Initial Public Offering (IPO)

Wednesday, April 17, 2024

SIN-KUNG LOGISTICS BERHAD

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

Open to apply: 18 Apr 2024
Close to apply: 02 May 2024
Balloting: 06 May 2024
Listing date: 15 May 2024

Share Capital
Market cap: RM156 mil
Total Shares: 1.2 bil shares

Industry CARG
(***based on manual calculated CARG in percentage, actual figure might differ)
Total air cargo handled (Malaysia), 2018 – 2023: -0.6264%
Total container throughput (Malaysia), 2018 – 2023: 3.084%
External trade (Malaysia), 2018 – 2023: 7.026%
GDP from manufacturing sector (Malaysia), 2018 – 2023: 3.7643%
Industry competitors comparison (net profit%)
1. Sin-Kung Group: 12.33%
2. MasKargo Logistics Sdn Bhd: 8.5%
3. Transocean Holdings Bhd: 6.09% (PE254.48)
4. Harbour-Link Group Bhd: 17.39% (PE3.78)
5. Tri-Mode System (M) Berhad: 8.4% (PE15.43)
6. Swift Haulage Berhad: 7.65% (PE9.28)
7. Others: -13.28% to 5.78%

Business (FYE 2023)
Integrated logistics service provider principally involved in the provision of trucking services with a focus on airport-to-airport road feeder services.
Revenue by segments
1. Trucking services (airport-to-airport road feeder services): 52%
2. Trucking services (Point-to-trucking services): 20.3%
3. Container haulage services: 9.5%
4. Warehousing and distribution services: 15.7%
5. Other logistic-related services: 2.5%
Revenue by Goe
1. Malaysia: 54.1%
2. Singapore: 27.3%
3. Others countries: 18.6%

Fundamental
1.Market: Ace Market
2.Price: RM0.13
3.Forecast P/E: 26 (FYE2023, EPS RM0.005)
4.ROE(Pro forma III): 7.64%
5.ROE: 22.91%(FPE2022), 34.64%(FYE2021), 33.87%(FYE2020)
6.Net asset: 0.01
7.Total debt to current asset: 4.298 (Debt: 126.525mil, Non-Current Asset: 180.905mil, Current asset: 29.435mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 31Dec): RM51.984 mil (Eps: 0.0050), PAT: 12.3%
2022 (FYE 31Dec): RM56.743 mil (Eps: 0.0100), PAT: 21.8%
2021 (FYE 31Dec): RM52.256 mil (Eps: 0.0120),PAT: 27.8%
2020 (FYE 31Dec): RM43.071 mil (Eps: 0.0080),PAT: 21.8%

Major customer (2023)
1. Customer A: 16.9%
2. Customer C: 12.7%
3. Customer F: 9.8%
4. Customer D: 5.8%
5. Customer G: 5.8%
***total 51.0%

Major Sharesholders
1. Lille Management: 29.8% (direct)
2. Alan Ong Lay Wooi: 29.8% (direct)
3. Angelina Ong Lay Shee: 14.9% (direct)
4. Adeline Ong Lay Suen: 29.8% (indirect)
5. Ameline Ong Lay Ling: 29.8% (indirect)
6. Alex Ong Lay Ming: 29.8% (indirect)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM2.061 mil
key management remuneration: RM0.90 mil – RM1.10 mil
total (max): RM3.161 mil or 13.15%

Use of funds
1. Expansion of warehouse & distribution services: 38.6%
2. Repayment of bank borrowings: 37%
3. Purchase of commercial vehicles: 7.7%
4. Working capital: 4.0%
5. Estimated listing expenses: 12.7%

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.

Friday, March 29, 2024

MKH OIL PALM (EAST KALIMANTAN) BERHAD

Open to apply: 29 March 2024
Close to apply: 16 April 2024
Balloting: 19 April 2024
Listing date: 30 April 2024

