry S/B: 8.4%
3. Arah Dagang S/B: 4.6%
4. Solidbend Fittings & Flanges S/B: 3.9%
5. Kanzen Tetsu S/B: 3.5%
6. Others: 2.2% to 3.0%

Business (FPE 2025)   
Manufacture of butt weld pipe fittings and welded pipes : include carbon and stainless steel elbows, tees, reducers, stub ends (stainless steel only) and end caps mainly for pressure piping applications

Group info 
1. Pantech Group Holdings Berhad (PGHB): mother company
2. Pantech Global Berhad: PGHB hold 69.15% of Pantech Global
3. Pantech Global Berhad to be listing in Bursa: PGHB sell 2 subsidiary to Pantech Global  (Pantech Stainless & Alloy Industries Sdn Bhd, and Pantech Steel Industries Sdn Bhd) 
Revenue by Segments
1. Manufacturing Butt weld pipe fittings: 54.34%
2. Manufacturing Stainless steel welded pipes: 41.51%
3. Other business activities: 4.15%
Revenue by Geo
1. Asia Pacific: 47.12% (M’sia: 24.42%)
2. The Americas: 34.85%
3. Europe: 17.10%
4. MENA: 0.93%

Fundamental   
1.Market: Main Market
2.Price: RM0.68
3.Forecast P/E: 11.62
4.ROE(Pro forma):  10.88%
5.ROE: 16.63% (FPE2025), 16.91%(FYE2024),  26.76%(FYE2023), 14.78%(FYE2022)
6.Net asset: 0.58
7.Total debt to current asset: 0.42 (Debt: 194.798mil, Non-Current Asset: 221.520mil, Current asset: 463.539mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT)  
2025 (FPE 31Aug, 6mth): RM264.976 mil (Eps: 0.0314), PAT: 10.06%
2024 (FYE 28Feb): RM440.939 mil (Eps: 0.0585), PAT: 11.27%
2023 (FYE 28Feb): RM551.444 mil (Eps: 0.0958), PAT: 14.76%
2022 (FYE 28Feb): RM351.941 mil (Eps: 0.0452), PAT: 10.91%

Use of funds

Major customer (FPE2025)    
1. Customer A1: 14.92% 
2. Customer B2: 14.34%
3. Customer C: 14.27%
4. PGHB Group: 12.52%
5. Customer D: 8.69%
***total 64.74%

Major Sharesholders   
1. PGHB: 69.15% (direct)
2. Dato’ Chew Ting Leng: 0.06% (direct), 0.8% (indirect)
3. Tan Ang Ang: : 0.2% (direct), 0.08% (indirect)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM3.528 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM4.328 mil or 4.3%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall the industry is in low grow environment, and middle risk of 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.

ES SUNLOGY BERHAD

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Open to apply: 27/01/2025 
Close to apply: 05/02/2025
Balloting: 10/02/2025
Listing date: 20/02/2025

Share Capital     
Market cap: RM210 mil 
Total Shares: 700 mil shares
1st day listing tradable shares: 210 mil shares 

Industry CARG    
Mechanical and electrical engineering( M&E) industry in Malaysia (2019-2023): 17%
Residential, commercial and industrial property transactions in Malaysia (2019-2023): 8.9%
Industry competitors comparison (net profit%)
1. ES Sunlogy: 6.3%
2. CBH Engineering Sdn Bhd: 20.3%
3. Kinergy Advancement Berhad: 13.8%
4. LFE Corporation Berhad: 13.3%
5. West River Engineering Sdn Bhd: 10.9%
6. Others: Losses to 5.4%

Business (FYE 2024)    
Provides M&E engineering services for various types of properties such as industrial, commercial and residential as well as solar facilities.
Revenue by Segment

1. Provision of M&E engineering services: 88.4%
2. Trading: 7.1%
3. Sales of renewable energy: 4.5%

Fundamental     
1.Market: Ace Market
2.Price: RM0.30
3.Forecast P/E: 15.54
4.ROE(Pro forma):  14.26%
5.ROE: 23.75%(FYE2024), 27.09%(FYE2023),  20.49%(FYE2022), 4.24%(FYE2021)
6.Net asset: 0.14
7.Total debt to current asset: 1.22 (Debt: 135.882mil, Non-Current Asset: 119.672mil, Current asset: 111.295mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FYE 31Jul): RM191.091 mil (Eps: 0.0193): PAT: 7.1%
2023 (FYE 31Jul): RM136.727 mil (Eps: 0.0169), PAT: 8.6%
2022 (FYE 31Jul): RM50.822 mil (Eps: 0.0033), PAT: 4.6%
2021 (FYE 31Jul): RM54.887 mil (Eps: 0.0005), PAT: 0.7%

