INSIGHTS ANALYTICS BERHAD

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Open to apply: 07/10/2025
Close to apply: 13/10/2025
Balloting: 15/10/2025
Listing date: 27/10/2025

Share Capital       
Market cap: RM198 mil
Total Shares:  550 mil shares
1st day listing tradable shares: 148.5 mil shares

Industry CARG  
1. Expenditure project value* for water sector, Malaysia, 2021 – 2024e: 49.38%
2. Estimated project value* for water sector, Malaysia, 2021 – 2024e: 4.75%
3. Water consumption, Peninsular Malaysia, F.T. Labuan and Sarawak, 2021 – 2023: 1.9% , 4.8%
Industry competitors comparison (net profit%)
1. IAB Group: 38.2%
2. Ovarro Sdn Bhd: 2.9%
3. Xylem Water Solutions Malaysia Sdn Bhd: 6.6%
4. Cosmos Technology International Berhad: 11.4%
5. Others : losses to 0.7%

Business (FYE 2025)
Supply of water technology solutions for water management across the water utility supply chain from water treatment to distribution.
Revenue by segment
1. Water technology solution: 31.6%
2. Intelligent asset management solutions: 68.4%
Revenue by Geo
1. Malaysia: 100.0%

Fundamental   
1.Market: Ace Market
2.Price: RM0.36
3.Forecast P/E: 10.29
4.ROE(Pro forma):  24.22%
5.ROE: 48.78%(FYE2025), 34.62%(FYE2024),  30.59%(FYE2023), 21.47%(FYE2022)
6.Net asset per shares: 0.14
7.Total debt to current asset: 0.31 (Debt: 29.348mil, Non-Current Asset: 14.478mil, Current asset: 93.219mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 30Apr): RM49.639 mil (Eps: 0.0350), PAT: 38.2%
2024 (FYE 30Apr): RM31.950 mil (Eps: 0.0130), PAT: 21.6%
2023 (FYE 30Apr): RM40.617 mil (Eps: 0.0090), PAT: 11.8%
2022 (FYE 30Apr): RM29.117 mil (Eps: 0.0040), PAT: 8.0%

Order Book (LPD: 08 Dec 2025)       
1. FYE2026 : RM21.333 mil 
2. FYE2027 : RM5.104 mil
3. FYE2028-31: RM8.905 mil 

Major customer (FYE 2025)   
1. Tele Kenyalang Engineering Sdn Bhd: 10.7%
2. Winal Works Sdn Bhd: 7.7%
3. Coast: 6.0%
4. Eternal Engineering Sdn Bhd: 5.9%
5. Customer A: 5.2%
***total 35.5%
***2022-2024 : Jabatan Bekalan Air Luar Bandar Sarawak is range 46.8% to 76.4%

Major Sharesholders  
1. Wee Khiam Hui, Aged 56: 37.2% (direct)
2. Boon Joon Fook, Aged 66: 17.5% (direct), 18.3% (indirect)
3. Charlene Bong Myn Ee, Aged 34: 18.3% (direct) 

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income FYE2025)
Total director remuneration: RM0.880 mil
key management remuneration: RM0.40 mil – RM0.60 mil
total (max): RM1.48 mil or 4.99%

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 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.

POWERTECHNIC GROUP BERHAD

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Open to apply: 06/10/2025
Close to apply: 14/10/2025
Balloting: 16/10/2025
Listing date: 28/10/2025

Share Capital    
Market cap: RM108.618 mil
Total Shares: 310.337 mil shares
1st day listing tradable shares: 87.034 mil shares

Industry CARG       
1. Sales Value of Machinery and Equipment (2022-24): 0.9% 
2. Sales Value of Lifting and Handling Equipment (2022-24): -7.4%
3. Real GDP of Construction Industry (2022-24): 11.6%
4. Value of Construction Work Completed for Building Construction (2022-24): 9.1%
Industry competitors comparison (net profit%)
1. Powertechnic Group: 15.7%
2. Powermatics: 19.9%
3. Top-Mech: 9.0%
4. Liftech Engineering: 7.2%
5. Niche Elevator S/B: 7.2%
6. Others: losses to 6.4%

