COLFORM GROUP BERHAD

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Open to apply: 15/01/2025
Close to apply: 23/01/2025
Balloting: 27/01/2025
Listing date: 10/02/2025

Share Capital   
Market cap: RM216 mil
Total Shares:  600 mil shares
1st day listing tradable shares: 168.424 mil shares

Industry CARG    
1. Apparent consumption of total steel products (Sabah and Sarawak), 2019 – 2023: -6.09%
2. Apparent consumption of hot-dipped galvanised sheets, Zn-Al sheets and strips, and colour coated sheets and strips (Sabah and Sarawak), 2019 – 2023: -2.28%
3. Downstream steel industry size (Sabah and Sarawak), 2019 – 2023: 9.18%
4. Value of construction work done (Sabah and Sarawak), 2019 – 2023: 1.31%
Industry competitors comparison (net profit%)
1. Colform Group: 13.76%
2. Pui Nam Cheong Industries Sendirian Berhad: 22.12%
3. United G.I. Products Sdn Bhd: 10.14%
4. Cooldec Industries Sdn Bhd: 8.96%
5. JCH Steel (M) Sdn Bhd: 7.32%
6. IMetal (M) Sdn Bhd: 6.75%
7. Others: losses to 5.24%

Business (FPE 2024)  
Manufacturing, processing and trading of steel products.
Business Segment by revenue
1. Manufacturing of downstream steel products and processing of steel coils: 55.93%
2. Trading of other downstream steel products and building materials: 30.67%
3. Provision of supply and installation services and project management services for construction projects: 13.40%

Fundamental    
1.Market: Ace Market
2.Price: RM0.36
3.Forecast P/E: 17.48
4.ROE(Pro forma III):  10%
5.ROE: 13.92% (FPE2024), 16.28%(FYE2023),  8.36%(FYE2022), 20.9%(FYE2021)
6.Net asset: 0.21
7.Total debt to current asset: 0.345  (Debt: 26.873mil, Non-Current Asset: 27.203mil, Current asset: 77.884mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 31Aug, 8 mths): RM68.987 mil (Eps: 0.0201), PAT: 18.34%
2023 (FYE 31Dec): RM92.533 mil (Eps: 0.0206), PAT: 13.76%
2022 (FYE 31Dec): RM62.641 mil (Eps: 0.0096), PAT: 12.10%
2021 (FYE 31Dec): RM85.456 mil (Eps: 0.0231), PAT: 20.51%

Order Book  
1. FYE 2024: RM0.45 mil 
2. FYE 2025: RM 34,146 mil

Major customer (FPE 2024)   
1. SBH Kibing Group of Companies: 7.38%
2. Vestland Resources Sdn Bhd: 7.11%
3. LD Metal Roofing Sdn Bhd: 5.46%
4. CY Utama Sdn Bhd: 5.24%
5. Kang Ming Group of Companies: 3.99%
***total 29.18%

Major Sharesholders    
1. Kang Ming Trading: 70.86% (direct)
2. Kang Ket Hung: 0.33% (direct),  70.86% (indirect)
3. Kang Phui Yie: 0.41% (direct), 70.86% (indirect)

Directors & Key Management Remuneration for FYE2024   
(from Revenue & other income 2023)
Total director remuneration: RM1.733 mil
key management remuneration: RM0.20 mil – RM0.35 mil

total (max): RM2.083 mil or 9.9%

Use of funds

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 with mid- low possible growth industry company. 

*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.

ORIENTAL KOPI HOLDINGS BERHAD

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Open to apply: 06 Jan 2025
Close to apply: 10 Jan 2025
Balloting: 14 Jan 2025
Listing date: 23 Jan 2025

Share Capital      
Market cap: RM880 mil
Total Shares:  2bil shares

Industry CARG (2019-2023)     
Malaysia Real GDP of F&B services, CAGR: 2.5%
Malaysia GDP of F&B services, CARG: 7.9%
Estimated sales value of F&B services in Singapore, CAGR: 8.9% 
Industry competitors comparison (net profit%)
1. Oriental Kopi Group: 15.16%
2. Tea Garden Gempak S/B: 14.0%
3. Berjaya Starbucks Coffee Co: 11.8%
4. Oldtown S/B: 5.6%
5. Good Taste Malaysia S/B: 13.1%
6. Hometown F&B Holdings S/B: 9.6%
7. Tea Garden Gempak S/B: 14.0%
8. Others: losses to 5.5%