Share Capital
Market cap: RM634.626 mil
Total Shares: 1.02359 bil shares

Industry CARG
Consumption of CPO (Indonesia), 2020 - 2023(e) : 5.70%
Exports CPO (Indonesia), 2020 – 2023: 0.2%
Consumption of CPKO (Indonesia), 2020 - 2023(e): 5.17%
exports of CPKO (Indonesia), 2020 - 2023(e): -3.51%
Industry competitors comparison (net profit%)
1. MKHOP Group: 9.2% (PE20.3)
2. Anglo-Eastern Plantations Plc: 21.37% (PE7.02)
3. PT Austindo Nusantara Jaya Tbk: 7.86% (PE53.27)
4. PT Teladan Prima Agro Tbk: 15.89% (PE10.31)
5. R.E.A. Holdings plc: 15.75%
6. Kencana Agri Limited: 1.72%
7. NPC Resources Berhad: 0.27% (PE22.56)
8. PT Jaya Agra Wattie Tbk: -31.07% (losses)
9. PT Gozco Plantations Tbk: 13.67% (PE6.24)
10. Global Palm Resources Holdings Limited: 12.81%
11. PT Andira Agro Tbk: -0.9% (losses)

Business (FYE 2023)
Cultivation of oil palm and production and sale of CPO (Crude Palm Oil) and PK (Palm Kernel).
Segment
1. CPO: 91.7%
2. PK: 8.3%

Fundamental
1. Market: Main Market
2. Price: RM0.62
3. Forecast P/E: 20.3 (FYE2023, EPS RM0.031)
4. ROE(Pro Forma ): 5.55%
5. ROE: 9.96% (FYE2023) ,21.41%(FPE2022), 36.64%(FYE2021), 14.98%(FYE2020)
6. Net asset: RM0.55
7. Total debt to current asset: 0.4396 (Debt: 67.802mil, Non-Current Asset: 476.762mil, Current asset: 154.228mil)
8. Dividend policy: 50% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 30Sep): RM337.981 mil (Eps: 0.0310), PAT: 9.20%
2022 (FYE 30Sep): RM315.817 mil (Eps: 0.0590), PAT: 19.0%
2021 (FYE 30Sep): RM306.611 mil (Eps: 0.0760),PAT: 25.3%
2020 (FYE 30Sep): RM282.324 mil (Eps: 0.0180),PAT: 6.6%

Major customer (FYE2023)
1. Apical Group of Companies: 82.0%
2. PT Energi Unggul Persada: 13.8%
3. Golden Agri-Resources Group of Companies: 3.90%
4. PT Samudra Biru Cemerlang: 6.3%
***100.00%

Major Sharesholders
1. MKH: 28.68% (direct)
2. Tan Sri Alex Chen: 66.61% (indirect)
3. Tan Sri Eddy Chen: 66.50% (indirect)
4. Datuk Chen Fook Wah: 66.38% (indirect)
5. Metro Kajang (oversea): 30.65% (direct)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RRM6.171 mil
Key management remuneration: RM1.00 mil – RM1.250 mil
total (max): RM7.421 mil or 8.07%

Use of funds
1. Expansion of land banks for oil palm plantation: 30.8%
2. Capital expenditures for existing plantation lands: 7.3%
3. Setup of PK crushing facility: 6.6%
4. Refurbishment and/or upkeep of existing palm oil mill: 8.9%
5. Capital expenditures for refurbishment and construction of workers/staff housing quarters: 7.3%
6. Capital expenditures to expand coverage of electricity supply 7.3
7. Repayment of loan due to a related party: 22.0%
8. Working capital: 2.5%
9. Estimated listing expenses: 7.30%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall it should be categorized into low to mid growth potential of company.

Wednesday, March 27, 2024

TOPMIX 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 Mar 2024
Close to apply: 04 Apr 2024
Balloting: 08 Apr 2024
Listing date: 23 Apr 2024

Share Capital
Market cap: RM122.095 mil
Total Shares: 393.856 mil shares

Industry CARG
The surface decorative products market in Malaysiaa: 4.806%
Industry competitors comparison (net profit%)
1. Topmix: 13%
2. Polytec Laminates Sdn Bhd: 18.7%
3. Maica Corporation Sdn Bhd: 18.0%
4. Shimlen Sdn Bhd: 15.3%
4. ICA Innovation Sdn Bhd: 14.4%
5. Others: 0.4% to 13.2%%

Business (FPE 2023)
Marketing and sales of our own brands of surface decorative products. Also undertake the design of surface decorative products internally as well as in collaboration with third-party décor paper suppliers.
Product Revenue Segment
1. HPL Product: 94.13%
2. Other surface decorative products: 5.33%
3. Kitchen and wardrobe accessories: 0.54%
***HPL : High pressure laminate (e.g. the surface layer of the compress wood)

