FIBROMAT (M) BERHAD

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Open to apply: 11/04/2025
Close to apply: 25/04/2025
Balloting: 30/04/2025
Listing date: 08/05/2025

Share Capital    
Market cap: RM136.5518 mil
Total Shares: 248.276 mil shares
1st day listing tradable shares: 88.636 mil shares

Industry CARG   
1. Geotechnical solutions industry, 2019-2024: 32.11%
2. Value of construction work done for the civil engineering sub-sector, 2019 – 2024: -1.41%
Industry competitors comparison (net profit%)
1. Fibromat Group: 13.21%
2. CeTeau Malaysia Sdn Bhd: 11.21%
3. Wil-Key International Sdn Bhd: 8.32%
4. NAUE Asia Sdn Bhd: 0.73%
5. Others: losses to 0.58%

Business (FYE 2024)     
Involved in the provision of geotechnical solutions for erosion control, ground improvement, as well as sediment control, filtration and containment lining.
Revenue by segment
1. Design and installation of geotechnical solutions: 48.7%
2. Trading of geosynthetics and erosion control products: 33.9%
3. Manufacturing and sale of inhouse products: 17.4%
Revenue by Geo
1. Malaysia: 96.2%
2. Singapore: 3.7%
3. South Korea: 0.1%
4. Others: 0.1%

Fundamental  
1.Market: Ace Market
2.Price: RM0.55
3.Forecast P/E: 13.75
4.ROE(Pro forma II):  14.24%
5.ROE: 18.24% (FYE2024), 18.12%(FYE2023), 8.73%(FYE2022), 14.38%(FYE2021), 
6.Net asset: 0.28
7.Total debt to current asset: 0.39 (Debt: 31.061 mil, Non-Current Asset: 21.505mil, Current asset: 79.621mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 31Dec): RM75.463 mil (Eps: 0.0400), PAT: 13.2%
2023 (FYE 31Dec): RM68.300 mil (Eps: 0.0340), PAT: 12.4%
2022 (FYE 31Dec): RM47.953 mil (Eps: 0.0140), PAT: 7.40%
2021 (FYE 31Dec): RM45.787 mil (Eps: 0.0230), PAT: 12.6%

Order Book      
1. FYE 2025: RM25.486 mil
2. FYE 2026: RM18.789 mil 
3. FYE 2027: RM5.628 mil
Total LPD @ 12/03/2025: RM49.903 mil

Major customer (FYE 2024)  
1. Reni Pioneer Group: 12.1%
2. Matrixity Resources Sdn Bhd: 4.9%
3. Boon Seng (Kuching) Sdn Bhd: 4.3%
4. Southern Revenue Sdn Bhd: 3.3%
5. Jack-In Pile (M) Sdn Bhd: 3.2%
***total 27.80%

Major Sharesholders   
1. Ng Kian Boon, Aged 62 : 63.7% (direct), 0.2% (indirect) 
2. Mohd Tarmim Bin Sidek, Aged 59 : 1.3% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.881 mil
key management remuneration: RM0.45 mil – RM0.60 mil
total (max): RM1.481 mil or 7.15%

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-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.

WEST RIVER BERHAD

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Open to apply: 10/04/2025
Close to apply: 17/04/2025
Balloting: 22/04/2025
Listing date: 05/05/2025

Share Capital   
Market cap: RM139.503 mil
Total Shares:  357.7 mil shares
1st day listing tradable shares: 107.31 mil shares 

Industry CARG (2019-2024)   
1. M&E engineering services in Malaysia: 16.9%
2. Manufacture of electricity distribution and control apparatus in Malaysia: 15.2%
3. Residential, commercial and industrial property transactions in Malaysia (2018-2024): 9.30%
Industry competitors comparison (net profit%)
1. West River: 9.3%
2. CBH Engineering Sdn Bhd: 20.3%
3. Kinergy Advancement Berhad: 13.8%
4. LFE Corporation Berhad: 13.3%
5. Bintai Kinden Corporation Berhad: 8.8%
6. Savelite Engineering Sdn Bhd: 7.1%
7. Others: losses to 5.4%

