Annoucement

 Importance changes

- we are stop accept new client. 
- we are stop publish content to public openly. 
- we only serve current client that under member subscription and client that purchase our services before this.

for more info please contact: 013-2820766

GEOHAN CORPORATION BERHAD

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Open to apply: 17/11/2025
Close to apply: 21/11/2025
Balloting: 28/11/2025
Listing date: 05/12/2025

Share Capital    
Market cap: RM242 mil
Total Shares:  440 mil shares
1st day listing tradable shares:  128.4 mil shares

Industry CARG      
1. Foundation and geotechnical industry size (Malaysia), 2022-2024: 14.15%
Industry competitors comparison (net profit%)
1. Geohan Group: 4.05%
2. Abadi Piling Sdn Bhd: 10.12% 
3. Pintaras Jaya Berhad: 7.73% (PE9.2)
4. Sunway Geotechnics (M) Sdn Bhd: 6.49% (suncon PE28)
5. Econpile Holdings Berhad: -6.02% (losses)
5. Others: losses to 5.23%

Business (FPE 2025)    
Provision of foundation and geotechnical services & other related services. Mainly focus on construction activities conducted below ground level, for the purpose of providing a stable foundation to uphold the load of buildings and infrastructure built above ground level
Revenue by segment
1. Foundation and geotechnical services: 92.23%
2. Other related services: 7.77%

Fundamental   
1.Market: Main market
2.Price: RM0.55
3.Forecast P/E: 15.01
4.ROE(Pro forma):  9.78%
5.ROE:  14.26% (FPE2025), 12.17%(FYE2024),  13.01%(FYE2023), 7.12%(FYE2022)
6.Net asset per shares: 0.48
7.Total debt to current asset: 0.91 (Debt: 277.450mil, Non-Current Asset: 181.234mil, Current asset: 305.274mil)
8.Dividend policy:  25% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 31Jul, 7mths): RM203.518 mil (Eps: 0.0271), PAT: 5.86%  
2024 (FYE 31Dec): RM395.216 mil (Eps: 0.0364), PAT: 4.05%
2023 (FYE 31Dec): RM323.834 mil (Eps: 0.0368), PAT: 4.99%
2022 (FYE 31Dec): RM207.975 mil (Eps: 0.0175), PAT: 3.71%

Order Book (LPD: 22 Oct 2025)     
1. FYE2025: RM78.686 mil
2. FYE2026: RM294.612 mil
3. FYE2027: RM17.094 mil 

Major customer (FPE 2025)  
1. Sunway group of companies : 17.94%
2. Indo Aman Bina Sdn Bhd (subsidiary of TA Global Berhad): 11.01%
3. Mah Sing group of companies: 9.71%
4. Hartasuma Sdn Bhd: 6.42%
5. Customer B: 5.89%
***total 50.97%

Major Sharesholders    
1. Rogamas: 29.01% (direct)
2. Lee Kim Seng, aged 63: 38.07% (direct), 29.01% (indirect)
3. Ir. Oh Chin Wah, aged 56: 3.44% (direct)
4. Lee Jie Min, aged 33: 0.3% (direct)
5. Lim Tsui Ning, aged 63: 67.08% (indirect)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM2.218 mil
key management remuneration: RM1.20 mil – RM1.35 mil
total (max): RM3.568 mil or 7.89%

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.

LAC MED BERHAD

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Open to apply: 14/11/2025
Close to apply: 25/11/2025
Balloting: 01/12/2025
Listing date: 10/12/2025

Share Capital    
Market cap: RM348 mil
Total Shares:  400 mil shares
1st day listing tradable shares: 131.073 mil shares

Industry CARG
1. Import Value of Radiographic Equipment (2020-2024): 25.0%
2. Import Value of Ultrasound Machines (2020-2024): 11.2%
3. Import Value of MRI Machines (2020-2024): 7.1%
4. Import Value of Reagents (2020-2024): 4.0%
5. Federal Government Development Expenditure on the Health Sector (2020-24) : 10.2%
6. MoH Procurement of Medical Equipment (2020-24): 40.1%
Industry competitors comparison (net profit%)
1. LAC Group: 11.1%
2. Avant-Med S/B: 17.1%
3. Medi Trump S/B: 19.2%
4. Edaptechnomed (M) S/B: 17.4%
5. U Medic Group Berhad: 17.0%
6. Others: losses to 17.5%

