HARTANAH KENYALANG BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 30/04/2025
Close to apply: 27/05/2025
Balloting: 29/05/2025
Listing date: 09/06/2025

Share Capital    
Market cap: RM99.20 mil
Total Shares:  620 mil shares
1st day listing tradable shares: 306.478 mil shares 

Industry CARG   
1. Value of work done on non-residential buildings in Sarawak (2020-2024): 1.88% 
2. Value of work done on civil engineering in Sarawak (2020-2024): 6.05%
Industry competitors comparison (net profit%)
1. Hartanah Group: 7.2%
2. Advancecon Infra Sdn Bhd: -7.3%
3. Ibraco Construction Sdn Bhd: 1.4%
4. Naim Engineering Sdn Bhd: 5.5%
5. Nestcon Builders Sdn Bhd: 0.7%
6. Nestcon Infra Sdn Bhd: 0.4%
7. Sunmov Construction Sdn Bhd: 5.2%
8. Zecon Kimlun Consortium Sdn Bhd0.9%

Business (FYE 2024)   
Construction and Infrastructure services mainly in Sarawak. 
1. Building construction services, with a focus on institutional buildings such as schools and other public buildings, and other non-residential buildings
2. Infrastructure construction services, with a focus on bridges and roads
Revenue by segment
1. Building construction services: 68.8%
2. Infrastructure construction services: 31.2%

Fundamental   
1.Market: Ace Market
2.Price: RM0.16
3.Forecast P/E: 10.81
4.ROE(Pro forma II): 21.8% 
5.ROE: 36.81%(FYE2024), 27.23%(FYE2023),  40.4%(FYE2022), 66.21%(FYE2021)
6.Net asset: 0.07
7.Total debt to current asset: 0.64  (Debt: 58.927mil, Non-Current Asset: 9.003mil, Current asset: 92.136mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2024 (FYE 31Oct): RM127.588 mil (Eps: 0.0148), PAT: 7.20%
2023 (FYE 31Oct): RM71.184 mil (Eps: 0.0091), PAT: 8.0%
2022 (FYE 31Oct): RM50.948 mil (Eps: 0.0099), PAT: 12.0%
2021 (FYE 31Oct): RM34.070 mil (Eps: 0.0078), PAT: 14.1%
***we didn’t follow prospestus book pg.158 , as diluted EPS have to use englarged shares 620mil shares. 

Order Book (LPD @ 31 Mar 2025)     
1. LPD: RM142.453 mil

Major customer (FYE2024)     
1. Townbuilder Realty Sdn Bhd: 33.7%
2. Jabatan Kerja Raya Sarawak: 27.0%
3. SCIB Group: 16.6%
4. Borneo Development Corporation (Sarawak) Sdn Bhd: 13.9%
5. Greenchain Capital Sdn BhdL 8.6%
***total 99.8%

Major Sharesholders      
1. Seah Boon Tiat, Aged 45: 20.45% (direct), 15.06% (indirect) 
2. Seah Boon Kee, Aged 48: 15.06% (direct), 20.45% (indirect)
3. Tony Cheok Liam Fock, Aged 67: 15.06% (direct)
4. Peter Chai (Choy Mui Seng @ Chai Mui Seng ) Aged 80: 16.31% (direct)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM2.919 mil
key management remuneration: RM0.85 mil – RM1.00 mil
total (max): RM3.919 mil or 16.74%

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-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.

ECO-SHOP MARKETING BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 29/04/2025
Close to apply: 07/05/2025
Balloting: 09/05/2025
Listing date: 23/05/2025

Share Capital     
Market cap: RM6.96 bil
Total Shares:  5.747bil shares
1st day listing tradable shares: 1.361 bil shares

Industry CARG    
1. Store-based Retail Sales Value in Malaysia 2016-2024e: 5.2%
2. Store-based Retail Sales Value in Malaysia 2024e-2029f: 6.0%
3. Market Size of the Dollar Store Retail Sector in Malaysia 2016-2024e: 19.6%
4. Market Size of the Dollar Store Retail Sector in Malaysia 2024e-2029f: 14.2%
Industry competitors comparison (Gross profit%)
1.Eco-Shop: 26.4%
2.North American Dollar Stores: 35.1%
3.Malaysian Home Improvement Group: 45.4%
4.Thai Home Centre & Specialty Retailers: 21.9%.
Other partial similar concept competitors 
1. 99Speedmart: PE38.81
2. MRDIY: PE27.46

