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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: 29/09/2025
Close to apply: 07/10/2025
Balloting: 09/10/2025
Listing date: 22/10/2025
Close to apply: 07/10/2025
Balloting: 09/10/2025
Listing date: 22/10/2025
Share Capital
Market cap: RM253.462 mil
Total Shares: 817.618 mil shares
1st day listing tradable shares: 275.789 mil shares
Industry CARG
1. Installed capacity for solar PV systems in Malaysia (2019-2024): 20.9%
2. Solar PV EPCC services for residential new built solar PV installations in Malaysia (2021-24):
Industry competitors comparison (net profit%)
1. Verdant Solar: 15.4%
2. Northern Solar Holdings Berhad: 13.4%
3. Pekat Solar Sdn Bhd: 0.5%
4. Samaiden Sdn Bhd: 6.2%
5. Solarvest Energy Sdn Bhd: 8.7%
6. Others : 0.1% to 14.3%
Business (FYE 2025)
Involved in the provision of EPCC services for solar PV systems, O&M services for solar PV systems and trading of solar products.
Revenue by Segment
1. EPCC Residential: 95.45%
2. EPCC Commercial and industrial: 3.57%
3. O&M services for solar PV systems: 0.4%
4. Trading of solar products: 0.58%
Fundamental
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 29 (impose 50% discount 2025 EPS for valuation, more info refer SWOT table)
4.ROE(Pro forma): 30%
5.ROE: 78.4%(FYE2025), 75.3%(FYE2024), 44.69%(FYE2023), 48.9%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.69 (Debt: 28.849mil, Non-Current Asset: 8.842mil, Current asset: 41.94mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FYE 30 Jun): RM111.426 mil (Eps: 0.0210), PAT: 15.44%
2024 (FYE 30 Jun): RM56.276 mil (Eps: 0.0081),PAT: 11.81%
2023 (FYE 30 Jun): RM26.644 mil (Eps: 0.0015),PAT: 4.52%
2022 (FYE 30 Jun): RM14.701 mil (Eps: 0.0010),PAT: 5.63%
Order Book (LPD : 02/09/2025)
1. LPD: RM31.131 mil
Major customer
Didn’t single large major customer that contribute more then 10% of revenue.
Major Sharesholders
1. Lim Tzer Haur, aged 40: 53.02% (Direct)
2. Ng Kei Mynn, aged 38: 13.25% (Direct)
3. Ong Hsiao Loong, aged 43: 7.36% (Direct)
2. Ng Kei Mynn, aged 38: 13.25% (Direct)
3. Ong Hsiao Loong, aged 43: 7.36% (Direct)
Directors & Key Management Remuneration for FYE2026
(from Revenue & other income 2025)
Total director remuneration: RM1.469 mil
key management remuneration: RM0.45 mil – RM0.6 mil
total (max): RM2.069 mil or 4.82%
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 middle to 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.