Business (FYE 2024)   
Provide M&E engineering service and are principally
(e.g. installation, cable wiring, fiber, ventilation fan, electrical panels, generator set, CCTV for high rise property, commercial property, & other building). 
1. provision of electrical engineering and ACMV
2. provision of intelligent building solutions.
Revenue by Segment
1. Provision of electrical engineering and ACMV services: 96.06%
2. Provision of intelligent building solutions: 3.67%
3. Manufacturing of electrical panels and distribution boards: 0.27%
Revenue by type of property
1. Residental: 44.06%
2. Commercial: 19.21%
3. Industrial: 36.57%
4. Others: 0.16%

Fundamental   
1.Market: Ace Market
2.Price: RM0.39
3.Forecast P/E: 12.19
4.ROE(Pro forma II):  20%
5.ROE: 35.93%(FYE2024) , 41.91%(FYE2023), 31.05%(FYE2022),  20.72%(FYE2021), 21.43%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset: 0.439 (Debt: 39.283mil, Non-Current Asset: 7.116mil, Current asset: 89.459mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FYE 31Dec): RM122.742 mil (Eps: 0.0320), PAT: 9.34%
2023 (FYE 31Dec): RM125.235 mil (Eps: 0.0286), PAT: 8.18%
2022 (FYE 31Dec): RM83.302 mil (Eps: 0.0167), PAT: 7.15%
2021 (FYE 31Dec): RM55.292 mil (Eps: 0.0102), PAT: 6.57%
2020 (FYE 31Dec): RM45.873 mil (Eps: 0.0104), PAT: 8.13%

Order Book   
1. FYE 2025: RM145.382 mil
2. FYE 2026: RM95.667 mil
3. FYE 2027: RM9.253 mil

Major customer (FYE 2024)  
1. Two Brothers Construction Sdn Bhd: 11.26%
2. Topgen Engineering Sdn Bhd: 9.49%
3. SLG Construction Sdn Bhd: 7.47%
4. Orangebeam Construction Sdn Bhd: 7.06%
5. Heng Huat Engineering Sdn Bhd: 6.97%
***total 42.25%

Major Sharesholders     
1. Neutron Capital: 49% (direct)
2. Lim Yong Lai, Aged 44 : 21% (direct), 49% (directly)

Directors & Key Management Remuneration for FYE2025 
(from Revenue & other income 2024)
Total director remuneration: RM0.444 mil
key management remuneration: RM0.25 mil – RM0.35 mil
total (max): RM0.794 mil or 4.22%

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 in term of management practice in business operation & also come with middle to high grow return. 

 
*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.

REACH TEN HOLDINGS BERHAD

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Open to apply: 09/04/2025
Close to apply: 18/04/2025
Balloting: 22/04/2025
Listing date: 02/05/2025

Share Capital    
Market cap: RM520 mil
Total Shares:  1.0 bil shares
1st day listing tradable shares: 300 mil shares

Industry CARG   (2020-2024)   
1. Broadband subscriptions and penetration rates in Malaysia: 4.122%
2. Broadband subscriptions and penetration rates in Sarawak: 2.9016%
Industry competitors comparison (net profit%)
1. Reach Ten: 28.2%
2. Sacofa Sdn Bhd: 33.4%
3. Redtone Digital Berhad: 17.6%
4. Bornoe Restu Sdn Bhd: 11.3%
5. Tune talk Sdn Bhd: 9.6%
6. Others: losses to 6%

Business (FPE 2024)   
1. Provision of satellite-based communication networks and services
2. Provision of fibre optic communication networks and services
3. Provision of telecommunications infrastructure services and managed services.
Business Segments
1. Provision of satellite-based communication networks and services: 88.72%
2. Provision of fibre optic communication networks and services: 8.47%
3. Provision of telecommunications infrastructure and managed services: 2.81%
Revenue by Geo
1. Sarawak: 99.37%
2. Sabah: 0.14%
3. Peninsular Malaysia: 0.49%
Nature of revenue
1. Recurring: 93.11%
2. One-off Project based: 6.89%