Business (FPE 2024)   
Eco-Shop:
(i) Investment holding 
(ii) Retailing of groceries, general consumer goods, wholesaler of rice, oil, flour, sugar and provision of transportation services
(iii) E-commerce and online business selling a variety of products.
Eco-Shop Plasticware
(i) Manufacturing, distribution, export, import, sale or dealing in plastic products for daily consumer use 
Eco Shop E-Commerce: 
(ii) Trading of computer hardware, software and peripherals

Revenue by Geo (Malaysia)
1. Central: 24.0%
2. East Coast: 24.6%
3. Northern: 20.3%
4. Southern: 21.5%
5. East Malaysia: 9.5%

Fundamental   
1.Market: Main Market
2.Price: RM1.21 (will follow final institutional price)
3.Forecast P/E: 39.29
4.ROE(Pro forma II): 10.38%
5.ROE: 34.07% (FPE2024), 32.10%(FYE2024),  20.03%(FYE2023), 6.39%(FYE2022)
6.Net asset: 0.16
7.Total debt to current asset: 1.15 (Debt: 798.927mil, Non-Current Asset: 999.446mil, Current asset: 697.166mil)
8.Dividend policy: 40% to 60% of PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FPE 30Nov, 6mths): RM1.362 bil (Eps: 0.0162), PAT: 6.8%
2024 (FYE 31May): RM2.404 bil (Eps: 0.0308),PAT: 7.4%
2023 (FYE 31May): RM1.991 bil (Eps: 0.0183),PAT: 5.3%
2022 (FYE 31May): RM1.574 bil (Eps: 0.0047),PAT: 1.7%
***we didn’t follow Prospectus Pg.226, as diluted EPS didn’t use enlarged shares 5.747 bil shares

Major Customer   

Nature of business is retail customer, didn’t have single large customer. 

Major Sharesholders    
1. Dato' Sri Lee Kar Whatt, aged 52: 73.1% (direct), 2% (indirect) 
2. Agathis Montana Sdn Bhd (AMSB): 1.9% (direct)
3. Creador IV: 1.9% (indirect)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM3.42 mil
key management remuneration: RM1.45 mil – RM1.55 mil
total (max): RM4.97 mil or 0.78%

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 come with low-mid 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.

OASIS HOME HOLDINGS BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 25/04/2025
Close to apply: 09/05/2025
Balloting: 16/06/2025
Listing date: 28/05/2025

Share Capital     
Market cap: RM140 mil
Total Shares:  500 mil shares
1st day listing tradable shares:  178.74 mil shares

Industry CARG     
1. Live commerce in Southeast Asia (2018-2024e): 110.9% 
Consumer lifestyle products sales value in Malaysia (2017-2024)
1. Home and living products: 5.0%
2. Beauty and personal care products: 7.6%
3. Apparel and fashion products: 4.1%
4. Wellness products: 8.0%

Consumer lifestyle products sales value in Singapore (2017-2024)
1. Home and living products: 3.8%
2. Beauty and personal care products: 4.4%
3. Apparel and fashion products: 2.5%
4. Wellness products: 4.5%
Industry competitors comparison (net profit%)
1. Oasis Group: 14.7%
2. New Me Marketing Sdn Bhd: 0.4%
3. 123 Live Mall Malaysia Sdn Bhd: 4.8%
4. Fortuna Express Sdn Bhd: 1.5%
5. QR Oyes Sdn Bhd: losses 
6. Elite High Sdn Bhd: losses

Business (FPE 2025)      
Marketing and selling of consumer lifestyle products, with live commerce and our mobile application and website as main sales channels since FYE 2023
Revenue by Segment
1. D2C segment: 99.08% (Live Commerce: 71.32%)
2. B2B segment: 0.02%
Revenue by Geo
1. Malaysia: 98.79%
2. Singapore: 1.21%

Fundamental   
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 17.39
4.ROE(Pro forma): 9.24%
5.ROE: 15.26%(FPE2025), 27.01%(FYE2024),  20.3%(FYE2023), 26.85%(FYE2022)
6.Net asset: 0.11
7.Total debt to current asset: 0.43 (Debt: 24.397mil, Non-Current Asset: 23.824mil, Current asset: 56.511mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Shariah

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 30Nov, 5mths): RM33.426 mil (Eps: 0.0104), PAT: 15.54%
2024 (FYE 30Jun): RM54.821 mil (Eps: 0.0161), PAT: 14.72%
2023 (FYE 30Jun): RM39.966 mil (Eps: 0.0099), PAT: 12.30%
2022 (FYE 30Jun): RM40.884 mil (Eps: 0.0107), PAT: 13.05%
***we are not follow prospectus book pg174 EPS. EPS above using enlarged 500mil shares.

