MASTER TEC GROUP BERHAD

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Open to apply: 28 Dec 2023
Close to apply: 18 Jan 2024
Balloting: 22 Jan 2024
Listing date: 29 Jan 2024

Share Capital
Market cap: RM397.8 mil
Total Shares: 1.020 bil shares

Industry CARG (2023-2040)
Major Infrastructure Projects Undertaken, or in the Pipeline, in Malaysia: RM181.6 bil
Industry competitors comparison (PAT%)
MTG Group: 5.4%
SCGBHD: 1.7% (PE15.94)
Central Cables Berhad: 5.9%
Hi-Essence Cable Sdn Bhd: 4.3%
Olympic Cable Company Sdn Bhd: 2.9%
Power Cables Malaysia Sdn Bhd: 4.3%
Sindutch Cable Manufacturer Sdn Bhd: Losses
Tai Sin Electric Cables (Malaysia) Sdn Bhd: 2.8%
Tonn Cable Sdn Bhd: 1.6%

Business (FYE 2022) 
Manufacturing and distribution of power cables, control and instrumentation cables, and other related products, and the trading of power cables, fibre optic cables, and other related products.
Revenue by Geo
Malaysia: 94.85%
Others Asean country: 5.15% 

Fundamental
1.Market: Ace Market
2.Price: RM0.39
3.Forecast P/E:  16.96 @ (forecast FPE2023, EPS RM0.023)
4.ROE(Pro Forma III): 17.22%
5.ROE:  22.68%(FYE2022),  7.24%(FYE2021), 7.17%(FYE2020)
6.Net asset: 0.1552
7.Total debt to current asset: 0.61 (Debt: 112.950mil, Non-Current Asset: 86.231mil, Current asset: 185.01mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30 Jun, 6mths): RM138.039 (Eps: 0.0134),PAT: 9.88%
2022 (FYE 31 Dec): RM362.685 mil (Eps: 0.0192),PAT: 5.39% 
2021 (FYE 31 Dec): RM275.875 mil (Eps: 0.0054),PAT: 2.01%
2020 (FYE 31 Dec): RM162.313 mil (Eps: 0.0052),PAT: 3.24%
*Prospectuses book pg224 using EPS diluted 861.9 mil shares, here rejected use this version, writer use 1.020 bil shares as diluted EPS.

Major customer (FPE 2023)
1. TNB Group: 35.97%
2. Pen Power Sdn Bhd: 11.74%
3. SEB Group: 7.45%
4. Oon Brothers Eectrical Trading Co Sdn Bhd: 3.19%
5. Incomtec Consolidated Sdn Bhd: 2.40%
***total 60.75%

Major Sharesholders
1. Dato’  Lau Kim San: 55% (indirect)
2. MTPC: 55% (direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM2.935mil
key management remuneration: RM0.4mil – RM0.6mil
total (max): RM3.535 mil or 10.06%

Use of funds
1. Construction of new MV power cable manufacturing plants: 27.22%
2. Purchase of new machineries and equipment: 39.55%
3. General working capital: 26.42%
4. Defray fees and expenses relating to the Proposals: 6.81%

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 low PAT% business. 

*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.

TSA GROUP BERHAD

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

Open to apply: 27 Dec 2023
Close to apply: 17 Jan 2024

Balloting: 19 Jan 2024
Listing date: 02 Feb 2024

Share Capital
Market cap: RM170.115 mil
Total Shares: 309.3 mil shares

Industry CARG
Import value of rolled products (2018-22): 0.4%
Import volume of rolled products (2018-21): -8.1%
Export value of rolled products (2018-22):  -1.1%
Export volume of rolled products (2018-21): -10.0%
Industry competitors comparison (net profit%)
TSA Group: 11.4% 
Pantech: 14.3% (PE6.83%)
Prestar Precision Tube: losses
KSSC: 0.9%
Hanwa Steel Centre: losses
Kanzen Tetsu:2.8%
Sin Lian Tat Hardware S/B: 3.9%
Supreme Steelmakers: 10.3%
Taik Bee Hardware: 3%
Hoto Stainless Steel: losses

