INSIGHTS ANALYTICS BERHAD

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Open to apply: 07/10/2025
Close to apply: 13/10/2025
Balloting: 15/10/2025
Listing date: 27/10/2025

Share Capital       
Market cap: RM198 mil
Total Shares:  550 mil shares
1st day listing tradable shares: 148.5 mil shares

Industry CARG  
1. Expenditure project value* for water sector, Malaysia, 2021 – 2024e: 49.38%
2. Estimated project value* for water sector, Malaysia, 2021 – 2024e: 4.75%
3. Water consumption, Peninsular Malaysia, F.T. Labuan and Sarawak, 2021 – 2023: 1.9% , 4.8%
Industry competitors comparison (net profit%)
1. IAB Group: 38.2%
2. Ovarro Sdn Bhd: 2.9%
3. Xylem Water Solutions Malaysia Sdn Bhd: 6.6%
4. Cosmos Technology International Berhad: 11.4%
5. Others : losses to 0.7%

Business (FYE 2025)
Supply of water technology solutions for water management across the water utility supply chain from water treatment to distribution.
Revenue by segment
1. Water technology solution: 31.6%
2. Intelligent asset management solutions: 68.4%
Revenue by Geo
1. Malaysia: 100.0%

Fundamental   
1.Market: Ace Market
2.Price: RM0.36
3.Forecast P/E: 10.29
4.ROE(Pro forma):  24.22%
5.ROE: 48.78%(FYE2025), 34.62%(FYE2024),  30.59%(FYE2023), 21.47%(FYE2022)
6.Net asset per shares: 0.14
7.Total debt to current asset: 0.31 (Debt: 29.348mil, Non-Current Asset: 14.478mil, Current asset: 93.219mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 30Apr): RM49.639 mil (Eps: 0.0350), PAT: 38.2%
2024 (FYE 30Apr): RM31.950 mil (Eps: 0.0130), PAT: 21.6%
2023 (FYE 30Apr): RM40.617 mil (Eps: 0.0090), PAT: 11.8%
2022 (FYE 30Apr): RM29.117 mil (Eps: 0.0040), PAT: 8.0%

Order Book (LPD: 08 Dec 2025)       
1. FYE2026 : RM21.333 mil 
2. FYE2027 : RM5.104 mil
3. FYE2028-31: RM8.905 mil 

Major customer (FYE 2025)   
1. Tele Kenyalang Engineering Sdn Bhd: 10.7%
2. Winal Works Sdn Bhd: 7.7%
3. Coast: 6.0%
4. Eternal Engineering Sdn Bhd: 5.9%
5. Customer A: 5.2%
***total 35.5%
***2022-2024 : Jabatan Bekalan Air Luar Bandar Sarawak is range 46.8% to 76.4%

Major Sharesholders  
1. Wee Khiam Hui, Aged 56: 37.2% (direct)
2. Boon Joon Fook, Aged 66: 17.5% (direct), 18.3% (indirect)
3. Charlene Bong Myn Ee, Aged 34: 18.3% (direct) 

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income FYE2025)
Total director remuneration: RM0.880 mil
key management remuneration: RM0.40 mil – RM0.60 mil
total (max): RM1.48 mil or 4.99%

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 risk investment, and also come with low 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.

POWERTECHNIC GROUP BERHAD

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Open to apply: 06/10/2025
Close to apply: 14/10/2025
Balloting: 16/10/2025
Listing date: 28/10/2025

Share Capital    
Market cap: RM108.618 mil
Total Shares: 310.337 mil shares
1st day listing tradable shares: 87.034 mil shares

Industry CARG       
1. Sales Value of Machinery and Equipment (2022-24): 0.9% 
2. Sales Value of Lifting and Handling Equipment (2022-24): -7.4%
3. Real GDP of Construction Industry (2022-24): 11.6%
4. Value of Construction Work Completed for Building Construction (2022-24): 9.1%
Industry competitors comparison (net profit%)
1. Powertechnic Group: 15.7%
2. Powermatics: 19.9%
3. Top-Mech: 9.0%
4. Liftech Engineering: 7.2%
5. Niche Elevator S/B: 7.2%
6. Others: losses to 6.4%

