CUCKOO INTERNATIONAL (MAL) BERHAD

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Open to apply: 26/03/2025
Close to apply: 10/04/2025
Balloting: 17/04/2025
Listing date: 30/04/2025

Share Capital    
Market cap: RM1.848 mil
Total Shares:  1.4328 bil shares
1st day listing tradable shares: 365.364 mil shares

Industry CARG     
1. Market Size of the Rental Industry for Home Appliances and Household Goods in Malaysia
(i)2019-2024e : 14.4%
(ii) 2024e-2028f: 9.9%

Industry competitors comparison (net profit%)
1. Cuckoo: 7.8%      (Cuckoo Homesys Co Ltd, Korea: PE3.9x,Cuckoo elect: 5.0x)
2. Coway: 9.9%       (Coway, Korea: PE11.1x)
3. SK Magic: -8.2%
4. Aeon : 2.8%
5. Parkson: 1.4%
6. Senheng: 1.9%
7. LG: 2.3%

Business (FPE 2024)  
Trading and rental of home appliances, mattresses and furniture, trading of beauty care products, provision of home care services, and investment holding activities.
Revenue by segment
1. Rental of product: 62.1%
2. Outright sale of product: 3.8%
3. Aftersales maintenance services: 33.7%
4. Others: 0.4%

Fundamental  
1.Market: Main Market
2.Price: RM1.29 (will follow final institutional price) 
3.Forecast P/E: 21.2x
4.ROE(Pro forma): 10.52%
5.ROE: 16.87% (FPE2024), 10.89%(FYE2023),  0.29%(FYE2022), 32.87%(FYE2021)
6.Net asset: 0.70
7.Total debt to current asset: 0.87(Debt: 637.891mil, Non-Current Asset: 904.464mil, Current asset: 730.651mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE 30Sep): RM0.930 bil (Eps: 0.073), PAT: 11.1%
2023 (FYE 31Dec): RM1.116 bil (Eps: 0.061), PAT: 9.0%
2022 (FYE 31Dec): RM1.046 bil (Eps: 0.002), PAT: 14.4%
2021 (FYE 31Dec): RM1.139 bil (Eps: 0.130), PAT: 16.4%

Major Sharesholders     
1. CUCKOO Homesys Co., Ltd : 52% (direct)
2. Koo Bon Hak, aged 56: 11% (direct), 52% (indirect)
3. Hoe Kian Choon, aged 50: 10% (direct)
4. CUCKOO Holdings: 52% (indirect)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2023)
Total director remuneration: RM1.719 mil
key management remuneration: RM0.3 mil – RM0.45 mil
total (max): RM2.169 mil or 0.59%

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.

MSB GLOBAL GROUP BERHAD

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Open to apply: 21/03/2025
Close to apply: 04/04/2025
Balloting: 08/04/2025
Listing date: 15/04/2025

Share Capital    
Market cap: RM122 mil
Total Shares:  610 mil shares
1st day listing tradable shares: 249.546 mil shares

Industry CARG      
1. New Passenger and Commercial Vehicles Registered in Malaysia, 2019-2024: 6.21%
2. Historical Value and Growth Forecast for the Wholesale and Retail Sales of Automotive Parts and Components in Malaysia, 2022-2029f: 10.13%
Industry competitors comparison (net profit%)
1. MSB: 12.93%
2. Teng Sun Auto Supply Sdn Bhd: 18.4%
3. Jyunsei Auto Parts Sdn Bhd: 9.7%
4. Tampoi Enterprise Sdn Bhd: 8.0%
5. Evergrown Enterprise Sdn Bhd: 5.7%
6. Cathay Motor (M) Sdn Bhd: 3.9%
7. Sun Eng Hup Auto (M) Sdn Bhd: 3.6%
8. Others: losses to 3.0%

