OPPSTAR BERHAD

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opinion and reader should take their own risk in investment decision.

Open to apply: 22 Feb 2023
Close to apply: 03 Mar 2023
Balloting: 07 Mar 2023
Listing date: 15 Mar 2023

Share Capital
Market cap: RM400.806mil
Total Shares: 636.200mil shares

Industry CARG (2017-2022)
Semiconductor sales (Global), 2016-2022(e): 9.37%
IC design sales (Global), 2016-2022(e): 8.83%
Industry competitors comparison (net profit%)
Oppstar Group: 32.89%
UST Global (Malaysia) Sdn Bhd (part of UST group of companies):10.94%
Key ASIC Berhad: -63.58%
Infinecs Systems Sdn Bhd: 14.22%
Symmid Corporation Sdn Bhd: -51.23%
Aricent Technologies Malaysia Sdn Bhd (part of Capgemini group of companies): -0.63%
IC Microsystems Sdn Bhd: -92.18%
Other global industry player: 0.62% to 15.28%

Business (FYE 2021)
IC design services covering front-end design, back-end design and complete turnkey solutions.
- mainly focus on the design of ICs such as ASICs, SoCs, CPUs and FPGAs.
- Post-silicon validation services, training and consultancy services
Revenue by Geo
Local: 23.59%
Oversea: 76.41%

Fundamental
1.Market: Ace Market
2.Price: RM0.63
3.P/E: 19.33 @ RM0.0163 (FYE2023, 6mths)
4.ROE(Pro Forma III): 8.19%
5.ROE: 83.35%(FYE2023), 115%(FYE2022), 254%(FYE2021), 31.28%(FYE2020)
6.Net asset: RM0.43
7.Total debt to current asset after IPO: 0.058 (Debt: 7.925mil, Non-Current Asset: 3.039mil, Current asset: 134.846mil)
8.Dividend policy: PAT 25% dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Sep, 6mths): RM28.815 mil (Eps: 0.0163),PAT: 36.08%
2022 (FYE 31Mar): RM50.561 mil (Eps: 0.0261),PAT: 32.89%
2021 (FYE 31Mar): RM29.262 mil (Eps: 0.0123),PAT: 26.65%
2020 (FYE 31Mar): RM15.965 mil (Eps: 0.0007),PAT: 2.64%

Operating cashflow vs PBT
2023: 83%
2022: 75%
2021: 100%
2020: 113%

Order Book
FYE 2023: RM13.064 mil  
FYE 2024: RM21.228 mil 

Major customer (2023)
1. Xiamen KirinCore: 62.67%
2. Customer A group of companies: 12.33%
3. Customer E group of companies: 9.98%
4. Customer B: 7.17%
5. Synkom Co.Ltd: 3.09%
***total 95.24%

Major Sharesholders
1. Ng Meng Thai: 20.06% (direct)
2. Cheah Hun Wah: 21.09% (direct)
3. Tan Chun Chiat: 13.40% (direct)
4. Bigcore Techonology: 3.34% (direct)

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM2.176mil
key management remuneration: RM1.20mil - RM1.35mil
total (max): RM3.526mil or 20.76% amend typo to 11.70%

Use of funds
1. Business expansion through expansion of workforce: 47.96%
2. Establishment of new offices : 23.98%
3. R&D expenditure: 11.51%
4. Working capital: 12.14%
5. Listing Expenses: 4.41%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a fair IPO with high growth opporunities. But investor need take note on the high depend of single China company which contribute 62.67% of their revenue. 

*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.

CAPE EMS BERHAD

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opinion and reader should take their own risk in investment decision.

