PAPPAJACK BERHAD

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Open to apply: 11/03/2022
Close to apply: 18/03/2022
Balloting: 23/03/2022
Listing date: 01/04/2022

Share Capital
Market Cap: RM200.4 mil
Total Shares: 668 mil shares

Industry & Competitor
Pawbroking industry in Malaysia CARG: 4.79%
Ar-Rahnu CARG: -9.77%
Industry market shares: 2.15% (2020, included Ar-Rahnu).

Business (2021)
Pawnbroking in Malaysia (Pajak Gadai) with interest rate 1.3%-2% pawn loan (per month).
Pawnbroking: 56.37%
Sale of unredeemed or bid pledges: 43.63%

Fundamental
1.Market: Ace Market
2.Price: RM0.30 
3.P/E: 24.39
4.ROE(Pro Forma III): 4.02% (FPE2021)
5.ROE: 7.54%(FYE2020), 3.03%(FYE2019), 2.86%(FYE2018)
6.NA after IPO: RM0.24
7.Total debt to current asset after IPO: 0.11  (Debt: 18.883mil, Non-Current Asset: 10.487mil, Current asset: 169.337mil)
8.Dividend policy: no formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FPE 30Sep): RM25.407 mil (Eps: 0.0081),PAT:21.36%
2020 (FYE 31Dec): RM30.769 mil (Eps: 0.0123),PAT:26.67%
2019 (FYE 31Dec): RM19.207 mil (Eps: 0.0029),PAT:10.22%
2018 (FYE 31Dec): RM10.010 mil (Eps: 0.0024),PAT:15.69%

After IPO Sharesholding
1. TSE Sejahtera: 47.85%
2. Lim Boon Hua: 50.17% (indirect) 
3. Law Book Ching: 47.85% (indirect) 
4. Lim Siew Fang: 47.85% (indirect) 
5. Lee Kooi Lan: 47.85% (indirect) 

Directors & Key Management Remuneration for FYE2022 (from gross profit 2021)
Total director remuneration: RM0.441mil
key management remuneration: RM0.305mil
total (max): RM0.746mil or 5.4%  

Use of fund
1.Expansion of pawnbroking outlets: 38.36%
2. Cash capital for existing 20 pawnbroking outlets: 54.05% 
3. Listing expenses: 7.59%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Is a attractive IPO on the high interest return business but also come with high risk (category as high risk high return investment). 

*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.

Farm Fresh Berhad

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Open to apply: 28/02/2022
Close to apply: 08/03/2022
Balloting: 11/03/2022
Listing date: 22/03/2022

Share Capital
Market Cap: RM mil (will based on final instutional price for cal)
Total Shares: 1,857,954,837 shares

 

Industry Competitor
Farm fresh: PE34.6, PAT margin 6.7% (est without the tax penalty PAT 13.4%)
Nestle: PE55.76, PAT margin 10.21%
Dlady: PE8.39, PAT margin 6.67%

Business (2021)
Farming, manufacturing, and distribution of various dairy product and plant based product. 
Malaysia: 84.6% (revenue)
Australia: 11.5%
Singapore: 3.8%
Brunei: 0.1%

Fundamental
1.Market: Main Market
2.Price: RM1.35 (if instutional price is lower, then retail price will refund the difference)
3.P/E: 34.6 (EPS:0.039, prospecture book assume without the tax penalty)
4.ROE(Pro Forma III): 8.7% (FPE2021)
5.ROE: 13.62%(FYE2021), 17.38%(FYE2020), 16.8%(FYE2019)
6.NA after IPO: RM0.31
7.Total debt to current asset after IPO: 0.7676 (Debt: 404.579mil, Non-Current Asset: 445.904mil, Current asset: 527.087mil)
8.Dividend policy: 24% PAT dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FPE Sep): RM257.187 mil (Eps: 0.031),PAT:19.2%
2021 (FYE 31Mar): RM490.498 mil (Eps: 0.022),PAT:6.7%
2020 (FYE 31Mar): RM303.067 mil (Eps: 0.021),PAT:11.3%
2019 (FYE 31Mar): RM178.227 mil (Eps: 0.026),PAT:15.4%

After IPO Sharesholding

1. Loi Tuan Ee: 44.52% (indirect)
2. Rainforest: 30.73%
3. Farmchoice: 13.79%
4. Agrifood: 11.8%
5. Khazanah: 11.8% (indirect)
6. Loi Foon Kion: 30.73% (indirect)

