Quarter 2: 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!!!

OXFORD INNOTECH BERHAD

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Open to apply: 26/06/2025

Close to apply: 16/07/2025
Balloting: 21/07/2025
Listing date: 29/07/2025

Share Capital   
Market cap: RM205.9 mil
Total Shares:  710 mil shares
1st day listing tradable shares: 249.892 mil shares

Industry CARG   
Engineering solutions industry in Malaysia (2020-2024): 6.8%
Robotics and automation segment (2020-2024): 14.6% 
Industry competitors comparison (net profit%)

1. Oxford Innotech Berhad : 16.8%
2. UIS Technologies Sdn Bhd: 24.3%
3. PP Perfect Precision Sdn Bhd: 14.1%
4. Aimflex Berhad: 11.3%
5. SFP Tech Holdings Berhad: 7.1%
5. UWC Berhad: 5.3%
6. Others : losses to 4.4%

Business (FYE 2024) 
Oxford Bond is principally involved in the business of manufacturing and dealing in metal precision parts.
Revenue by Segment
1. Sheet metal fabrication: 31.19%
2. CNC machining: 14.69%
3. Plastic injection moulding: 2.29%
4. Mechanical assembly solutions: 46.24%
5. Automation and robotics solutions: 5.59%

Fundamental     
1.Market: Ace Market
2.Price: RM0.29
3.Forecast P/E: 13.18
4.ROE(Pro forma): 13.06%  
5.ROE: 19.46% (FYE2024), 10.79%(FYE2023),  35.3%(FYE2022), 47.56%(FYE2021)
6.Net asset per shares: 0.17
7.Total debt to current asset: 0.60 (Debt: 52.369mil, Non-Current Asset: 85.649mil, Current asset: 86.090mil)
8.Dividend policy:  No formal dividend policy. 
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 31Dec): RM92.905 mil (Eps: 0.0220), PAT: 16.78%
2023 (FYE 31Dec): RM49.533 mil (Eps: 0.0113), PAT: 16.24%
2022 (FYE 31Dec): RM33.582 mil (Eps: 0.0116), PAT: 24.45%
2021 (FYE 31Dec): RM25.133 mil (Eps: 0.0101), PAT: 28.47%

Major customer (FYE 2024)    
1. SIBS : 42.3%
2. Customer H : 12.7%
3. Customer G : 11.2%
4. Klitz Vibrant : 3.2%
5. Customers E : 2.1%
***total 71.5%

Major Sharesholders     
1. Ng Thean Gin, Aged 49 : 27.67% (direct), 14.68% (indirect)
2. Lee Lai Chan, Aged 49 : 14.68% (direct), 27.67% (indirect)
3. Teh Teng Wah, Aged 49 : 13%  (direct)
4. Oh Yen San, Aged 52: 7.32% (direct)

Directors & Key Management Remuneration for FYE2025 
(from Revenue & other income 2024)
Total director remuneration: RM1.884 mil
key management remuneration: RM0.5 mil – RM0.65 mil
total (max): RM2.534 mil or 8.1%

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 middle-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.

ENPROSERVE BERHAD

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Open to apply: 26/06/2025
Close to apply: 08/07/2025
Balloting: 10/07/2025
Listing date: 18/07/2025

Share Capital    
Market cap: RM252 mil
Total Shares: 1.050 bil shares
1st day listing tradable shares: 315 mil shares 

Industry CARG
1. PETRONAS’ operating expenses 2020-24: 8.6%
2. PETRONAS’ capital investment 2020-24: 12.9%
3. PETRONAS’ actual and planned* plant turnaround activities 2022-2027: 6.9%
4. Malaysia average daily crude oil* production 2020-24: -3.7%
5. Malaysia average daily natural gas production 2020-24: 4.5%  
Industry competitors comparison (net profit%)
1. Enproserve Group: 10.6%
2. Mushtari Maintenance Services S/B: 6.8%
3. Amalgamated Plant Engineering S/B: 6.8%
4. Sankyu (Malaysia) S/B: 6.0%
5. Others: losses to 4.5%

Business (FYE 2024)
Mechanical and civil engineering service provider focusing on providing plant maintenance and turnaround, EPCC, as well as FM services
Revenue by segment
1. Plant maintenance and turnaround : 83.08%
2. EPCC: 5.54%
3. FM services: 5.58%
4. Others: 5.80%
Revenue by Geo
1. Johor: 71.63%
2. Melaka: 13.42%
3. Putrajaya: 5.58%
4. Terengganu: 8.88%
5. Others: 0.49%

Main industries served
1. O&G: 88.98%
2. Government Sector: 5.58%
3. Others: 0.49%

Fundamental  
1.Market: Ace Market
2.Price: RM0.24
3.Forecast P/E: 12.44
4.ROE(Pro forma): 19.84%
5.ROE: 35.75%(FYE2024), 28.69%(FYE2023),  16.63%(FYE2022), 7.81%(FYE2021)
6.Net asset per shares: 0.10
7.Total debt to current asset: 0.80 (Debt: 91.839mil, Non-Current Asset: 83.360mil, Current asset: 114.982mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FYE 31Dec): RM198.409 mil (Eps: 0.0193), PAT: 10.65%
2023 (FYE 31Dec): RM163.837 mil (Eps: 0.0161), PAT: 7.52%
2022 (FYE 31Dec): RM118.275 mil (Eps: 0.0051), PAT: 4.59%
2021 (FYE 31Dec): RM70.650 mil (Eps: 0.0020), PAT: 3.01%

