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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: 13/05/2025
Close to apply: 20/05/2025
Balloting: 22/05/2025
Listing date: 03/06/2025
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.
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.