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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: 11/03/2025
Balloting: 13/03/2025
Listing date: 25/03/2025
Close to apply: 11/03/2025
Balloting: 13/03/2025
Listing date: 25/03/2025
Share Capital
Market cap: RM135.032 mil
Total Shares: 540.12876 mil shares
1st day listing tradable shares: 162.0388 mil shares
Market cap: RM135.032 mil
Total Shares: 540.12876 mil shares
1st day listing tradable shares: 162.0388 mil shares
Industry CARG (2024e-2028f)
1. Growth Forecast for the Construction Industry in Malaysia: 8.4%
2. Growth Forecast for the Civil Engineering and Special Trade Work Market in Malaysia: 9.4%
Industry competitors comparison (net profit%)
1. Wawasan Dengkil: 6.0%
2. Advancecon: -10.2%
3. Binaform: 2.5%
4. Gadang: -8.9%
5. Menta: 2.5%
Business (FPE 2025)
Provision of construction services, earthworks and civil engineering services, trading of construction materials as well as provision of machineries and commercial vehicles for hire.
Revenue by Segment
1. Construction services: 86.7%
2. Trading of construction materials: 11.3%
3. Provision of machineries and commercial vehicles for hire: 2.0%
Revenue by Geo
1. Northern region: 7.7%
2. Central region: 92.3%
Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 11.90
4.ROE(Pro forma): 12.73%
5.ROE: 17.06%(FYE2024), 15.88%(FYE2023), 15.12%(FYE2022), 19.78%(FYE2021)
6.Net asset: 0.17
7.Total debt to current asset: 0.796 (Debt: 117.249mil, Non-Current Asset: 64.347mil, Current asset: 147.382mil)
8.Dividend policy: Didn’t have formal dividend policy.
9.Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FPE 31Oct, 4mths): RM61.870 mil (Eps: 0.0074), PAT: 6.5%
2024 (FYE 30Jun): RM188.541 mil (Eps: 0.0210), PAT: 5.8%
2023 (FYE 30Jun): RM123.494 mil (Eps: 0.0162), PAT: 5.5%
2022 (FYE 30Jun): RM82.871 mil (Eps: 0.0130), PAT: 2.9%
2021 (FYE 30Jun): RM69.856 mil (Eps: 0.0144), PAT: 9.7%
Order Book
1. LPD As until 28/01/2025: RM378,140 mil
Major customer (FPE 2025)
1. Milmix Sdn Bhd: 30.9%
2. LASB: 20.9%
3. Ang Chen Ho Quarry Sdn Bhd: 17.7%
4. WISB: 17.2%
5. Asas Jati Sdn Bhd: 6.7%
***total 93.4%
2. LASB: 20.9%
3. Ang Chen Ho Quarry Sdn Bhd: 17.7%
4. WISB: 17.2%
5. Asas Jati Sdn Bhd: 6.7%
***total 93.4%
Major Sharesholders
1. T Force: 56.0% (direct)
2. Lim Soon Yik: 14.0% (direct), 56.0% (indirect)
3. Lim Kok Seng: 56.3% (indirect)
4. Lim Soon Keat: 56.0% (indirect)
5. Sich Kah Yong: 56.0% (indirect)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM0.828 mil
key management remuneration: RM0.95 mil – RM1.20 mil
total (max): RM2.028 mil or 12.11%
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 to mid grow return opportunities.
Overall is high risk investment, and also come with low to 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.