Business (FPE 2023)
Distribution and supply of ferrous and non-ferrous metal and other industrial hardware products, and manufacturing and processing of stainless steel pipes and other metal products.
Business Segments
1. Trading: 62.7%
2. Manufacturing: 30.0%
3. Processing: 7.3% 

Fundamental
1.Market: Ace Market
2.Price: RM0.55
3.Forecast P/E: 18.15 (FPE2023, forecast EPS RM0.03)
4.ROE(FPE2023):   11.94%
5.ROE: 27.08%(FPE2022), 31.29%(FYE2021), 4.16%(FYE2020)
6.Net asset: RM0.02
7.Total debt to current asset: 0.476  (Debt: 96.646mil, Non-Current Asset: 57.583mil, Current asset: 212.783mil)
8.Dividend policy: didn’t have any formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31Aug): RM220.339 mil (Eps: 0.0202), PAT: 4.8%
2022 (FYE 31Dec): RM357.271 mil (Eps: 0.0797), PAT: 11.4%
2021 (FYE 31Dec): RM302.693 mil (Eps: 0.0789),PAT: 13.3%
2020 (FYE 31Dec): RM234.628 mil (Eps: 0.0098),PAT: 2.2%

Major customer (FPE2023)
1.Customer G: 3.2%
2.Customer F: 1.5%
3.Customer B: 1.2%
4.Customer H: 1.1%
5.Kamaphuli Shoe Ind. Ltd: 0.9%
***total 7.9%

Major Sharesholders 
1.Barisan Jutawan: 8.9% (Direct)
2.KVC Properties: 37.6% (Direct)
3.Chen Khai Voon : 37.6% (indirect)
4.Chew Kuan FahL 18.8% (Direct)
5.Chew Yik Wai: 6.0% (Direct)
6.Ng Kim Liang: 3.7% (Direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income FPE2023)
Total director remuneration: RM2.2326 mil
key management remuneration: RM0.90 mil – RM1.15 mil
Total (max): RM3.3826 mil or 4.24%

Use of funds
1.Capital expenditure (Semenyih Manufacturing Premises): 12%
2.Working capital: 29%
3.Repayment of bank borrowings: 47%
4.Estimated listing expenses: 12%

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. 

*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.

Mark to the end 2023 with continue another good year result

Is come to year end, along the years, our suggestion some is gain some is loss, as long as overall is gain.  Congratulation to all group members. 

Here we would like to announce another rules of group. For all members, once decided to quit group, will NOT ALLOW to re-join back our group ya. 

Invest group 3 still open for registration (for year 2024), @ 013-2820766 for registration

And REMEMBER, we never personal message / never advertise /  never call any member to offer any type of trading signal & no training class.  ALL member joint us is they have to personally come to contract us. If you received any call/ message is all SCAM!!!

Again congratulation to all members, here is few example for us to remember back this good year 2023. 

JATI TINGGI GROUP BERHAD

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

Open to apply: 30 Nov 2023

Close to apply: 06 Dec 2023
Balloting: 08 Dec 2023
Listing date: 20 Dec 2023

Share Capital
Market cap: RM105.786 mil
Total Shares: 391,800,800 shares

Industry CARG (2016-2022)
Capital expenditure incurred for recurring electricity generation, transmission and distribution CAGR: 8.3%

Industry competitors comparison (net profit%)
1. Jati Tinggi: 4.4%
2. System Protection & Maintenance Sdn Bhd: 11.2%
3. Kum Fatt Engineering Sdn Bhd: 11%
4. Pestech S/B: 4.1%
5. Others: -111.1% to 8.3%