Directors & Key Management Remuneration for FYE2022 (from gross profit 2021)
Total director remuneration: RM2.588mil
key management remuneration: RM3.5mil - 3.75mil
total (max): RM6.338mil or 4.50%  

Use of fund
1.New manufacturing hub, dairy farm, & integrated processing facilities: 46.5%
2.Expansion production faiciliy in Australia: 19.9%
3.Regional expansin outside of Malaysia: 13.3%
4. Working capital: 13.6%
5. Listing expenses: 6.7%

Highlight
1. Use 79.7% IPO fund to expand business (will increase production > increase revenue) 24mths to completed. 
2. Expand Autralia production. 
3. Expand to Southeast Asia region within 24 months. 
4. UPM facilitiy commence operations in March 2022. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Is a good IPO but with a bit expensive offering price. 

*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.

Siab Holdings Berhad

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Open to apply: 28/01/2022
Close to apply: 16/02/2022
Balloting: 18/02/2022
Listing date: 28/02/2022

Share Capital
Market Cap: RM146.890 mil
Total Shares: 489.634 mil shares
 
Industry Competitor (revenue)
Siab: PAT4%, PE13.33, ROE11.97
Inta Bina: PAT2.9%, PE13.52, ROE7.38
Nestcon: PAT4.2, PE42.21, ROE6.16 
Pesona Metro: PAT-2.1%, PE37.16, ROE2.66
TCS: PAT6.7%, PE11.68, ROE13.57

Business (2021)
Building construction services
 - Residential: 43.51%
 - Non-Residential: 56.37%
ICT soloutions and services.
 - others: 0.12%

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.P/E: 13.33 (EPS:0.0225)
4.ROE(Pro Forma III): 11.97% (forecast using 7mth FPE2021)
5.ROE: 30.07%(FYE2020), 24.22%(FYE2019), 24.19%(FYE2018)
6.NA after IPO: RM0.15
7.Total debt to current asset after IPO: 0.64 (Debt: 102.555mil, Non-Current Asset: 12.654mil, Current asset: 161.259mil)
8.Dividend policy: no formal dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (7mths): RM104.498 mil (Eps: 0.0102),PAT:4.77%
2020: RM273.388 mil (Eps: 0.0225),PAT:4.04%
2019: RM242.888 mil (Eps: 0.0142),PAT:2.86%
2018: RM145.419 mil (Eps: 0.0083),PAT:3.62%
 
After IPO Sharesholding
Tan Sri Dato' Sri Mohamad Fuzi bin Harun: 0.06%
Ng Wai Hoe: 18.5%
Lim Mei Hwee: 12.75%
Tan Sok Moi: 9.5%
Datuk Lim Tong Lee: 0.06%
Dato' Sri Shahril bin Mokhtar: 0.06%
Andrea Huong Jia Mei: 0.06%

Directors & Key Management Remuneration for FYE2022 (from gross profit 2020)
Total director remuneration: RM2.211mil
key management remuneration: RM0.50 mil - 0.65mil
total (max): RM2.861 mil or 26.3%  
 
Use of fund
Purchase of land & construction of storage facility: 16.61%
Purchase of machinery & equipment: 35.74%
Purchase of BIM system software: 8.35%
Upgrade software & system: 2.21%
Office expansion: 0.82%
Working capital: 25.32%
Listing expenses: 10.95%
 
Highlight
-no

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a normal IPO. The industry of the business it self is not attractive, because the low net profit margin environment. 

*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.

Senheng New Retail Berhad

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Open to apply: 29/12/2021
Close to apply: 10/01/2022
Balloting: 12/01/2022
Listing date: 25/01/2022
Share Capital
Market Cap: RM427.856 mil
Total Shares: 1.50 bil shares
 
Industry Competitor (revenue)
E&E retail sales CAGR 3.99%
Senheng: RM1.294 bil
Elitetrax: RM0.663 bil (Harvey Norman)
Courts: RM0.407 bil
Singer: RM0.241 bil
Homepro: RM0.155 bil
Onking: RM96.01 mil
***unable to compare PAT or PE due to limited info. 

Business (2021)
Retailer of consumer electrical and electronic products.