Major customer   

Over 90% customer is D2C customer. Didn’t have single major large customer. 

Major Sharesholders     
1. Datuk Teoh Yee Seang, aged 45 : 35.05% (direct), 25.2% (indirect)
2. Datin Tang Jing Wen, aged 36: 4% (direct)
3. Oasis Management Team: 25.2% (direct)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM1.540 mil
key management remuneration: RM0.4 mil – RM0.5 mil
total (max): RM2.040 mil or 8.36%

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 mid-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.

PEOPLELOGY BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 21/04/2025
Close to apply: 06/05/2025
Balloting: 08/05/2025
Listing date: 20/05/2025

Share Capital      
Market cap: RM102.93 mil
Total Shares:  411.7169mil shares
1st day listing tradable shares: 205.182 mil shares

Industry CARG      
1. Public and private sector spending on training programmes in Malaysia (2021-2023): 21.7%
2. Labour force in Malaysia (2019-2023):  2.16%
Industry competitors comparison (net profit%)
1. PEOPLElogy: 18.7%
2. LGMS Berhad: 32.8%
3. Dream Catcher Consulting Sdn Bhd: 18.9%
4. Comfori Sdn Bhd: 14.1%
5. Compass Mind Asia Sdn Bhd: 8.7%
6. Others: losses to 8%

Business (FYE 2024)  
Provision of integrated people development solutions comprising. 
1. Organisational talent consultancy & profile assessment services under our Discovery business segment
2. ICT, soft skills and leadership training services; IR4.0 digital skills and certification services; and organisation of events, conferences and seminars on human resources under our Development business segment.
3. Learning and performance management system, online learning platform and training content digitalisation services under our Digital business segment.
Revenue by segment
1. Development: 97.56% 
2. Digital: 0.51%
3. Discovery: 1.93%
Revenue by Geo
1. Malaysia: 97.84%
2. Indonesia: 2.00%
3. Philippines: 0.16%

Fundamental   
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 18.8
4.ROE(Pro forma II):  15.85%
5.ROE:  43.40%(FYE2024), 127.18%(FYE2023),  98.98%(FYE2022), 89.63%(FYE2021)
6.Net asset: 0.08
7.Total debt to current asset:  0.21 (Debt: 7.865mil, Non-Current Asset: 4.474mil, Current asset: 37.889mil)
8.Dividend policy:  no formal dividend policy.
9. Shariah status: Yes 

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 31Dec): RM29.241 mil (Eps: 0.0133), PAT: 18.70%
2023 (FYE 31Dec): RM24.729 mil (Eps: 0.0141), PAT: 23.45%
2022 (FYE 31Dec): RM22.793 mil (Eps: 0.0116), PAT: 20.95%
2021 (FYE 31Dec): RM16.278 mil (Eps: 0.0088), PAT: 22.14%

Order Book (LPD: 24/03/2025)   
1. FYE2025: RM8.207 mil
2. FYE2026: RM0.987 mil

Major customer (FYE2024)   
1. Yayasan Peneraju: 51.18%
2. Customer B: 15.96%
3. Yayasan Pahang: 2.48%
4. Etiqa General Insurance Berhad: 2.05%
5. DIC (Malaysia) Sdn Bhd: 1.46%
***total 73.13%

Major Sharesholders     
1. Allen Lee, aged 56 : 24.27% (direct), 25.7% (indirect)
2. Peoplelogists: 21.01% (direct)
3. David Lim, aged 70: 5.96% (direct), 1.49% (indirect)
4. Tan Sri Nelson, aged 60: 5.22% (direct)
5. Lim Szu Yee, aged 54: 4.69% (direct)
6. Chen Khai Voon, aged 64: 10% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM1.8558 mil
key management remuneration: RM0.2 mil – RM0.25 mil
total (max): RM2.1058 mil or 10.22%

Use of Fund

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-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.

FIBROMAT (M) BERHAD

Copyright@http://lchipo.blogspot.com/

Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 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

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 10/04/2025
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

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 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

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 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!!!