Business (FPE 2023)
1. Provision of underground and overhead utilities engineering services and solutions: 99.46% (group revenue)
2. Provision of substation EPCC services: 0.02%
3. Trading of equipment for substations: 0.29%% 
4. Street Lighting Services: 0.23%

Fundamental
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 18.61 (FPE2023)
4.ROE(FPE2023): 13.50%
5.ROE:  26.03%(FYE2022), 27.89%(FYE2021), 40.89%(FYE2020)
6.Net asset: RM0.14
7.Total debt to current asset: 0.73 (Debt: 67.024mil, Non-Current Asset: 12.180mil, Current asset: 92.021mil)
8.Dividend policy: 20% net profit dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31May): RM 46.003 mil (Eps: 0.0053),PAT: 4.55% 
2022 (FYE 30Nov): RM234.612 mil (Eps: 0.0233),PAT: 3.89%
2021 (FYE 30Nov): RM 96.413 mil (Eps: 0.0185),PAT: 7.51%
2020 (FYE 30Nov): RM112.666 mil (Eps: 0.0195),PAT: 6.79%

Major customer (FPE2023)
1. Worktime Engineering: 47.58%
2. YM Teras: 37.12%
3. CD Electrical: 9.64%
4. Tempinas Sdn Bhd: 3.24%
5. Pintar Gembira Sdn Bhd: 2.42%
***total 100%

Major Sharesholders
1. Dato’ Seri Lim Yeong Seong: 51.05% (Indirect)
2. Chin Jiunn Shyong: 55.64% (Indirect)
3. Lim Ming Hong: 51.05% (Indirect)
4. Board River Capital: 51.05% (Direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM0.954 mil
key management remuneration: RM0.350 mil – RM0.450 mil
total (max): RM1.754 mil or 10.08%

Use of funds
1. Repayment of bank borrowing: 38.81%
2. General working capital: 40.67%
3. Capital expenditure: 1.11%
4. Estimated listing expenses: 19.41%

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 with low PAT% industry business. 
 
*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.

CRITICAL HOLDINGS BERHAD

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

Open to apply: 27 Nov 2023
Close to apply: 05 Dec 2023
Balloting: 07 Dec 2023
Listing date: 18 Dec 2023

Share Capital
Market cap: RM130.108 mil
Total Shares: 371.739 mil shares

Industry CARG
MEP engineering industry in Malaysia CAGR (2018-2022): 14.8%
Industry competitors comparison (net profit%)
1.Critical Holding Berhad: 6.4% (PE13.57)
2.AWC Berhad: 2.8% (PE93.81)
3.Bintai: -98.6% (PN17)
4.Cabnet: 0.2% (PE25.76)
5.KAB: 1.5% (PE25.09)
6.KGB: 4.6% (PE13.36)
7.LFECORP: 2.6% (PE102.52)
8.Pasukgb: -26.80% (losses)
9.Others: -11.9% to 15.2%

Business (FYE 2023)
MEP Design & engineering solutions
(MEP: Mechanical, electrical and process utilities)
Business Segment
Plantroom: 62.66%
Cleanroom: 20.20%
Data Centre: 8.62%
MEP Maintenance & Services: 8.51%

Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 13.57 (FYE2023, EPS RM0.0258)
4.ROE(Proforma III):  21.78%
5.ROE: 43.58% (FYE2023), 53.3%(FYE2022), 53.4%(FYE2021), 45.9%(FYE2020)
6.Net asset: RM0.12 (ProForma III)
7.Total debt to current asset: 0.468 (Debt: 34.420mil, Non-Current Asset: 4.844mil, Current asset: 73.602mil)
8.Dividend policy: 25% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 30June): RM150.940 (Eps: 0.0258), PAT: 6.35%
2022 (FYE 30June: RM107.330 mil (Eps: 0.0212), PAT: 7.36%
2021 (FYE 30June): RM53.702 mil (Eps: 0.0128), PAT: 8.87%
2020 (FYE 30June): RM43.623 mil (Eps: 0.0071), PAT: 6.06%
Unbilled Order Book
FYE2024: RM154.533 mil
FYR2025: RM90.00 mil
FYE2026: RM10.00 mil
FYE2027: RM10.00 mil