Order Book (LPD: 27/05/2025) 
1. FYE2025 : RM39.055 mil
2. FYE2026 : RM10.310 mil 
3. FYE2027: RM8.487 mil 

Major customer (FYE 2024) 
1. PRefChem : 47.59%
2. PETRONAS Group: 43.94%
3. Jabatan Raya: 4.07%
4. Perbadanan Putrajaya : 1.51%
5. PCG PCC Oxyalkylates Sdn Bhd: 1.18%
***total 98.29%

Major Sharesholders 
1. Azman Yusof, Aged 58 : 10% (direct), 60% (indirect)
2. 299 Global: 60% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM2.364 mil
key management remuneration: RM0.70 mil – RM0.80 mil
total (max): RM3.164 mil or 5.26%%

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.

ICENTS GROUP HOLDING BERHAD

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Open to apply: 25/06/2025
Close to apply: 02/07/2025
Balloting: 07/07/2025
Listing date: 17/07/2025

Share Capital     
Market cap: RM120.00 mil
Total Shares:  500 mil shares
1st day listing tradable shares: 142.5 mil shares 

Industry CARG (2020-2024)     
1. Value of Construction Work Completed for MEP Systems: 21.9%
2. Value of Construction Work Completed for Building Completion and Finishing: 24.9%
3. Value of Construction Work Completed for Nonresidential Buildings: 9.3%
4. Sales Value of Electronic Components and Boards: 13.0%
5. Value of Approved Investments in the Electronic Products* Industry: 39.10%
6. Number of Approved Projects in the Electronic Products* Industry: -4.40%
Industry competitors comparison (net profit%) 
1. iCents Group: 8.7%
2. LWE Engineering S/B: 23.4%
3. QTS S/B: 13.9%
4. Green Excel: 13%
5. City Point Solutions S/B: 8.1%
6. T.T.E. Engineering: 7.9%
7. Others: losses to 7.3%

Business (FPE 2025)    
VC Engineering: Engineering, construction and related services for cleanrooms and other facilities
Maytech: Manufacture of cleanroom fixtures and related products
Revenue by Segment
1. Cleanroom Services: 90.49%
2. Other facility services: 9.51%
Revenue by End-user industry
1. Semiconductor and electronics: 83.28%
2. Data centre: 0.86%
3. Pharmaceutical: 3.8%
4. Life Sciences: 0.25%
5. Others: 11.81%

Revenue by Geo
1. Malaysia: 100%

Fundamental  
1.Market: Ace Market
2.Price: RM0.24
3.Forecast P/E: 17.14
4.ROE(Pro forma): 25.2%
5.ROE: 52.92%(FPE2025), 50.2%(FYE2024), 58.04%(FYE2023),  39.16%(FYE2022)
6.Net asset per shares: 0.08
7.Total debt to current asset: 0.519  (Debt: 30.716mil, Non-Current Asset: 11.478mil, Current asset: 59.101mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2025 (FPE 31Dec, 6mths): RM55.779 mil (Eps: 0.0101), PAT: 11.45%
2024 (FYE 30Jun): RM80.699 mil (Eps: 0.0140), PAT: 8.70%
2023 (FYE 30Jun): RM108.263 mil (Eps: 0.0133), PAT: 6.15%
2022 (FYE 30Jun): RM55.779 mil (Eps: 0.0058), PAT: 5.20%

Order Book (LPD 05 June 2025)   
1. LPD: RM93.209 mil

Major customer (FPE 2025)    
1. Fluor Daniel International (Malaysia) Sdn Bhd: 46.55%
2. Customer 7: 10.88%
3. Customer 4: 6.48%
4. Minsec Engineering Sdn Bhd: 6.47%
5. Customer 3: 5.34%
***total 75.72%

Major Sharesholders   
1. Ir. Ts. Ong Mum Fei, Aged 48: 5% (direct), 30.75% (indirect)
2. Foo Siang Leng, Aged 51 :  5% (direct), 30.75% (indirect)
3. Tan Wei Ying, Aged 49: 30.75% (indirect)
4. Khor Fei Yi @ Shi Fei Yi, Aged 40 : 30.75% (indirect)
5. Quinnity : 30.75% (direct)
6. EZLotus: : 30.75% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM1.372 mil
key management remuneration: RM1.30mil – RM1.60mil
total (max): RM2.972 mil or 18.91%

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 range 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.