Business (FPE 2025)
As an authorised distributor in Malaysia, we supply third-party brands of medical devices comprising medical equipment and associated products, which include medical consumables and provision of software and system integration.
Revenue by segment
1. Supply and integration of medical devices: 76%
2. Supply of medical equipment: 15.1%
3. Supply of related products and services: 8.9%
Revenue by Geo
1. Malaysia (central region): 96.5%
2. Malaysia (Northern region): 61%
3. Southern region: 7.3%
4. East Coast: 15.6%
5. East Malaysia: 3.5%
Product lifespan
1. Fluoroscopy machine: 7-10 years
2. MRI machine: 10-12 years
3. CT scanner: 8-10 years
4. X-ray tube life: 2-5 years
5. Cardiovascular Ultrasound Equipment: 7-10 years
6. Digital radiography machines: 10-12 years

Fundamental   
1.Market: Main Market
2.Price: RM0.75 (will follow final institutional price)
3.Forecast P/E: 15
4.ROE(Pro forma): 18.63%
5.ROE:  37.40% (FPE2025), 42.57%(FYE2024),  52.03%(FYE2023), 52.00%(FYE2022)
6.Net asset per shares: nil
7.Total debt to current asset: 0.35 (Debt: 54.4497mil, Non-Current Asset: 6.694mil, Current asset: 153.664 mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 30Jun, 6mths): RM94.955 mil (Eps: 0.0250), PAT: 10.6%
2024 (FYE 31Dec): RM183.216 mil (Eps: 0.0510), PAT: 11.1%
2023 (FYE 31Dec): RM150.347 mil (Eps: 0.0520), PAT: 13.8%
2022 (FYE 31Dec): RM106.644 mil (Eps: 0.0330), PAT: 12.3%

Order Book (LPD : 15 Oct 2025)     

1. LPD: RM184.6 mil

Major customer (FPE 2025)     
1. Advance Altimas Sdn Bhd: 22.2%
2. Customer C: 14.7%
3. Customer D: 14.6%
4. Sunway Healthcare Group: 9.8%
5. Asia Onehealthcare Sdn Bhd: 6.8%
***total 68.10%

Major Sharesholders    
1. Liew Yoon Poh, Aged 45 : 20.9% (direct)
2. Liew Yoon Kit, Aged 48 : 16.4% (direct)
3. Giam Teck Eng, Aged 48: 16.4% (direct)
4. Chan Yue Mun, Aged 61: 18.6% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.815 mil
key management remuneration: RM2.05 mil – RM2.30 mil
total (max): RM3.115 mil or 6.85%

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.

BMS HOLDINGS BERHAD

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Open to apply: 13/11/2025
Close to apply: 19/11/2025
Balloting: 26/11/2025
Listing date: 08/12/2025

Share Capital   
Market cap: RM338.8 mil
Total Shares:  1.540 bil shares
1st day listing tradable shares: 508.3333 mil shares 

Industry CARG     
1. Sales value of the distributive trade industry (2022-24): 6.2%
2. Sales value of the distributive trade of construction materials -  Retail (2018-22): 8.0% 
3. Sales value of the distributive trade of construction materials - Wholesales (2018-22): 3.1%
4. Domestic consumption* volume of ceramic tiles (2021-23): -0.8%
5. Export volume of ceramic tiles (2022-24): 10.4% 
Industry competitors comparison (net profit%)
1. BMS Holdings Group: 6.7%
2. Malaysia Mosaics S/B: 23.3%
3. GNG Distributors S/B: 6.2%
4. Super Ceramic Tiles & Design S/B: 4.8%
5. KimHin : -9.1%
6. White horse bhd: -2.5%
5. Others: Losses to 4.5%

Business (FYE 2025)   
Retailing, wholesaling and project sales of tiles and stone surfaces.
Revenue by segment
Retail: 57.79%
Wholesales: 16.29%
Project: 23.92%
Revenue by brands
1. Own brands: 75.05%
2. Third-party and other brands: 24.95%
Revenue by Geo
1. Johor : 67.73%
2. Selangor: 15.11%
3. Kuala Lumpur: 8.73%
4. Sarawak : 4.81%
5. Negeri Sembilan: 3.62%