Fundamental   
1.Market: Main Market
2.Price: RM0.52
3.Forecast P/E: 10.13
4.ROE(Pro forma): 40%
5.ROE: 80.56% (FPE2024) , 85.55%(FYE2023),  86.35%(FYE2022), 63.56%(FYE2021)
6.Net asset: 0.20
7.Total debt to current asset: 0.20 (Debt: 44.220mil, Non-Current Asset: 23.444mil, Current asset: 216.721mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FPE 31Oct, 10mths): RM153.112 mil (Eps: 0.0654), PAT: 42.69%
2023 (FYE 31Dec): RM182.255 mil (Eps: 0.0513), PAT: 28.16%
2022 (FYE 31Dec): RM174.689 mil (Eps: 0.0438), PAT: 25.05%
2021 (FYE 31Dec): RM86.011 mil (Eps: 0.0088), PAT: 10.28%

Order Book LPD (as 10 March 2025)  
2025 : 84.662 mil
2026 : 68.732 mil
2027: 17.924 mil

Major customer (FPE 2024)   
1. Customer C: 55.07%
2. Customer A: 25.19%
3. SDEC: 7.71%
4. MEASAT Communication Systems Sdn Bhd: 1.33%
5. Impact Business Solutions Sdn Bhd: 1.15%
***total 90.46%

Major Sharesholders  
1. Chin Yu Lay, aged 50 : 17.66% (direct)
2. Lu Pak Lim, aged 69 : 14.66% (direct)
3. Eddryson, aged 27 : 15.04% (direct)
4. Wong Kiing Ting, aged 70: 12.90% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM0.908 mil
key management remuneration: RM0.70 mil – RM0.95 mil
total (max): RM1.858 mil or 2.2%

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 middle 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.

WTEC GROUP BERHAD

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Open to apply: 09/04/2025
Close to apply: 15/04/2025
Balloting: 17/04/2025
Listing date: 29/04/2025
 
Share Capital    
Market cap: RM120 mil
Total Shares: 480 mil shares
1^st day listing tradable shares: 133.368 mil shares 

Industry CARG 
1. Sales value* of motor vehicles, trailers and semitrailers in Malaysia (2020-2024): 9.3%
2. Production volume of passenger cars and commercial vehicles in Malaysia (2020-2024): 14.0%
3. Sales value* of the E&E industry in Malaysia (2020-2024): 10.8%
4. Production volume of air-conditioners in Malaysia (2020-2024): 17.0%
Industry competitors comparison (net profit%)
1.      WTEC Group: 15.8%
2.      Inoac Malaysia S/B: 30.3%
3.      PTS Industries S/B: 17.8%
4.      Ski Foam Industries S/B: 14.7%
5.      Paclink Precision Manufacturing S/B: 12.3%
6.      Others: losses to 9.5%

Business (FYE 2024) 
Mainly involved in the manufacturing and trading of foam and non-foam products.
Revenue by segment
1. Manufacturing foam products: 65.74%
2. Manufacturing non-foam products: 15.89%
3. Trading: 18.37%
Revenue by User Industries
1. Automotive: 36.50%
2. E&E : 33.40%
3. Construction: 5.97%
4. Medical & PPE: 7.16%
5. Trading: 4.23%
6. Others: 12.74%
Revenue by Geo
1. Malaysia: 75.98%
2. Vietnam: 12.38%
3. Australia: 2.96%
4. Thailand: 3.57%
5. Others: 5.11%

Fundamental 
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 14.36
4.ROE(Pro forma):  15.44%
5.ROE: 24.85% (FYE2024), 31.99%(FYE2023), 22.43%(FYE2022), 14.93%(FYE2021)
6.Net asset: 0.1107
7.Total debt to current asset: 26.6 (Debt: 11.628mil, Non-Current Asset: 20.969mil, Current asset: 43.785mil)
8.Dividend policy: PAT 30% dividend policy.
9. Shariah status: Yes
 
Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FYE 31Dec): RM52.025 mil (Eps: 0.0171). PAT: 15.76%
2023 (FYE 31Dec): RM50.856 mil (Eps: 0.0195), PAT: 18.43%
2022 (FYE 31Dec): RM52.542 mil (Eps: 0.0132), PAT: 12.09%
2021 (FYE 31Dec): RM43.118 mil (Eps: 0.0073), PAT: 8.13%
 
Major customer (FYE 2024)     
1. Permabonn Sdn Bhd: 13.82%
2. APM Group: 10.79%
3. DK Leather Seats Sdn Bhd: 6.94%
4. Toyota Boshoku UMW Sdn Bhd: 6.46%
5. Armstrong Industrial Group: 5.26%
***total 43.27%
 
Major Sharesholders    
1. Tan Kok Kheng, aged 59: 24.07% (direct)
2. Tiow See Yen, aged 54 : 24.07% (direct)
3. Wansern Marketing:  24.07% (direct)
4. Eu Tian Chiek, aged 67 : 24.07% (indirect)
5. Eu TIong Nam, aged 56 : 24.07% (indirect)
6. Eu Tiong Lai, aged 64 : 24.07% (indirect)
7. Kam Tang Lim, aged 67 : 24.07% (indirect)
 
Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM3.484 mil
key management remuneration: RM0.95 mil – RM1.30 mil
total (max): RM4.784 mil or 23.85%
 
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 to 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.

How to know when market crash

 

Lucky our invest group member was prepared since 19/09/2024. 

Is membership RM369.00 per year expensive or the losses paid during the market fall is more expensive? 

Quarter 1: 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!!!

CUCKOO INTERNATIONAL (MAL) BERHAD

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Open to apply: 26/03/2025
Close to apply: 10/04/2025
Balloting: 17/04/2025
Listing date: 30/04/2025

Share Capital    
Market cap: RM1.848 mil
Total Shares:  1.4328 bil shares
1st day listing tradable shares: 365.364 mil shares

Industry CARG     
1. Market Size of the Rental Industry for Home Appliances and Household Goods in Malaysia
(i)2019-2024e : 14.4%
(ii) 2024e-2028f: 9.9%

Industry competitors comparison (net profit%)
1. Cuckoo: 7.8%      (Cuckoo Homesys Co Ltd, Korea: PE3.9x,Cuckoo elect: 5.0x)
2. Coway: 9.9%       (Coway, Korea: PE11.1x)
3. SK Magic: -8.2%
4. Aeon : 2.8%
5. Parkson: 1.4%
6. Senheng: 1.9%
7. LG: 2.3%

Business (FPE 2024)  
Trading and rental of home appliances, mattresses and furniture, trading of beauty care products, provision of home care services, and investment holding activities.
Revenue by segment
1. Rental of product: 62.1%
2. Outright sale of product: 3.8%
3. Aftersales maintenance services: 33.7%
4. Others: 0.4%

Fundamental  
1.Market: Main Market
2.Price: RM1.29 (will follow final institutional price) 
3.Forecast P/E: 21.2x
4.ROE(Pro forma): 10.52%
5.ROE: 16.87% (FPE2024), 10.89%(FYE2023),  0.29%(FYE2022), 32.87%(FYE2021)
6.Net asset: 0.70
7.Total debt to current asset: 0.87(Debt: 637.891mil, Non-Current Asset: 904.464mil, Current asset: 730.651mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE 30Sep): RM0.930 bil (Eps: 0.073), PAT: 11.1%
2023 (FYE 31Dec): RM1.116 bil (Eps: 0.061), PAT: 9.0%
2022 (FYE 31Dec): RM1.046 bil (Eps: 0.002), PAT: 14.4%
2021 (FYE 31Dec): RM1.139 bil (Eps: 0.130), PAT: 16.4%

Major Sharesholders     
1. CUCKOO Homesys Co., Ltd : 52% (direct)
2. Koo Bon Hak, aged 56: 11% (direct), 52% (indirect)
3. Hoe Kian Choon, aged 50: 10% (direct)
4. CUCKOO Holdings: 52% (indirect)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2023)
Total director remuneration: RM1.719 mil
key management remuneration: RM0.3 mil – RM0.45 mil
total (max): RM2.169 mil or 0.59%

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.