Business (FPE 2025)
Provision of lifting systems and maintenance, repair and related services.
Revenue by segment
1. Lisfting system: 82.76%
2. Maintenance, repair and related services: 17.24%
Revenue by Geo
1. Malaysia: 98.75%
2. Singapore: 1.25%
Revenue by users
1. Industrial and commercial: 92.3%
2. Residential: 7.70%

Fundamental    
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 15.35  (amend 16.67)
4.ROE(Pro forma):   17.06%
5.ROE: 36.32% (FYE25), 42.97%(FYE24), 41.51%(FYE23),  10.57%(FYE22), 10.48%(FYE21)
6.Net asset per shares: 0.12
7.Total debt to current asset: 0.538  (Debt: 26.534mil, Non-Current Asset: 15.236mil, Current asset: 49.348mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2025 (FPE 30Jun, 6mths): RM22.578 mil (Eps: 0.0105), PAT: 14.37%
2024 (FYE 31Dec): RM40.006 mil (Eps: 0.0202), PAT: 15.71%
2023 (FYE 31Dec): RM30.619 mil (Eps: 0.0137), PAT: 13.84%
2022 (FYE 31Dec): RM20.215 mil (Eps: 0.0026), PAT: 3.99%
2021 (FYE 31Dec): RM16.273 mil (Eps: 0.0026), PAT: 4.91%

Order Book (LPD: 15/09/2025)    
1. FYE2025: RM28.413 mil
2. FYE2026: RM4.906 mil 
3. FYE2026: RM5.653 mil

Major customer (FPE 2025)   
1. Hong Lee Steel Engineering Sdn Bhd: 11.07%
2. Tong Seng Fabricators Sdn Bhd: 10.86%
3. China Construction Yangtze River (Malaysia) Sdn Bhd: 4.33%
4. Customer B:  4.14%
5. Kide International Sdn Bhd: 2.20%
***total 32.60%

Major Sharesholders    
1. Ivan Na Keh Chai, Aged 51: 34.88% (direct)
2. Choo Chee Yong, Aged 49: 34.88% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income FYE2024)
Total director remuneration: RM1.534 mil
key management remuneration: RM0.70 mil – RM0.85 mil
total (max): RM2.384 mil or 12.53%

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.

VERDANT SOLAR HOLDINGS BERHAD

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Open to apply: 29/09/2025
Close to apply: 07/10/2025
Balloting: 09/10/2025
Listing date: 22/10/2025

Share Capital    
Market cap: RM253.462 mil
Total Shares:  817.618 mil shares
1st day listing tradable shares: 275.789 mil shares 

Industry CARG
1. Installed capacity for solar PV systems in Malaysia (2019-2024): 20.9%
2. Solar PV EPCC services for residential new built solar PV installations in Malaysia (2021-24):  
Industry competitors comparison (net profit%)
1. Verdant Solar: 15.4%
2. Northern Solar Holdings Berhad: 13.4%
3. Pekat Solar Sdn Bhd: 0.5%
4. Samaiden Sdn Bhd: 6.2%
5. Solarvest Energy Sdn Bhd: 8.7%
6. Others : 0.1% to 14.3%

Business (FYE 2025)
Involved in the provision of EPCC services for solar PV systems, O&M services for solar PV systems and trading of solar products. 
Revenue by Segment
1. EPCC Residential: 95.45%
2. EPCC Commercial and industrial: 3.57%
3. O&M services for solar PV systems: 0.4%
4. Trading of solar products: 0.58%

