ASM AUTOMATION GROUP BERHAD

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Open to apply: 29 May 2025
Close to apply: 19 June 2025
Balloting: 23 June 2025
Listing date: 02 Jul 2025

Share Capital   
Market cap: RM90.91 mil
Total Shares:  534.765 mil shares
1st day listing tradable shares: 181.821 mil  

Industry CARG    
1. F&B automation machinery solutions industry in Malaysia (2019-2024): 20.1%
2. Consumer spending on snacks in Malaysia (2019-2024):  4.39%
Industry competitors comparison (net profit%)
1. ASM Automation Group Berhad: 18.2%
2. Easy Pack Machinery Sdn Bhd: 15.3%
3. Highpack Machinery Sdn Bhd: 10.2%
4. Microtherm Sdn Bhd: 9.5%
5. Kimah Industrial Supplies (M) Sdn Bhd: 7.0%
6. Others: losses to 6.7%

Business (FPE 2025)    
Involved in the provision of automation machinery solutions and complementary solutions. Customers are primarily F&B manufacturing companies.
Revenue by segment
1. Automation machinery solutions: 93.0% (primarily F&B manufacturing companies)
2. Complementary solutions: 7.0%
Revenue by Geo
1. Malaysia: 58.6%
2. Vietnam: 15.1%
3. Thailand: 12.0%
3. Phillipines: 6.6%
5. Others: 7.7%

Fundamental   
1.Market: Ace Market
2.Price: RM0.17
3.Forecast P/E: 12.78
4.ROE(Pro forma III): 10.37% 
5.ROE: 10.37%(FPE2025), 23.33%(FYE2024),  14.3%(FYE2023), 12.3%(FYE2022)
6.Net asset: 0.10
7.Total debt to current asset: 0.23  (Debt: 14.067mil, Non-Current Asset: 5.922mil, Current asset: 60.235mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 31Dec, 9mths): RM27.995 mil (Eps: 0.0048), PAT: 9.2%
2024 (FYE 31Mar): RM39.133 mil (Eps: 0.0133), PAT: 18.2%
2023 (FYE 31Mar): RM35.821 mil (Eps: 0.0073), PAT: 10.9%
2022 (FYE 31Mar): RM35.052 mil (Eps: 0.0063), PAT: 9.60%

Major customer (FPE2025)   
1. Liwayway Group: 19.3%
2. European Snack Food Group: 11.2%
3. Shoon Fatt Biscuit & Confectionery Factory Sdn Bhd: 6.2%
4. HLRB Processing Sdn Bhd: 6.1%
5. FFM Group: 6.0%
***total 48.8%

Major Sharesholders   
1. Chan kok Heng, Aged 59:  50.9% (direct)
2. Leong Weng Khin, Aged 56:  15.1% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.795 mil
key management remuneration: RM0.40 mil – RM0.60 mil
total (max): RM1.365 mil or 10.65%

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 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.

PMCK BERHAD

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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: 26/05/2025
Close to apply: 25/06/2025
Balloting: 30/06/2025
Listing date: 09/07/2025

Share Capital     
Market cap: RM239.932 mil
Total Shares: 1.0906 bil shares
1st day listing tradable shares: 329 mil shares

Industry CARG    
1. Expenditure on health in Malaysia, 2019 – 2023: 7.08%
2. Private health expenditure in Malaysia, 2019 – 2023: 7.5%
3. Expenditure on health as a percentage of GDP in Malaysia, 2019 – 2023: 1.17%
4. Medical insurance claims payout in Malaysia, 2019 – 2024: 12.49%
Industry competitors comparison (net profit%)
1. PMCK: 14.39%
2. Bagan Specialist Centre Sdn Bhd: 39.52%
3. IHH Healthcare Berhad: 12.97%
4. Metro Kurnia Sdn Bhd: 11.77%
5. KPJ Healthcare Berhad: 10.38%
6. Others: losses to 9.42%

Business (FPE 2025)     
Business activities categorised into 3 segments.
1. Specialist consultant services
2. Healthcare support services comprising facilities services, ward services, clinical support services, sale of medication and nursing care services. 
3. Other services comprising general dental services and polyclinic services
Revenue by segment
1. Specialist consultant services: 29.62%
2. Healthcare support service: 68.61%
3. Other services: 1.77%
Revenue by Geo
1. Kedah: 99.91%
2. Selangor:  0.09%

Fundamental     
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 15.94
4.ROE(Pro forma III):  8.79%
5.ROE: 8.55%(FPE2025), 17.80%(FYE2024),  13.23%(FYE2023), 14.02%(FYE2022)
6.Net asset per shares: 0.13
7.Total debt to current asset Pro forma III: 5.92 (Debt: 141.517mil, Non-Current Asset: 260.146mil, Current asset: 23.865mil)
8.Dividend policy: PAT 20% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2025 (FPE 30Nov, 7mths): RM58.547 mil (Eps: 0.0072), PAT: 13.47%
2024 (FYE 30Apr): RM104.335 mil (Eps: 0.0138), PAT: 14.39%
2023 (FYE 30Apr): RM99.851 mil (Eps: 0.0098), PAT: 10.75%
2022 (FYE 30Apr): RM97.088 mil (Eps: 0.0106), PAT: 11.89%

Major customer    
Nature of our business is individual patients. 

