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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: 09/04/2025
Close to apply: 18/04/2025
Balloting: 22/04/2025
Listing date: 02/05/2025
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.
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.