Order Book (LPD 24 Dec 2024)    
1. Industrial : 100.533 mil
2. Commercial & Residential: 168.585 mil

Major customer (FYE2024)     
1. NLE Electrical Engineering Sdn Bhd: 20.8%
2. Pesona Metro Sdn Bhd: 7.5%
3. Atlantic Blue: 6.7%
4. Vestland Resources Sdn Bhd: 5.5%
5. Marvellous Garden Sdn Bhd: 5.1%
***total 45.6%

Major Sharesholders     
1. Khor Chuan Meng: 21% (direct)
2. Chu Kerd Yee: 21% (direct)
3. Datuk Keh Chuan Seng: 28% (direct)

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

Total director remuneration: RM1.438 mil

key management remuneration: RM0.85 mil – RM1.050 mil
total (max): RM2.488 mil or 8.04%

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 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.

TECHSTORE BERHAD

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Open to apply: 22/01/2025
Close to apply: 04/02/2025
Balloting: 06/02/2025
Listing date: 18/02/2025

Share Capital     
Market cap: RM100 mil
Total Shares:  500 mil shares
1st day listing tradable shares: 150.156 mil shares

Industry CARG    
Historical Market Size (Revenue) and Growth Forecast for the Enterprise IT Services Industry in Malaysia. i: 2021-2023: 4.45%
Ii: 2024e-2028e (base year 2023): 5.60%  
Industry competitors comparison (net profit%)
1. Techstore: 12.4%
2. EV-Dynamic Sdn Bhd: 55.7%
3. Datasonic Group Berhad: 25%
4. GoHub Capital Berhad: 16.1%
5. Infomina Berhad: 14.7%
6. Iris Corporation Berhad: 8.7%
7. Others: losses to 5.0%

Business (FPE 2024)
Provision of enterprise IT services, primarily involving the IT security and automation solutions to support to customers’ operations.
Revenue by business segment
1. Design and implementation services: 77.9%
2.Maintenance and support services: 22.1%
Revenue by country
1. Malaysia: 98.9%
2. Singapore: 1.1%
Revenue by customer type
1. Government: 26.6%
2. Government-linked companies: 42.9%
3. Private companies: 30.5%

Fundamental     
1.Market: Ace Market
2.Price: RM0.20
3.Forecast P/E: 13
4.ROE(Pro forma IV):  8.49%
5.ROE:  13.94% (FPE2024), 24.08%(FYE2023), 29.62%(FYE2022),  38.78%(FYE2021)
6.Net asset: RM0.11
7.Total debt to current asset: 0.78 (Debt: 65.375mil, Non-Current Asset: 39.146 mil, Current asset: 83.589mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE 31Jul,7mths): RM30.120 mil (Eps: 0.0057): PAT: 9.4%
2023 (FYE 31Dec): RM62.2027 mil (Eps: 0.0154), PAT: 12.40%
2022 (FYE 31Dec): RM42.239 mil (Eps: 0.0144), PAT: 17.10%
2021 (FYE 31Dec): RM29.382 mil (Eps: 0.0135), PAT: 23.0%

Order Book    
1. 2025: 53.6 mil
2. 2026: 30.8 mil
3. 2027: 9.8 mil
4. 2028: 9.0 mil
5. 2029: 1.5 mil 

Major customer (FPE2024)    
1. Setia Utama: 30.7%
2. Customer I: 26.6%
3. Customer J: 14.1%
4. Customer E:12.2%
5. Customer G: 6.8%
***total 90.4%

Major Sharesholders     
1. Tan Hock Lim: 59.0%  (Direct)
2. Mohd Fadzil bin Mohd Daud: 11.0% (direct)

Directors & Key Management Remuneration for FYE2024    
(from Revenue & other income 2023)
Total director remuneration: RM1.215 mil
key management remuneration: RM1.10 mil – RM1.35 mil
total (max): RM2.565mil or 17.03%

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 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.

RICHTECH DIGITAL 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: 21 Jan 2025
Close to apply: 31 Jan 2025
Balloting: 04 Feb 2025
Listing date: 17 Feb 2025

Share Capital    
Market cap: RM50.61325 mil
Total Shares: 202.453 mil shares
1st day listing tradable shares:  94.05 mil shares

Industry CARG
1. Electronic reload and bill payment services industry size in Malaysia (2019-2023): 12.9%
2. Prepaid mobile network plan subscribers (Q42020- Q42024): 5.3%
3. Postpaid mobile network plan subscribers (Q42020- Q42024):: 2.9%  
Industry competitors comparison (net profit%)
1. Richtech: 68.90%
2. OTA MY Sdn Bhd: 8.8%
3. e-Pay (M) Sdn Bhd: 3.5%
4. HPCS Sdn Bhd: 2.7%
5. Others: losses to 0.6%