Business (FPE 2024)    
Marketing, trading and distribution of aftermarket automotive parts, components, automotive lubricants and fluids. Also involved in the trading of other products such as outdoor telecommunication cabinets and related electrical items. 
Revenue by Geo 
1. Malaysia: 95.95%
2. Singapore: 4.05%
Revenue by Segments
1. Aftermarket automotive parts and components: 64.43% (Driveshaft, wheel hub assembly, suspension parts, others): 61.34%
2. Marketing, trading and distribution of in-house branded products, and trading and distribution of other third-party branded products: 2.31%
3. Automotive lubricants and fluids: 34.46%
4. Trading of other products: 1.89%

Fundamental    
1.Market: Ace Market
2.Price: RM0.20
3.Forecast P/E: 12.12
4.ROE(Pro forma):  15.5%
5.ROE: 17.65%(FPE2024),  23.48%(FYE2023),  49.46%(FYE2022), 28%(FYE2021)
6.Net asset per shares: RM0.11
7.Total debt to current asset:  0.186 (Debt: 11.703mil, Non-Current Asset: 13.613mil, Current asset: 62.913mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status: Shariah 

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE 30Sep, 9mths): RM51.098 mil (Eps: 0.0124), PAT: 14.76%
2023 (FYE 31Dec): RM63.871 mil (Eps: 0.0135), PAT: 12.93%
2022 (FYE 31Dec): RM63.470 mil (Eps: 0.0310), PAT: 29.75%
2021 (FYE 31Dec): RM46.848 mil (Eps: 0.0177), PAT: 23.04%

Major customer (FPE2024)     
1. Win Soon Auto Supplies Sdn Bhd: 13.26%
2. Chico Auto Supply Sdn Bhd: 5.51%
3. TikTok Shop (Malaysia) Sdn Bhd: 4.62%
4. Chin Hoe Motor Supply Sdn Bhd: 4.58%
5. Geb Auto Supply (M) Sdn Bhd: 4.35%
***total 32.31%

Major Sharesholders   
1. Datuk Ow Kee Foo, aged 62: 40.39% (direct), 3.05%(indirect)
2. Ow Chen Lun, aged 28: 6.09% (direct)
3. Lai Swee Ping: 4.70% (direct), 4.77% (indirect)
4. Datin Yong Mui Kim, aged 59 : 3.05% (direct)
5. Wong Nyok Yune, aged 56: 4.77% (direct)
6. Lee Li Lian, aged 58: 7.06% (direct)

Directors & Key Management Remuneration for FYE2024     
(from Revenue & other income 2023)
Total director remuneration: RM1.6838 mil
key management remuneration: RM0.35 mil – RM0.55 mil
total (max): RM2.2338 mil or 10.66%

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, but with low to middle grow 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.

SUMISAUJANA GROUP BERHAD

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Open to apply: 13/03/2025
Close to apply: 25/03/2025
Balloting: 28/03/2025
Listing date: 09/04/2025

Share Capital    
Market cap: RM346.464 mil
Total Shares:  1.4436 bil shares
1st day listing tradable shares: 453.028 mil shares

Industry CARG  (2022-2024)    
1. Sales value* of chemicals and chemical products in Malaysia: 1.6%
2. Import value of additives and preparations* for mineral oils or similar purpose liquids in Malaysia: 0.9%
3.  Export value of additives and preparations* for mineral oils or similar purpose liquids in Malaysia: 10.0%
4. Production of O&G in Malaysia, Crude oil and condensates: -2.4%
5. Production of O&G in Malaysia, Natural gas: 2.5%
6. Production of O&G in Malaysia, Petroleum products: -0.3%
Oil well drilled
1. Number of wells completed in Saudi Arabia (2019-2023): -7.9%
2. Number of wells drilled in Thailand (2019-2023): 4.6%
3. Number of Wells Drilled in Indonesia (2020-2024): 37.7%
4. Number of wells drilled and evaluated in Oman (2019-2023): -4.6%
Industry competitors comparison (net profit%)
1. Sumisaujana Group: 15.4%
2. Hextar Kimia S/B: 17.2%
3. Innochems Technologies S/B: 12.3%
4. Amtech Chemical S/B: 9.8%
5. Ova Chem S/B: 7.8%
6. Others: losses to 5.7%
 