A1 A.K. Koh GROUP BERHAD

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Open to apply: 18/06/2025
Close to apply: 30/06/2025
Balloting: 03/07/2025
Listing date: 11/07/2025

Share Capital   
Market cap: RM210 mil
Total Shares: 840 mil shares
1st day listing tradable shares: 218.40 mil shares

Industry CARG    
1. Processed F&B products industry size, 2020-2024: 12.76%
2. Premix spices and premade pastes industry size, 2020-2024: 9.80%
3. Instant noodles and dried noodles industry size, 2020-2024: 10.09%
4. Canned abalone industry size, 2020-2024: 3.85%
5. Snack products industry size, 2020-2024: 15.14%

Industry PAT%
1. Premix spices and premade pastes: losses to 11.78%
2. Instant noodles and dried noodles: 0.15% to 7.42%
3. Canned abalone: losses to 7.72%

Industry competitors comparison (net profit%)
1. A1 AKK Group : 12.37%
2. Synergic Circle Sdn Bhd: 11.78%
3. Mamee-Double Decker (M) Sdn Bhd: 7.42%
4. GHS Food Industries Sdn Bhd: 6.68%
5. Guan Huat Seng (Heng Kee) Sdn Bhd: 7.72%
6. Lee Fah Mee Sdn Bhd: 6.56%
7. Kepala Batas Bihun Sdn Bhd: 5.77%

Business (FPE 2025)    
Malaysian processed F&B company, over 38 years. Manufacturing, marketing, supply and/or distribution of processed F&B products under the Group’s in-house brands and third-party brands, as well as provision of contract manufacturing and sourcing services of processed F&B products to third party brand owners
Revenue by Segment
1. Sale of in-house branded products: 85.90%
2. Sale of third-party branded products: 11.12%
3. Provision of contract manufacturing and sourcing services of processed F&B products: 2.98%
Revenue by Geo
1. Malaysia: 78.85%
2. Others: 21.15%

Fundamental   
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 17.73
4.ROE(Pro forma):  14.68%
5.ROE: 22.27% (FPE2025), 33.08 %(FYE2024),  34.85%(FYE2023), 52.49%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.485  (Debt: 34.369mil, Non-Current Asset: 24.350mil, Current asset: 70.926mil)
8.Dividend policy:  40% PAT dividend policy.
9. Shariah status: yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 31Jan, 7mths): RM56.693 mil (Eps: 0.0065), PAT: 9.66% 
2024 (FYE 30Jun): RM96.083 mil (Eps: 0.0141), PAT: 12.37%
2023 (FYE 30Jun): RM95.105 mil (Eps: 0.0140), PAT: 12.41%
2022 (FYE 30Jun): RM84.769 mil (Eps: 0.0183), PAT: 18.15%

In-house factory utilisation rate
1. Premix spices : 82.51%
2. Premade pastes: 53.21%
3. Premix beverage: 43.33%

Major customer (FPE 2025)     
1. Naspac Marketing Pte Ltd: 12.56%
2. L H Sales & Distributor Marketing Sdn Bhd: 8.67%
3. Moh Heng Company Sdn Bhd: 7.93%
4. 99 Speed Mart Sdn Bhd: 6.53%
5. NSK Trade City Sdn Bhd: 5.97%
***total 41.66%

Major Sharesholders     
1. Koh Ah Kuan, Aged 63: 74% (indirect)
2. Lim Sok Huey, Aged 62: 74% (indirect)
3. Koh Lian Jie, Aged 36: -
4. Koh Chung Jie, Aged 32: - 
5. AKMSB : 74% (direct) 

Directors & Key Management Remuneration for FYE2025       
(from Revenue & other income 2024)
Total director remuneration: RM2.178 mil
key management remuneration: RM0.65 mil – RM0.75 mil
total (max): RM2.928 mil or 6.57%

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-middle risk investment, and also come with low 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.

PAN MERCHANT BERHAD

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Open to apply: 06/06/2025
Close to apply: 17/06/2025
Balloting: 19/06/2025
Listing date: 26/06/2025

Share Capital    
Market cap: RM247.320 mil
Total Shares:  916 mil shares
1st day listing tradable shares: 365.6mil shares 

Industry CARG (2019-2024e)    
1. Global filter press and hermetic filter industry size: 14.2%
Industry competitors comparison (net profit%)
1. Pan Merchant Group: 5.7%
2. Tapis Teknik Sdn Bhd: 13.7%
3. Equipwell Sdn Bhd: 11.1%
4. Alfa Laval AB: 11.1%
5. Metso Corporation: 6.9%
6. Others 1.8% to 6.0%

Business (FYE 2024) 
Involved in the design, manufacture, assembly, delivery and commission of filters for solid liquid filtration, provision of steel works and provision of technical support services. 
Revenue by segment
1. Filtration solutions: 68.71%
2. Steel works: 12.11%
3. Technical support services: 19.18%
Revenue by end-user
1. Edible oil: 89.64%
2. Potable water and wastewater: -%
3. Sustainable fuel: 7.43%
4. Food processing: 0.28%
5. Others: 2.65%
Revenue  by Geo
1. Asia : 65.65% (Indonesia 55.06%, Malaysia 10.59%)
2. America: 19.57%
3. Europe: 12.36%
4. Africa : 2.42%