Business (FPE 2024)
Distribution of electronic reloads as well as the provision of bill payment services via our SRS platform. 
Services offered through SRS platform (Electronic reload services)
1. Mobile airtime reloads
2. Mobile data reloads
3. Prepaid digital TV reloads
4. Games credits
5. Application credit and eWallet credit

Revenue by segment
1. SRS corporate users (reload retailers): 76.77%
2. SRS corporate users (reload retailers): 22.02%
3. SRS end-users: 1.21%

Fundamental   
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 9.43
4.ROE(Pro forma): 21%
5.ROE: 34.07%(FPE2024), 39.57%(FYE2023),  44%(FYE2022), 46.42%(FYE2021)
6.Net asset: 0.14
7.Total debt to current asset: 0.137  (Debt: 4.297mil, Non-Current Asset: 0.349mil, Current asset: 31.399mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status:  Yes 

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 31 Jul, 7mths): RM5.085 mil (Eps: 0.0166), PAT: 66.25%
2023 (FYE 31Dec): RM7.797 mil (Eps: 0.0265), PAT: 68.92%
2022 (FYE 31Dec): RM6.187 mil (Eps: 0.0209), PAT: 68.32%
2021 (FYE 31Dec): RM4.781 mil (Eps: 0.0151), PAT: 63.88%

Major customer (FPE2024)  
1. Iqka Collection Services: 28.34%
2. Real One Group: 14.31%
3. Celcopon Sdn Bhd: 5.85%
4. Neraca Gemilang Marketing: 5.14%
5. Dotlines Sdn Bhd: 4.51%
***total 58.15%

Major Sharesholders     
1. Lee Teik Keong: 50.27% (direct), 3.27% (indirect)
2. Agnes Wong Eei Nien: 3.27% (direct), 50.27% (indirect)
3. Yau Ming Teck: 4.61% (direct)

Directors & Key Management Remuneration for FYE2024   
(from Revenue & other income 2023)
Total director remuneration: RM0.4 mil
key management remuneration: RM0.2 mil – RM0.35 mil
total (max): RM0.75 mil or 9.8%

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 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.

COLFORM GROUP 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: 15/01/2025
Close to apply: 23/01/2025
Balloting: 27/01/2025
Listing date: 10/02/2025

Share Capital   
Market cap: RM216 mil
Total Shares:  600 mil shares
1st day listing tradable shares: 168.424 mil shares

Industry CARG    
1. Apparent consumption of total steel products (Sabah and Sarawak), 2019 – 2023: -6.09%
2. Apparent consumption of hot-dipped galvanised sheets, Zn-Al sheets and strips, and colour coated sheets and strips (Sabah and Sarawak), 2019 – 2023: -2.28%
3. Downstream steel industry size (Sabah and Sarawak), 2019 – 2023: 9.18%
4. Value of construction work done (Sabah and Sarawak), 2019 – 2023: 1.31%
Industry competitors comparison (net profit%)
1. Colform Group: 13.76%
2. Pui Nam Cheong Industries Sendirian Berhad: 22.12%
3. United G.I. Products Sdn Bhd: 10.14%
4. Cooldec Industries Sdn Bhd: 8.96%
5. JCH Steel (M) Sdn Bhd: 7.32%
6. IMetal (M) Sdn Bhd: 6.75%
7. Others: losses to 5.24%

Business (FPE 2024)  
Manufacturing, processing and trading of steel products.
Business Segment by revenue
1. Manufacturing of downstream steel products and processing of steel coils: 55.93%
2. Trading of other downstream steel products and building materials: 30.67%
3. Provision of supply and installation services and project management services for construction projects: 13.40%

Fundamental    
1.Market: Ace Market
2.Price: RM0.36
3.Forecast P/E: 17.48
4.ROE(Pro forma III):  10%
5.ROE: 13.92% (FPE2024), 16.28%(FYE2023),  8.36%(FYE2022), 20.9%(FYE2021)
6.Net asset: 0.21
7.Total debt to current asset: 0.345  (Debt: 26.873mil, Non-Current Asset: 27.203mil, Current asset: 77.884mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 31Aug, 8 mths): RM68.987 mil (Eps: 0.0201), PAT: 18.34%
2023 (FYE 31Dec): RM92.533 mil (Eps: 0.0206), PAT: 13.76%
2022 (FYE 31Dec): RM62.641 mil (Eps: 0.0096), PAT: 12.10%
2021 (FYE 31Dec): RM85.456 mil (Eps: 0.0231), PAT: 20.51%