Business (FPE 2024)  
Involved in manufacturing of O&G specialty chemicals, trading of O&G specialty and industrial chemicals, and provision of related support services
(i) Manufacturing segment
1. Drilling fluid chemicals: 79.84%
2. Production and refinery chemicals: 6.49%
3. Others: -
(ii) Trading and related support services segment
1. Supply of O&G specialty and industrial chemicals: 9.37% (Catalyst, Sulfiding agent, fuel additives, other)
2. Provision of technical related support services: 4.30%

Revenue by Geo
1. Asia Pacific: 75.02%
2. Middle East: 14.87%
3. Other regions: 10.11%

Fundamental  
1.Market: Ace Market
2.Price: RM0.24
3.Forecast P/E: 24.74
4.ROE(Pro forma):  9.24%
5.ROE: 43.23%(FYE2023), 26.99%(FYE2022),  17.34%(FYE2021)
6.Net asset: 0.10
7.Total debt to current asset: 0.426 (Debt: 46.646mil, Non-Current Asset: 88.796mil, Current asset: 109.384mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2023 (FYE 30Sep, 9mths): RM130.706 mil (Eps: 0.0073), PAT: 8.03%
2023 (FYE 31Dec): RM198.783 mil (Eps: 0.0212), PAT: 15.4%
2022 (FYE 31Dec): RM145.817 mil (Eps: 0.0116), PAT: 11.51%
2021 (FYE 31Dec): RM95.725 mil (Eps: 0.0063), PAT: 9.5%

Major customer (FPE2024)    
1. Baker Hughes Group: 31.07%
2. Customer A: 21.06%
3. Customer B: 15.02%
4. Petronas Group: 11.02%
5. TCM Chemicals Inc: 9.62%
***total 87.79%

Major Sharesholders      
1. Atreon: 64.59% (direct)
2. Norazlam Bin Norbi: 1.54% (direct), 65.2% (indirect)
3. Toh Chee Seng: 1.54% (direct), 64.95% (indirect)
4. Ramli Bin Mohamad: 0.34% (direct)

Directors & Key Management Remuneration for FPE2024    
(from Revenue & other income 2023)
Total director remuneration: RM5.473 mil
key management remuneration: RM3.1 mil – RM3.3 mil
total (max): RM8.773 mil or 12.93%

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.

HI MOBILITY BERHAD

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Open to apply: 07/03/2025
Close to apply: 19/03/2025
Balloting: 21/03/2025
Listing date: 28/03/2025

Share Capital     
Market cap: RM610 mil
Total Shares:  500 mil shares
1st day listing tradable shares: 198.85 mil shares

Industry CARG   
1. Real GDP of Land Transport Industry(2019-2023): 4.7%
2. Mean Monthly Household Expenditure2016-2022:  -3.2% (Scheduled Bus-Msia), 9.9% (PTR- Malaysia), 7.0%(PTR – Johor)
3. Gross Output Value of Bus Services (2015-2022): -4.0% (Malaysia), -6.9% (Johor) 
Industry competitors comparison (net profit%)
1. HI Mobility Group: 16.0%
2. Combined Bus: 44.4% 
3. Mara Liner S/B: 6.6%
4. SKS Coachbuilders S/B: 5.8%
5. SBS Transit Ltd: 4.5%
6. SMRT Buses Ltd: 3.9%
7. Others: losses to 2.7%

Business (FPE 2025)     
Operate within the mass transit sector providing both cross-border and local bus services. 
Revenue by segment
1. Scheduled bus services: 93.9% (Cross border Johor-singapore: 59.9%)
2. Chartered bus services: 5.3%
3. Other services: 0.8%
Revenue by geo
1. Malaysia: 51.2%
2. Singapore: 48.8%
Depots and fleet of buses
1. Number of buses: 683 buses
2. Number of routes: 124
3. Number of depots: 4

