IPO (Rating: 4 stars out of 5)
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Date
Open to apply: 09/06/15
Close to apply: 18/06/15
Listing: 29/06/15
Fundamental
Market: Ace Market
Price: RM0.38
Revenue: continuing grow for 4 years (2011-2014)
EPS: RM0.04
P/E: 9.5x (2014)
NTA after IPO: RM0.16
Debt ratio: 0.017 (Debt: RM594k, Asset: RM33.5mil)
Dividend policy: no formal dividend policy
Business
mobile apps development, communication airtime sharing program, GreenBilling to businesses, & others.
Major Customer
Celcom 79.22% (contract expired 31/05/2020)
Maxis (unknow)
Robi Axiata 19.94% (Bangladesh)
Director
Datuk Noor Azrin bin Mohd Noor 50.04%
Use of fund
Capital expenditure: 20.4%
Marketing expenses: 21%
R&D expenses: 12.8%
Working capital: 34.6%
Listing expenses: 11.2%
Conclusion
Good IPO!!
The company are not IPO for pay DEBT!!This is what we want!!
Founder of company own biggest portion in the company!!
The only weakness on this IPO is ACE market, where the regulation of control the company is weak than main market.
Besides, we also need to take consider on fast changing in technology enviroment (might not so soon effect this company)
I personally give target for this IPO RM0.50 (P/E 12.5x) should be reasonable.