Order Book  
1. FYE 2024: RM0.45 mil 
2. FYE 2025: RM 34,146 mil

Major customer (FPE 2024)   
1. SBH Kibing Group of Companies: 7.38%
2. Vestland Resources Sdn Bhd: 7.11%
3. LD Metal Roofing Sdn Bhd: 5.46%
4. CY Utama Sdn Bhd: 5.24%
5. Kang Ming Group of Companies: 3.99%
***total 29.18%

Major Sharesholders    
1. Kang Ming Trading: 70.86% (direct)
2. Kang Ket Hung: 0.33% (direct),  70.86% (indirect)
3. Kang Phui Yie: 0.41% (direct), 70.86% (indirect)

Directors & Key Management Remuneration for FYE2024   
(from Revenue & other income 2023)
Total director remuneration: RM1.733 mil
key management remuneration: RM0.20 mil – RM0.35 mil

total (max): RM2.083 mil or 9.9%

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 high risk investment, and with mid- low possible growth industry company. 

*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.

ORIENTAL KOPI 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: 06 Jan 2025
Close to apply: 10 Jan 2025
Balloting: 14 Jan 2025
Listing date: 23 Jan 2025

Share Capital      
Market cap: RM880 mil
Total Shares:  2bil shares

Industry CARG (2019-2023)     
Malaysia Real GDP of F&B services, CAGR: 2.5%
Malaysia GDP of F&B services, CARG: 7.9%
Estimated sales value of F&B services in Singapore, CAGR: 8.9% 
Industry competitors comparison (net profit%)
1. Oriental Kopi Group: 15.16%
2. Tea Garden Gempak S/B: 14.0%
3. Berjaya Starbucks Coffee Co: 11.8%
4. Oldtown S/B: 5.6%
5. Good Taste Malaysia S/B: 13.1%
6. Hometown F&B Holdings S/B: 9.6%
7. Tea Garden Gempak S/B: 14.0%
8. Others: losses to 5.5%

Business (FYE 2024)      
Cafe chain operations as well as the distribution and retail of our brands of consumer-branded packaged foods. 
Revenue from Geo
1. Klang: 65.25%
2. Johor: 26.54%
3. Others: 8.21%
Cafe outlet
1. Klang Valley, Penang and Johor : 20
2. Specialty retail store in Johor: 1

Fundamental       
1.Market: Ace Market
2.Price: RM0.44
3.Forecast P/E: 20.37
4.ROE(Pro forma): 18.76%
5.ROE: 80.59% (FYE2024), 58.9%(FYE2023), 54%(FYE2022),  losses (FYE2021), 
6.Net asset: 0.1149
7.Total debt to current asset: 0.499 (Debt: 127.955mil, Non-Current Asset: 101.628mil, Current asset: 256.212mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: nil

Past Financial Performance (Revenue, Earning Per shares, PAT%)       
2024 (FYE 30 Sep): RM277.280 mil (Eps: 0.0216), PAT: 15.56%
2023 (FYE 30 Sep): RM133.013 mil (Eps: 0.0100), PAT: 15.06%
2022 (FYE 30 Sep): RM48.644 mil (Eps: 0.0048), PAT: 19.65%
2021 (FYE 30 Sep): RM5.018 mil (Eps: -0.0002), PAT: -9.76%

Major customer    
1. Restaurant business, didn’t have single large customer.

 
Major Sharesholders    
1. Dato’ Chan Jian Chern: 73.35% (indirect) 
2. Chan Yen Min: 73.35% (indirect)
3. Koay Song Leng: 73.35% (indirect)
4. United Gomax: 73.35% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM2.093 mil
key management remuneration: RM0.85 mil – RM1.1 mil
total (max): RM3.193 mil or 3.86%

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. Have to focus more on the abilities of duplicate the existing 18 café performance. 

*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.

Quarter 4: Invest Group Performance Update

T&C to join Invest Group

1. Understand that all material in the Whatsapp Invest Group 2 or 3 is only opinion sharing.  
2. Members in group have to take their own risk. 
3. Memberships fee is not refundable. 
4. Admin is not take any responsible on member investment decision. 
5. Member have to do their own study & own analysis.
6. Memberships fees RM369.00 per year. 

Some detail on the Invest group
1. stock pick based on fundamental (sometime will use technical stock pick)
2. one year might less than 10 pick. 
4. is not a training class.

5. some counter that need to hold quite longer term.
6. No any other phone number is authorize, other than this admin number 013-2820766 

And REMEMBER, we never personal message / never advertise /  never call any member to offer any type of trading signal & no training class.  ALL member joint us is they have to personally come to contract us. If you received any call/ message is all SCAM!!!