Revenue by Geo (2021)
Msia: 100%

Fundamental
1.Market: Main Market
2.Price: RM1.07
3.P/E: 28.84 (EPS: 0.0371)
4.ROE(Pro Forma III): 10.36% (forecast using 6mth FPE2021)
5.ROE: 33.47%(FYE2020), 40.34%(FYE2019), 71.39%(FYE2018)
6.NA after IPO: RM0.30
7.Total debt to current asset after IPO: 0.75 (Debt: 455.252 mil, Non-Current Asset: 301.038 mil, Current asset: 604.206 mil)
8.Dividend policy: PAT 30% dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (6mths): RM673.911 mil (Eps:0.0155),PAT: 3.5%
2020: RM1.294 bil (Eps:0.0371),PAT: 4.3%
2019: RM1.144 bil (Eps:0.0330),PAT: 4.3%
2018: RM1.172 bil (Eps:0.0407),PAT: 5.2%
***above EPS calculate use diluted EPS 1.50 bil shares (enlarged shares unit).
***Prospecture book EPS page 224 using diluted EPS 1.25bil shares (above EPS did not follow prospecture book EPS).
 
After IPO Sharesholding
SQ Capital: 57.97%
Lim Kim Heng: 58.01% (indirect)
Lim Kim Chieng: 58.01% (indirect)
Lim Kim Yew: 57.97% (indirect)

Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM3.417mil
key management remuneration: RM3.25mil - 3.65mil
total (max): RM7.067 mil or 2.6%  
 
Use of fund
Upgrade & expand chain of retail stores: 60%
Repayment of bank borrowing: 17.2%
Develop new brand distribution: 8.22%
Expand & upgrade warehouse & logistics newtwork: 7.48%
Boost Digital infrastructure: 3.63%
Listing expenses: 3.47%

Highlight
1. To open new store
   A. Grand Senheng Elite: 11 store
   B. Grand Senheng: 37 store
   C. Grand senQ: 8 store
   D. senQ: 7 store

Good thing is:
1. Expend for new stores. 
2. Director & key management remuneration acceptable. 

The bad things:
1. Unable to maintain stable ROE. 
2. PE is 28. 
3. Revenu did not grow much for past 3 years. 
4. Profit after tax (PAT) margin is less than 5%. 
5. Use 17.2% IPO fund for repayment of borrowing. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is an expensive IPO with PE28 plus PAT below 5%. Although the company planed to expand more store to increase revenue, but is already price in into PE28. 

*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.

Coraza Integrated Technology Berhad

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Open to apply: 22/12/2021
Close to apply: 06/01/2022
Balloting: 10/01/2022
Listing date: 20/01/2022

Share Capital
Market Cap: RM119.932 mil
Total Shares: 428.331mil shares
 
Industry Competitor PAT
Coraza: 9.6% (PE19)
Alpha: -7.7%
Frencken: 6.1% (PE18, SGX Mrk)
Kobay: 17.2% (PE60)
Synturn: 17.4% 
UWC: 26.4% (PE68)

Business (2021)
Sheet metal fabrication, Percision machining, & sub-modular assembly. 
Semicoductor: 56.5%
Instrumentation: 17.9%
Life science & medical devices: 18.7%
Aerospace, telecommunication and E&E: 6.9%

Revenue by Geo (2021)
M'sia: 61.9%
S'pore: 28.3%
USA: 7.8%
Others: 0.4%
Euro: 1.6%

Fundamental
1.Market: Ace Market
2.Price: RM0.28
3.P/E: 19 (EPS:0.0147)
4.ROE(Pro Forma III): 16.97% (forecast using 6mth FPE2021)
5.ROE: 27.4%(FYE2020), 12.2%(FYE2019), 14%(FYE2018)
6.NA after IPO: RM0.15
7.Total debt to current asset after IPO: 0.969(Debt: 44.952 mil, Non-Current Asset: 62.337 mil, Current asset: 46.386 mil)
8.Dividend policy: no formal dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (6mths): RM43.195 mil (Eps:0.0126),PAT: 12.5%
2020: RM83.686 mil (Eps:0.0147),PAT: 7.5%
2019: RM58.594 mil (Eps:0.0080),PAT: 5.8%
2018: RM56.023 mil (Eps:0.0081),PAT: 6.2%

After IPO Sharesholding
Paul Heng Weng Seng: 48.3%
Liew Sow Ying: 19.3%
Lim Teik Hoe: 19.3% (indirect)

Directors & Key Management Remuneration for FYE2022 (from gross profit 2020)
Total director remuneration: RM0.73 mil
key management remuneration: RM0.6mil - 0.85mil
total (max): RM1.58 mil or 7.4%  
 
Use of fund
Purchase of new machinery: 47%
Construction of factory: 19.5%
Implementation of ERP system: 3.6%
Extension of existing buidling: 4.6%
Repayment of bank borrowings: 13.9%
Listing expenses: 11.4%

Highlight
1. New factory will increase 25% capicity (estimated completed by Dec2023). 