MSB GLOBAL GROUP BERHAD

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Open to apply: 21/03/2025
Close to apply: 04/04/2025
Balloting: 08/04/2025
Listing date: 15/04/2025

Share Capital    
Market cap: RM122 mil
Total Shares:  610 mil shares
1st day listing tradable shares: 249.546 mil shares

Industry CARG      
1. New Passenger and Commercial Vehicles Registered in Malaysia, 2019-2024: 6.21%
2. Historical Value and Growth Forecast for the Wholesale and Retail Sales of Automotive Parts and Components in Malaysia, 2022-2029f: 10.13%
Industry competitors comparison (net profit%)
1. MSB: 12.93%
2. Teng Sun Auto Supply Sdn Bhd: 18.4%
3. Jyunsei Auto Parts Sdn Bhd: 9.7%
4. Tampoi Enterprise Sdn Bhd: 8.0%
5. Evergrown Enterprise Sdn Bhd: 5.7%
6. Cathay Motor (M) Sdn Bhd: 3.9%
7. Sun Eng Hup Auto (M) Sdn Bhd: 3.6%
8. Others: losses to 3.0%

Business (FPE 2024)    
Marketing, trading and distribution of aftermarket automotive parts, components, automotive lubricants and fluids. Also involved in the trading of other products such as outdoor telecommunication cabinets and related electrical items. 
Revenue by Geo 
1. Malaysia: 95.95%
2. Singapore: 4.05%
Revenue by Segments
1. Aftermarket automotive parts and components: 64.43% (Driveshaft, wheel hub assembly, suspension parts, others): 61.34%
2. Marketing, trading and distribution of in-house branded products, and trading and distribution of other third-party branded products: 2.31%
3. Automotive lubricants and fluids: 34.46%
4. Trading of other products: 1.89%

Fundamental    
1.Market: Ace Market
2.Price: RM0.20
3.Forecast P/E: 12.12
4.ROE(Pro forma):  15.5%
5.ROE: 17.65%(FPE2024),  23.48%(FYE2023),  49.46%(FYE2022), 28%(FYE2021)
6.Net asset per shares: RM0.11
7.Total debt to current asset:  0.186 (Debt: 11.703mil, Non-Current Asset: 13.613mil, Current asset: 62.913mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Shariah 

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE 30Sep, 9mths): RM51.098 mil (Eps: 0.0124), PAT: 14.76%
2023 (FYE 31Dec): RM63.871 mil (Eps: 0.0135), PAT: 12.93%
2022 (FYE 31Dec): RM63.470 mil (Eps: 0.0310), PAT: 29.75%
2021 (FYE 31Dec): RM46.848 mil (Eps: 0.0177), PAT: 23.04%

Major customer (FPE2024)     
1. Win Soon Auto Supplies Sdn Bhd: 13.26%
2. Chico Auto Supply Sdn Bhd: 5.51%
3. TikTok Shop (Malaysia) Sdn Bhd: 4.62%
4. Chin Hoe Motor Supply Sdn Bhd: 4.58%
5. Geb Auto Supply (M) Sdn Bhd: 4.35%
***total 32.31%

Major Sharesholders   
1. Datuk Ow Kee Foo, aged 62: 40.39% (direct), 3.05%(indirect)
2. Ow Chen Lun, aged 28: 6.09% (direct)
3. Lai Swee Ping: 4.70% (direct), 4.77% (indirect)
4. Datin Yong Mui Kim, aged 59 : 3.05% (direct)
5. Wong Nyok Yune, aged 56: 4.77% (direct)
6. Lee Li Lian, aged 58: 7.06% (direct)

Directors & Key Management Remuneration for FYE2024     
(from Revenue & other income 2023)
Total director remuneration: RM1.6838 mil
key management remuneration: RM0.35 mil – RM0.55 mil
total (max): RM2.2338 mil or 10.66%

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 high risk investment, but with low to middle 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.