Major Sharesholders  
1. LKH Holdings: 55.41% (direct)
2. Dato’ Dr Lim Kim Huat, aged 73: 55.41% (indirect)
3. Dato’ Lee Gaik Cheng, aged 50 : 14.42% (direct), 55.41% (indirect)

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income 2024)
Total director remuneration: RM2.355 mil
key management remuneration: RM0.70 mil – RM1.00 mil
total (max): RM3.355 mil or 9.66%

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 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.

PARADIGM REAL ESTATE INVESTMENT TRUST (PARADIGM REIT)

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Open to apply: 16/05/2025
Close to apply: 23/05/2025
Balloting: 28/05/2025
Listing date: 10/06/2025

Share Capital    
Market cap: RM1.6 bil
Total Shares:  1.6 bil shares
1st day listing tradable shares: 560 mil

Business (FYE 2024)   
Shopping malls REITS 

Fundamental    
1.Market: Main Market
2.Price: RM1.00 (will follow final institutional price)
3.Forecast P/E: 16.39
4.ROE: 6.13%
5.NAV: RM1.00 (Debt: 865.913 mil, Non-Current Asset: 2.437 bil, Current asset: 38.643mil)
6.Dividend policy:  90% income distribution policy.
7. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 31Dec): RM218.741 mil (Eps: 0.0610), PBT: 44.65%
2023 (FYE 31Dec): RM190.175 mil (Eps: 0.0428), PBT: 35.98%
2022 (FYE 31Dec): RM161.631 mil (Eps: 0.0355), PBT: 35.13%

Major Sharesholders 
1. Gemilang Waras Sdn Bhd: 21.875%
2. Jelas Puri Sdn Bhd: 14.375%
3. WCT Hartanah Jaya Sdn Bhd: 28.75% 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is low risk investment & low return investment. 

*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.

SIGNATURE ALLIANCE GROUP BERHAD

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Open to apply: 14/05/2025
Close to apply: 21/05/2025
Balloting: 23/05/2025
Listing date: 05/06/2025

Share Capital   
Market cap: RM620 mil
Total Shares: 1 bil shares
1st day listing tradable shares:  260 mil shares

Industry CARG      
1. Value of work done for interior fitting-out services, installation works and specialised construction activities in Malaysia (2019-2024): 13.94%
2. Residential, commercial and industrial property transactions in Malaysia: 10.69% 
Industry competitors comparison (net profit%)
1. Signature Alliance Group Berhad: 10.5%
2. Sunray Construction & Interior Sdn Bhd: 6.2%
3. Pena Builders Sdn Bhd: 4.6%
4. Comston Sdn Bhd: 3.6%
5. Jalex Sdn Bhd: 3.1%
6. Others: 0.2% to 2.6%

Business (FYE 2024)    
Interior fitting-out services and building construction works.
1. Project planning and management of our Group's interior fitting-out projects.
2. Customisation and supply of carpentry/ joinery parts and integral fixtures, and manufacturing of wooden furniture.
3. Installation works, building construction works and provision of air conditioning ducting works
4. Maintenance of the projects that our Group undertakes on an ad-hoc basis.
Revenue by segment
1. Provision of interior fitting-out services: 100%
2. Trading: 0%
Revenue by Geo
1. Northern region: 19.9%
2. Southern region: 2.5%
3. Central region: 76.9%
4. East coast region: 0.5%
5. East Malaysia region: 0.2%

Fundamental  
1.Market: Ace Market
2.Price: RM0.62
3.Forecast P/E: 15.27
4.ROE(Pro forma): 19.29%
5.ROE: 61.32% (FYE2024), 27.06%(FYE2023), 25.43%(FYE2022),  15.75%(FYE2021)
6.Net asset: 0.21
7.Total debt to current asset: 0.50 (Debt: 186.769mil, Non-Current Asset: 25.1599mil, Current asset: 371.044mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FYE 31Dec): RM386.016 mil (Eps: 0.0406), PAT: 10.5%
2023 (FYE 31Dec): RM173.383 mil (Eps: 0.0104), PAT: 6.0%
2022 (FYE 31Dec): RM139.460 mil (Eps: 0.0058), PAT: 4.1%
2021 (FYE 31Dec): RM73.412 mil (Eps: 0.0027), PAT: 3.7%

