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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: 10/02/2025
Close to apply: 19/02/2025
Balloting: 24/02/2025
Listing date:03/03/2025
Close to apply: 19/02/2025
Balloting: 24/02/2025
Listing date:03/03/2025
Share Capital
Market cap: RM578 mil
Total Shares: 850 mil shares
Industry CARG (2021-2023)
1. Global import and export values of stainless steel welded pipes: 2.9% (import), -2.5% (export)
2. Global import and export values of butt weld pipe fittings: 14.2% (import), 4.7%(export)
3. Malaysia’s sales value of manufacture of stainless steel welded pipes: 16.7%
4. Malaysia’s import of stainless steel welded pipes: -9.9%
5. Malaysia’s export of stainless steel welded pipe: -17%
6. Malaysia’s consumption of stainless steel welded pipe: 19.1%
7. Malaysia’s Growth of export & Import for butt weld pipes fittings: 19.3% (export), -4.4% (import)
Industry competitors comparison (net profit%)
1. Pantech Global Group: 11.3%
2. S.P. United Industry S/B: 8.4%
3. Arah Dagang S/B: 4.6%
4. Solidbend Fittings & Flanges S/B: 3.9%
5. Kanzen Tetsu S/B: 3.5%
6. Others: 2.2% to 3.0%
2. Global import and export values of butt weld pipe fittings: 14.2% (import), 4.7%(export)
3. Malaysia’s sales value of manufacture of stainless steel welded pipes: 16.7%
4. Malaysia’s import of stainless steel welded pipes: -9.9%
5. Malaysia’s export of stainless steel welded pipe: -17%
6. Malaysia’s consumption of stainless steel welded pipe: 19.1%
7. Malaysia’s Growth of export & Import for butt weld pipes fittings: 19.3% (export), -4.4% (import)
Industry competitors comparison (net profit%)
1. Pantech Global Group: 11.3%
2. S.P. United Industry S/B: 8.4%
3. Arah Dagang S/B: 4.6%
4. Solidbend Fittings & Flanges S/B: 3.9%
5. Kanzen Tetsu S/B: 3.5%
6. Others: 2.2% to 3.0%
Business (FPE 2025)
Manufacture of butt weld pipe fittings and welded pipes : include carbon and stainless steel elbows, tees, reducers, stub ends (stainless steel only) and end caps mainly for pressure piping applications
Group info
1. Pantech Group Holdings Berhad (PGHB): mother company
2. Pantech Global Berhad: PGHB hold 69.15% of Pantech Global
3. Pantech Global Berhad to be listing in Bursa: PGHB sell 2 subsidiary to Pantech Global (Pantech Stainless & Alloy Industries Sdn Bhd, and Pantech Steel Industries Sdn Bhd)
Revenue by Segments
1. Manufacturing Butt weld pipe fittings: 54.34%
2. Manufacturing Stainless steel welded pipes: 41.51%
3. Other business activities: 4.15%
Revenue by Geo
1. Asia Pacific: 47.12% (M’sia: 24.42%)
2. The Americas: 34.85%
3. Europe: 17.10%
4. MENA: 0.93%
1. Pantech Group Holdings Berhad (PGHB): mother company
2. Pantech Global Berhad: PGHB hold 69.15% of Pantech Global
3. Pantech Global Berhad to be listing in Bursa: PGHB sell 2 subsidiary to Pantech Global (Pantech Stainless & Alloy Industries Sdn Bhd, and Pantech Steel Industries Sdn Bhd)
Revenue by Segments
1. Manufacturing Butt weld pipe fittings: 54.34%
2. Manufacturing Stainless steel welded pipes: 41.51%
3. Other business activities: 4.15%
Revenue by Geo
1. Asia Pacific: 47.12% (M’sia: 24.42%)
2. The Americas: 34.85%
3. Europe: 17.10%
4. MENA: 0.93%
Fundamental
1.Market: Main Market
2.Price: RM0.68
3.Forecast P/E: 11.62
4.ROE(Pro forma): 10.88%
5.ROE: 16.63% (FPE2025), 16.91%(FYE2024), 26.76%(FYE2023), 14.78%(FYE2022)
6.Net asset: 0.58
7.Total debt to current asset: 0.42 (Debt: 194.798mil, Non-Current Asset: 221.520mil, Current asset: 463.539mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT)
2025 (FPE 31Aug, 6mth): RM264.976 mil (Eps: 0.0314), PAT: 10.06%
2024 (FYE 28Feb): RM440.939 mil (Eps: 0.0585), PAT: 11.27%
2023 (FYE 28Feb): RM551.444 mil (Eps: 0.0958), PAT: 14.76%
2022 (FYE 28Feb): RM351.941 mil (Eps: 0.0452), PAT: 10.91%
Use of funds
Major customer (FPE2025)
1. Customer A1: 14.92%
2. Customer B2: 14.34%
3. Customer C: 14.27%
4. PGHB Group: 12.52%
5. Customer D: 8.69%
***total 64.74%
Major Sharesholders
1. PGHB: 69.15% (direct)
2. Dato’ Chew Ting Leng: 0.06% (direct), 0.8% (indirect)
3. Tan Ang Ang: : 0.2% (direct), 0.08% (indirect)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM3.528 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM4.328 mil or 4.3%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall the industry is in low grow environment, and middle risk of investment.
Overall the industry is in low grow environment, and middle risk of investment.
*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.