Fundamental   
1.Market: Main Market
2.Price: RM1.22
3.Forecast P/E: 18.4
4.ROE(Pro forma): 18.87%
5.ROE: 34.18%(FPE2025), 48.99%(FYE2024),  35.17%(FYE2023), losses(FYE2022)
6.Net asset: 0.44
7.Total debt to current asset: 1.03 (Debt: 209.498mil, Non-Current Asset: 226.907mil, Current asset: 203.339mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 31Oct, 9 mths): RM204.267 mil (Eps: 0.0674), PAT: 16.5%
2024 (FYE 31Jan): RM207.713 mil (Eps: 0.0663), PAT: 16.0%
2023 (FYE 31Jan): RM119.632 mil (Eps: 0.0390), PAT: 16.3%
2022 (FYE 31Jan): RM31.468  mil (Eps: -0.0641), PAT: losses

Order Book (LPD: 07 Feb 2025)    
1. Scheduled bus services: RM158.3mil 
2. Chartered bus services: RM16.3mil

Major customer (FPE 2025)     
1. APAD: 20.6%
2. PAJ : 4.0%
3. Customer A: 1.6%
4. Rapid Bus Sdn Bhd: 1.3%
5. Majlis Perbandaran Sepang: 1.0%
***total 28.5%

Major Sharesholders   
1. Lim Han Weng: 53.75% (direct), 6.48% (indirect)
2. Bah Kim Lian: 6.48% (direct), 53.75% (indirect)
3. Bumi Mampan: 13.77% (direct)
4. Dato Syed Naqiz Shahabuddin Bin Syed Abdul Jabbar: 13.77% (indirect)
5. Mohd Azmir Bin Rahmani: 13.77% (indirect)

Directors & Key Management Remuneration for FYE2026   
(from Revenue & other income 2024)
Total director remuneration: RM5.227 mil
key management remuneration: RM3.55 mil – RM4.00 mil
total (max): RM9.227 mil or 14.56%

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)
Avoid this counter for long term investment list. Overall is high risk investment, and also come with low-mid 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.

CHEMLITE INNOVATION BERHAD

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Open to apply: 05/03/2025
Close to apply: 12/03/2025
Balloting: 14/03/2025
Listing date: 26/03/2025

Share Capital   
Market cap: RM150 mil
Total Shares: 600 mil shares
1st day listing tradable shares: 178.5 mil shares

Industry CARG  
Estimated Market Size (in terms of sales value of manufactured products in Malaysia) and Growth Forecast of the ESI in Malaysia (2021-2028f): 12.55%
Estimated Market Size (in terms of sales value of manufactured products in Malaysia) and Growth Forecast of the Surface Engineering Market in Malaysia, (2021-2028): 16.33%
Industry competitors comparison (net profit%)
1. Chemlite: 27.1%
2. Richport Technology Sdn Bhd: 44.7%
3. RTR Technology Sdn Bhd: 16.2%
4. Fukar Sdn Bhd: 12.6%
5. Metal Surface Progress Sdn Bhd: 7.5%
6. Amlex Holdings Berhad: 0.9%
7. Others: 4.9% to 7.7%

Business (FYE 2024)   
Surface finishing treatment services in metal plating (through electroplating and/or electroless plating) and non-metal plating (primarily through anodising).
***Metal plating is a type of surface finishing treatment process that involves the deposition of 1 or more layers of metal coatings (such as gold, silver, palladium, nickel and/or other coating metals) onto the surface of an intermediate metal product. This process will alter the physical surface characteristics of the intermediate metal product, improving its functionality and characteristics, as well as enhancing its aesthetic appearance
Revenue by segment
1. Metal plating: 85.75%
2. Non-metal plating: 14.25%
Revenue by industries
1. E&E: 61.41%
2. Semiconductor: 28.22%
3. M&E: 9.76%
4. Others: 0.61% (include automotive and life science and medical technology industries)
Revenue by Geo
1. Malaysia: 75.03%
2. Philippines: 24.91%
3. Others: 0.06%