Fundamental
1. Market: Ace Market
2. Price: RM0.31
3. Forecast P/E: 15.88 (Forecass, EPS RM0.019525)
*we disagree to follow Prospectus book pg 22 suggestion PE.
4. ROE(FPE2023): 12.77%
5. ROE: 28.33%(FYE2022), 20.48%(FYE2021), 13.34%(FYE2020)
6. Net asset: 0.15
7. Total debt to current asset: 0.5576 (Debt: 32.173mil, Non-Current Asset: 32.487mil, Current asset: 57.699mil)
8. Dividend policy: didn’t have formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Sep): RM51.037 mil (Eps: 0.0141), PAT: 10.88%
2022 (FYE 31Dec): RM65.790 mil (Eps: 0.0217), PAT: 12.96%
2021 (FYE 31Dec): RM38.595 mil (Eps: 0.0112), PAT: 11.45%
2020 (FYE 31Dec): RM27.521 mil (Eps: 0.0060), PAT: 8.58%

Major customer (FPE 2023)
1. Kai Cheong Hardware Trading Sdn Bhd: 8.90%
2. JBR Hardware & Trading Sdn Bhd: 6.50%
3. Ekia Furniture Accessories Sdn Bhd: 4.48%
4. Bao Leng Wood Veneer Plywood Sdn Bhd: 2.97%
5. Daiyon Marketing Sdn Bhd: 2.88%
***total 25.73%

Major Sharesholders
1. Teo Quek Siang: 62.36% (indirect)
2. Tan Lee Hong: 66.64% (indirect)
3. J and T Resources: 55% (direct)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RM1.776 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.576 mil or 10.969%

Use of funds
1. Expansion into assembly of melamine faced chipboard (MFC) products: 20.74%
2. Business expansion, marketing and sales: 23.32%
3. General working capital: 44.24%
4. Estimated listing expenses: 11.70%

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 grow opportunities.

Tuesday, March 26, 2024

KEYFIELD INTERNATIONAL 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: 26 Mar 2024
Close to apply: 03 Apr 2024
Balloting: 05 Apr 2024
Listing date: 22 Apr 2024

Share Capital
Market cap: RM720mil
Total Shares: 800 mil shares

Industry CARG
Accommodation work boat chartering market size in Malaysia (2017-2023e): 6.4%
Industry competitors comparison (PAT%)
1.Keyfield Group: 27.1%
2.Alam Maritim (M) Sdn Bhd: 33.32%
3.Carimin Marine Services Sdn Bhd: 16.43%
4.DESB Marine Services Sdn Bhd: 12.11%
5.Perdana Petroleum Berhad: 6.72%
6.Icon Ship Management Sdn Bhd: Losses
7.Khas Jejaka Sdn Bhd: 6.3%
8.Petra Resources Sdn Bhd: losses
9.Petra Marine Sdn Bhd: 9.72%
10.Sapura Energy Berhad: losses

Business (FPE 2023)
Chartering of own & third party accommodation vessels and provision of related onboard services such as accommodation, catering, housekeeping, laundry and medical support services; and
Business Segments
1.Own vessels: 67.5%
2.Third party vessels: 32.5%

Fundamental
1.Market: Main Market
2.Price: RM0.90
3.Forecast P/E: 8.7
4.ROE(FPE2023): 18.85%
5.ROE: 25.86%(FYE2022), 12.40%(FYE2021), 10.44%(FYE2020)
6.Net asset: 0.63
7.Total debt to current asset: 1.08 (Debt: 186.888mil, Non-Current Asset: 527.372mil, Current asset: 172.357mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Sep, 9mths): RM310.918 (Eps: 0.104), PAT: 27.1%
2022 (FYE 31Dec): RM236.204 mil (Eps: 0.0610), PAT: 21.10%
2021 (FYE 31Dec): RM139.756 mil (Eps: 0.0220),PAT: 12.90%
2020 (FYE 31Dec): RM75.231 mil (Eps: 0.0170),PAT: 18.00%