Fundamental 
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 15.83
4.ROE(Pro forma):  8.15%
5.ROE:  11.34%(FYE2025), 11.94%(FYE2024),  8.37%(FYE2023), 6.26%(FYE2022)
6.Net asset per shares: 0.1711
7.Total debt to current asset: 0.61 (Debt: 146.788mil, Non-Current Asset: 170.219mil, Current asset: 239.987mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 30June): RM320.181 mil (Eps: 0.0139), PAT: 6.71%
2024 (FYE 30June): RM293.922 mil (Eps: 0.0138), PAT: 7.22%
2023 (FYE 30June): RM255.050 mil (Eps: 0.0093), PAT: 5.60%
2022 (FYE 30June): RM207.887 mil (Eps: 0.0067), PAT: 4.97%

Major customer (FYE 2025)     
1. KSL Group: 2.69%
2. Unijoh Development Sdn Bhd: 1.77%
3. Haily Construction Sdn Bhd: 1.56%
4. Platinum Victory Marketing Sdn Bhd: 1.30%
5. Sen Soon Tiling Enterprise: 1.24%
***total 8.56%

Major Sharesholders   
1. Ang Kwee Peng, Aged 64: 30.82% (indirect) 
2. Lee Kok Chuan, Aged 70: 17.63% (direct), 12.78% (indirect)
3. A&F Asset: 30.69% (direct)
4. Aw Yook Moi, Aged 70: 3.09% (direct), 27.32% (indirect)
5. Yu Bee Chew, Aged 61: 30.82% (direct)
6. Lee Kong Siong, Aged 43: 3.22% (direct), 0.01% (indirect)
7. Ang Wei Liang, Aged 35: 0.13% (direct),  0.01% (indirect)

Directors & Key Management Remuneration for FYE2026   
(from Revenue & other income FYE2025)
Total director remuneration: RM8.205 mil
key management remuneration: RM3.8 mil – RM4.1 mil
total (max): RM12.305 mil or 10.94%

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 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.

FOODIE MEDIA BERHAD

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Open to apply: 13/11/2025
Close to apply: 19/11/2025
Balloting: 21/11/2025
Listing date: 28/11/2025

Share Capital   
Market cap: RM266.40 mil
Total Shares:  888 mil shares
1st day listing tradable shares: 424.72 mil

Industry CARG  
Digital and traditional media advertising expenditure (“adex”) in Malaysia (2019-2024)
1. Total digital media adex: 8.7%
2. Television: 8.2%
3. Printed newspapers: -15.4%
4. Radio: -0.7%
5. Printed magazines: -10.1%
6. Cinema: -7.7%
7. In-store media: -34.8%
Industry competitors comparison (net profit%)
1. Foodie Media: 31.3%
2. Star Media Group Berhad: 27.0%
3. Rev lifestyle Sdn Bhd: 18.9%
4. Rev Social Malaysia Sdn Bhd: 20.4%

Business (FPE 2025)   
Digital media publishing, KOL marketing, short-film drama marketing, affiliate commerce and campaign management services.
Revenue by Geo
1. Malaysia: 92.5%
2. Ireland: 4.0%
3. Singapore: 3.2%
4. Other countries: 0.2%
Revenue by customers type
1. Advertising agency: 43.37%
2. Large corporations: 40.94%
3. SME: 15.69%

Fundamental     
1.Market: Ace Market
2.Price: RM0.30
3.Forecast P/E: 24.79
4.ROE(Pro forma):  22.12%
5.ROE: 10.47%(FPE2025), 86.28%(FYE2024),  85.13%(FYE2023), 122%(FYE2022)
6.Net asset per shares: 0.05
7.Total debt to current asset: 0.15  (Debt: 7.867mil, Non-Current Asset: 2.978mil, Current asset: 53.627mil)
8.Dividend policy:  40% PAT dividend policy.
9. Shariah status:  -

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 30June, 10 months): RM31.274 mil (Eps: 0.0101), PAT: 28.7%
2024 (FYE 31Aug): RM23.950 mil (Eps: 0.0085), PAT: 31.3%
2023 (FYE 31Aug): RM16.762 mil (Eps: 0.0069),PAT: 36.3%
2022 (FYE 31Aug): RM13.681 mil (Eps: 0.0069),PAT: 44.7%

Major customer (FPE 2025)    
1. Customer Group C: 12.5%
2. Subsidiary of Platform Provider A : 4.0% 
3. Consider Iprospect Sdn Bhd: 3.3%
4. Customer D: 2.8%
5. Innity Sdn Bhd: 2.1%
***total 24.7%