Fundamental    
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 32.14
4.ROE(Pro forma): 6.16%
5.ROE: 11.10%(FYE2024), 16.49%(FYE2023),  41.83%(FYE2022), 35.99%(FYE2021)
6.Net asset per shares: 0.14
7.Total debt to current asset:  0.824 (Debt: 86.440mil, Non-Current Asset: 50.417mil, Current asset: 104.895mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 31Dec): RM141.541 mil (Eps: 0.0084), PAT: 5.65%
2023 (FYE 31Dec): RM138.493 mil (Eps: 0.0115), PAT: 7.67%
2022 (FYE 31Dec): RM154.356 mil (Eps: 0.0195), PAT: 11.85%
2021 (FYE 31Dec): RM105.351 mil (Eps: 0.0112), PAT: 10.06%

Major customer (FYE 2024)   
1. Desmet Group: 31.87%
2. Lipico Group: 16.02%
3. Oiltek Sdn Bhd: 5.60%
4. Alfa Laval Group: 5.17%
5. PT Prima Ega Teknindo: 3.43%
***total 62.08%

Major Sharesholders   
1. Wong Voon Ten, Aged 65: 14.93% (direct)
2. Wong Nyeon Thiat, Aged 64: 5.60% (direct), 14.93% (indirect)
3. Wong Voon Yoong, Aged 61: 14.93% (direct), 0.03% (indirect)
4. Wong Voon Shek, Aged 59: 9.33% (direct)
5. Lee Cheng Ngee, Aged 66: 14.93% (direct), 5.60% (indirect)
6. Budhi Sentoso Rachmat, Aged 64: 12.97% (direct)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM4.366 mil
key management remuneration: RM3.00 mil – RM3.45 mil
total (max): RM7.816 mil or 15.56%

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-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.

ASM AUTOMATION GROUP BERHAD

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Open to apply: 29 May 2025
Close to apply: 19 June 2025
Balloting: 23 June 2025
Listing date: 02 Jul 2025

Share Capital   
Market cap: RM90.91 mil
Total Shares:  534.765 mil shares
1st day listing tradable shares: 181.821 mil  

Industry CARG    
1. F&B automation machinery solutions industry in Malaysia (2019-2024): 20.1%
2. Consumer spending on snacks in Malaysia (2019-2024):  4.39%
Industry competitors comparison (net profit%)
1. ASM Automation Group Berhad: 18.2%
2. Easy Pack Machinery Sdn Bhd: 15.3%
3. Highpack Machinery Sdn Bhd: 10.2%
4. Microtherm Sdn Bhd: 9.5%
5. Kimah Industrial Supplies (M) Sdn Bhd: 7.0%
6. Others: losses to 6.7%

Business (FPE 2025)    
Involved in the provision of automation machinery solutions and complementary solutions. Customers are primarily F&B manufacturing companies.
Revenue by segment
1. Automation machinery solutions: 93.0% (primarily F&B manufacturing companies)
2. Complementary solutions: 7.0%
Revenue by Geo
1. Malaysia: 58.6%
2. Vietnam: 15.1%
3. Thailand: 12.0%
3. Phillipines: 6.6%
5. Others: 7.7%

Fundamental   
1.Market: Ace Market
2.Price: RM0.17
3.Forecast P/E: 12.78
4.ROE(Pro forma III): 10.37% 
5.ROE: 10.37%(FPE2025), 23.33%(FYE2024),  14.3%(FYE2023), 12.3%(FYE2022)
6.Net asset: 0.10
7.Total debt to current asset: 0.23  (Debt: 14.067mil, Non-Current Asset: 5.922mil, Current asset: 60.235mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 31Dec, 9mths): RM27.995 mil (Eps: 0.0048), PAT: 9.2%
2024 (FYE 31Mar): RM39.133 mil (Eps: 0.0133), PAT: 18.2%
2023 (FYE 31Mar): RM35.821 mil (Eps: 0.0073), PAT: 10.9%
2022 (FYE 31Mar): RM35.052 mil (Eps: 0.0063), PAT: 9.60%

Major customer (FPE2025)   
1. Liwayway Group: 19.3%
2. European Snack Food Group: 11.2%
3. Shoon Fatt Biscuit & Confectionery Factory Sdn Bhd: 6.2%
4. HLRB Processing Sdn Bhd: 6.1%
5. FFM Group: 6.0%
***total 48.8%

Major Sharesholders   
1. Chan kok Heng, Aged 59:  50.9% (direct)
2. Leong Weng Khin, Aged 56:  15.1% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.795 mil
key management remuneration: RM0.40 mil – RM0.60 mil
total (max): RM1.365 mil or 10.65%

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 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.

