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.