Open to apply: 16/02/2023
Close to apply: 27/02/2023 Amend typo 24/02/2023 (retail)
Price determination: 27/02/2023 
Balloting: 01/03/2023
Listing date: 10/03/2023

Share Capital
Market cap: RM830.7mil
Total Shares: 923mil shares

Industry CARG (2017-2021)
Global exports of E&E products: 7.5%
Global import of E&E products: 7.2%
Industry competitors comparison (net profit%)
Cape Group: 7.6% (PE25.28 is use FYE2022 PAT)
JHM: 11.5% (PE14.66)
Plexus Manufacturing S/B: 11.1%
Benchmark Electronics (M) S/B: 12.8%
NationGate Holdings Bhd: 7.8% (PE21.22)
SKP Resources Bhd: 7.5% (PE14.34)
P.I.E. Industrial Bhd: 5.9% (PE18.62)

Others: -4.6% to 5.7%

Business (FYE 2021)
EMS provider on contract manufacturing services for end-to-end manufacturing services which entail parts and components sourcing and procurement, production, assembly, testing, packaging up to direct shipment fulfilment

Revenue by Segment
1. Industrial electronic products: 58.8%
2. Consumer electronic products: 38.0%
3. Supporting services: 3.2%
Revenue by Geo
1. Asia Pacific: 37.8% (Singapore: 30.7%)
2. USA: 55.1%
3. Europe: 7.1%

Fundamental
1.Market: Main Market
2.Price: RM0.90 (will follow final insti price@27/02/2023)
3.P/E: 25.28 @ RM0.0285 (prospecture pg27 use FYE21 PE31.6, we use EPS RM0.0356 @ FYE22)
4.ROE(Pro Forma III): 10.06%
5.ROE: 18.07%(FYE2022), 15.49%(FYE2021), 24.86%(FYE2020), 18.17%(FYE2019)
6.Net asset: RM0.35
7.Total debt to current asset after IPO: 0.75 (Debt: 282.094mil, Non-Current Asset: 230.615mil, Current asset: 377.704mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30sep, 6mths): RM319.750 mil (Eps: 0.0267),PAT: 7.7%
2021 (FYE 31Dec): RM344.334 mil (Eps: 0.0285),PAT: 7.6%
2020 (FYE 31Dec): RM168.261 mil (Eps: 0.0219),PAT: 12.0%
2019 (FYE 31Dec): RM43.157 mil (Eps: 0.0041),PAT: 8.8%

Operating cashflow (before tax) vs PBT
2022: 14.66% (trade receivable: RM122mil)
2021: 135% (trade receivable: RM82mil)
2020: -7.74% (trade receivable: RM80mil)
2019: 405% (trade receivable:RM54mil)

Major customer (2022)
Customer A (USA): 27.1%
Tastar Electronics (SG): 19.8%
Airspan group of companies: (USA & UK): 18.4%
NextCentury (USA): 12.6%
K&Q (SG): 10.9%
***total 88.8%

Major Sharesholders
Tee Kim Chin: 40.6% (direct)
Tee Kim Yok: 13.8% (direct)
Fortress: 16.6% (direct)

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM5.098mil
key management remuneration: RM1.250mil - RM1.450mil
total (max): RM7.998mil or 19.09%

Use of funds
1. Construction of New Senai 226 Warehouse and installation of automated storage facilities: 34.1%
2. Setting-up of new cleanroom facility and purchase of new automated production lines for EMS operations: 40.3%
3. Installation of energy saving cooling system: 2.4%
4. Purchase of new machinery and equipment for die cast manufacturing related services: 3%
5. Working capital: 13.2%
5. Listing Expenses: 7.0%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall slightly expensive IPO with the PE above industry average. However, with the new production line will encourage the grow of their revenue.

*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.

TT VISION HOLDINGS BERHAD

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opinion and reader should take their own risk in investment decision.

