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Open to apply: 30/06/2021
Close to apply: 07/07/2021
Balloting: 12/07/2021
Listing date: 21/07/2021
Close to apply: 07/07/2021
Balloting: 12/07/2021
Listing date: 21/07/2021
Share Capital
Market Cap: RM61.929 mil
Total Shares: 178.32 mil shares
Market Cap: RM61.929 mil
Total Shares: 178.32 mil shares
Industry CAGR volume unit (Malaysia 2016-2020)
Residential : -1.5%
Commercial properties: -3.9%
Industrial properties: -4.0%
Residential : -1.5%
Commercial properties: -3.9%
Industrial properties: -4.0%
Competitors compare (Net profit margin%)
Haily: 6.3%
Kerjaya Prospek: 11.2%
AME Elite: 18.0%
GDB: 6.8%
others: -39.9% to 6.7%
Haily: 6.3%
Kerjaya Prospek: 11.2%
AME Elite: 18.0%
GDB: 6.8%
others: -39.9% to 6.7%
Business
Construction is primarily involved in the building construction of residential and non-residential buildings.
Residential Buildings: 87.23%
Non-residential Buildings: 11.41%
Others: 1.36%
Construction is primarily involved in the building construction of residential and non-residential buildings.
Residential Buildings: 87.23%
Non-residential Buildings: 11.41%
Others: 1.36%
Fundamental
1.Market: Ace Market
2.Price: RM0.68
3.P/E: 11.6 (EPS: 0.0586)
4.ROE(Pro Forma III): 14.88%
5.ROE: 20.09%(2020), 20.18%(2019), 20.53%(2018), 33.04%（2017）
6.Cash & fixed deposit after IPO: 0.257
7.NA after IPO: RM0.39
8.Total debt to current asset after IPO: 0.56 (Debt: 84.821mil, Non-Current Asset: 6.052mil, Current asset: 148.959mil)
9.Dividend policy: 30% profit after tax dividend policy.
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2020: RM166.132 mil (Eps: 0.0586),PAT%: 5.86%
2019: RM157.918 mil (Eps: 0.0497),PAT%: 4.97%
2018: RM173.787 mil (Eps: 0.0474),PAT%: 4.74%
2017: RM121.832 mil (Eps: 0.0704),PAT%: 7.04%
1.Market: Ace Market
2.Price: RM0.68
3.P/E: 11.6 (EPS: 0.0586)
4.ROE(Pro Forma III): 14.88%
5.ROE: 20.09%(2020), 20.18%(2019), 20.53%(2018), 33.04%（2017）
6.Cash & fixed deposit after IPO: 0.257
7.NA after IPO: RM0.39
8.Total debt to current asset after IPO: 0.56 (Debt: 84.821mil, Non-Current Asset: 6.052mil, Current asset: 148.959mil)
9.Dividend policy: 30% profit after tax dividend policy.
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2020: RM166.132 mil (Eps: 0.0586),PAT%: 5.86%
2019: RM157.918 mil (Eps: 0.0497),PAT%: 4.97%
2018: RM173.787 mil (Eps: 0.0474),PAT%: 4.74%
2017: RM121.832 mil (Eps: 0.0704),PAT%: 7.04%
Order Book
2023: RM5.67mil
2022: RM124.23mil
2021: RM330.14mil
2023: RM5.67mil
2022: RM124.23mil
2021: RM330.14mil
After IPO Sharesholding
See Tin Hai: 73.15% (indirect)
Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM2.144 mil
key management remuneration: RM0.4 mil- 0.5mil
total (max): RM2.644 mil or 9.62%
See Tin Hai: 73.15% (indirect)
Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM2.144 mil
key management remuneration: RM0.4 mil- 0.5mil
total (max): RM2.644 mil or 9.62%
Use of fund
Purchase of construction machinery, equipment, software, office equipment: 20.59%
Working capital: 29.41%
Repayment of bank borrowing: 34.31%
Listing expenses: 15.69%
Purchase of construction machinery, equipment, software, office equipment: 20.59%
Working capital: 29.41%
Repayment of bank borrowing: 34.31%
Listing expenses: 15.69%
Highlight
1. 2021 have RM330.14mil order book to be recognised.
***doesn't other special item to be highlight.
1. 2021 have RM330.14mil order book to be recognised.
***doesn't other special item to be highlight.
Good thing is:
1. PE11.6 is not consider too high.
2. ROE still above 10%
3. Revenue increase from 2017 to 2020
1. PE11.6 is not consider too high.
2. ROE still above 10%
3. Revenue increase from 2017 to 2020
The bad things:
1. PAT% is below 10%
2. Use 34.31% IPO fund to pay debt.
3. Properties industry not going to high expand in 1-2 years.
1. PAT% is below 10%
2. Use 34.31% IPO fund to pay debt.
3. Properties industry not going to high expand in 1-2 years.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Is a average IPO. Properties industry facing negative growth rate from 2016-2020, estimated should be continue to negative this year on lockdown continue. For 3years business growth prospect & risk score please refer to below chart.
Is a average IPO. Properties industry facing negative growth rate from 2016-2020, estimated should be continue to negative this year on lockdown continue. For 3years business growth prospect & risk score please refer to below chart.
*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.