Major Sharesholders  
1. Nicholas Lim Pinn Yang, aged 32: 21.82% (direct), 15.18% (indirect)
2. Ang Rui Mei, aged 32: 15.18% (direct), 21.82% (indirect)
3. Edward Lim Pinn Jian, aged 31: 14.41% (direct)
4. Loo Woi Lip, aged 40: 8.29% (direct)
5. Loo Chee Leng, aged 44: 6.15% (direct)
6. Loo Chuu Lin, aged 70: 4.83% (direct)

Directors & Key Management Remuneration for FYE2026   
(from Revenue & other income FYE2024)
Total director remuneration: RM1.518 mil
key management remuneration: RM0.60 mil – RM0.70 mil
total (max): RM2.218 mil or 15.59%

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-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.

PSP ENERGY BERHAD

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Open to apply: 11/11/2025
Close to apply: 21/11/2025
Balloting: 25/11/2025
Listing date: 04/12/2025

Share Capital   
Market cap: RM171.008 mil
Total Shares:  1.0688 bil shares
1st day listing tradable shares: 287.817 mil shares 

Industry CARG     
1. Wholesale value of petroleum products in Malaysia (2019-24): 2.0%
2. Export volume of refined petroleum products in Malaysia (2019-24): 6.09%
3. Import volume of refined petroleum products in Malaysia (2019-24): 3.35%
Industry competitors comparison (net profit%)
1. PSP Energy Berhad: 1.5%
2. Avangaad Berhad: 125.8%
3. Sunmaju Sdn Bhd: 3.6%
4. Teck Guan Trading Sdn Bhd: 3.5%
5. Nikmat Mujur Sdn Bhd: 1.1%
6. Others: 0.4%-0.7%

Business (FYE 2025)      
Downstream value chain of the oil and gas industry, where we are principally involved in the sales and distribution of fuel and lubricant products. 
Revenue by Customer Segment
1. Wholesale and trading of petroleum products: 68.5%
2. Transportation and logistics: 10.7%
3. Utilities and energy: 1.3%
4. Construction: 8.0%
5. Manufacturing: 5.9%
6. Others: 5.6%
Revenue by business activity
1. Trading of fuel products: 48.1%
2. Distribution of fuel products: 48.1%
3. Distribution of lubricant product: 3.0%
4. Others: 0.8%
Revenue by Geo
1. Malaysia: 99.9%
2. Overseas : 0.1%

Fundamental    
1.Market: Ace Market 
2.Price: RM0.16
3.Forecast P/E: 12.3
4.ROE(Pro forma):  13.88%
5.ROE:  20.27% (FYE2025), 26.25%(FYE2024),  31.71%(FYE2023), 30.38%(FYE2022)
6.Net asset per shares: 0.10
7.Total debt to current asset: 0.758 (Debt: 181.111mil, Non-Current Asset: 45.326mil, Current asset: 238.783mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 30June): RM961.244 mil (Eps: 0.0130), PAT: 1.5%
2024 (FYE 30June): RM635.334 mil (Eps: 0.0160), PAT: 2.7%
2023 (FYE 30June): RM425.151 mil (Eps: 0.0140), PAT: 3.6%
2022 (FYE 30June): RM491.865 mil (Eps: 0.0090), PAT: 2.0%

Major customer (FYE 2025)    
1. Customer E: 37.9%
2. Customer H: 4.7%
3. Customer I: 3.2%
4. Lim Hong Kian Trading: 2.0%
5. G Ocean Trading Pte Ltd: 1.8%
***total 49.4%

Major Sharesholders      
1. CS Hutchison: 51% (direct)
2. Ong Chee Seng, aged 41: 5.0% (direct), 51% (indirect)
3. Rafidah Binti Bahtiar, aged 51: 17% (direct)

Directors & Key Management Remuneration for FYE2026   
(from Revenue & other income 2025)
Total director remuneration: RM1.493mil
key management remuneration: RM0.85 mil – RM1.05 mil
total (max): RM2.543 mil or 5.48%

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.