Good thing is:
1. Semiconductor industry on growing stage, PE19 is acceptable. 
2. ROE still above 15%.
3. Revenue growing for past 3 years. 
4. Director & key management remuneration is not high. 
5. IPO for expand business capacity. 
 
The bad things:
1. The company having concentration risk on 2 customer (66%-77% trade receivable from 2018-2021).
2. Director averaging above age 60. 
3. Competitor in same industry have better performance. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is still a discount IPO compare to their competitor that get high PE in same industry. After IPO should able to back to acceptable PE30 & above. 

*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.

SWIFT HAULAGE BERHAD

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Open to apply: 30/11/2021
Close to apply: 07/12/2021
Price determination date: 08/12/2021
Balloting: 09/12/2021
Listing date: 21/12/2021

Share Capital
Market Cap: RM916.5 mil
Total Shares: 889.8045mil shares
***Issue price RM1.03 (final price will finalise after institution offer completed)

Industry Competitor PE
Tasco: PE14
Freight Management:PE13.8
CJCen: PE50.46
Tnlogis: PE24.92
Xinhwa: PE19.34

Business (2021)
Integrated logistics services: Container haulage, land transportion, freight forwarding, warehousing & container depot. 
Other services: 3S for commercial vehicles, general insurance agency, E-commerce retailing. 

Revenue by Geo (2021)
Msia: 93.8%
Thailand: 2.8%
other countries: 3.4%

Fundamental
1.Market: Main Market
2.Price: RM1.03 (final price determined 08/12/2021)
3.P/E: 21.5 (EPS: 0.048)
4.ROE(Pro Forma III): 8.89% (forecast using 5mth FPE2021)
5.ROE: 9.8%(FYE2020), 9.45%(FYE2019), 12.17%(FYE2018)
6.Cash & fixed deposit after IPO: 0.0155
7.NA after IPO: RM0.35
8.Total debt to current asset after IPO: 3.1 (Debt: 0.751 bil, Non-Current Asset: 1.093 bil, Current asset: 0.235 bil)
9.Dividend policy: PAT 30% dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (5mths): RM248.533 mil (Eps: 0.025),PAT: 9.0%
2020: RM555.838 mil (Eps: 0.047),PAT: 7.6%
2019: RM610.201 mil (Eps: 0.041),PAT: 6.1%
2018: RM496.979 mil (Eps: 0.046),PAT: 8.3%
***EPS is base on comprehesiove income divided 899.8045 mil shares (Diluted EPS in prospectures book didn't use enlarged shares after IPO). 

After IPO Sharesholding
Loo Yong Hui: 35.87% (indirect)
Dato' Haji Md Yusof: 35.87% (indirect)
Loo Hooi Keat: 35.87% (indirect)

Directors & Key Management Remuneration for FYE2022 (from gross profit 2020)
Total director remuneration: RM2.996 mil
key management remuneration: RM6 mil- 6.45 mil
total (max): RM9.446 mil or 5.09%  

Use of fund
Constuction of new warehouse: 17.6% (currently have 6 warehouse)
Puchase of land: 25.7% (currently have 2.381 mil sq haulage yards)
Purchase of 30 prime movers: 7.4% (currently have 966 Prime mover, 5402 trailers)
Repayment bank borrowings: 43.1%
Listing expenses: 6.2%

Highlight
1. New warehouse in Port Klang (estimated complete build 2nd quarter 2022). 
2. Acquisition of cold-chain logistics companies (3rd quarter 2022).

Good thing is:
1. Director & key management remuneration below 10%. 

2. The company business is almost near to life necessity and economic necessity industry. 
 
The bad things:
1. PE21.5 is above market average PE. 
2. ROE below 15%
3. Debt to current asset ratio is too high. 
4. Revenue did not growth much 2018-2021. 
5. PAT% margin is less than 10%, & averege industry competiror PAT also not over 10% PAT (profit after tax margin)
6. 43.1% IPO use to repayment of bank borrowing. 
7. Swift have 6 warehouse, expand 1 new warehouse highly chance will not double their revenue in 5 year. 

