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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: 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.
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.