Fundamental   
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 29 (impose 50% discount 2025 EPS for valuation, more info refer SWOT table)
4.ROE(Pro forma):  30%
5.ROE: 78.4%(FYE2025), 75.3%(FYE2024),  44.69%(FYE2023), 48.9%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.69 (Debt: 28.849mil, Non-Current Asset: 8.842mil, Current asset: 41.94mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2025 (FYE 30 Jun): RM111.426 mil (Eps: 0.0210), PAT: 15.44%
2024 (FYE 30 Jun): RM56.276 mil (Eps: 0.0081),PAT: 11.81%
2023 (FYE 30 Jun): RM26.644 mil (Eps: 0.0015),PAT: 4.52%
2022 (FYE 30 Jun):  RM14.701 mil (Eps: 0.0010),PAT: 5.63%

Order Book (LPD : 02/09/2025)    
1. LPD: RM31.131 mil

Major customer  
Didn’t single large major customer that contribute more then 10% of revenue. 

Major Sharesholders 

1. Lim Tzer Haur, aged 40: 53.02% (Direct) 
2. Ng Kei Mynn, aged 38: 13.25% (Direct)
3. Ong Hsiao Loong, aged 43: 7.36% (Direct)

Directors & Key Management Remuneration for FYE2026  
(from Revenue & other income 2025)
Total director remuneration: RM1.469 mil
key management remuneration: RM0.45 mil – RM0.6 mil
total (max): RM2.069 mil or 4.82%

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 to 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.

THMY HOLDINGS BERHAD

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Open to apply: 29/09/2025
Close to apply: 09/10/2025
Balloting: 13/10/2025
Listing date: 23/10/2025

Share Capital    
Market cap: RM275.28 mil
Total Shares:  888 mil shares
1st day listing tradable shares: 243.869 mil shares

Industry CARG  
1. Automated test solutions industry, Global, 2022 – 2024: 3.78%
2. Automated test solutions industry, Malaysia, 2022 – 2024: 18.85%
3. Global E&E industry, 2022 – 2024: 2.55%
4. E&E industry size, Malaysia, 2022 – 2024: 4.53%
5. PCB industry size, Malaysia, 2022 – 2024: 3.73%
6. Global generative AI revenue, 2022 – 2024: 86%
Industry competitors comparison (net profit%)
1. THMY: 21.86%
2. AIMFLEX Berhad: 11.29%
3. Circuit Check Asia Sdn Bhd: 7.07%
4. Vitrox: 16.38%
5. Penta: 10.47%
6. Others :  losses to 8.04%

Business (FPE 2025)  
Provision of automated test solutions for E&E products, with end-use in various industries. 
Revenue by segment 
1. ICT Solution: 86.06%
2. FCT Solution: 8.38%
3. Maintenance and repair services: 5.56%
Revenue by customer type
1. EMS32.58%
2. OEM (industrial): 37.29%
3. OEM (Technology, media and telecommunications): 29.26%
4. OEM (Semiconductor): 0.87%

Revenue by geo
1. Local: 27.41%
2. Thailand: 34.21%
3. USA: 22.20%
4. Singapore: 5.51%
5. Taiwan: 5.31%
6. Others: 5.36%

Fundamental    
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 27.43
4.ROE(Pro forma):  17.02%
5.ROE: 56.09%(FYE2025), 52.88%(FYE2024),  30.92%(FYE2023), 17.22%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.836  (Debt: 28.271mil, Non-Current Asset: 25.708mil, Current asset: 61.573mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 31Mar): RM45.929 mil (Eps: 0.0113), PAT: 21.86%
2024 (FYE 31Mar): RM31.228 mil (Eps: 0.0076), PAT: 21.62%
2023 (FYE 31Mar): RM32.501 mil (Eps: 0.0039), PAT: 10.57%
2022 (FYE 31Mar): RM25.768 mil (Eps: 0.0015), PAT: 5.13%

Major customer (FYE 2025) 
1. Test Solution Co.Ltd: 16.79%
2. Customer A: 11.25%
3. Customer G: 9.85%
4. Customer I: 7.05%
5. Customer H: 6.52%
***total 51.46%

Major Sharesholders   
1. Ooi Can Nix, Aged 49: 68.93%

Directors & Key Management Remuneration for FYE2026
(from Revenue & other income 2025)
Total director remuneration: RM1.266 mil
key management remuneration: RM1.05 mil – RM1.25 mil
total (max): RM2.516 mil or 13.28%

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.