SUMISAUJANA GROUP BERHAD

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Open to apply: 13/03/2025
Close to apply: 25/03/2025
Balloting: 28/03/2025
Listing date: 09/04/2025

Share Capital    
Market cap: RM346.464 mil
Total Shares:  1.4436 bil shares
1st day listing tradable shares: 453.028 mil shares

Industry CARG  (2022-2024)    
1. Sales value* of chemicals and chemical products in Malaysia: 1.6%
2. Import value of additives and preparations* for mineral oils or similar purpose liquids in Malaysia: 0.9%
3.  Export value of additives and preparations* for mineral oils or similar purpose liquids in Malaysia: 10.0%
4. Production of O&G in Malaysia, Crude oil and condensates: -2.4%
5. Production of O&G in Malaysia, Natural gas: 2.5%
6. Production of O&G in Malaysia, Petroleum products: -0.3%
Oil well drilled
1. Number of wells completed in Saudi Arabia (2019-2023): -7.9%
2. Number of wells drilled in Thailand (2019-2023): 4.6%
3. Number of Wells Drilled in Indonesia (2020-2024): 37.7%
4. Number of wells drilled and evaluated in Oman (2019-2023): -4.6%
Industry competitors comparison (net profit%)
1. Sumisaujana Group: 15.4%
2. Hextar Kimia S/B: 17.2%
3. Innochems Technologies S/B: 12.3%
4. Amtech Chemical S/B: 9.8%
5. Ova Chem S/B: 7.8%
6. Others: losses to 5.7%
 
Business (FPE 2024)  
Involved in manufacturing of O&G specialty chemicals, trading of O&G specialty and industrial chemicals, and provision of related support services
(i) Manufacturing segment
1. Drilling fluid chemicals: 79.84%
2. Production and refinery chemicals: 6.49%
3. Others: -
(ii) Trading and related support services segment
1. Supply of O&G specialty and industrial chemicals: 9.37% (Catalyst, Sulfiding agent, fuel additives, other)
2. Provision of technical related support services: 4.30%

Revenue by Geo
1. Asia Pacific: 75.02%
2. Middle East: 14.87%
3. Other regions: 10.11%

Fundamental  
1.Market: Ace Market
2.Price: RM0.24
3.Forecast P/E: 24.74
4.ROE(Pro forma):  9.24%
5.ROE: 43.23%(FYE2023), 26.99%(FYE2022),  17.34%(FYE2021)
6.Net asset: 0.10
7.Total debt to current asset: 0.426 (Debt: 46.646mil, Non-Current Asset: 88.796mil, Current asset: 109.384mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2023 (FYE 30Sep, 9mths): RM130.706 mil (Eps: 0.0073), PAT: 8.03%
2023 (FYE 31Dec): RM198.783 mil (Eps: 0.0212), PAT: 15.4%
2022 (FYE 31Dec): RM145.817 mil (Eps: 0.0116), PAT: 11.51%
2021 (FYE 31Dec): RM95.725 mil (Eps: 0.0063), PAT: 9.5%

Major customer (FPE2024)    
1. Baker Hughes Group: 31.07%
2. Customer A: 21.06%
3. Customer B: 15.02%
4. Petronas Group: 11.02%
5. TCM Chemicals Inc: 9.62%
***total 87.79%

Major Sharesholders      
1. Atreon: 64.59% (direct)
2. Norazlam Bin Norbi: 1.54% (direct), 65.2% (indirect)
3. Toh Chee Seng: 1.54% (direct), 64.95% (indirect)
4. Ramli Bin Mohamad: 0.34% (direct)

Directors & Key Management Remuneration for FPE2024    
(from Revenue & other income 2023)
Total director remuneration: RM5.473 mil
key management remuneration: RM3.1 mil – RM3.3 mil
total (max): RM8.773 mil or 12.93%

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.