8. Purchase of 30 prime mover is small percentage of the total vehicle they have. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is an expensive IPO. The industry profit after tax margin for the company averagely is below 10 (Swift PAT:  7.6%). Company IPO PE is a bit higher then the industry average. 

*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.

Aurelius Technologies Berhad

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Open to apply: 29/11/2021

Close to apply: 03/12/2021
Price determination date: 6/12/2021
Balloting: 07/12/2021
Listing date: 16/12/2021

Share Capital
Market Cap: RM182.847 mil
Total Shares: 358.180 mil shares
***Issue price RM1.36 (final price will finalise after institution offer completed)

Industry  CAGR (2016-2020) in Malaaysia
Semiconductors: 18.5%
Electronic transistors: -0.4%
Integrated circuits: 3.7%

Business (Revenue in 2021)
Manufacturing of semiconductor product, EMS services 
Communications and IoT products: 83.5% 
Electronic devices: 13.8%
Semiconductor components: 2.7%

Revenue by Geo (2021)
Msia: 32.6%
Americas: 46.1%
Europe: 7.5%
Asia: 13.8%

Major Customer by revenue
Customer A: 29.8%, US (Communication devices)
Customer B: 20.2%, US (Communication devices)
Customer C: 23.8%, UK (Communication IoT devices)
Customer D: 9.8%, singapore & US (telematic instrumentation devices)
Customer E: 4.9%, German subsidairy to Cus B (Comunication devices) 
Customer F: New cus for expansion, China (IoT comunication product)

Fundamental
1.Market: Main Market
2.Price: RM1.36 (final price determined 6/12/2021)
3.P/E: 32.4 (EPS: 0.042)
4.ROE(Pro Forma III): 11.79% (forecast using 3mth FPE2022)
5.ROE: 17.95%(FYE2021), 32.62%(FYE2020), 27.33%(FYE2019)
6.Cash & fixed deposit after IPO: 0.143
7.NA after IPO: RM0.54
8.Total debt to current asset after IPO: 0.62 (Debt: 170.442mil, Non-Current Asset: 102.898mil, Current asset: 271.246mil)
9.Dividend policy: PAT 20% dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (7mths): RM200.038 mil (Eps: 0.0369),PAT: 6.6%
2021: RM362.165 mil (Eps: 0.0421),PAT: 4.2%
2020: RM389.305 mil (Eps: 0.0659),PAT: 6.1%
2019: RM358.171 mil (Eps: 0.0667),PAT: 6.7%

Utilisation rate%
Jan 2019: 89%
Jan 2020: 91%
Jan 2021: 94%
Aug 2021: 93%

Unbilled orders
Nov 2021 - Jan 2022: RM164.064 mil
Feb 2022 - Apr 2022: RM85.276 mil
May 2022 - Nov 2023: RM233.335 mil

After IPO Sharesholding
Lee Chong Yeow (Age76) & Loh Hoch Chiang (Age56) : 71%. 

Directors & Key Management Remuneration for FYE2022 (from gross profit 2021)
Total director remuneration: RM1.3695 mil

key management remuneration: RM1.4 mil- 1.7 mil
total (max): RM3.0695 mil or  10.2%  

Use of fund
Machinery & equipment: 38.2%
Repayment borrowing: 28.2%
Working capital: 26.9%
Listing expenses: 6.7%

Highlight
1. Currently have 11 SMT production line. Plan to expand 2 line (2022) and 2 line (2023), annual capacity will increase 198.7%.
***Automated Assembly line. 
2. Development of lithium-ion battery pack system (expectd commerce 4th quarter 2022).

Good thing is:
1. Annual capacity will increase 198.7% after 2023.
2. Sunrise industry. 

The bad things:
1. PE32 quite high but is reasonable if capacity increase double in 2 years. 
2. EMS depend on award of contract from customer.
3. Over 90% trade receivable in USD, business revenue is highly sensitive for fluation of USD. 
4. Revenue did not increase for over 3 years. 
5. Director & key management remuneration quite high from the gross profit portion. 
6. Both major director ages is quite high. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a non-discount IPO. IPO PE32.4 is already price in the potential increase of the manufactury annual capacity.The future EPS will increase to reduce the PE back to normal (competitor at PE 15-25).

*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.