Business (FYE 2024)      
Cafe chain operations as well as the distribution and retail of our brands of consumer-branded packaged foods. 
Revenue from Geo
1. Klang: 65.25%
2. Johor: 26.54%
3. Others: 8.21%
Cafe outlet
1. Klang Valley, Penang and Johor : 20
2. Specialty retail store in Johor: 1

Fundamental       
1.Market: Ace Market
2.Price: RM0.44
3.Forecast P/E: 20.37
4.ROE(Pro forma): 18.76%
5.ROE: 80.59% (FYE2024), 58.9%(FYE2023), 54%(FYE2022),  losses (FYE2021), 
6.Net asset: 0.1149
7.Total debt to current asset: 0.499 (Debt: 127.955mil, Non-Current Asset: 101.628mil, Current asset: 256.212mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: nil

Past Financial Performance (Revenue, Earning Per shares, PAT%)       
2024 (FYE 30 Sep): RM277.280 mil (Eps: 0.0216), PAT: 15.56%
2023 (FYE 30 Sep): RM133.013 mil (Eps: 0.0100), PAT: 15.06%
2022 (FYE 30 Sep): RM48.644 mil (Eps: 0.0048), PAT: 19.65%
2021 (FYE 30 Sep): RM5.018 mil (Eps: -0.0002), PAT: -9.76%

Major customer    
1. Restaurant business, didn’t have single large customer.

 
Major Sharesholders    
1. Dato’ Chan Jian Chern: 73.35% (indirect) 
2. Chan Yen Min: 73.35% (indirect)
3. Koay Song Leng: 73.35% (indirect)
4. United Gomax: 73.35% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM2.093 mil
key management remuneration: RM0.85 mil – RM1.1 mil
total (max): RM3.193 mil or 3.86%

Use of fund   

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is middle risk investment. Have to focus more on the abilities of duplicate the existing 18 café performance. 

*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.

Quarter 4: Invest Group Performance Update

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!!!

CBH ENGINEERING HOLDING BERHAD

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Open to apply: 20/12/2024
Close to apply: 02/01/2025
Balloting: 06/01/2025
Listing date: 16/01/2025

Share Capital   
Market cap: RM526.65 mil
Total Shares:  1.881 bil shares

Industry CARG   
M&E engineering industry in Malaysia: 17%
Residential, commercial and industrial property transactions in Malaysia: 7.58%
Industry competitors comparison (net profit%)
1. CBH Engineering Holding Berhad: 15.9%
2. Kinergy Advancement Berhad: 13.8%
3. LFE Corporation Berhad: 13.3%
4. Savelite Engineering Sdn Bhd: 10.7%
5. MN Holdings Berhad: 9.5%
6. Others:  losses to 10.9%

Business (FPE 2024)  
Electrical engineering service provider and specialise in electricity supply distribution systems. 
CBH design, supply, installation, testing, commissioning and maintenance of HV, MV, LV and ELV electrical systems
Revenue by Segment
1. M&E systems
 - Engaged as main contractor: 79.22%
 - Engaged as subcontractor: 20.56%
2. M&E maintenance: 0.22%
Revenue by facility type
1. Substation: 86.81%
2. Industrial: 10.68%
3. Commercial: 2.23%
4. Residential: 0.28%

Fundamental    
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 15.91
4.ROE(Pro forma III): 27% 
5.ROE:  42.14%(FYE2023),  30.89%(FYE2022), 7.65%(FYE2021)
6.Net asset: 0.09
7.Total debt to current asset: 0.204 (Debt: 42.196mil, Non-Current Asset: 5.546mil, Current asset: 206.861mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FPE 31Aug, 8mths): RM178.225 mil (Eps: 0.0163), PAT: 17.2%
2023 (FYE 31Dec): RM207.954 mil (Eps: 0.0176), PAT: 15.89%
2022 (FYE 31Dec): RM180.120 mil (Eps: 0.0107), PAT: 11.13%
2021 (FYE 31Dec): RM67.575 mil (Eps: 0.0019), PAT: 5.30%

Order Book (LPD)  
1. RM203.691 mil

Major customer (FPE2024)   
1. Customer D: 50.01%
2. Customer E Group: 28.53%
3. Customer B: 14.19%
4. Takenaka (Malaysia) Sdn Bhd: 3.90%
5. Customer N: 0.51%
***total 97.14%

Major Sharesholders  
1. CBH Equities: 72.76% (direct)
2. Ir. Cheah Boon Hwa : 72.76% (indirect)
3. Cheah Boon Huat: 72.76% (indirect)
4. Cheah Boon Kiat: 72.76% (indirect)
5. Cheah Boon Hoe: 72.76% (indirect)
6. Cheah Chai Siew: 72.76% (indirect)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income 2023)
Total director remuneration: RM2.679 mil
key management remuneration: RM3.40 mil – RM3.55mil
total (max): RM6.229 mil or 9.25%

Use of funds

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 mid 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.

