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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: 09/10/2025
Balloting: 13/10/2025
Listing date: 23/10/2025
Close to apply: 09/10/2025
Balloting: 13/10/2025
Listing date: 23/10/2025
Share Capital
Market cap: RM275.28 mil
Total Shares: 888 mil shares
1st day listing tradable shares: 243.869 mil shares
Industry CARG
1. Automated test solutions industry, Global, 2022 – 2024: 3.78%
2. Automated test solutions industry, Malaysia, 2022 – 2024: 18.85%
3. Global E&E industry, 2022 – 2024: 2.55%
4. E&E industry size, Malaysia, 2022 – 2024: 4.53%
5. PCB industry size, Malaysia, 2022 – 2024: 3.73%
6. Global generative AI revenue, 2022 – 2024: 86%
Industry competitors comparison (net profit%)
1. THMY: 21.86%
2. AIMFLEX Berhad: 11.29%
3. Circuit Check Asia Sdn Bhd: 7.07%
4. Vitrox: 16.38%
5. Penta: 10.47%
6. Others : losses to 8.04%
Business (FPE 2025)
Provision of automated test solutions for E&E products, with end-use in various industries.
Revenue by segment
1. ICT Solution: 86.06%
2. FCT Solution: 8.38%
3. Maintenance and repair services: 5.56%
Revenue by customer type
1. EMS32.58%
2. OEM (industrial): 37.29%
3. OEM (Technology, media and telecommunications): 29.26%
4. OEM (Semiconductor): 0.87%
Revenue by geo
1. Local: 27.41%
2. Thailand: 34.21%
3. USA: 22.20%
4. Singapore: 5.51%
5. Taiwan: 5.31%
6. Others: 5.36%
1. Local: 27.41%
2. Thailand: 34.21%
3. USA: 22.20%
4. Singapore: 5.51%
5. Taiwan: 5.31%
6. Others: 5.36%
Fundamental
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 27.43
4.ROE(Pro forma): 17.02%
5.ROE: 56.09%(FYE2025), 52.88%(FYE2024), 30.92%(FYE2023), 17.22%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.836 (Debt: 28.271mil, Non-Current Asset: 25.708mil, Current asset: 61.573mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FYE 31Mar): RM45.929 mil (Eps: 0.0113), PAT: 21.86%
2024 (FYE 31Mar): RM31.228 mil (Eps: 0.0076), PAT: 21.62%
2023 (FYE 31Mar): RM32.501 mil (Eps: 0.0039), PAT: 10.57%
2022 (FYE 31Mar): RM25.768 mil (Eps: 0.0015), PAT: 5.13%
Major customer (FYE 2025)
1. Test Solution Co.Ltd: 16.79%
2. Customer A: 11.25%
3. Customer G: 9.85%
4. Customer I: 7.05%
5. Customer H: 6.52%
***total 51.46%
Major Sharesholders
1. Ooi Can Nix, Aged 49: 68.93%
Directors & Key Management Remuneration for FYE2026
(from Revenue & other income 2025)
Total director remuneration: RM1.266 mil
key management remuneration: RM1.05 mil – RM1.25 mil
total (max): RM2.516 mil or 13.28%
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.
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.