Major customer (FPE2023)
1.PCSB: 57.7%
2.Petra Resources Sdn Bhd: 7.7%
3.Malaysia Deepwater Production Contractors Sdn Bhd: 7.5%
4.Helms Geomarine Sdn Bhd: 4.3%
5.Perdana Nautika Sdn Bhd: 3.1%
***total 80.3%

Major Sharesholders
1.Darren Kee: 22.3% (direct)
2.Kate Ooi: 22.3% (indirect)
3.Mohd Erwan: 6.9% (direct)
4.MEAM Holdings: 3.2% (direct)
5.Lavin Group: 26.1% (direct)
6.Veritas Aman: 5.3% (direct)
7.OM Ceria: 3.2% (direct)
8.Calvin Lau Chuen Yien: 26.1% (indirect)
9.Ikhlas Bin Kamarudin: 5.3% (indirect)
10.Tunku Azlan Bin Tunku Aziz: 3.2% (indirect)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RM3.601 mil
key management remuneration: RM1.10 mil – RM1.25 mil
total (max): RM4.851 mil or 5.42%

Use of funds
1.Redemption of Keyfield CRNCPS: 32.7%
2.Repayment of bank borrowings: 1.6%
3.Settlement of balance purchase consideration for Blooming Wisdom: 34.6%
4.Settlement of balance purchase consideration for Helms 1: 18.6%
5.Working capital: 7.7%
6.Estimated listing expenses: 4.8%

Wednesday, March 20, 2024

Quarter 1: Invest Group Performance Update

Congratulation to all group members ya.

T&C to join Invest Group
1. Understand that all material in the Whatsapp Invest Group 2 or 3 is only opinion sharing.
2. Members in group have to take their own risk.
3. Memberships fee is not refundable.
4. Admin is not take any responsible on member investment decision.
5. Member have to do their own study & own analysis.
6. Memberships fees RM369.00 per year.

Some detail on the Invest group
1. stock pick based on fundamental (sometime will use technical stock pick)
2. one year might less than 10 pick.
4. is not a training class.

5. some counter that need to hold quite longer term.
6. No any other phone number is authorize, other than this admin number 013-2820766

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!!!

Monday, March 18, 2024

SBH MARINE HOLDINGS BERHAD

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Open to apply: 18 March 2024
Close to apply: 25 March 2024
Balloting: 27 March 2024
Listing date: 08 April 2024

Share Capital
Market cap: RM195.360 mil
Total Shares: 888 mil shares

Industry CARG
Historical Market Size (in terms of Export Value) and Growth Forecast for the Frozen Seafood Market in Malaysia, 2023-2027 : 5.2%
Industry competitors comparison (net profit%)

1.SBH: 6.7% (PE)
2.AASB: 14.5%
3.BAB: -4.7%
4.Emperor Marine: 1.2%
5.MAG: 17.0% (PE9.22)

Business (FPE 2023)
Frozen seafood processing
-Aquaculture shrimp farming, processing, & sale of frozen seafood products.
Business Segments
1.Processing and sale of frozen seafood products: 68.71%
2.Merchant trading of frozen processed seafood products: 25.88%
3.Distribution and trading of aquaculture related products: 5.41%

Fundamental
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 16.67 (Forecast, EPS RM0.0132)
4.ROE(FPE2023): 14.31%
5.ROE: 16.04%(FYE2022), 17.64%(FYE2021), 10.74%(FYE2020)
6.Net asset: 0.14
7.Total debt to current asset: 0.24 (Debt: 27.731mil, Non-Current Asset: 36.661mil, Current asset: 117.263mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 20Sep, 9mths): RM144.212 mil (Eps: 0.0095), PAT: 5.83%
2022 (FYE 31Dec): RM194.426 mil (Eps: 0.0147), PAT: 6.71%
2021 (FYE 31Dec): RM192.006 mil (Eps: 0.0147),PAT: 6.79%
2020 (FYE 31Dec): RM140.581 mil (Eps: 0.0094),PAT: 5.91%

Major customer (FPE 2023)
1.Customer F: 15.13%
2.Customer G: 11.93%
3.Customer A: 9.76%
4.Customer H: 9.24%
5.Customer C: 7.81%
Total top 5 customer: 53.87%