Business (FPE 2025)
Provision of lifting systems and maintenance, repair and related services.
Revenue by segment
1. Lisfting system: 82.76%
2. Maintenance, repair and related services: 17.24%
Revenue by Geo
1. Malaysia: 98.75%
2. Singapore: 1.25%
Revenue by users
1. Industrial and commercial: 92.3%
2. Residential: 7.70%

Fundamental    
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 15.35  (amend 16.67)
4.ROE(Pro forma):   17.06%
5.ROE: 36.32% (FYE25), 42.97%(FYE24), 41.51%(FYE23),  10.57%(FYE22), 10.48%(FYE21)
6.Net asset per shares: 0.12
7.Total debt to current asset: 0.538  (Debt: 26.534mil, Non-Current Asset: 15.236mil, Current asset: 49.348mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2025 (FPE 30Jun, 6mths): RM22.578 mil (Eps: 0.0105), PAT: 14.37%
2024 (FYE 31Dec): RM40.006 mil (Eps: 0.0202), PAT: 15.71%
2023 (FYE 31Dec): RM30.619 mil (Eps: 0.0137), PAT: 13.84%
2022 (FYE 31Dec): RM20.215 mil (Eps: 0.0026), PAT: 3.99%
2021 (FYE 31Dec): RM16.273 mil (Eps: 0.0026), PAT: 4.91%

Order Book (LPD: 15/09/2025)    
1. FYE2025: RM28.413 mil
2. FYE2026: RM4.906 mil 
3. FYE2026: RM5.653 mil

Major customer (FPE 2025)   
1. Hong Lee Steel Engineering Sdn Bhd: 11.07%
2. Tong Seng Fabricators Sdn Bhd: 10.86%
3. China Construction Yangtze River (Malaysia) Sdn Bhd: 4.33%
4. Customer B:  4.14%
5. Kide International Sdn Bhd: 2.20%
***total 32.60%

Major Sharesholders    
1. Ivan Na Keh Chai, Aged 51: 34.88% (direct)
2. Choo Chee Yong, Aged 49: 34.88% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income FYE2024)
Total director remuneration: RM1.534 mil
key management remuneration: RM0.70 mil – RM0.85 mil
total (max): RM2.384 mil or 12.53%

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 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.

VERDANT SOLAR HOLDINGS BERHAD

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Open to apply: 29/09/2025
Close to apply: 07/10/2025
Balloting: 09/10/2025
Listing date: 22/10/2025

Share Capital    
Market cap: RM253.462 mil
Total Shares:  817.618 mil shares
1st day listing tradable shares: 275.789 mil shares 

Industry CARG
1. Installed capacity for solar PV systems in Malaysia (2019-2024): 20.9%
2. Solar PV EPCC services for residential new built solar PV installations in Malaysia (2021-24):  
Industry competitors comparison (net profit%)
1. Verdant Solar: 15.4%
2. Northern Solar Holdings Berhad: 13.4%
3. Pekat Solar Sdn Bhd: 0.5%
4. Samaiden Sdn Bhd: 6.2%
5. Solarvest Energy Sdn Bhd: 8.7%
6. Others : 0.1% to 14.3%

Business (FYE 2025)
Involved in the provision of EPCC services for solar PV systems, O&M services for solar PV systems and trading of solar products. 
Revenue by Segment
1. EPCC Residential: 95.45%
2. EPCC Commercial and industrial: 3.57%
3. O&M services for solar PV systems: 0.4%
4. Trading of solar products: 0.58%

Fundamental   
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 29 (impose 50% discount 2025 EPS for valuation, more info refer SWOT table)
4.ROE(Pro forma):  30%
5.ROE: 78.4%(FYE2025), 75.3%(FYE2024),  44.69%(FYE2023), 48.9%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.69 (Debt: 28.849mil, Non-Current Asset: 8.842mil, Current asset: 41.94mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2025 (FYE 30 Jun): RM111.426 mil (Eps: 0.0210), PAT: 15.44%
2024 (FYE 30 Jun): RM56.276 mil (Eps: 0.0081),PAT: 11.81%
2023 (FYE 30 Jun): RM26.644 mil (Eps: 0.0015),PAT: 4.52%
2022 (FYE 30 Jun):  RM14.701 mil (Eps: 0.0010),PAT: 5.63%

Order Book (LPD : 02/09/2025)    
1. LPD: RM31.131 mil

Major customer  
Didn’t single large major customer that contribute more then 10% of revenue. 