Order Book (LPD : 16 April 2025)   
1. Commercial: RM337.676 mil
2. Residential: RM7.810 mil  
3. Industrial : RM43.119 mil

Major customer (FYE2024)  
1. Sky Park Properties Sdn Bhd: 12.2%
2. Ace Logistic Sdn Bhd: 9.1%
3. PP Chin Hin Realty: 7.0%
4. Lendlease Projects (M) Sdn Bhd: 6.7%
5. Client H: 6.4%
***total 41.4%

Major Sharesholders   
1. Signature International Berhad: 37.5% (direct)
2. Chang Chung Fei, aged 49 : 16.4% (direct)
3. Foo Khai Shin, aged 41 : 13.1% (direct)
4. Ng Mun Moh, aged 51 : 7.0% (direct)
5. Chin Hin Group Berhad: 37.5% (indirect)
6. Divine Inventions: 37.5% (indirect)
7. PP Chin Hin Realty: 37.5% (indirect)
8. Datuk Seri Chiau Beng Teik,JP, aged 64 : 37.5% (indirect)
9. Chiau Haw Choon, aged 41: 37.5% (indirect)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income 2023)
Total director remuneration: RM1.335 mil
key management remuneration: RM1.30 mil – RM1.50 mil
total (max): RM2.835 mil or 3.47%

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 range 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.

ICT ZONE ASIA BERHAD

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Open to apply: 13/05/2025

Close to apply: 20/05/2025
Balloting: 22/05/2025
Listing date: 03/06/2025

Share Capital   
Market cap: RM159.09 mil
Total Shares: 795.4532 mil shares
1st day listing tradable shares: 379.886 mil shares 

Industry CARG   
1. ICT hardware and ICT software industry 2017-2024e: 5.1%
2. ICT services industry 2017-2024e: 6.3%
3. Cloud solutions and services industry 2017-2024e: 21.3%
Industry competitors comparison (net profit%)
1. ICT Zone Asia Group: 6.6%
2. VSTECS Berhad: 2.4%
3. SNS Network Technology Berhad: 2.5%
4. NEC Corporation of Malaysia Sdn Bhd: 3.6%
5. Edaran Berhad: 2.9%
6. Others: losses to 11.1%

Business (FYE 2024)   
Provision of technology financing solutions, trading of ICT hardware and software, ICT services, and cloud solutions and services.
Revenue by segment
1. Technology financing: 43.14%
2. Sale of new ICT hardware and software: 45.79%
3. Sale of refurbished ICT assets: 2.83%
4. Provision of cloud solutions and services: 8.00%
5. Provision of ICT services: 0.24%
Revenue by Geo
1. Malaysia : 98.87%
2. Taiwan: 1.12%
3. Canada: 0.01%

Fundamental  
1.Market: Ace Market
2.Price: RM0.20
3.Forecast P/E: 21.74
4.ROE(Pro forma):  7.93%
5.ROE: 12.18%(FYE2024),  14.62%(FYE2023), 11.74%(FYE2022)
6.Net asset: 0.11
7.Total debt to current asset: 2.45  (Debt: 141.088mil, Non-Current Asset: 174.855mil, Current asset: 57.508mil)
8.Dividend policy:  20% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE 30Nov, 10mths): RM95.561 mil (Eps: 0.0076), PAT: 6.31% 
2024 (FYE 31Jan): RM114.428 mil (Eps: 0.0092), PAT: 6.52%
2023 (FYE 31Jan): RM75.058 mil (Eps: 0.0080), PAT: 8.49%
2022 (FYE 31Jan): RM52.033 mil (Eps: 0.0054), PAT: 8.4%

Order Book     
1. 2026: RM79.587 mil
2. 2027: RM80.252 mil
3. 2028: RM51.163 mil
4. After 2028: RM28.695 mil

LPD: 15 April 2025: total RM242.811 mil 

Major customer (FPE 2024)   
1. Juricco: 40.33%
2. Haynil: 20.42%
3. Starza: 16.94%
4. JOS (Malaysia) Sdn Bhd: 3.65%
5. Enfrasys Group: 3.59%
***total 84.93%

Major Sharesholders    
1. ICT Zone Holding: 51.13%
2. Datuk Seri Ng Thien Phing, aged 50: 51.13% (indirect)
3. Lim Kok Kwang, aged 50: 0.02% (direct), 51.29% (indirect)
4. Choo Chin Thye, aged 63: 4.98%

Directors & Key Management Remuneration for FYE2025  
(from Revenue & other income 2024)
Total director remuneration: RM1.874 mil
key management remuneration: RM1.05 mil – RM1.25 mil
total (max): RM3.124 mil or 15.82%

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 low-mid 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.