NORTHERN SOLAR HOLDINGS BERHAD

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Open to apply: 18/12/2024
Close to apply: 20/01/2025
Balloting: 22/01/2025
Listing date: 06/02/2025

Share Capital   
Market cap: RM249.228 mil
Total Shares:  395.6 mil shares
1st day listing tradable shares: 148.776 mil shares

Industry CARG  
Installed capacity for solar PV systems and facilities in Malaysia (total installed): 29.31%
Industry competitors comparison (net profit%)
1. Northern Solar: 12.9%
2. COEE Engineering Sdn Bhd: 12.2%
3. Eleaps Sdn Bhd: 10.0%
4. Maqo Engineering Sdn Bhd: 7.8%
5. Gsparx Sdn Bhd: 7.2% 
6. Solarvest Energy Sdn Bhd: 4.5%
7. Pekat Solar Sdn Bhd: 0.5%
8. Others: losses to 5.0%

Business (FYE 2024)  
Involved in the Engineering, procurement, construction and commissioning of solar PV systems, generation of renewable energy as well as O&M of solar PV equipment and systems.
Revenue by Segment

1. EPCC of solar PV systems: 98.8%
2. Generation of renewable energy: 1.2%

Fundamental    
1.Market: Ace Market
2.Price: RM0.63
3.Forecast P/E: 24.23
4.ROE(Pro forma II):  24.21%
5.ROE: 48.85%(FYE2024),  57.87%(FYE2023), 69.80%(FYE2022)
6.Net asset: 0.15
7.Total debt to current asset:  0.42 (Debt: 34.493 mil, Non-Current Asset: 13.623mil, Current asset: 82.244mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 30Sep, 6mnth): RM40.156 mil (Eps: 0.019), PAT: 18.5% 
2024 (FYE 31Mar): RM77.974 mil (Eps: 0.0260),PAT: 12.9%
2023 (FYE 31Mar): RM44.672 mil (Eps: 0.0150),PAT: 13.7%
2022 (FYE 31Mar): RM22.232 mil (Eps: 0.0080),PAT: 14.0%

Order Book    
1. As per 19 Nov 2024 : RM83.228 mil

Major customer (FPE2025)   
1. Engtex Group: 12.1%
2. Customer B: 11.6%
3. Customer A: 4.8%
4. Vitaton (M) Sdn Bhd: 3.7%
5. FFM Group: 3.3%
***total 35.5%

Major Sharesholders   
1. Lew Shoong Kai: 30.8% (direct)
2. Chew Win Hoe: 30.8% (direct)
3. Lagenda Properties: 12.5% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.834 mil

key management remuneration: RM0.5 mil – RM0.6 mil
total (max): RM1.434 mil or 6.64%

Use of Funds   

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is low-to-middle risk investment, and also come with middle 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.

SWIFT ENERGY TECHNOLOGY BERHAD

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Open to apply: 09/12/2024
Close to apply: 23/12/2024
Balloting: 27/12/2024
Listing date: 08/01/2024

Share Capital  
Market cap: RM280.224 mil
Total Shares:  1.0008 bil shares
1st day listing tradable shares: 299.2425 mil shares

Industry CARG
1. Global production volume of edible oils (2019-2024e):2.7%
2. Global production volume of sugar (2019-2024e): 1.5%
3. Number of rigs in Malaysia (2019-2023): 0.0%
4. Sales value* of electricity distribution and control apparatus in Malaysia (2019-2023):  18.7%
5. Sales value* of switchboard in Malaysia (2019-2023):  14.7%
6. Import value of switchboards and control panels* in Malaysia (2019-2024e): 14.7%
Industry competitors comparison (net profit%)
1. Swift Energy Group: 13.2%
2. Elecol Switchgear S/B: 16.6%
3. Leapco S/B: 14.3%
4. Powerwell Holdings Berhad: 12.7%
5. Fuji SMBE Brighten S/B: 10.8%
6. Willowglen MSC Bhd: 4.9%
7. Solution A & C Technology: 7.0%
8. Others: losses to 9.8%