Major Sharesholders 

1. Lim Tzer Haur, aged 40: 53.02% (Direct) 
2. Ng Kei Mynn, aged 38: 13.25% (Direct)
3. Ong Hsiao Loong, aged 43: 7.36% (Direct)

Directors & Key Management Remuneration for FYE2026  
(from Revenue & other income 2025)
Total director remuneration: RM1.469 mil
key management remuneration: RM0.45 mil – RM0.6 mil
total (max): RM2.069 mil or 4.82%

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 middle to 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.

THMY HOLDINGS BERHAD

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Open to apply: 29/09/2025
Close to apply: 09/10/2025
Balloting: 13/10/2025
Listing date: 23/10/2025

Share Capital    
Market cap: RM275.28 mil
Total Shares:  888 mil shares
1st day listing tradable shares: 243.869 mil shares

Industry CARG  
1. Automated test solutions industry, Global, 2022 – 2024: 3.78%
2. Automated test solutions industry, Malaysia, 2022 – 2024: 18.85%
3. Global E&E industry, 2022 – 2024: 2.55%
4. E&E industry size, Malaysia, 2022 – 2024: 4.53%
5. PCB industry size, Malaysia, 2022 – 2024: 3.73%
6. Global generative AI revenue, 2022 – 2024: 86%
Industry competitors comparison (net profit%)
1. THMY: 21.86%
2. AIMFLEX Berhad: 11.29%
3. Circuit Check Asia Sdn Bhd: 7.07%
4. Vitrox: 16.38%
5. Penta: 10.47%
6. Others :  losses to 8.04%

Business (FPE 2025)  
Provision of automated test solutions for E&E products, with end-use in various industries. 
Revenue by segment 
1. ICT Solution: 86.06%
2. FCT Solution: 8.38%
3. Maintenance and repair services: 5.56%
Revenue by customer type
1. EMS32.58%
2. OEM (industrial): 37.29%
3. OEM (Technology, media and telecommunications): 29.26%
4. OEM (Semiconductor): 0.87%

Revenue by geo
1. Local: 27.41%
2. Thailand: 34.21%
3. USA: 22.20%
4. Singapore: 5.51%
5. Taiwan: 5.31%
6. Others: 5.36%

Fundamental    
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 27.43
4.ROE(Pro forma):  17.02%
5.ROE: 56.09%(FYE2025), 52.88%(FYE2024),  30.92%(FYE2023), 17.22%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.836  (Debt: 28.271mil, Non-Current Asset: 25.708mil, Current asset: 61.573mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 31Mar): RM45.929 mil (Eps: 0.0113), PAT: 21.86%
2024 (FYE 31Mar): RM31.228 mil (Eps: 0.0076), PAT: 21.62%
2023 (FYE 31Mar): RM32.501 mil (Eps: 0.0039), PAT: 10.57%
2022 (FYE 31Mar): RM25.768 mil (Eps: 0.0015), PAT: 5.13%

Major customer (FYE 2025) 
1. Test Solution Co.Ltd: 16.79%
2. Customer A: 11.25%
3. Customer G: 9.85%
4. Customer I: 7.05%
5. Customer H: 6.52%
***total 51.46%

Major Sharesholders   
1. Ooi Can Nix, Aged 49: 68.93%

Directors & Key Management Remuneration for FYE2026
(from Revenue & other income 2025)
Total director remuneration: RM1.266 mil
key management remuneration: RM1.05 mil – RM1.25 mil
total (max): RM2.516 mil or 13.28%

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.