Open to apply: 29/12/2022
Close to apply: 06/01/2023
Balloting: 10/01/2023
Listing date: 18/01/2023

Share Capital
Market cap: RM159.12mil
Total Shares: 468mil shares

Industry CARG (2017-2021)
Global semiconductor sales CAGR: 7.8%
Global optoelectronic sales: 5.7%
Global solar cell and module production: 23.2%
Global semiconductor manufacturing equipment sales: 16%
Industry competitors comparison (net profit%)
TTVHB: 17.6% (PE15.19)
Vitrox: 24.9% (PE36.44)
Penta: 22.7% (PE39.33)
Mi: 16% (PE18)
Genetec: 26% (PE21.69)
AT: -163.7% (PE-0.59)
Aimflex: 6.2% (PE15.15)
Visdynamics: 20.1% (PE9.71)
MMSV: 21.7% (PE13.3)
QES: 14.5% (PE20.87)

Business (FYE 2021)
Development and manufacturing of machine vision equipment and provision of related products and services.
(Use of product: optoelectronics, solar cells, discrete components and ICs, as well as used in vision guided robotic equipment)
Revenue by Geo
Malaysia: 24.42%
China: 73.45%
Others: 2.13%

Fundamental
1.Market: Ace Market
2.Price: RM0.34
3.P/E: 15.19 @ RM0.0224
4.ROE(Pro Forma III): 12.45%
5.ROE: 17.99%(FYE2022), 15.88%(FYE2021), 41.05%(FYE2020), -10.11%(FYE2019)
6.Net asset: RM0.18
7.Total debt to current asset after IPO: 0.32 (Debt: 23.244mil, Non-Current Asset: 35.224mil, Current asset: 72.111mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Jun, 6mths): RM27.358 mil (Eps: 0.0112),PAT: 19.00%
2021 (FYE 31Dec): RM47.264 mil (Eps: 0.0180),PAT: 17.64%
2020 (FYE 31Dec): RM24.927 mil (Eps: 0.0039),PAT: 6.08%
2019 (FYE 31Dec): RM20.660 mil (Eps: -0.0092),PAT: -20.91%
***EPS here used cal based on 468mil shares (prospecture book use 385mil shares, pg15)

Operating cashflow vs PBT
2022: -15.73%
2021: 27.6%
2020: 271%
2019: -92.37%

Major customer (2022)
1. Shenzhen Brightsemi Technology Co., Ltd./China: 43.1%
2. Customer B/China: 20.52%
3. Dominant Opto / Malaysia: 13.76%
4. Shanghai Xingyin Electronic Technology Co. Ltd./China: 5.56%
5. Customer group A/ China and Malaysia: 5.55%
***total 88.49%

Major Sharesholders
Goon Koon Yin: 21.51% (direct)
Wong Yih Hsow: 21.51% (direct)
Jennie Tan Yen-Li: 2.48% (direct)
Tan Oon Pheng: 2.48% (direct)

MTDC (Khazanah wholly-owned subsidairy): 23.47% (direct)

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM1.522mil
key management remuneration: RM0.904mil - RM1.10mil
total (max): RM2.622mil or 13.32%

Use of funds
1. Repayment of bank borrowings: 20.88%
2. R&D expenditure: 27.85%
3. Marketing activities: 2.96%
4. Working capital requirements: 37.17%
5. Listing Expenses: 11.14%

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 sunrise industry IPO. However semicond industry is a cyclical industry, current situation is semicond turning into oversupply, the industry will get back to better after oversupply over turn into supply shortage. 

*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.

KUMPULAN KITACON 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: 28/12/2022
Close to apply: 09/01/2023
Balloting: 11/01/2023
Listing date: 17/01/2023

Share Capital
Market cap: RM340mil
Total Shares: 500mil shares
Industry CARG (2017-2021)

Value of building construction work completed by sectors
1. Malaysia (residential) CAGR: -9.1%
2. Malaysia (non-residential) CAGR: -6.8%
3. Selangor (residential) CAGR: -7.5%
4. Selangor (non-residential) CAGR: -7.9%

Industry competitors comparison (net profit%)
Kitacon: 9.2% (PE8.1)
Kerjaya: 9.9% (PE13.04)
MGB Bhd: 4.5% (PE14.31)
Nestcon: 3.4% (PE30.56)
Inta Bina: 3.5% (PE11.81)
Vizione: -28.9% (PE-1.37)
TCS: 1.2% (PE-10.45)
Gagasan: 3.7% (PE-29.04)
Haily: 5.0% (PE8.74)

Business (FYE 2021)