POLYMER LINK HOLDINGS BERHAD

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Open to apply: 04/11/2025 
Close to apply: 11/11/2025
Balloting: 13/11/2025
Listing date:  25/11/2025

Share Capital   
Market cap: RM mil
Total Shares: 560 mil shares
1st day listing tradable shares: 162.56 mil shares

Industry CARG    

Industry competitors comparison (net profit%)
1. Polymer Link Group: 10.3%
2. D&L Polymer & Colours, Inc: 25.5%
3. Rapid Engineering Co. Pvt Ltd: 15.1%
4. Phychem Technologies Pvt Ltd: 3.6%
5. Diversys Spectrum Products, Inc: 2.7%
6. Others: losses to 2.0%

Business (FPE 2025)  
Manufacturing of plastic powder for general and specialty applications. 
Revenue by segment
1. Manufacturing plastic powder for general applications: 66.7%
2. Manufacturing plastic powder for specialty applications: 30.1%
3. Manufacturing masterbatch: 2.5%
4. Others: 0.7%
Revenue by Geo
1. Philippines: 44.2%
2. India: 25.0%
3. Australia: 14.5%
4. Malaysia: 6.5%
5. Other markets: 9.8%

Fundamental  
1.Market: Ace Market
2.Price: RM0.25 
3.Forecast P/E: 15.625
4.ROE(Pro forma):  13.97%
5.ROE: 17.35%(FYE2024),  21.77%(FYE2023), 26.69%(FYE2022)
6.Net asset per shares: 0.16
7.Total debt to current asset: 0.69  (Debt: 66.069mil, Non-Current Asset: 73.833mil, Current asset: 95.692mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2025 (FPE 30Jun, 9mths): RM106.626 mil (Eps: 0.0120), PAT: 8.4%
2024 (FYE 30Sep): RM145.360 mil (Eps: 0.0200), PAT: 10.3%
2023 (FYE 30Sep): RM132.844 mil (Eps: 0.0160), PAT: 10.2%
2022 (FYE 30sep): RM151.356 mil (Eps: 0.0260), PAT: 11.5%

Major customer (FPE2025)     
1. Outback Philippines: 41.1%
2. OK Play Group: 13.5%
3. Simplast India Pvt Ltd: 5.3%
4. Tankpool Pty Ltd: 4.5%
5. DuluxGroup (PBG) Pte. Ltd.: 3.3%
***total 67.7%

Major Sharesholders   
1. Koh Song Heng, aged 68: 24.3% (indirect)
2. Teoh Lee Tean, aged 69: 6.8% (direct)
3. Koh Tat Chuan, aged 42: 8.6% (direct)
4. Koh Tat Wei, aged 38: 8.9% (direct)
5. Argel Joseph Baculo, aged 42: 11.7% (direct) 
6. Geeslin Montemayor Adarlo, aged 39: 11.7% (direct)
7. Dr Paul James Nugent, aged 61: 23.3% (direct)

Directors & Key Management Remuneration for FYE2026   
(from Revenue & other income 2024)
Total director remuneration: RM1.237 mil
key management remuneration: RM2.7 mil – RM2.858 mil
total (max): RM4.063 mil or 10.2%

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.

AQUAWALK GROUP BERHAD

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Open to apply: 30/10/2025
Close to apply: 07/11/2025
Balloting: 11/11/2025
Listing date: 19/11/2025

Share Capital    
Market cap: RM571.33 mil
Total Shares:  1.843 bil shares
1st day listing tradable shares: 914.643 mil shares

Industry CARG
1. Market Size of the Zoological Parks, Museums and Other Amusement and Cultural Activities in Malaysia:
(i) 2019- 2024: 0.3%
(ii) 2024-2029f: 9.7%
2. Market Size of the Aquariums in Malaysia, 2019–2024 : 4.2% 
3. International Visitors Spending, Malaysia:
(i) 2019- 2024: 3.5%
(ii) 2024-2029f: 5.2%
4 Consumer Spending Per Capita on Recreation and Culture, Thailand:
(i) 2019- 2024: -0.6%
(ii) 2024-2029f: 3.7%
5. International Visitors Spending, Thailand:
(i) 2019- 2024: -2.6%
(ii) 2024-2029f: 7.5%
Industry competitors comparison (net profit%)
- Insufficient data for financial comparison on same industry players. 