CHEEDING HOLDINGS BERHAD

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Open to apply: 12/09/2025
Close to apply: 23/09/2025
Balloting: 25/09/2025
Listing date: 07/10/2025

Share Capital  
Market cap: RM287 mil
Total Shares: 797.257 mil shares
1st day listing tradable shares: 208 mil shares

Industry CARG    
1. Capital expenditure for recurring power generation, transmission and distribution in Malaysia (2016-2024) : 12.1%
2. Residential, commercial and industrial property transactions in Malaysia (2019-23): 8.9%
Industry competitors comparison (net profit%)
1. Cheeding Holdings Berhad: 22.40%
2. HULS Transmission Sdn Bhd: 25.80%
3. CBH Engineering Holding Berhad: 15.4%
4. UUE Holdings Berhad: 13.5%
5. Transgrid Ventures Sdn Bhd: 9.5%
6. Others: losses to 7.6%

Business (FYE 2025)    
Main activities involve the EPCC and maintenance of overhead infrastructure for utilities.
Revenue by segment
1. EPCC - overhead infrastructure for utilities: 68.92%
2. EPCC - underground infrastructure for utilities: 22.63%
3. Substation engineering services: 6.79%
4. Maintenance of overhead infrastructure for utilities: 1.66%

Fundamental   
1.Market: Ace Market
2.Price: RM0.36
3.Forecast P/E: 10.9
4.ROE(Pro forma): 27.26%
5.ROE:  52.30% (FYE2025), 48.10%(FYE2024),  30.39%(FYE2023), losses (FYE2022)
6.Net asset per shares: 0.12 
7.Total debt to current asset: 0.38 (Debt: 41.433mil, Non-Current Asset: 22.705mil, Current asset: 115.382mil)
8.Dividend policy:  25% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 31Dec): RM117.683 mil (Eps: 0.0330), PAT: 22.39%
2024 (FYE 31Dec): RM88.162 mil (Eps: 0.0257), PAT: 23.20%
2023 (FYE 31Dec): RM36.951 mil (Eps: 0.0103), PAT: 22.27%
2022 (FYE 31Dec): RM9.481 mil (Eps: -0.0003), PAT: -2.91%

Order Book (LPD: 15/08/2025)      
1. LPD: RM202.674 mil. 

Major customer (FYE2025)  
1. TNB : 98.34%
2. Jaya Bina: 1.66%
***total 100%

Major Sharesholders 
1. Ng Kian Chai, Aged 72: 68.08% (direct), 6.17% (indirect)
2. Ng Chai Hsia, Aged 43: 0.09% (direct)
3. Tan Sook Hoi, Aged 68: 5.84% (direct), 68.08% (indirect)

Directors & Key Management Remuneration for FYE2026  
(from Revenue & other income FYE2025)
Total director remuneration: RM1.477 mil
key management remuneration: RM1.350 mil – RM1.500 mil
total (max): RM2.977 mil or 6.60%

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 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.

CAMAROE BERHAD

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Open to apply: 29/08/2025
Close to apply: 12/09/2025
Balloting: 18/09/2025
Listing date: 02/10/2025

Share Capital   
Market cap: RM69.3 mil
Total Shares:  495 mil shares
1st day listing tradable shares: 146.619 mil

Industry CARG
1. Wholesale value of black tiger prawns* , Malaysia, 2019 – 2024: 11.31%
2. Production volume of black tiger prawns, Malaysia, 2019 – 2024e: 8.19%
3. Export value of black tiger prawns, Malaysia, 2019 – 2023: -10.43%
Industry competitors comparison (net profit%)
1.Camaroe Group: 20.27%
2.MAG Holdings Berhad: 10.72% 
3.QL Marine Products Sdn Bhd: 9.67% 
4.SBH Marine Holdings Berhad: 1.75% 
5.Others: losses to 4.99%

