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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: 28/02/2025
Close to apply: 06/03/2025
Balloting: 10/03/2025
Listing date: 21/03/2025
Balloting: 10/03/2025
Listing date: 21/03/2025
Share Capital
Market cap: RM737.757 mil
Total Shares: 838.360 mil shares
Market cap: RM737.757 mil
Total Shares: 838.360 mil shares
Industry CARG
1. Value of construction works completed by sub-sector in Malaysia (2019-2024f): 1.2447%
2. Building materials industry in Malaysia (2019-23): 0.7%
3. Lighting and M&E products industry in Malaysia (2019-23): 18.8%
4. Hardware, tools and machinery industry in Malaysia (2019-23): 8.9%
5. Overhang properties by location in Malaysia (2019-24Q3): -6.45% (2024Q3: 21,968 unit)
1. Value of construction works completed by sub-sector in Malaysia (2019-2024f): 1.2447%
2. Building materials industry in Malaysia (2019-23): 0.7%
3. Lighting and M&E products industry in Malaysia (2019-23): 18.8%
4. Hardware, tools and machinery industry in Malaysia (2019-23): 8.9%
5. Overhang properties by location in Malaysia (2019-24Q3): -6.45% (2024Q3: 21,968 unit)
Industry competitors comparison (net profit%)
1. LSH capital Group: 20.6%
2. AME Elite Consortium Berhad: 17.6%
3. Crescendo Corporation Berhad: 16.7%
4. YTL Corp: 12.7%
5. IJM Corporation Berhad: 11.2%
6. Naim Holdings Berhad: 11.1%
7. Others: 0.4% to 9.6%
1. LSH capital Group: 20.6%
2. AME Elite Consortium Berhad: 17.6%
3. Crescendo Corporation Berhad: 16.7%
4. YTL Corp: 12.7%
5. IJM Corporation Berhad: 11.2%
6. Naim Holdings Berhad: 11.1%
7. Others: 0.4% to 9.6%
Business (FYE 2024)
Construction and engineering works, provision of construction-related services and solutions, supply of building materials, lighting and related M&E products, hardware products and tools, rental of construction machinery and equipment as well as property development activities
Revenue by segments
1. Construction: 79.74%
2. Property development: 20.26%
Fundamental
1.Market: Ace Market
2.Price: RM0.88
3.Forecast P/E: 9.93
4.ROE(Pro forma): 12.97%
5.ROE: 15.63%(FYE2024), 13.99%(FYE2023), 52.59%(FYE2022), 18.29%(FYE2021)
6.Net asset: 0.68
7.Total debt to current asset: 0.30 (Debt: 166.564mil, Non-Current Asset: 189.913mil, Current asset: 549.336mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FPE 30 Sep): RM361.405 mil (Eps: 0.0886), PAT: 14.44%
2023 (FYE 30 Sep): RM357.755 mil (Eps: 0.0700), PAT: 16.46%
2022 (FYE 30 Sep): RM165.866 mil (Eps: 0.0499),PAT: 25.21%
2021 (FYE 30 Sep): RM67.416 mil (Eps: 0.0095),PAT: 11.76%
***we didn’t follow prospectus book pg 265 EPS as EPS calculation didn’t use enlarged shares volume.
1.Market: Ace Market
2.Price: RM0.88
3.Forecast P/E: 9.93
4.ROE(Pro forma): 12.97%
5.ROE: 15.63%(FYE2024), 13.99%(FYE2023), 52.59%(FYE2022), 18.29%(FYE2021)
6.Net asset: 0.68
7.Total debt to current asset: 0.30 (Debt: 166.564mil, Non-Current Asset: 189.913mil, Current asset: 549.336mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FPE 30 Sep): RM361.405 mil (Eps: 0.0886), PAT: 14.44%
2023 (FYE 30 Sep): RM357.755 mil (Eps: 0.0700), PAT: 16.46%
2022 (FYE 30 Sep): RM165.866 mil (Eps: 0.0499),PAT: 25.21%
2021 (FYE 30 Sep): RM67.416 mil (Eps: 0.0095),PAT: 11.76%
***we didn’t follow prospectus book pg 265 EPS as EPS calculation didn’t use enlarged shares volume.
Order Book (as per 31/01/2025)
1. LPD: RM 614.555 mil
Major customer (2024)
1. Besteel Engtech Sdn Bhd: 41.58%
2. SLP Construction Sdn Bhd:11.07%
3. Pertama Makmur Sdn Bhd: 5.10%
4. Euro Saga Sdn Bhd: 4.61%
5. Tekad Warisan (M) Sdn Bhd: 4.44%
***total 66.80%
Major Sharesholders
1. LSH Resources: 64.65% (direct)
2. LSH Holdings: 64.65% (indirect)
3. Tan Sri Datuk Seri Lim Keng Cheng, Aged 62: 1.78% (direct), 64.65% (indirect)
4. Datuk Lim Keng Guan, Aged 60: 1.78% (direct), 64.65% (indirect)
5. Lim Pak Lian, Aged 59 : 1.78% (direct), 64.67% (indirect)
6. Lim Keng Hun, Aged 57: 1.78% (direct), 64.65% (indirect)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM4.104 mil
key management remuneration: RM1.125 mil – RM1.375 mil
total (max): RM5.479 mil or 4.27%
Use of funds
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is mid risk investment, and also come with 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.