PMCK 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: 26/05/2025
Close to apply: 25/06/2025
Balloting: 30/06/2025
Listing date: 09/07/2025

Share Capital     
Market cap: RM239.932 mil
Total Shares: 1.0906 bil shares
1st day listing tradable shares: 329 mil shares

Industry CARG    
1. Expenditure on health in Malaysia, 2019 – 2023: 7.08%
2. Private health expenditure in Malaysia, 2019 – 2023: 7.5%
3. Expenditure on health as a percentage of GDP in Malaysia, 2019 – 2023: 1.17%
4. Medical insurance claims payout in Malaysia, 2019 – 2024: 12.49%
Industry competitors comparison (net profit%)
1. PMCK: 14.39%
2. Bagan Specialist Centre Sdn Bhd: 39.52%
3. IHH Healthcare Berhad: 12.97%
4. Metro Kurnia Sdn Bhd: 11.77%
5. KPJ Healthcare Berhad: 10.38%
6. Others: losses to 9.42%

Business (FPE 2025)     
Business activities categorised into 3 segments.
1. Specialist consultant services
2. Healthcare support services comprising facilities services, ward services, clinical support services, sale of medication and nursing care services. 
3. Other services comprising general dental services and polyclinic services
Revenue by segment
1. Specialist consultant services: 29.62%
2. Healthcare support service: 68.61%
3. Other services: 1.77%
Revenue by Geo
1. Kedah: 99.91%
2. Selangor:  0.09%

Fundamental     
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 15.94
4.ROE(Pro forma III):  8.79%
5.ROE: 8.55%(FPE2025), 17.80%(FYE2024),  13.23%(FYE2023), 14.02%(FYE2022)
6.Net asset per shares: 0.13
7.Total debt to current asset Pro forma III: 5.92 (Debt: 141.517mil, Non-Current Asset: 260.146mil, Current asset: 23.865mil)
8.Dividend policy: PAT 20% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2025 (FPE 30Nov, 7mths): RM58.547 mil (Eps: 0.0072), PAT: 13.47%
2024 (FYE 30Apr): RM104.335 mil (Eps: 0.0138), PAT: 14.39%
2023 (FYE 30Apr): RM99.851 mil (Eps: 0.0098), PAT: 10.75%
2022 (FYE 30Apr): RM97.088 mil (Eps: 0.0106), PAT: 11.89%

Major customer    
Nature of our business is individual patients. 

Major Sharesholders  
1. LKH Holdings: 55.41% (direct)
2. Dato’ Dr Lim Kim Huat, aged 73: 55.41% (indirect)
3. Dato’ Lee Gaik Cheng, aged 50 : 14.42% (direct), 55.41% (indirect)

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income 2024)
Total director remuneration: RM2.355 mil
key management remuneration: RM0.70 mil – RM1.00 mil
total (max): RM3.355 mil or 9.66%

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 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.

PARADIGM REAL ESTATE INVESTMENT TRUST (PARADIGM REIT)

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Open to apply: 16/05/2025
Close to apply: 23/05/2025
Balloting: 28/05/2025
Listing date: 10/06/2025

Share Capital    
Market cap: RM1.6 bil
Total Shares:  1.6 bil shares
1st day listing tradable shares: 560 mil

Business (FYE 2024)   
Shopping malls REITS 

Fundamental    
1.Market: Main Market
2.Price: RM1.00 (will follow final institutional price)
3.Forecast P/E: 16.39
4.ROE: 6.13%
5.NAV: RM1.00 (Debt: 865.913 mil, Non-Current Asset: 2.437 bil, Current asset: 38.643mil)
6.Dividend policy:  90% income distribution policy.
7. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 31Dec): RM218.741 mil (Eps: 0.0610), PBT: 44.65%
2023 (FYE 31Dec): RM190.175 mil (Eps: 0.0428), PBT: 35.98%
2022 (FYE 31Dec): RM161.631 mil (Eps: 0.0355), PBT: 35.13%

Major Sharesholders 
1. Gemilang Waras Sdn Bhd: 21.875%
2. Jelas Puri Sdn Bhd: 14.375%
3. WCT Hartanah Jaya Sdn Bhd: 28.75% 

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

SIGNATURE ALLIANCE GROUP BERHAD

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Open to apply: 14/05/2025
Close to apply: 21/05/2025
Balloting: 23/05/2025
Listing date: 05/06/2025

Share Capital   
Market cap: RM620 mil
Total Shares: 1 bil shares
1st day listing tradable shares:  260 mil shares

Industry CARG      
1. Value of work done for interior fitting-out services, installation works and specialised construction activities in Malaysia (2019-2024): 13.94%
2. Residential, commercial and industrial property transactions in Malaysia: 10.69% 
Industry competitors comparison (net profit%)
1. Signature Alliance Group Berhad: 10.5%
2. Sunray Construction & Interior Sdn Bhd: 6.2%
3. Pena Builders Sdn Bhd: 4.6%
4. Comston Sdn Bhd: 3.6%
5. Jalex Sdn Bhd: 3.1%
6. Others: 0.2% to 2.6%

Business (FYE 2024)    
Interior fitting-out services and building construction works.
1. Project planning and management of our Group's interior fitting-out projects.
2. Customisation and supply of carpentry/ joinery parts and integral fixtures, and manufacturing of wooden furniture.
3. Installation works, building construction works and provision of air conditioning ducting works
4. Maintenance of the projects that our Group undertakes on an ad-hoc basis.
Revenue by segment
1. Provision of interior fitting-out services: 100%
2. Trading: 0%
Revenue by Geo
1. Northern region: 19.9%
2. Southern region: 2.5%
3. Central region: 76.9%
4. East coast region: 0.5%
5. East Malaysia region: 0.2%