Business (FPE 2025)  
Prawn aquaculture: principal activities comprise farming and processing of prawns, primarily black tiger prawns.
Revenue by segment
1. Frozen black tiger prawns: 75.89%
2. Live prawns: 24.11%
Revenue  by Geo 
1. Malaysia: 29.71%
2. China: 61.82%
3. South Korea: 8.47%

Fundamental   
1.Market: Ace Market
2.Price: RM0.14
3.Forecast P/E: 8.59
4.ROE(Pro forma):  21.26%
5.ROE: 29.49%(FYE2024), 52.46%(FYE2023),  50.94%(FYE2022), 73.04%(FYE2021)
6.Net asset per shares: 0.08
7.Total debt to current asset: 0.58  (Debt: 20.653mil, Non-Current Asset: 23.133mil, Current asset: 35.493mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 31Mar, 3 mths): RM8.224 mil (Eps: 0.0013), PAT: 20.34% 
2024 (FYE 31Dec): RM39.823 mil (Eps: 0.0163), PAT: 19.45%
2023 (FYE 31Dec): RM33.909 mil (Eps: 0.0236), PAT: 23.09%
2022 (FYE 31Dec): RM36.010 mil (Eps: 0.0171),PAT: 23.30%
2021 (FYE 31Dec): RM38.179 mil (Eps: 0.0158),PAT: 16.42%

Major customer (FPE 2025)   
1. Shanghai Pinzhuan International Trade Co., Ltd: 49.21%
2. Pantai Seafood Supply: 14.43%
3. Customer A: 8.48%
4. Shanghai XiJuan Supply Chain Technology Co Ltd : 7.83%
5. Dragon Ocean Fishery: 6.92%
***total 86.87%

Major Sharesholders  
1. Teoh Han Boon, Aged 53: 35.39 (direct), 28.91% (indirect)
2. Low Saw Cheng, Aged 53: 28.76% (direct),  35.54% (indirect)
3. Teoh Kheng Huat, Aged 50: 6.08% (direct)

Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM1.872 mil
key management remuneration: RM300 mil – RM450 mil
total (max): RM2.322 mil or 17.83%

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 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.

JS SOLAR HOLDING BERHAD

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Open to apply: 28/08/2025
Close to apply: 09/09/2025
Balloting: 11/09/2025
Listing date: 23/09/2025

Share Capital    
Market cap: RM100.75 mil
Total Shares: 325 mil shares
1st day listing tradable shares: 161.005 mil shares 

Industry CARG
1. Installed capacity for solar PV systems in Malaysia: 20.9%
Industry competitors comparison (net profit%)
1. JS Solar: 4.3% 
2. Northern Solar Sdn Bhd: 12.9% 
3. Tera Va Sdn Bhd: 9.7% 
4. Samaiden Sdn Bhd: 6.2% 
5. Others: 0.7 % to 3.0%

Business (FYE 2025)
Business of renewable energy solutions. 
i) EPCC: Involve in design, planning, engineering, procurement, construction, installation, testing and commissioning services required for installing solar PV systems. 
ii) Contracting services for solar PV systems: services as a subcontractor to main contractors.
iii)  O&M services:  to assist our customers in operating and maintaining their solar PV systems. 
Revenue by Segment
1. EPCC services for solar PV systems: 55.86%
2. Contracting services for solar PV systems: 44.1%
3. O&M services for solar PV systems: 0.04%

Fundamental    
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 12.6
4.ROE(Pro forma):  20.44%
5.ROE: 45.58%(FYE2025), 66.96%(FYE2024),  39.46%(FYE2023), losses(FYE2022)
6.Net asset per shares: RM0.12
7.Total debt to current asset: 0.79 (Debt: 62.510mil, Non-Current Asset: 22.075mil, Current asset: 79.588mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2025 (FYE 31Mar): RM186.534 mil (Eps: 0.0246), PAT: 4.29%
2024 (FYE 31Mar): RM140.385 mil (Eps: 0.0197), PAT: 4.56%
2023 (FYE 31Mar): RM70.270 mil (Eps: 0.0030), PAT: 1.37%
2022 (FYE 31Mar): RM21.438 mil (Eps: -0.0025), PAT: losses