Business (FPE 2024)  
Provision of industrial automation and power systems focusing on process control, Ex solar PV, power distribution, and other systems, mainly serving customers in the O&G, as well as grain products, edible oils, and food manufacturing industries.
Revenue by Segment
1. Provision of industrial automation and power systems: 80.7%
2. Supply of related products and services: 19.3%
Revenue by Geo
1. Malaysia: 64.15%
2. Thailand: 17.34%
3. Singapore : 11.06%
4. China : 7.45%
Revenue by industry
1. O&G : 45.1%
2. Grain products, edible oils and food manufacturing:25.08%
3. Utilities: 18.27%
4. Others: 11.55%

Fundamental   
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 23.53
4.ROE(Pro forma III): 12.85%
5.ROE: 28.34%(FPE2024), 28.31%(PYE2023), 18.98%(FYE2022),  9.42%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset:  0.296 (Debt: 40.412mil, Non-Current Asset: 24.874mil, Current asset: 136.579mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 9mths): RM81.446 mil (Eps: 0.0117), PAT: 14.34% 
2023 (FYE 30Sep): RM92.426 mil (Eps: 0.0119), PAT: 13.20%
2022 (FYE 30Sep): RM81.843 mil (Eps: 0.0079), PAT: 10.02%
2021 (FYE 30Sep): RM56.115 mil (Eps: 0.0036), PAT: 6.52%

Use of Funds

Order Book 

LPD: RM55.60mil

Major customer (FPE2024)  
1. Wilmar group of companies: 12.58%
2. Customer A: 12.20%
3. Malaysia Marine and Heavy Engineering Sdn Bhd: 10.13%
4. Equator Engineering Sdn Bhd: 9.57%
5. PTT Exploration and Production Public Company Limited (PTTEP): 7.84%
***total 52.32%

Major Sharesholders
1. Blueprint Capital: 31.61% (direct)
2. Tan Bin Chee: 27.8% (direct), 31.61% (indirect)
3. Chin Saw Yong: 10.59% (direct)
4. Suzana Binti Abu Bakar: 0.1% (direct), 31.61% (indirect)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM1.331 mil
key management remuneration: RM0.351 mil – RM0.45 mil
total (max): RM1.781 mil or 4.78%

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, middle growth 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.

CARLO RINO GROUP BERHAD

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Open to apply: 28/11/2024
Close to apply: 05/12/2024
Balloting: 09/12/2024
Listing date: 18/12/2024

Share Capital 
Market cap: RM263.9296 mil
Total Shares: 977.5171 mil shares

Industry CARG 
Revenue of Selected Segments of the Fashion Industry in Malaysia (RM Million)
a. Accessories: 3.9%
b. Women’s Footwear: 6.3%
c. Women’s handbags: 4.1%
Industry competitors comparison (net profit%)
1. Carlo Rino: 18.4% 
2. Vinnci Ladies’s Specialties Centre Sdn Bhd: 18.2%
3. Shiranoe Sdn Bhd: 9.0%
4. Miroza Leather (M) Sdn Bhd: 8.7%
5. F J Benjamin (M) Sdn Bhd: 7.2%
6. Others : 0.1% to 7.0%

Business (FYE 2024) 
Designing, promoting, marketing, distributing and retailing of women’s handbags, footwear and accessories.
Revenue by Product Group
Women’s handbag: 58.82%
Women’s Footwear: 21.33%
Women’s accessories: 19.85%
Others: -

Fundamental 
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 13.67
4.ROE(Pro forma): 12.73%
5.ROE: 23.81%(FYE2023),  24.6%(FYE2022), 5.52%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset:  0.32 (Debt: 38.420mil, Non-Current Asset: 70.237mil, Current asset: 119.838mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 30Jun): RM104.845mil (Eps: 0.0197), PAT: 18.41%
2023 (FYE 30Jun): RM113.534mil (Eps: 0.0244), PAT: 21.01%
2022 (FYE 30Jun): RM101.787mil (Eps: 0.0227), PAT: 21.84%
2021 (FYE 30Jun): RM76.460mil (Eps: 0.0041), PAT: 5.21%

Major customer   
Retail business. Business nature didn’t have single large customer. 
Major Sharesholders    
1. Dato’ Sri Chiang Fong Yee: 26.29%(direct) 
2. Chiang Sang Sem: 5.53% (direct), 36.66% (Indirect)
3. Bonia Holdings Sdn Bhd: 20.75% (direct)
4. Freeway Team Sdn Bhd: 11.36% (direct)

Directors & Key Management Remuneration for FYE2025  
(from Revenue & other income 2024)
Total director remuneration: RM1.565 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.365 mil or 3.59%

Use of fund

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is middle risk investment, and also come with low-middle 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.