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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: 10/04/2025
Close to apply: 17/04/2025
Balloting: 22/04/2025
Listing date: 05/05/2025
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.
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.