Fundamental  
1.Market: Ace Market
2.Price: RM0.62
3.Forecast P/E: 15.27
4.ROE(Pro forma): 19.29%
5.ROE: 61.32% (FYE2024), 27.06%(FYE2023), 25.43%(FYE2022),  15.75%(FYE2021)
6.Net asset: 0.21
7.Total debt to current asset: 0.50 (Debt: 186.769mil, Non-Current Asset: 25.1599mil, Current asset: 371.044mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FYE 31Dec): RM386.016 mil (Eps: 0.0406), PAT: 10.5%
2023 (FYE 31Dec): RM173.383 mil (Eps: 0.0104), PAT: 6.0%
2022 (FYE 31Dec): RM139.460 mil (Eps: 0.0058), PAT: 4.1%
2021 (FYE 31Dec): RM73.412 mil (Eps: 0.0027), PAT: 3.7%

Order Book (LPD : 16 April 2025)   
1. Commercial: RM337.676 mil
2. Residential: RM7.810 mil  
3. Industrial : RM43.119 mil

Major customer (FYE2024)  
1. Sky Park Properties Sdn Bhd: 12.2%
2. Ace Logistic Sdn Bhd: 9.1%
3. PP Chin Hin Realty: 7.0%
4. Lendlease Projects (M) Sdn Bhd: 6.7%
5. Client H: 6.4%
***total 41.4%

Major Sharesholders   
1. Signature International Berhad: 37.5% (direct)
2. Chang Chung Fei, aged 49 : 16.4% (direct)
3. Foo Khai Shin, aged 41 : 13.1% (direct)
4. Ng Mun Moh, aged 51 : 7.0% (direct)
5. Chin Hin Group Berhad: 37.5% (indirect)
6. Divine Inventions: 37.5% (indirect)
7. PP Chin Hin Realty: 37.5% (indirect)
8. Datuk Seri Chiau Beng Teik,JP, aged 64 : 37.5% (indirect)
9. Chiau Haw Choon, aged 41: 37.5% (indirect)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income 2023)
Total director remuneration: RM1.335 mil
key management remuneration: RM1.30 mil – RM1.50 mil
total (max): RM2.835 mil or 3.47%

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-mid range 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.

ICT ZONE ASIA BERHAD

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Open to apply: 13/05/2025

Close to apply: 20/05/2025
Balloting: 22/05/2025
Listing date: 03/06/2025

Share Capital   
Market cap: RM159.09 mil
Total Shares: 795.4532 mil shares
1st day listing tradable shares: 379.886 mil shares 

Industry CARG   
1. ICT hardware and ICT software industry 2017-2024e: 5.1%
2. ICT services industry 2017-2024e: 6.3%
3. Cloud solutions and services industry 2017-2024e: 21.3%
Industry competitors comparison (net profit%)
1. ICT Zone Asia Group: 6.6%
2. VSTECS Berhad: 2.4%
3. SNS Network Technology Berhad: 2.5%
4. NEC Corporation of Malaysia Sdn Bhd: 3.6%
5. Edaran Berhad: 2.9%
6. Others: losses to 11.1%

Business (FYE 2024)   
Provision of technology financing solutions, trading of ICT hardware and software, ICT services, and cloud solutions and services.
Revenue by segment
1. Technology financing: 43.14%
2. Sale of new ICT hardware and software: 45.79%
3. Sale of refurbished ICT assets: 2.83%
4. Provision of cloud solutions and services: 8.00%
5. Provision of ICT services: 0.24%
Revenue by Geo
1. Malaysia : 98.87%
2. Taiwan: 1.12%
3. Canada: 0.01%

Fundamental  
1.Market: Ace Market
2.Price: RM0.20
3.Forecast P/E: 21.74
4.ROE(Pro forma):  7.93%
5.ROE: 12.18%(FYE2024),  14.62%(FYE2023), 11.74%(FYE2022)
6.Net asset: 0.11
7.Total debt to current asset: 2.45  (Debt: 141.088mil, Non-Current Asset: 174.855mil, Current asset: 57.508mil)
8.Dividend policy:  20% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE 30Nov, 10mths): RM95.561 mil (Eps: 0.0076), PAT: 6.31% 
2024 (FYE 31Jan): RM114.428 mil (Eps: 0.0092), PAT: 6.52%
2023 (FYE 31Jan): RM75.058 mil (Eps: 0.0080), PAT: 8.49%
2022 (FYE 31Jan): RM52.033 mil (Eps: 0.0054), PAT: 8.4%

Order Book     
1. 2026: RM79.587 mil
2. 2027: RM80.252 mil
3. 2028: RM51.163 mil
4. After 2028: RM28.695 mil

LPD: 15 April 2025: total RM242.811 mil 

Major customer (FPE 2024)   
1. Juricco: 40.33%
2. Haynil: 20.42%
3. Starza: 16.94%
4. JOS (Malaysia) Sdn Bhd: 3.65%
5. Enfrasys Group: 3.59%
***total 84.93%

Major Sharesholders    
1. ICT Zone Holding: 51.13%
2. Datuk Seri Ng Thien Phing, aged 50: 51.13% (indirect)
3. Lim Kok Kwang, aged 50: 0.02% (direct), 51.29% (indirect)
4. Choo Chin Thye, aged 63: 4.98%

Directors & Key Management Remuneration for FYE2025  
(from Revenue & other income 2024)
Total director remuneration: RM1.874 mil
key management remuneration: RM1.05 mil – RM1.25 mil
total (max): RM3.124 mil or 15.82%

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-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.