CHEEDING HOLDINGS BERHAD

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Open to apply: 12/09/2025
Close to apply: 23/09/2025
Balloting: 25/09/2025
Listing date: 07/10/2025

Share Capital  
Market cap: RM287 mil
Total Shares: 797.257 mil shares
1st day listing tradable shares: 208 mil shares

Industry CARG    
1. Capital expenditure for recurring power generation, transmission and distribution in Malaysia (2016-2024) : 12.1%
2. Residential, commercial and industrial property transactions in Malaysia (2019-23): 8.9%
Industry competitors comparison (net profit%)
1. Cheeding Holdings Berhad: 22.40%
2. HULS Transmission Sdn Bhd: 25.80%
3. CBH Engineering Holding Berhad: 15.4%
4. UUE Holdings Berhad: 13.5%
5. Transgrid Ventures Sdn Bhd: 9.5%
6. Others: losses to 7.6%

Business (FYE 2025)    
Main activities involve the EPCC and maintenance of overhead infrastructure for utilities.
Revenue by segment
1. EPCC - overhead infrastructure for utilities: 68.92%
2. EPCC - underground infrastructure for utilities: 22.63%
3. Substation engineering services: 6.79%
4. Maintenance of overhead infrastructure for utilities: 1.66%

Fundamental   
1.Market: Ace Market
2.Price: RM0.36
3.Forecast P/E: 10.9
4.ROE(Pro forma): 27.26%
5.ROE:  52.30% (FYE2025), 48.10%(FYE2024),  30.39%(FYE2023), losses (FYE2022)
6.Net asset per shares: 0.12 
7.Total debt to current asset: 0.38 (Debt: 41.433mil, Non-Current Asset: 22.705mil, Current asset: 115.382mil)
8.Dividend policy:  25% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 31Dec): RM117.683 mil (Eps: 0.0330), PAT: 22.39%
2024 (FYE 31Dec): RM88.162 mil (Eps: 0.0257), PAT: 23.20%
2023 (FYE 31Dec): RM36.951 mil (Eps: 0.0103), PAT: 22.27%
2022 (FYE 31Dec): RM9.481 mil (Eps: -0.0003), PAT: -2.91%

Order Book (LPD: 15/08/2025)      
1. LPD: RM202.674 mil. 

Major customer (FYE2025)  
1. TNB : 98.34%
2. Jaya Bina: 1.66%
***total 100%

Major Sharesholders 
1. Ng Kian Chai, Aged 72: 68.08% (direct), 6.17% (indirect)
2. Ng Chai Hsia, Aged 43: 0.09% (direct)
3. Tan Sook Hoi, Aged 68: 5.84% (direct), 68.08% (indirect)

Directors & Key Management Remuneration for FYE2026  
(from Revenue & other income FYE2025)
Total director remuneration: RM1.477 mil
key management remuneration: RM1.350 mil – RM1.500 mil
total (max): RM2.977 mil or 6.60%

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 range 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.

CAMAROE BERHAD

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Open to apply: 29/08/2025
Close to apply: 12/09/2025
Balloting: 18/09/2025
Listing date: 02/10/2025

Share Capital   
Market cap: RM69.3 mil
Total Shares:  495 mil shares
1st day listing tradable shares: 146.619 mil

Industry CARG
1. Wholesale value of black tiger prawns* , Malaysia, 2019 – 2024: 11.31%
2. Production volume of black tiger prawns, Malaysia, 2019 – 2024e: 8.19%
3. Export value of black tiger prawns, Malaysia, 2019 – 2023: -10.43%
Industry competitors comparison (net profit%)
1.Camaroe Group: 20.27%
2.MAG Holdings Berhad: 10.72% 
3.QL Marine Products Sdn Bhd: 9.67% 
4.SBH Marine Holdings Berhad: 1.75% 
5.Others: losses to 4.99%

Business (FPE 2025)  
Prawn aquaculture: principal activities comprise farming and processing of prawns, primarily black tiger prawns.
Revenue by segment
1. Frozen black tiger prawns: 75.89%
2. Live prawns: 24.11%
Revenue  by Geo 
1. Malaysia: 29.71%
2. China: 61.82%
3. South Korea: 8.47%

Fundamental   
1.Market: Ace Market
2.Price: RM0.14
3.Forecast P/E: 8.59
4.ROE(Pro forma):  21.26%
5.ROE: 29.49%(FYE2024), 52.46%(FYE2023),  50.94%(FYE2022), 73.04%(FYE2021)
6.Net asset per shares: 0.08
7.Total debt to current asset: 0.58  (Debt: 20.653mil, Non-Current Asset: 23.133mil, Current asset: 35.493mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2025 (FPE 31Mar, 3 mths): RM8.224 mil (Eps: 0.0013), PAT: 20.34% 
2024 (FYE 31Dec): RM39.823 mil (Eps: 0.0163), PAT: 19.45%
2023 (FYE 31Dec): RM33.909 mil (Eps: 0.0236), PAT: 23.09%
2022 (FYE 31Dec): RM36.010 mil (Eps: 0.0171),PAT: 23.30%
2021 (FYE 31Dec): RM38.179 mil (Eps: 0.0158),PAT: 16.42%