Provision of construction services
Residential: 84%
Non-residentail: 16%
Principal Market
Selangor: 96.8%
Negeri Sembilan: 1.6%
Johor: 1.6%

Fundamental
1.Market: Main Market
2.Price: RM0.68
3.P/E: 8.1 @ RM0.084
4.ROE(Pro Forma III): 21.09%
5.ROE: 22.69%(FYE2021), 14.96%(FYE2020), 22.42%(FYE2019)
6.Net asset: RM0.496
7.Total debt to current asset after IPO: 0.48 (Debt: 190.583mil, Non-Current Asset: 42.890mil, Current asset: 395.501mil)
8.Dividend policy: Propose 25% PAT dividend policy.
9. Shariah starus: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Jun): RM234.733 mil (Eps: 0.052),PAT: 11.1%
2021 (FYE 31Dec): RM455.502 mil (Eps: 0.084),PAT: 8.40%
2020 (FYE 31Dec): RM489.645 mil (Eps: 0.078),PAT: 7.80%
2019 (FYE 31Dec): RM581.523 mil (Eps: 0.110),PAT: 9.40%

Order book
FYE2022: RM104.961 mil
FYE2023: RM617.578 mil
FYE2024: RM131.070 mil

Operating cashflow vs PBT
2022: 87.83%
2021: 154.0%
2020: 84.9%
2019: 44.6%

Major customer (2022)
1. Sime Darby: 25.3%
2. Tropicana Aman Sdn Bhd: 14.8%
3. QLB: 11.4%
4. SP Setia Group: 10.2%
5. Symphony Hills Sdb bhd: 8.8%
***total 70.5%

Major Sharesholders
Tan Ah Kee: 8.4% (direct)
Teow Choo Hing: 28.9% (direct)
Suan Neo Capital: 35% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM5.095mil
key management remuneration: RM2.10 mil - RM2.50 mil
total (max): RM7.595mil or 9.39%

Use of funds
1. Purchase of Aluminium formwork systems: 34.8%
2. Purchase of Scaffoldings and cabins: 11.6%
3. Purchase of land and construction of a storage and refurbishment facility: 38.7%
4. Working capital: 6.3%
5. Listing Expenses: 8.6%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion
and reader should take their own risk in investment decision)
Overall is a high risk IPO due to overall weak performance & challenge of the industry
environment cause the difficulty for the company to growth. The order 2022 like unable to break revenue in 2021, but order book in 2023 likely will have better result compare 2022. 

*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 

VESTLAND BERHAD

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Open to apply: 27/12/2022
Close to apply: 16/01/2023
Balloting: 18/01/2023
Listing date: 31/01/2023

Share Capital
Market cap: RM311.621 mil 
Total Shares: 944.308mil shares
 
Industry CARG (2017-2021)
Real GDP Growth of Malaysia’s Economy and the Construction Industry: -5.4%
Overhang of Residential Properties in Malaysia (volume): 10.5%
Overhang of Commercial* Properties in Malaysia (volume): 30.4%
Industry competitors comparison (net profit margin%)
Vestland: 6.2% (PE29.20, 2021), (est PE14.6, 2022)
Suncon: 6.4% (PE12)
Kerjaya Prospek: 9.9% (PE12.72)
GDB: 6.5% (PE8.91)
Inta Bina Group Bhd: 3.5% (PE11.55)
Vizione: -28.9% (-ve)
Tuju Setia: 3.4% (-ve)
TCS Group: 1.2% (-ve)
Gagasan Nadi Cergas Bhd: 3.7% (-ve)
Siab Holdings Berhad: 3.2% (-ve)