Fundamental   
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 16.23
4.ROE(Pro forma): 19.8% 
5.ROE: 47.66%(FPE2024), 88.5%(FYE2023),  51.56%(FYE2022), 36.83%(FYE2021)
6.Net asset: 0.08
7.Total debt to current asset: 1.59  (Debt: 20.3mil, Non-Current Asset: 21.942mil, Current asset: 12.759mil)
8.Dividend policy:  didn’t have format dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)    
2024 (FPE 31Dec): RM34.192 mil (Eps: 0.0154), PAT: 27.08%
2023 (FYE 31Dec): RM28.048 mil (Eps: 0.0150), PAT: 32.09%
2022 (FYE 31Dec): RM22.147 mil (Eps: 0.0053), PAT: 14.35%
2021 (FYE 31Dec): RM18.396 mil (Eps: 0.0028), PAT: 8.98%

Major customer (FYE2024)      
1. Customer A: 61.33%
2. Customer B: 24.97%
3. Customer C: 1.33%
4. Histotech Engineering Sdn Bhd: 1.11%
5. Alliance Contract Manufacturing Sdn Bhd: 1.01%
***total 89.75%

Major Sharesholders     
1. Chong Yuen Fong: 38.5% (direct)
2. Heng Chee Khiang: 31.5% (direct), 0.25% (indirect). 

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM1.372 mil
key management remuneration: RM0.4 mil – RM0.5 mil
total (max): RM1.872 mil or 12.98%

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.

WAWASAN DENGKIL HOLDINGS BERHAD

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Open to apply: 28/02/2025
Close to apply: 11/03/2025
Balloting: 13/03/2025
Listing date: 25/03/2025

Share Capital     
Market cap: RM135.032 mil
Total Shares:  540.12876 mil shares
1st day listing tradable shares: 162.0388 mil shares

Industry CARG (2024e-2028f) 
1. Growth Forecast for the Construction Industry in Malaysia: 8.4%
2. Growth Forecast for the Civil Engineering and Special Trade Work Market in Malaysia: 9.4%
Industry competitors comparison (net profit%)
1. Wawasan Dengkil: 6.0%
2. Advancecon: -10.2%
3. Binaform: 2.5%
4. Gadang: -8.9%
5. Menta: 2.5%

Business (FPE 2025)   
Provision of construction services, earthworks and civil engineering services, trading of construction materials as well as provision of machineries and commercial vehicles for hire.
Revenue by Segment
1. Construction services: 86.7%
2. Trading of construction materials: 11.3%
3. Provision of machineries and commercial vehicles for hire: 2.0%
Revenue by Geo
1. Northern region: 7.7%
2. Central region: 92.3%

Fundamental  
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 11.90
4.ROE(Pro forma): 12.73%
5.ROE: 17.06%(FYE2024), 15.88%(FYE2023),  15.12%(FYE2022), 19.78%(FYE2021)
6.Net asset: 0.17
7.Total debt to current asset: 0.796 (Debt: 117.249mil, Non-Current Asset: 64.347mil, Current asset: 147.382mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9.Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 31Oct, 4mths): RM61.870 mil (Eps: 0.0074),  PAT: 6.5%
2024 (FYE 30Jun): RM188.541 mil (Eps: 0.0210), PAT: 5.8%
2023 (FYE 30Jun): RM123.494 mil (Eps: 0.0162), PAT: 5.5%
2022 (FYE 30Jun): RM82.871 mil (Eps: 0.0130), PAT: 2.9%
2021 (FYE 30Jun): RM69.856 mil (Eps: 0.0144), PAT: 9.7%

Order Book   
1. LPD As until 28/01/2025: RM378,140 mil

Major customer (FPE 2025)   

1. Milmix Sdn Bhd: 30.9%
2. LASB: 20.9%
3. Ang Chen Ho Quarry Sdn Bhd: 17.7%
4. WISB: 17.2%
5. Asas Jati Sdn Bhd: 6.7%
***total 93.4%

Major Sharesholders   
1. T Force: 56.0% (direct)
2. Lim Soon Yik: 14.0% (direct), 56.0% (indirect)
3. Lim Kok Seng: 56.3% (indirect)
4. Lim Soon Keat: 56.0% (indirect)
5. Sich Kah Yong: 56.0% (indirect)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income 2024)
Total director remuneration: RM0.828 mil
key management remuneration: RM0.95 mil – RM1.20 mil
total (max): RM2.028 mil or 12.11%

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 to mid 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.