Major Sharesholders
1.TBN Holdings: 17.8% (direct)
2.Tan Boo Nam: 14.23% (direct)
3.Tan Yuak Ming: 6.84% (direct)
4.Tan Yuak Kwang: 6.28% (direct)
5.Tan Yok Jin: 6.28% (direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM4.104 mil
key management remuneration: RM0.55 mil – RM.75 mil
total (max): RM4.854 mil or 18.23%

Use of funds
1.Development of Selinsing Farm: 40.40%
2.Construction of a new seafood processing plant: 16.42%
3.Purchase of machineries/equipment and motor vehicles: 15.4%
4.Working capital requirements: 17.68%
5.Estimated listing expenses: 10.10%

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

Overall is risk is a bit high as PAT% is not high, and revenue not much grow over past 3 years.

Wednesday, March 6, 2024

PROLINTAS INFRA BUSINESS TRUST

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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: 06 Mar 2024
Close to apply: 12 Mar 2024
Price Determination Date: 13 Mar 2024
Balloting: 14 Mar 2024
Listing date: 25 Mar 2024

Share Capital
Market cap: RM nil mil
Total Shares: 1.100 bil shares

Industry CARG
CAGR of the Urban Highways Industry in Klang Valley in terms of Revenue, 2017-2027F: 3.2%
Total registered vehicles in KL and Selangor, 2017-2022: 1.8%
Industry competitors comparison (net profit%, FYE2022)
1. Prolintas Infra BT: losses
2. Amanat Lebuhraya Rakyat Berhad: 77.79% (average)
3. Bina Puri Holding Bhd: 5.6%
4. Ekovest Berhad: losses
5. IJM Corporation Berhad: 17.1%
6. Maju Holdings Sdn Bhd: 38.7%
7. PLUS Malaysia Berhad: nil
8. SKVE: losses
9. Taliworks: 45.90%

Business (FYE 2023)
(i) construction, toll collection, operation and maintenance of the Highways
(ii) provision of ancillary facilities to complement the operation of the Highways and enhance road users’ experience and convenience
Highways
1. AKLEH: 16/05/1996 – 15/05/2037
2. GCE: 18/07/2000 – 31/05/2062
3. LKSA: 27/11/2006 – 31/07/2062
4. SILK: 08/10/1997 – 31/07/2062

Fundamental
1.Market: Main Market
2.Price: RM0.95 (will follow final institutional price)
3.Forecast P/E: nil
4.ROE(FPE2023): losses
5.ROE: losses(FPE2022), 49.92%(FYE2021), 4.45%(FYE2020)
6.Net asset: RM0.41
7.Total debt to current asset: 7.23 (Debt: 2.945 bil, Non-Current Asset: 3.188 bil, Current asset: 407.194 mil)
8.Dividend policy: 90% yearly distribution policy.
9.Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Sep, 9mths): RM228.570 mil (Eps: - 0.2340), -112.4%)
2022 (FYE 31Dec): RM384.161 mil (Eps: -0.0120), PAT: -3.5%
2021 (FYE 31Dec): RM365.800 mil (Eps: 0.1270),PAT: 38.3%
2020 (FYE 31Dec): RM394.372 mil (Eps: 0.0070),PAT: 1.9%

Major customer (2023)
Customer base primarily comprises the road users using the four Highways. Did not have single major customer.

Major Sharesholders
1.Projek Lintasan Kota Holdings Sdn Bhd : 51% (direct)
2.Permodalan Nasional Berhad : 51% (indirect)
3.Amanah Saham Bumiputera: 51% (indirect)
4.Yayasan Pelaburan Bumiputra: 51% (indirect)
5.Lembaga Tabung Haji: 5.5% (direct)
6.AIIMAN Asset Management Sdn. Bhd: 5.4% (direct)
7.AHAM Asset Management Berhad: 1.0% (direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM1.615 mil
key management remuneration: RM2.0 mil – RM2.15 mil
total (max): RM3.765 mil or 2.57% (compare from Profit from operation)

Use of Proceeds
1.Selling unitholder: RM445.3 mil
2.Estimated listing expenses: 10.08mil
(Prolintas Infra BT will not be issuing any new Units for the IPO, the Trust will not receive any proceeds from the IPO)

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is medium risk investment. PBT must over RM150mil to cover the finance cost. Still unable to know the final institutional price. Forecast reasonable acceptance price level should fall under RM0.52 – RM0.65 range.