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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: 28/08/2025
Close to apply: 09/09/2025
Balloting: 11/09/2025
Listing date: 23/09/2025
Close to apply: 09/09/2025
Balloting: 11/09/2025
Listing date: 23/09/2025
Share Capital
Market cap: RM100.75 mil
Total Shares: 325 mil shares
1st day listing tradable shares: 161.005 mil shares
Industry CARG
1. Installed capacity for solar PV systems in Malaysia: 20.9%
Industry competitors comparison (net profit%)
1. JS Solar: 4.3%
2. Northern Solar Sdn Bhd: 12.9%
3. Tera Va Sdn Bhd: 9.7%
4. Samaiden Sdn Bhd: 6.2%
5. Others: 0.7 % to 3.0%
Business (FYE 2025)
Business of renewable energy solutions.
i) EPCC: Involve in design, planning, engineering, procurement, construction, installation, testing and commissioning services required for installing solar PV systems.
ii) Contracting services for solar PV systems: services as a subcontractor to main contractors.
iii) O&M services: to assist our customers in operating and maintaining their solar PV systems.
Revenue by Segment
1. EPCC services for solar PV systems: 55.86%
2. Contracting services for solar PV systems: 44.1%
3. O&M services for solar PV systems: 0.04%
Fundamental
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 12.6
4.ROE(Pro forma): 20.44%
5.ROE: 45.58%(FYE2025), 66.96%(FYE2024), 39.46%(FYE2023), losses(FYE2022)
6.Net asset per shares: RM0.12
7.Total debt to current asset: 0.79 (Debt: 62.510mil, Non-Current Asset: 22.075mil, Current asset: 79.588mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FYE 31Mar): RM186.534 mil (Eps: 0.0246), PAT: 4.29%
2024 (FYE 31Mar): RM140.385 mil (Eps: 0.0197), PAT: 4.56%
2023 (FYE 31Mar): RM70.270 mil (Eps: 0.0030), PAT: 1.37%
2022 (FYE 31Mar): RM21.438 mil (Eps: -0.0025), PAT: losses
Order Book (LPD: 31/07/2025)
1. FYE 2026: 33.466 mil
2. FYE 2027: 1.440 mil
3. FYE 2028: 1.091 mil
Major customer (FYE 2025)
1. NUR group of companies: 49.68%
2. GSPARX: 30.66%
3. Datapuri–JS Consortium: 1.9%
4. Site Platform Engineering Sdn Bhd: 1.52%
5. Customer A: 1.23%
***total 84.99%
Major Sharesholders
1. Chai Jeun Sian, Aged 46: 14.7% (direct)
2. Ikwan Hafiz Bin Jamaludin, Aged 38: 16.15% (direct), 19.61% ( indirect)
3. Rantai Inspirasi: 19.61% (direct)
4. Sa Chee Peng, Aged 55: 16.94% (direct)
Directors & Key Management Remuneration for FYE2026
(from Revenue & other income 2025)
Total director remuneration: RM0.585 mil
key management remuneration: RM0.80 mil – RM0.95 mil
total (max): RM1.535 mil or 6.51%
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 high 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.
Overall is high risk investment, and also come with high 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.