Major customer (2023)
1.Tialoc Malaysia Sdn Bhd: 35.46%
2.Customer C: 11.08%
3.Customer E: 10.94%
4.Customer D: 5.87%
5.Customer F: 4.09%
***total 67.44%

Major Sharesholders
1.Ir. Tan Si Lim: 70% (indirect)
2.Ir. Chow Chin Seang: 70% (indirect)
3.TCCO: 70% (direct)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM1.486 mil
key management remuneration: RM0.90 mil – RM1.050 mil
total (max): RM2.536 mil or 11.45%

Use of funds
1.Acquisition of new regional office: 23.06%
2.Expansion of sales & technical team: 17.29%
3.Capital expenditure: 6.15%
4.Working capital: 38.13%
5.Estimated listing expenses: 15.37%

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.

CPE TECHNOLOGY BERHAD

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

Open to apply: 20 Nov 2023
Close to apply: 24 Nov 2023
Balloting: 28 Nov 2023
Listing date: 07 Dec 2023

Share Capital
Market cap: RM263.948 mil
Total Shares: 671,314,791 shares

Industry CARG (2017-2022)
Growth Forecast of the ESI in Malaysia CAGR (2023-2027) (base year of 2022): 8.2%
Industry competitors comparison (PAT%)
CPE Technology Group: 20.85% (PE23.46)
Coraza: 10.26% (PE25.08)
Frencken: 9.00% (PE12, SGX listed)
Kobay: 8.16% (PE30.06)
SFP: 37.28% (PE61.62)
UWC: 30.89% (PE72.69)

Business (FYE 2023)
Manufacturing of precision-machined parts and components and provision of CNC machining services.
Revenue by Geo
USA: 53.53%
Singapore: 32.23%
Malaysia: 11.63%
Others: 2.61%

Fundamental
1.Market: Main Market
2.Price: RM1.07
3.Forecast P/E: 23.46  @ EPS RM0.0456
4.ROE(Pro Forma III): 9.8% 
5.ROE: 22%(FYE2023), 32.73(FYE2022),  32.76%(FYE2021), 10.72%(FYE2020), 13.16%(FYE2019)
6.Net asset: 0.61
7.Total debt to current asset: 0.4511 (Debt: 57.897mil, Non-Current Asset: 67.247mil, Current asset: 128.338mil)
8.Dividend policy: 25% to 50% PAT dividend policy.
9.Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 30 June): RM145.275 mil (Eps: 0.0456),PAT: 21.05%
2022 (FYE 30 June): RM138.846 mil (Eps: 0.0532),PAT: 25.74% 
2021 (FYE 30 June): RM93.444 mil (Eps: 0.0265),PAT: 19.06%
2020 (FYE 30 June): RM79.013 mil (Eps: 0.0142),PAT: 12.03%
2019 (FYE 30 June): RM78.352 mil (Eps: 0.0155),PAT: 13.29%
Order Book
2029: RM4.207 mil
2025: RM21.788 mil
2024: RM42.271 mil

Major customer (2023)
1.Healthcare Customer Group 1: 19.63%
2.Semiconductor Customer 2: 19.44%
3.Fujikin Group: 15.72%
4.Semiconductor Customer Group 1: 12.77%
5.Sport Equipment Customer 1: 10.73%
***total 78.29%

Major Sharesholders
1.Lee Chen Yeong: 32.5%
2.Foo Ming: 19.5%
3.Mu Woon Chai: 13%

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM2.297mil
key management remuneration: RM2.80mil – RM3.050mil
total (max): RM5.347 mil or 10.38%

Use of funds
1.Acquisition new industrial land & construction of new plants: 38.76%
2.Purchase machinery & equipment, relocation: 18.31%
3.Repayment of bank borrowing: 9.72%
4.Part-financing working capital: 26.12%
5.Part-financing Other capital expenditure: 0.79%
6.Estimated listing expenses: 6.3%

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 good IPO. The FYE2024 result have effect the IPO price RM1.07 not much in discount.