Business (FYE 2021)
Construction of residential and non-residential buildings

Fundamental
1.Market: Ace Market
2.Price: RM0.33
3.P/E: 29.20 @ RM0.013 (est, PE14.6,2022)
4.ROE(Pro Forma III): 19.44%
5.ROE: 22.90%(FYE2021), 19.57%(FYE2020), 24.87%(FYE2019)
6.Net asset: RM0.1162
7.Total debt to current asset after IPO:  0.679 (Debt: 144.650mil, Non-Current Asset: 38.144mil, Current asset: 212.987mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%
2022 (FPE 30Jun, 6mth): RM139.914 mil (Eps: 0.0113), PAT: 7.62%
2021 (FYE 31Dec): RM171.081 mil (Eps: 0.0113),PAT: 6.22%
2020 (FYE 31Dec): RM97.124 mil (Eps: 0.0074),PAT: 7.22%
2019 (FYE 31Dec): RM98.707 mil (Eps: 0.0076),PAT: 7.26%
***Order book (until 2025): RM947.43mil

Operating cashflow vs PBT
2022: 56.33%
2021: 69.85%
2020: -62.13%
2019: 51.36%

Major customer (2022)
Mercu Majuniaga Sdn Bhd: 36.49%
Hawa Teknik Sdn Bhd: 29.22%
Sg.Besi Construction Sdn Bhd: 18.86%
Binastra Construction(M) Sdn Bhd: 4.81%
***total 95.02%

Major Sharesholders
Datuk Liew Foo Heen: 63.33% (Direct)
Wong Sai Kit: 11.17% (Direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.444mil
key management remuneration: RM0.95mil - RM1.25mil
total (max): RM2.694mil or 11.45% 

Use of funds
1. Acquisition of the new head office/refinancing of borrowings for acquisition of the new head office: 13.37%
2. Performance bonds and/or cash deposits for construction projects: 19.25%
3. Working capital: 59.71%
4. Listing expenses: 7.67%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall, the company is in low net profit industry at this moment. However take count on the order book, revenue still strong on coming 1-3 years. 

*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

WELLSPIRE HOLDINGS BERHAD

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Open to apply: 27/12/2022
Close to apply: 04/01/2023
Balloting: 06/01/2023
Listing date: 16/01/2023

Share Capital
Market cap: RM163.789 mil 
Total Shares: 712.125mil shares
 
Industry CARG (2017-2021)
Revenue of wholesale of food (Thai) CAGR: 8.1% 
Industry competitors comparison (net profit margin%)
Wellspire Group: 11.3%
Sino-Pacific Trading (Thailand): 4.6%
Kor Chaisaeng: 0.8%
Heritage Marketing Co., Ltd: 0.5%
Sun Foods Trading Co., Ltd: 0.4%
Modern Food Trading Co., Ltd: 0.1%
Chailai Intertrade Co., Ltd: 9.2%
Capmax Trading Co., Ltd: 2.1%

Business (FYE 2021)
Distribution of consumer packaged foods focusing on snack foods in Thailand.
- Sunflower seeds: 92.07%
- Other Snack food, other seed and nuts, others: 7.93% 

Fundamental
1.Market: Ace Market
2.Price: RM0.23
3.P/E: 22.98 @ RM0.01 (FPE2022)
4.ROE(Pro Forma III): 8.11%
5.ROE: 106%(FYE2021), 80.41%(FYE2020), 98.2%(FYE2019)
6.Net asset: RM0.067
7.Total debt to current asset after IPO: 0.19 (Debt: 11.491mil, Non-Current Asset: 2.624mil, Current asset: 61.607mil)
8.Dividend policy: Propose 30% dividend policy. 
9. Shariah starus: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Jun, 6mth): RM60.509 mil (Eps: 0.0015), PAT:3.54%
2021 (FYE 31Dec): RM136.707 mil (Eps: 0.0156),PAT: 11.27%
2020 (FYE 31Dec): RM119.706 mil (Eps: 0.0166),PAT: 13.16%
2019 (FYE 31Dec): RM58.799 mil (Eps: 0.0044),PAT: 7.06%

Operating cashflow vs PBT
2022: 75.56%
2021: 77.71%
2020: 23.36%
2019: -ve

Major customer (2022)
1. CP All: 44.55%
2. Valueplus: 25.61%
3. Siam Makro: 14.18%
4. Big C: 5.72%
5. Ek-Chai Distribution: 5.03%
***total 95.09%

Major Sharesholders
1. Mo Guopiao: 28.16%
2. Silver Line Capital: 17.03%
3. He Haibin: 11.85%
4. Capital Pairing: 7.15%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.214mil
key management remuneration: RM0.550mil - RM0.700mil
total (max): RM2.914mil or 7.63% 

Use of funds
1. Acquire/construct a warehouse and operational facility in Thailand: 55.83%
2. Working capital: 20.79%
3. Listing Expenses: 23.38%

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 business that too focus on single product brand, which also is their higher risk contribution. They company need to increase the revenue contribution from other product. 