Major customer (FPE 2025)   
1. Shanghai Pinzhuan International Trade Co., Ltd: 49.21%
2. Pantai Seafood Supply: 14.43%
3. Customer A: 8.48%
4. Shanghai XiJuan Supply Chain Technology Co Ltd : 7.83%
5. Dragon Ocean Fishery: 6.92%
***total 86.87%

Major Sharesholders  
1. Teoh Han Boon, Aged 53: 35.39 (direct), 28.91% (indirect)
2. Low Saw Cheng, Aged 53: 28.76% (direct),  35.54% (indirect)
3. Teoh Kheng Huat, Aged 50: 6.08% (direct)

Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM1.872 mil
key management remuneration: RM300 mil – RM450 mil
total (max): RM2.322 mil or 17.83%

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 low 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.

JS SOLAR HOLDING BERHAD

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Open to apply: 28/08/2025
Close to apply: 09/09/2025
Balloting: 11/09/2025
Listing date: 23/09/2025

Share Capital    
Market cap: RM100.75 mil
Total Shares: 325 mil shares
1st day listing tradable shares: 161.005 mil shares 

Industry CARG
1. Installed capacity for solar PV systems in Malaysia: 20.9%
Industry competitors comparison (net profit%)
1. JS Solar: 4.3% 
2. Northern Solar Sdn Bhd: 12.9% 
3. Tera Va Sdn Bhd: 9.7% 
4. Samaiden Sdn Bhd: 6.2% 
5. Others: 0.7 % to 3.0%

Business (FYE 2025)
Business of renewable energy solutions. 
i) EPCC: Involve in design, planning, engineering, procurement, construction, installation, testing and commissioning services required for installing solar PV systems. 
ii) Contracting services for solar PV systems: services as a subcontractor to main contractors.
iii)  O&M services:  to assist our customers in operating and maintaining their solar PV systems. 
Revenue by Segment
1. EPCC services for solar PV systems: 55.86%
2. Contracting services for solar PV systems: 44.1%
3. O&M services for solar PV systems: 0.04%

Fundamental    
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 12.6
4.ROE(Pro forma):  20.44%
5.ROE: 45.58%(FYE2025), 66.96%(FYE2024),  39.46%(FYE2023), losses(FYE2022)
6.Net asset per shares: RM0.12
7.Total debt to current asset: 0.79 (Debt: 62.510mil, Non-Current Asset: 22.075mil, Current asset: 79.588mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2025 (FYE 31Mar): RM186.534 mil (Eps: 0.0246), PAT: 4.29%
2024 (FYE 31Mar): RM140.385 mil (Eps: 0.0197), PAT: 4.56%
2023 (FYE 31Mar): RM70.270 mil (Eps: 0.0030), PAT: 1.37%
2022 (FYE 31Mar): RM21.438 mil (Eps: -0.0025), PAT: losses

Order Book (LPD: 31/07/2025)  
1. FYE 2026: 33.466 mil
2. FYE 2027: 1.440 mil
3. FYE 2028: 1.091 mil

Major customer (FYE 2025)    
1. NUR group of companies: 49.68%
2. GSPARX: 30.66%
3. Datapuri–JS Consortium: 1.9%
4. Site Platform Engineering Sdn Bhd: 1.52%
5. Customer A: 1.23%
***total 84.99%

Major Sharesholders    
1. Chai Jeun Sian, Aged 46: 14.7% (direct)
2. Ikwan Hafiz Bin Jamaludin, Aged 38: 16.15% (direct), 19.61% ( indirect)
3. Rantai Inspirasi: 19.61% (direct)
4. Sa Chee Peng, Aged 55: 16.94% (direct) 

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income 2025)
Total director remuneration: RM0.585 mil
key management remuneration: RM0.80 mil – RM0.95 mil
total (max): RM1.535 mil or 6.51%

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 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.