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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: 12/09/2025
Close to apply: 23/09/2025
Balloting: 25/09/2025
Listing date: 07/10/2025
Share Capital
Market cap: RM287 mil
Total Shares: 797.257 mil shares
1st day listing tradable shares: 208 mil shares
Industry CARG
1. Capital expenditure for recurring power generation, transmission and distribution in Malaysia (2016-2024) : 12.1%
2. Residential, commercial and industrial property transactions in Malaysia (2019-23): 8.9%
Industry competitors comparison (net profit%)
1. Cheeding Holdings Berhad: 22.40%
2. HULS Transmission Sdn Bhd: 25.80%
3. CBH Engineering Holding Berhad: 15.4%
4. UUE Holdings Berhad: 13.5%
5. Transgrid Ventures Sdn Bhd: 9.5%
6. Others: losses to 7.6%
Close to apply: 23/09/2025
Balloting: 25/09/2025
Listing date: 07/10/2025
Share Capital
Market cap: RM287 mil
Total Shares: 797.257 mil shares
1st day listing tradable shares: 208 mil shares
Industry CARG
1. Capital expenditure for recurring power generation, transmission and distribution in Malaysia (2016-2024) : 12.1%
2. Residential, commercial and industrial property transactions in Malaysia (2019-23): 8.9%
Industry competitors comparison (net profit%)
1. Cheeding Holdings Berhad: 22.40%
2. HULS Transmission Sdn Bhd: 25.80%
3. CBH Engineering Holding Berhad: 15.4%
4. UUE Holdings Berhad: 13.5%
5. Transgrid Ventures Sdn Bhd: 9.5%
6. Others: losses to 7.6%
Business (FYE 2025)
Main activities involve the EPCC and maintenance of overhead infrastructure for utilities.
Revenue by segment
1. EPCC - overhead infrastructure for utilities: 68.92%
2. EPCC - underground infrastructure for utilities: 22.63%
3. Substation engineering services: 6.79%
4. Maintenance of overhead infrastructure for utilities: 1.66%
Fundamental
1.Market: Ace Market
2.Price: RM0.36
3.Forecast P/E: 10.9
4.ROE(Pro forma): 27.26%
5.ROE: 52.30% (FYE2025), 48.10%(FYE2024), 30.39%(FYE2023), losses (FYE2022)
6.Net asset per shares: 0.12
7.Total debt to current asset: 0.38 (Debt: 41.433mil, Non-Current Asset: 22.705mil, Current asset: 115.382mil)
8.Dividend policy: 25% PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FYE 31Dec): RM117.683 mil (Eps: 0.0330), PAT: 22.39%
2024 (FYE 31Dec): RM88.162 mil (Eps: 0.0257), PAT: 23.20%
2023 (FYE 31Dec): RM36.951 mil (Eps: 0.0103), PAT: 22.27%
2022 (FYE 31Dec): RM9.481 mil (Eps: -0.0003), PAT: -2.91%
Order Book (LPD: 15/08/2025)
1. LPD: RM202.674 mil.
Major customer (FYE2025)
1. TNB : 98.34%
2. Jaya Bina: 1.66%
***total 100%
Major Sharesholders
1. Ng Kian Chai, Aged 72: 68.08% (direct), 6.17% (indirect)
2. Ng Chai Hsia, Aged 43: 0.09% (direct)
3. Tan Sook Hoi, Aged 68: 5.84% (direct), 68.08% (indirect)
Directors & Key Management Remuneration for FYE2026
(from Revenue & other income FYE2025)
Total director remuneration: RM1.477 mil
key management remuneration: RM1.350 mil – RM1.500 mil
total (max): RM2.977 mil or 6.60%
Use of funds
Overall is high risk investment, and also come with 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.