*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

DS SIGMA 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: 13/12/2022
Close to apply: 21/12/2022
Balloting: 27/12/2022
Listing date: 06/01/2023

Share Capital
Market cap: 264mil (will depend on final IPO price)
Total Shares: 480mil shares
 
Industry CARG (2017-2021)
Consumption value of paper cartons: CARG 10.6%
Consumption value of plastic packaging: CARG 11.3%
Competitors comparison (Net profit margin, PE)
1. DS Sigma Group: 17.7% (PE12.56)
2. Public Packages Holdings Bhd: 12% (PE4.56)
3. Jishan Bhd: 10.8% (PE6.01)
4. HPP Holdings Bhd: 9.9% (PE15.6)
5. Magni-Tech Industries Bhd: 9.3% (PE7.91)
6. Master-Pack Group Bhd: 9.4% (PE7.25%)
7. Others (9company): 8.9% to -19%

Business (FYE 2022)
Manufacturing of corrugated paper packaging products including cartons, protective packaging and paper pallets. 
DS Manufacturing: Manufacture of corrugated paper packaging products.
DS Packaging: Manufacture of corrugated paper packaging products and supply of protective packaging products.
Kaisung: Supply of protective packaging products.

Fundamental
1.Market: Ace Market
2.Price: RM0.55
3.P/E: 12.56 @ RM0.0438
4.ROE(Pro Forma III): 22.36%
5.ROE: 42.69% (FYE2022), 73.27%(FYE2021), 43.51%(FYE2020), 74.72%(FYE2019)
6.NA after IPO: RM0.20
7.Total debt to current asset after IPO: 0.3829 (Debt: 23.204mil, Non-Current Asset: 58.647mil, Current asset: 60.596mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jun): RM121.218 mil (Eps: 0.0438),PAT: 17.71%
2021 (FYE 30Jun): RM127.858 mil (Eps: 0.0423),PAT: 16.52%
2020 (FYE 30Jun): RM85.891 mil (Eps: 0.0202),PAT: 11.55%
2019 (FYE 30Jun): RM105.682 mil (Eps: 0.0312),PAT: 14.13%

Operating cashflow vs PBT
2022: 94.09%
2021: 66.14%
2020: 70.23%
2019: 86.71%

Major customer (2022)
1. Samsung Electronics: 20%
2. SOEM (Sony): 18.86%
3. SSCSM (Sony): 17.8%
4. PAACM (Panasonic): 14.97%
5. YH Precision (M) Sdn Bhd: 5.11%
***total 75.64%

Major Sharesholders
Lucille Teoh Soo Lien: 61% (indirect)
Beh Seng Lee: 61% (indirect)
DS Kaizen: 61% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM7.454mil
key management remuneration: RM0.90 mil - RM1.10 mil
total (max): RM8.554mil or 19.89% 

Use of funds
1. Expansion of operations to Penang: 2.39%
2. Establishment of Klang Factory 2: 31.91%
3. Purchase of Automated and robotic packing machines: 14.16%
4. Purchase of Honeycomb board machines: 6.38%
5. Purchase of 6-colour flexographic printing machine: 11.37%
6. Establish packaging design and innovation centre: 2.27%
7. Repayment of bank borrowings: 11.96%
8. Working capital: 10.79%
9. Listing Expenses: 8.77%

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. Just worries part is IPO PE offer is above the average of the same industry competitors. In other meaning is good IPO with no discount offer compare to competitors. 

*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.