HI MOBILITY 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: 07/03/2025
Close to apply: 19/03/2025
Balloting: 21/03/2025
Listing date: 28/03/2025

Share Capital     
Market cap: RM610 mil
Total Shares:  500 mil shares
1st day listing tradable shares: 198.85 mil shares

Industry CARG   
1. Real GDP of Land Transport Industry(2019-2023): 4.7%
2. Mean Monthly Household Expenditure2016-2022:  -3.2% (Scheduled Bus-Msia), 9.9% (PTR- Malaysia), 7.0%(PTR – Johor)
3. Gross Output Value of Bus Services (2015-2022): -4.0% (Malaysia), -6.9% (Johor) 
Industry competitors comparison (net profit%)
1. HI Mobility Group: 16.0%
2. Combined Bus: 44.4% 
3. Mara Liner S/B: 6.6%
4. SKS Coachbuilders S/B: 5.8%
5. SBS Transit Ltd: 4.5%
6. SMRT Buses Ltd: 3.9%
7. Others: losses to 2.7%

Business (FPE 2025)     
Operate within the mass transit sector providing both cross-border and local bus services. 
Revenue by segment
1. Scheduled bus services: 93.9% (Cross border Johor-singapore: 59.9%)
2. Chartered bus services: 5.3%
3. Other services: 0.8%
Revenue by geo
1. Malaysia: 51.2%
2. Singapore: 48.8%
Depots and fleet of buses
1. Number of buses: 683 buses
2. Number of routes: 124
3. Number of depots: 4

Fundamental   
1.Market: Main Market
2.Price: RM1.22
3.Forecast P/E: 18.4
4.ROE(Pro forma): 18.87%
5.ROE: 34.18%(FPE2025), 48.99%(FYE2024),  35.17%(FYE2023), losses(FYE2022)
6.Net asset: 0.44
7.Total debt to current asset: 1.03 (Debt: 209.498mil, Non-Current Asset: 226.907mil, Current asset: 203.339mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 31Oct, 9 mths): RM204.267 mil (Eps: 0.0674), PAT: 16.5%
2024 (FYE 31Jan): RM207.713 mil (Eps: 0.0663), PAT: 16.0%
2023 (FYE 31Jan): RM119.632 mil (Eps: 0.0390), PAT: 16.3%
2022 (FYE 31Jan): RM31.468  mil (Eps: -0.0641), PAT: losses

Order Book (LPD: 07 Feb 2025)    
1. Scheduled bus services: RM158.3mil 
2. Chartered bus services: RM16.3mil

Major customer (FPE 2025)     
1. APAD: 20.6%
2. PAJ : 4.0%
3. Customer A: 1.6%
4. Rapid Bus Sdn Bhd: 1.3%
5. Majlis Perbandaran Sepang: 1.0%
***total 28.5%

Major Sharesholders   
1. Lim Han Weng: 53.75% (direct), 6.48% (indirect)
2. Bah Kim Lian: 6.48% (direct), 53.75% (indirect)
3. Bumi Mampan: 13.77% (direct)
4. Dato Syed Naqiz Shahabuddin Bin Syed Abdul Jabbar: 13.77% (indirect)
5. Mohd Azmir Bin Rahmani: 13.77% (indirect)

Directors & Key Management Remuneration for FYE2026   
(from Revenue & other income 2024)
Total director remuneration: RM5.227 mil
key management remuneration: RM3.55 mil – RM4.00 mil
total (max): RM9.227 mil or 14.56%

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)
Avoid this counter for long term investment list. 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.

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

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

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

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

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

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

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

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

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

Use of funds

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

Overall is high risk investment, and also come with high grow return opportunities. 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.