HARTANAH KENYALANG BERHAD

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Open to apply: 30/04/2025
Close to apply: 27/05/2025
Balloting: 29/05/2025
Listing date: 09/06/2025

Share Capital    
Market cap: RM99.20 mil
Total Shares:  620 mil shares
1st day listing tradable shares: 306.478 mil shares 

Industry CARG   
1. Value of work done on non-residential buildings in Sarawak (2020-2024): 1.88% 
2. Value of work done on civil engineering in Sarawak (2020-2024): 6.05%
Industry competitors comparison (net profit%)
1. Hartanah Group: 7.2%
2. Advancecon Infra Sdn Bhd: -7.3%
3. Ibraco Construction Sdn Bhd: 1.4%
4. Naim Engineering Sdn Bhd: 5.5%
5. Nestcon Builders Sdn Bhd: 0.7%
6. Nestcon Infra Sdn Bhd: 0.4%
7. Sunmov Construction Sdn Bhd: 5.2%
8. Zecon Kimlun Consortium Sdn Bhd0.9%

Business (FYE 2024)   
Construction and Infrastructure services mainly in Sarawak. 
1. Building construction services, with a focus on institutional buildings such as schools and other public buildings, and other non-residential buildings
2. Infrastructure construction services, with a focus on bridges and roads
Revenue by segment
1. Building construction services: 68.8%
2. Infrastructure construction services: 31.2%

Fundamental   
1.Market: Ace Market
2.Price: RM0.16
3.Forecast P/E: 10.81
4.ROE(Pro forma II): 21.8% 
5.ROE: 36.81%(FYE2024), 27.23%(FYE2023),  40.4%(FYE2022), 66.21%(FYE2021)
6.Net asset: 0.07
7.Total debt to current asset: 0.64  (Debt: 58.927mil, Non-Current Asset: 9.003mil, Current asset: 92.136mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2024 (FYE 31Oct): RM127.588 mil (Eps: 0.0148), PAT: 7.20%
2023 (FYE 31Oct): RM71.184 mil (Eps: 0.0091), PAT: 8.0%
2022 (FYE 31Oct): RM50.948 mil (Eps: 0.0099), PAT: 12.0%
2021 (FYE 31Oct): RM34.070 mil (Eps: 0.0078), PAT: 14.1%
***we didn’t follow prospestus book pg.158 , as diluted EPS have to use englarged shares 620mil shares. 

Order Book (LPD @ 31 Mar 2025)     
1. LPD: RM142.453 mil

Major customer (FYE2024)     
1. Townbuilder Realty Sdn Bhd: 33.7%
2. Jabatan Kerja Raya Sarawak: 27.0%
3. SCIB Group: 16.6%
4. Borneo Development Corporation (Sarawak) Sdn Bhd: 13.9%
5. Greenchain Capital Sdn BhdL 8.6%
***total 99.8%

Major Sharesholders      
1. Seah Boon Tiat, Aged 45: 20.45% (direct), 15.06% (indirect) 
2. Seah Boon Kee, Aged 48: 15.06% (direct), 20.45% (indirect)
3. Tony Cheok Liam Fock, Aged 67: 15.06% (direct)
4. Peter Chai (Choy Mui Seng @ Chai Mui Seng ) Aged 80: 16.31% (direct)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM2.919 mil
key management remuneration: RM0.85 mil – RM1.00 mil
total (max): RM3.919 mil or 16.74%

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-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.

ECO-SHOP MARKETING BERHAD

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Open to apply: 29/04/2025
Close to apply: 07/05/2025
Balloting: 09/05/2025
Listing date: 23/05/2025

Share Capital     
Market cap: RM6.96 bil
Total Shares:  5.747bil shares
1st day listing tradable shares: 1.361 bil shares

Industry CARG    
1. Store-based Retail Sales Value in Malaysia 2016-2024e: 5.2%
2. Store-based Retail Sales Value in Malaysia 2024e-2029f: 6.0%
3. Market Size of the Dollar Store Retail Sector in Malaysia 2016-2024e: 19.6%
4. Market Size of the Dollar Store Retail Sector in Malaysia 2024e-2029f: 14.2%
Industry competitors comparison (Gross profit%)
1.Eco-Shop: 26.4%
2.North American Dollar Stores: 35.1%
3.Malaysian Home Improvement Group: 45.4%
4.Thai Home Centre & Specialty Retailers: 21.9%.
Other partial similar concept competitors 
1. 99Speedmart: PE38.81
2. MRDIY: PE27.46