*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.

PANDA ECO SYSTEM BERHAD

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

Open to apply: 08 Nov 2023
Close to apply: 15 Nov 2023
Balloting: 17 Nov 2023
Listing date: 27 Nov 2023

Share Capital
Market cap: RM107.3899 mil
Total Shares: 671,187,000 shares

Industry CARG
Retail management solutions industry size in Malaysia: 18.8% (2018-2022)
Competitors comparison (PAT%)
1. Panda Group: 33.6%
2. E stream MSC Sdn Bhd: 73%
3. Autocount Dotcom Berhad: 35.8% (PE29.3)
4. Evoloper Sdn Bhd: 24.2%
5. Qube Apps Solutions Sdn Bhd: 24.1%
6. Others: 3 losses, 1%-24%

Business (FYE 2023)
Development, customisation, implementation and integration of our Retail Management Eco-system & third party software and hardware. 
Customer Segments
1. Grocery Retail Stores: 68.4%
2. General mechandise retailers: 2.6%
3. Specialty stores: 3.0%
4. Convenient stores: 0.4%
5. Retail chain store suppliers: 16.6%
6. Others: 9.0%
Business revenue (FPE2023)
1. One-off: 53.2%
2. Recurring:  46.8%

Fundamental
1.Market: Ace Market
2.Price: RM0.16
3.Forecast P/E: 15.2 (FYE2022, EPS RM0.0105)
4.ROE(Proforma III): 18.45%
5.ROE: 55,88%(FPE2022), 76.65%(FYE2021), 49.12%(FYE2020), 61.34%(FYE2019)
6.Net asset: RM0.04
7.Total debt to current asset: 0.0977 (Debt: 2.949 mil, Non-Current Asset: 2.527mil, Current asset: 30.183mil)
8.Dividend policy: didn't have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Jun, 6mth): RM10.800 (Eps: 0.004), PAT: 25.4%
2022 (FYE 31Dec): RM20.982 mil (Eps: 0.0105), PAT: 33.6%
2021 (FYE 31Dec): RM20.003 mil (Eps: 0.0120), PAT: 39.5%
2020 (FYE 31Dec): RM16.395 mil (Eps: 0.0100), PAT: 41.9%
2019 (FYE 31Dec): RM13.311 mil (Eps: 0.0100), PAT: 50.3%

Major customer (2023)
1. Chua Kah Seng Supermarket Sdn Bhd: 7.3%
2. Sunshine Wholesales Mart Sdn Bhd: 5.0%
3. TF Value-Mart Sdn Bhd: 3.6%
4. Bataras Sdn Bhd: 3.6%
5. Kenwingston Grocer Malaysia Sdn Bhd: 3.6%
***total 24.3%

Major Sharesholders
1. Goldcoin Capital: 69.6% (direct)
2. Loo Chee Wee: 69.6% (indirect)
3. Tay Kheng Seng: 71.3% (indirect)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM1.594 mil
key management remuneration: RM0.85mil – RM1.1mil
total (max): RM2.694 mil or 23.12%

Use of funds
1. R&D of new solutions: 15.5%
2. Regional expansion in ASEAN countries: 10.8%
3. Establishing additional service hubs & expanding workforce in existing service hubs in M'sia: 15.1%
4. Expansion of CTS department: 9.6%
5. HQ expansion: 17.2%
6. Working capital: 16.2%
7.Estimated listing expenses: 15.6%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is good IPO. Most risk factor in low risk category. 

*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.