Order Book (LPD: 31/07/2025)  
1. FYE 2026: 33.466 mil
2. FYE 2027: 1.440 mil
3. FYE 2028: 1.091 mil

Major customer (FYE 2025)    
1. NUR group of companies: 49.68%
2. GSPARX: 30.66%
3. Datapuri–JS Consortium: 1.9%
4. Site Platform Engineering Sdn Bhd: 1.52%
5. Customer A: 1.23%
***total 84.99%

Major Sharesholders    
1. Chai Jeun Sian, Aged 46: 14.7% (direct)
2. Ikwan Hafiz Bin Jamaludin, Aged 38: 16.15% (direct), 19.61% ( indirect)
3. Rantai Inspirasi: 19.61% (direct)
4. Sa Chee Peng, Aged 55: 16.94% (direct) 

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income 2025)
Total director remuneration: RM0.585 mil
key management remuneration: RM0.80 mil – RM0.95 mil
total (max): RM1.535 mil or 6.51%

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.

EXPRESS POWERR SOLUTIONS (M) BHD

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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: 20/08/2025
Close to apply: 08/09/2025
Balloting: 10/09/2025
Listing date: 24/09/2025

Share Capital   
Market cap: RM186.889 mil
Total Shares:  934.449 mil shares
1st day listing tradable shares: 236.412 mil shares 

Industry CARG  
Historical Size (Revenue) and Growth Forecast for the Light Machinery and Equipment Rental Industry in Malaysia, 2022-2029: 7.56%

Industry competitors comparison (net profit%)
1. Express Powerr : 23.7%
2. TTL Sales & Rental Sdn Bhd: 29.6
3. FG Generator Sdn Bhd: 24.7%
4. Gelombang Prestij Sdn Bhd: 5.8%
5. Dynasynergy Technology Sdn Bhd: 4.7%
6. Others: losses to 3.3%

Business (FPE 2025)  
Provision of generator rental services and other related services which include the supply of ancillary items such as distribution boards, generator synchronisation panels, transformers, switchgears, load banks and cables to meet the varied requirements of our customers

Fundamental
1.Market: Ace Market
2.Price: RM0.20
3.Forecast P/E: 20 (we rejected to follow prospectus PE11.26 pg25, as 2024 vs 2023 revenue suddenly increase double).
4.ROE(Pro forma 4):  17.38%
5.ROE: 44.51%(FYE2024), 34.47%(FYE2023),  32.87%(FYE2022), 32.73%(FYE2021)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.43  (Debt: 20.533mil, Non-Current Asset: 40.224mil, Current asset: 47.300mil)
8.Dividend policy:  Have formal dividend policy.
9. Shariah status: yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 31Mar, 3mths): RM12.860 mil (Eps: 0.0031), PAT: 22.64%
2024 (FPE 31Dec): RM70.167 mil (Eps: 0.0178), PAT: 23.65%
2023 (FYE 31Dec): RM39.424 mil (Eps: 0.0106), PAT: 25.08%
2022 (FYE 31Dec): RM31.412 mil (Eps: 0.0080), PAT: 23.86%
2021 (FYE 31Dec): RM19.341 mil (Eps: 0.0061), PAT: 29.25%

Major customer (FPE 2025)     
1. TNB : 32.52%
2. Dynasynergy : 28.13%
3. KLKB : 23.30%
4. KKB : 6.73%
5. Besi Tech Engineering Sdn Bhd: 1.65%
***total 92.33%

Major Sharesholders    
1. Lim Cheng Ten. Aged 64: 73.74% (direct)
2. Rosli Bin Jonid, Aged 54: 0.04% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.898 mil
key management remuneration: RM0.25 mil – RM0.35 mil
total (max): RM1.248 mil or 3.33%

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.

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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***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: 26/06/2025

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.