Business (FPE 2025)  
Operations and development own aquaria, and design, development and maintenance of new or third-party aquaria.
Revenue by segment
1. Ticketing sales: 82.6%
2. Retail sales: 15.0%
3. Miscellaneous sales: 2.2%
4. Design and build: 0.2%
Revenue by Geo
1. Malaysia: 74.6%
2. Thailand: 25.4%

Fundamental   
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 15.66
4.ROE(Pro forma): 14.71%  
5.ROE: 41.06%(FYE2024), 26.35%(FYE2023),  25.98%(FYE2022), losses (FYE2021)
6.Net asset per shares: 0.12
7.Total debt to current asset: 0.84 (Debt: 128.665mil, Non-Current Asset: 189.911 mil, Current asset: 152.603mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 30Jun, 6 mths): RM51.894 mil (Eps: 0.00853), PAT: 30.3%
2024 (FYE 31Dec): RM104.299 mil (Eps: 0.0198), PAT: 34.9%
2023 (FYE 31Dec): RM95.812 mil (Eps: 0.0183), PAT: 34.1%
2022 (FYE 31Dec): RM71.898 mil (Eps: 0.0126), PAT: 33.6%
2021 (FYE 31Dec): RM24.746 mil (Eps: -0.0140), PAT: -93.4%

Major customer (FPE2025)    
1. Klook group of companies: 11.7%
2. GlobalTix Pte Ltd: 6.2%
3. Kkday Services Malaysia Sdn Bhd: 2.7%
4. Ctrip International Travel Malaysia Sdn Bhd: 2.0%
5. Pegas Select (Thailand) Co. Ltd: 1.6%
***total 24.2%

Major Sharesholders  
1. Dato’ Simon (Dato’ Foong Choong Heng), Aged 71: 50.3% (indirect)
2. Feliz Natur Sdn Bhd: 5.3% (direct), 41.2% (indirect)
3. Vestmap: 41.2% (direct)
4. Versatrad Agencies: 3.8% (direct)
5. Aquawalk Holdings Limited: 5.2% (direct)
6. Anna Marie O’Boyle: 5.2% (indirect) 
7. Datin Mina (Datin Cheah Kim Choo), Aged 65: 50.3% (indirect)
8. Daryl Foong Chuen Hoe, Aged 39: <0.1% (direct)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income FYE2024)
Total director remuneration: RM3.012 mil
key management remuneration: RM1.1 mil – RM1.2 mil
total (max): RM4.212 mil or 7.09%

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 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.

PMW INTERNATIONAL BERHAD

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Open to apply: 28/10/2025
Close to apply: 06/11/2025
Balloting: 10/11/2025
Listing date: 18/11/2025

Share Capital 
Market cap: RM303.297 mil
Total Shares: 892.0518 mil shares
1st day listing tradable shares: 267.616 mil shares

Industry CARG  
1. Production Volume of Concrete Piles, Poles, and Posts in Malaysia (2022-24): -5.8%
2. Sales Value of Concrete Piles, Poles, and Posts (2022-24): 7.3%
3. Sales Value of Prestressed Spun Concrete Poles (2022-24): 10.3%
Industry competitors comparison (net profit%)
1. PMW Group: 10.5% 
2. Sunway Spun Pile (M) S/B: 22.4%
3. Industrial Concrete: 10.3%
4. SCIB Concrete: 9.0%
5. Binaan Desjaya S/B: 8.6%
6. Others: Losses to 6.7%

Business (FPE 2025)     
Trading of construction materials, spun poles and piles, and other concrete products; manufacturing of spun poles and piles; moulds, machinery, and metal products; and rental of moulds and machinery
Revenue by segment
1. Trading: 71.60%
2. Manufacturing: 23.01%
3. Rental of moulds and machinery: 5.39%
Revenue by Geo
1. Malaysia: 93.99%
2. Other countries: 6.01%

Fundamental   
1.Market: Ace Market
2.Price: RM0.34 
3.Forecast P/E: 19
4.ROE(Pro forma): 5.75%
5.ROE: 20.13%(FYE2024), 19.95%(FYE2023),  14.03%(FYE2022), 11.96%(FYE2021)
6.Net asset per shares: 0.18
7.Total debt to current asset: 0.50 (Debt: 89.289mil, Non-Current Asset: 73.646mil, Current asset: 177.310mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status:  Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2025 (FPE 31May,5mths): RM78.770 mil (Eps: 0.0069), PAT: 8.85%
2024 (FPE 31Dec): RM165.337 mil (Eps: 0.0179), PAT: 10.55%
2023 (FYE 31Dec): RM134.869 mil (Eps: 0.0160), PAT: 11.51%
2022 (FYE 31Dec): RM85.235 mil (Eps: 0.0098),PAT: 11.71%
2021 (FYE 31Dec): RM75.826 mil (Eps: 0.0093),PAT: 11.02%