LIM SEONG HAI CAPITAL BERHAD

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Open to apply: 28/02/2025

Close to apply: 06/03/2025
Balloting: 10/03/2025
Listing date: 21/03/2025

Share Capital     
Market cap: RM737.757 mil
Total Shares:  838.360 mil shares

Industry CARG 
1. Value of construction works completed by sub-sector in Malaysia (2019-2024f): 1.2447%
2. Building materials industry in Malaysia (2019-23): 0.7%
3. Lighting and M&E products industry in Malaysia (2019-23): 18.8%
4. Hardware, tools and machinery industry in Malaysia (2019-23): 8.9%
5. Overhang properties by location in Malaysia (2019-24Q3): -6.45% (2024Q3: 21,968 unit)

Industry competitors comparison (net profit%)
1. LSH capital Group: 20.6%
2. AME Elite Consortium Berhad: 17.6%
3. Crescendo Corporation Berhad: 16.7%
4. YTL Corp: 12.7%
5. IJM Corporation Berhad: 11.2%
6. Naim Holdings Berhad: 11.1%
7. Others: 0.4% to 9.6%

Business (FYE 2024)  
Construction and engineering works, provision of construction-related services and solutions, supply of building materials, lighting and related M&E products, hardware products and tools, rental of construction machinery and equipment as well as property development activities
Revenue by segments
1. Construction: 79.74%
2. Property development: 20.26%

Fundamental    
1.Market: Ace Market
2.Price: RM0.88
3.Forecast P/E: 9.93
4.ROE(Pro forma): 12.97%
5.ROE: 15.63%(FYE2024), 13.99%(FYE2023),  52.59%(FYE2022), 18.29%(FYE2021)
6.Net asset: 0.68
7.Total debt to current asset: 0.30 (Debt: 166.564mil, Non-Current Asset: 189.913mil, Current asset: 549.336mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)      
2024 (FPE 30 Sep): RM361.405 mil (Eps: 0.0886), PAT: 14.44%
2023 (FYE 30 Sep): RM357.755 mil (Eps: 0.0700), PAT: 16.46%
2022 (FYE 30 Sep): RM165.866 mil (Eps: 0.0499),PAT: 25.21%
2021 (FYE 30 Sep): RM67.416 mil (Eps: 0.0095),PAT: 11.76%
***we didn’t follow prospectus book pg 265 EPS as EPS calculation didn’t use enlarged shares volume. 

Order Book (as per 31/01/2025)     
1. LPD: RM 614.555 mil

Major customer (2024)      
1. Besteel Engtech Sdn Bhd: 41.58%
2. SLP Construction Sdn Bhd:11.07%
3. Pertama Makmur Sdn Bhd: 5.10% 
4. Euro Saga Sdn Bhd: 4.61%
5. Tekad Warisan (M) Sdn Bhd: 4.44%
***total 66.80%

Major Sharesholders        
1. LSH Resources: 64.65% (direct)
2. LSH Holdings: 64.65% (indirect)
3. Tan Sri Datuk Seri Lim Keng Cheng, Aged 62: 1.78% (direct),  64.65% (indirect)
4. Datuk Lim Keng Guan, Aged 60: 1.78% (direct),  64.65% (indirect)
5. Lim Pak Lian, Aged 59 : 1.78% (direct),  64.67% (indirect)
6. Lim Keng Hun, Aged 57: 1.78% (direct),  64.65% (indirect)

Directors & Key Management Remuneration for FYE2025     
(from Revenue & other income 2024)
Total director remuneration: RM4.104 mil
key management remuneration: RM1.125 mil – RM1.375 mil
total (max): RM5.479 mil or 4.27%

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 mid risk investment, and also come with low-mid 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.