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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.
Close to apply: 12/09/2025
Balloting: 18/09/2025
Listing date: 02/10/2025
Share Capital
Market cap: RM69.3 mil
Total Shares: 495 mil shares
1st day listing tradable shares: 146.619 mil
Industry CARG
1. Wholesale value of black tiger prawns* , Malaysia, 2019 – 2024: 11.31%
2. Production volume of black tiger prawns, Malaysia, 2019 – 2024e: 8.19%
3. Export value of black tiger prawns, Malaysia, 2019 – 2023: -10.43%
Industry competitors comparison (net profit%)
1.Camaroe Group: 20.27%
2.MAG Holdings Berhad: 10.72%
3.QL Marine Products Sdn Bhd: 9.67%
4.SBH Marine Holdings Berhad: 1.75%
5.Others: losses to 4.99%
Business (FPE 2025)
Prawn aquaculture: principal activities comprise farming and processing of prawns, primarily black tiger prawns.
Revenue by segment
1. Frozen black tiger prawns: 75.89%
2. Live prawns: 24.11%
Revenue by Geo
1. Malaysia: 29.71%
2. China: 61.82%
3. South Korea: 8.47%
Fundamental
1.Market: Ace Market
2.Price: RM0.14
3.Forecast P/E: 8.59
4.ROE(Pro forma): 21.26%
5.ROE: 29.49%(FYE2024), 52.46%(FYE2023), 50.94%(FYE2022), 73.04%(FYE2021)
6.Net asset per shares: 0.08
7.Total debt to current asset: 0.58 (Debt: 20.653mil, Non-Current Asset: 23.133mil, Current asset: 35.493mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: -
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FPE 31Mar, 3 mths): RM8.224 mil (Eps: 0.0013), PAT: 20.34%
2024 (FYE 31Dec): RM39.823 mil (Eps: 0.0163), PAT: 19.45%
2023 (FYE 31Dec): RM33.909 mil (Eps: 0.0236), PAT: 23.09%
2022 (FYE 31Dec): RM36.010 mil (Eps: 0.0171),PAT: 23.30%
2021 (FYE 31Dec): RM38.179 mil (Eps: 0.0158),PAT: 16.42%
Major customer (FPE 2025)
1. Shanghai Pinzhuan International Trade Co., Ltd: 49.21%
2. Pantai Seafood Supply: 14.43%
3. Customer A: 8.48%
4. Shanghai XiJuan Supply Chain Technology Co Ltd : 7.83%
5. Dragon Ocean Fishery: 6.92%
***total 86.87%
Major Sharesholders
1. Teoh Han Boon, Aged 53: 35.39 (direct), 28.91% (indirect)
2. Low Saw Cheng, Aged 53: 28.76% (direct), 35.54% (indirect)
3. Teoh Kheng Huat, Aged 50: 6.08% (direct)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM1.872 mil
key management remuneration: RM300 mil – RM450 mil
total (max): RM2.322 mil or 17.83%
Use of funds
Overall is high risk investment, and also come with low 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.