Order Book (LPD: 30/09/2025)    
1. FYE 2025: RM28.36 mil
2. FYE 2026: RM66.79 mil
3. FYE 2027: RM39.72 mil

Major customer (FPE 2025)  
1. Winabumi : 30.56%
2. PMW Concrete: 10.54%
3. Customer H: 5.13%
4. Customer I: 4.14%
5. Customer G: 3.00%
***total 53.37%

Major Sharesholders 
1. Lee Hon Hwa, aged 48: 62.58% (indirect)
2. Lee Khim Hwa, aged 53: 62.58% (indirect)
3. Lee Siew Yoke, aged 54: 62.58% (indirect)
4. Richard Lee, aged 72: 7.5% (indirect)
5. Lee United Holding: 62.58% (direct)
6. JR Silverline : 7.42% (direct)
7. Datuk Brian Lee Cherng Jey, aged 43: 0.08% (direct), 7.42% (indirect)
8. Desmond Lee Cherng En : 7.50% (indirect)
9. Lee Cherng Jer: 7.50% (indirect)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income FYE 2024)
Total director remuneration: RM1.370 mil
key management remuneration: RM0.80 mil – RM1.00 mil
total (max): RM2.370 mil or 8.42%

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.

FARMIERA BERHAD

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Open to apply: 21/10/2025
Close to apply: 30/10/2025
Balloting: 03/11/2025
Listing date: 12/11/2025

Share Capital    
Market cap: RM112.50 mil
Total Shares:  450 mil shares
1st day listing tradable shares: 117 mil shares 

Industry CARG     
1. Production of Chicken Meat, 2018 – 2023: -0.29%
2. Export of Chicken Meat, 2018 – 2023: -6.7%
3. Import of Chicken Meat, 2018 – 2023: 27.26%

Industry competitors comparison (net profit%)
1. Farmiera: 1.2%
2. Kee Song Agriculture (M) Sdn Bhd: 11.1%
3. PWF Corporation Berhad: 5.6%
4. Leong Hup International Berhad: 6.8%
5. CAB Cakaran Corporation Berhad: 4.1%
6. Others: losses to 2.7%

Business (FPE 2025)    
Poultry farming and poultry processing activities.
Revenue by segment
1. Self-operated farms: 15.71%
2. Contract farms: 33.21%
3. Trading of live broilers: 1.34%
4. Lukut Processing Plan: 25.71%
5. Ipoh Processing Plant: 24.03% 

Fundamental   
1.Market: Ace Market   
2.Price: RM0.25
3.Forecast P/E: 16.03
4.ROE(Pro forma):  10.3%
5.ROE: 14.70% (FPE2025), 12.24%(FYE2024), 12.84%(FYE2023),  26.18%(FYE2022), 6.02%(FYE2021)
6.Net asset per shares: 0.20
7.Total debt to current asset: 1.55  (Debt: 156.173mil, Non-Current Asset: 143.556mil, Current asset: 100.640mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 6mths): RM310.835 mil (Eps: 0.0114), PAT: 1.46%
2024 (FYE 31Dec): RM561.065 mil (Eps: 0.0156), PAT: 1.25%
2023 (FYE 31Dec): RM535.848 mil (Eps: 0.0121), PAT: 1.20%
2022 (FYE 31Dec): RM422.624 mil (Eps: 0.0164), PAT: 1.90%
2021 (FYE 31Dec): RM261.968 mil (Eps: 0.0028), PAT: 0.59%

Major customer (FPE 2025)       
1. Segi Marine Enterprise Sdn Bhd: 15.45%
2. Customer A: 6.03%
3. Customer B: 5.53%
4. My Hero Hypermarket Sdn Bhd: 5.19%
5. Rawang Processing (M) Sdn Bhd: 3.92%
***total 36.12%

Major Sharesholders  
1. AJSB: 74% (direct)
2. HSS Global: 74% (indirect)
3. Keystone Capital: 74% (indirect)
4. Hong How Seng, Aged 48: 74% (indirect)
5. Tan Kok Cheong, Aged 50: 74% (indirect)

Directors & Key Management Remuneration for FYE2025     
(from Revenue & other income FYE2024)
Total director remuneration: RM1.932 mil
key management remuneration: RM1.0 mil – RM1.10 mil
total (max): RM3.032 mil or 4.23%

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.

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.