Business (FPE 2024)   
Eco-Shop:
(i) Investment holding 
(ii) Retailing of groceries, general consumer goods, wholesaler of rice, oil, flour, sugar and provision of transportation services
(iii) E-commerce and online business selling a variety of products.
Eco-Shop Plasticware
(i) Manufacturing, distribution, export, import, sale or dealing in plastic products for daily consumer use 
Eco Shop E-Commerce: 
(ii) Trading of computer hardware, software and peripherals

Revenue by Geo (Malaysia)
1. Central: 24.0%
2. East Coast: 24.6%
3. Northern: 20.3%
4. Southern: 21.5%
5. East Malaysia: 9.5%

Fundamental   
1.Market: Main Market
2.Price: RM1.21 (will follow final institutional price)
3.Forecast P/E: 39.29
4.ROE(Pro forma II): 10.38%
5.ROE: 34.07% (FPE2024), 32.10%(FYE2024),  20.03%(FYE2023), 6.39%(FYE2022)
6.Net asset: 0.16
7.Total debt to current asset: 1.15 (Debt: 798.927mil, Non-Current Asset: 999.446mil, Current asset: 697.166mil)
8.Dividend policy: 40% to 60% of PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FPE 30Nov, 6mths): RM1.362 bil (Eps: 0.0162), PAT: 6.8%
2024 (FYE 31May): RM2.404 bil (Eps: 0.0308),PAT: 7.4%
2023 (FYE 31May): RM1.991 bil (Eps: 0.0183),PAT: 5.3%
2022 (FYE 31May): RM1.574 bil (Eps: 0.0047),PAT: 1.7%
***we didn’t follow Prospectus Pg.226, as diluted EPS didn’t use enlarged shares 5.747 bil shares

Major Customer   

Nature of business is retail customer, didn’t have single large customer. 

Major Sharesholders    
1. Dato' Sri Lee Kar Whatt, aged 52: 73.1% (direct), 2% (indirect) 
2. Agathis Montana Sdn Bhd (AMSB): 1.9% (direct)
3. Creador IV: 1.9% (indirect)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM3.42 mil
key management remuneration: RM1.45 mil – RM1.55 mil
total (max): RM4.97 mil or 0.78%

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 come with low-mid 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.

OASIS HOME HOLDINGS BERHAD

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Open to apply: 25/04/2025
Close to apply: 09/05/2025
Balloting: 16/06/2025
Listing date: 28/05/2025

Share Capital     
Market cap: RM140 mil
Total Shares:  500 mil shares
1st day listing tradable shares:  178.74 mil shares

Industry CARG     
1. Live commerce in Southeast Asia (2018-2024e): 110.9% 
Consumer lifestyle products sales value in Malaysia (2017-2024)
1. Home and living products: 5.0%
2. Beauty and personal care products: 7.6%
3. Apparel and fashion products: 4.1%
4. Wellness products: 8.0%

Consumer lifestyle products sales value in Singapore (2017-2024)
1. Home and living products: 3.8%
2. Beauty and personal care products: 4.4%
3. Apparel and fashion products: 2.5%
4. Wellness products: 4.5%
Industry competitors comparison (net profit%)
1. Oasis Group: 14.7%
2. New Me Marketing Sdn Bhd: 0.4%
3. 123 Live Mall Malaysia Sdn Bhd: 4.8%
4. Fortuna Express Sdn Bhd: 1.5%
5. QR Oyes Sdn Bhd: losses 
6. Elite High Sdn Bhd: losses

Business (FPE 2025)      
Marketing and selling of consumer lifestyle products, with live commerce and our mobile application and website as main sales channels since FYE 2023
Revenue by Segment
1. D2C segment: 99.08% (Live Commerce: 71.32%)
2. B2B segment: 0.02%
Revenue by Geo
1. Malaysia: 98.79%
2. Singapore: 1.21%

Fundamental   
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 17.39
4.ROE(Pro forma): 9.24%
5.ROE: 15.26%(FPE2025), 27.01%(FYE2024),  20.3%(FYE2023), 26.85%(FYE2022)
6.Net asset: 0.11
7.Total debt to current asset: 0.43 (Debt: 24.397mil, Non-Current Asset: 23.824mil, Current asset: 56.511mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Shariah

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 30Nov, 5mths): RM33.426 mil (Eps: 0.0104), PAT: 15.54%
2024 (FYE 30Jun): RM54.821 mil (Eps: 0.0161), PAT: 14.72%
2023 (FYE 30Jun): RM39.966 mil (Eps: 0.0099), PAT: 12.30%
2022 (FYE 30Jun): RM40.884 mil (Eps: 0.0107), PAT: 13.05%
***we are not follow prospectus book pg174 EPS. EPS above using enlarged 500mil shares.

Major customer   

Over 90% customer is D2C customer. Didn’t have single major large customer. 

Major Sharesholders     
1. Datuk Teoh Yee Seang, aged 45 : 35.05% (direct), 25.2% (indirect)
2. Datin Tang Jing Wen, aged 36: 4% (direct)
3. Oasis Management Team: 25.2% (direct)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM1.540 mil
key management remuneration: RM0.4 mil – RM0.5 mil
total (max): RM2.040 mil or 8.36%

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.