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***Disclaimer***Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision.
Open to apply: 21 Jan 2025
Close to apply: 31 Jan 2025
Balloting: 04 Feb 2025
Listing date: 17 Feb 2025
Close to apply: 31 Jan 2025
Balloting: 04 Feb 2025
Listing date: 17 Feb 2025
Share Capital
Market cap: RM50.61325 mil
Total Shares: 202.453 mil shares
1st day listing tradable shares: 94.05 mil shares
Industry CARG
1. Electronic reload and bill payment services industry size in Malaysia (2019-2023): 12.9%
2. Prepaid mobile network plan subscribers (Q42020- Q42024): 5.3%
3. Postpaid mobile network plan subscribers (Q42020- Q42024):: 2.9%
Industry competitors comparison (net profit%)
1. Richtech: 68.90%
2. OTA MY Sdn Bhd: 8.8%
3. e-Pay (M) Sdn Bhd: 3.5%
4. HPCS Sdn Bhd: 2.7%
5. Others: losses to 0.6%
Market cap: RM50.61325 mil
Total Shares: 202.453 mil shares
1st day listing tradable shares: 94.05 mil shares
Industry CARG
1. Electronic reload and bill payment services industry size in Malaysia (2019-2023): 12.9%
2. Prepaid mobile network plan subscribers (Q42020- Q42024): 5.3%
3. Postpaid mobile network plan subscribers (Q42020- Q42024):: 2.9%
Industry competitors comparison (net profit%)
1. Richtech: 68.90%
2. OTA MY Sdn Bhd: 8.8%
3. e-Pay (M) Sdn Bhd: 3.5%
4. HPCS Sdn Bhd: 2.7%
5. Others: losses to 0.6%
Business (FPE 2024)
Distribution of electronic reloads as well as the provision of bill payment services via our SRS platform.
Services offered through SRS platform (Electronic reload services)
1. Mobile airtime reloads
2. Mobile data reloads
3. Prepaid digital TV reloads
4. Games credits
5. Application credit and eWallet credit
Distribution of electronic reloads as well as the provision of bill payment services via our SRS platform.
Services offered through SRS platform (Electronic reload services)
1. Mobile airtime reloads
2. Mobile data reloads
3. Prepaid digital TV reloads
4. Games credits
5. Application credit and eWallet credit
Revenue by segment
1. SRS corporate users (reload retailers): 76.77%
2. SRS corporate users (reload retailers): 22.02%
3. SRS end-users: 1.21%
1. SRS corporate users (reload retailers): 76.77%
2. SRS corporate users (reload retailers): 22.02%
3. SRS end-users: 1.21%
Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 9.43
4.ROE(Pro forma): 21%
5.ROE: 34.07%(FPE2024), 39.57%(FYE2023), 44%(FYE2022), 46.42%(FYE2021)
6.Net asset: 0.14
7.Total debt to current asset: 0.137 (Debt: 4.297mil, Non-Current Asset: 0.349mil, Current asset: 31.399mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 9.43
4.ROE(Pro forma): 21%
5.ROE: 34.07%(FPE2024), 39.57%(FYE2023), 44%(FYE2022), 46.42%(FYE2021)
6.Net asset: 0.14
7.Total debt to current asset: 0.137 (Debt: 4.297mil, Non-Current Asset: 0.349mil, Current asset: 31.399mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FPE 31 Jul, 7mths): RM5.085 mil (Eps: 0.0166), PAT: 66.25%
2023 (FYE 31Dec): RM7.797 mil (Eps: 0.0265), PAT: 68.92%
2022 (FYE 31Dec): RM6.187 mil (Eps: 0.0209), PAT: 68.32%
2021 (FYE 31Dec): RM4.781 mil (Eps: 0.0151), PAT: 63.88%
2024 (FPE 31 Jul, 7mths): RM5.085 mil (Eps: 0.0166), PAT: 66.25%
2023 (FYE 31Dec): RM7.797 mil (Eps: 0.0265), PAT: 68.92%
2022 (FYE 31Dec): RM6.187 mil (Eps: 0.0209), PAT: 68.32%
2021 (FYE 31Dec): RM4.781 mil (Eps: 0.0151), PAT: 63.88%
Major customer (FPE2024)
1. Iqka Collection Services: 28.34%
2. Real One Group: 14.31%
3. Celcopon Sdn Bhd: 5.85%
4. Neraca Gemilang Marketing: 5.14%
5. Dotlines Sdn Bhd: 4.51%
***total 58.15%
1. Iqka Collection Services: 28.34%
2. Real One Group: 14.31%
3. Celcopon Sdn Bhd: 5.85%
4. Neraca Gemilang Marketing: 5.14%
5. Dotlines Sdn Bhd: 4.51%
***total 58.15%
Major Sharesholders
1. Lee Teik Keong: 50.27% (direct), 3.27% (indirect)
2. Agnes Wong Eei Nien: 3.27% (direct), 50.27% (indirect)
3. Yau Ming Teck: 4.61% (direct)
1. Lee Teik Keong: 50.27% (direct), 3.27% (indirect)
2. Agnes Wong Eei Nien: 3.27% (direct), 50.27% (indirect)
3. Yau Ming Teck: 4.61% (direct)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM0.4 mil
key management remuneration: RM0.2 mil – RM0.35 mil
total (max): RM0.75 mil or 9.8%
(from Revenue & other income 2023)
Total director remuneration: RM0.4 mil
key management remuneration: RM0.2 mil – RM0.35 mil
total (max): RM0.75 mil or 9.8%
Use of funds
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment, and also come with high grow return opportunities.
*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.
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.