TT VISION HOLDINGS BERHAD

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Open to apply: 29/12/2022
Close to apply: 06/01/2023
Balloting: 10/01/2023
Listing date: 18/01/2023

Share Capital
Market cap: RM159.12mil
Total Shares: 468mil shares

Industry CARG (2017-2021)
Global semiconductor sales CAGR: 7.8%
Global optoelectronic sales: 5.7%
Global solar cell and module production: 23.2%
Global semiconductor manufacturing equipment sales: 16%
Industry competitors comparison (net profit%)
TTVHB: 17.6% (PE15.19)
Vitrox: 24.9% (PE36.44)
Penta: 22.7% (PE39.33)
Mi: 16% (PE18)
Genetec: 26% (PE21.69)
AT: -163.7% (PE-0.59)
Aimflex: 6.2% (PE15.15)
Visdynamics: 20.1% (PE9.71)
MMSV: 21.7% (PE13.3)
QES: 14.5% (PE20.87)

Business (FYE 2021)
Development and manufacturing of machine vision equipment and provision of related products and services.
(Use of product: optoelectronics, solar cells, discrete components and ICs, as well as used in vision guided robotic equipment)
Revenue by Geo
Malaysia: 24.42%
China: 73.45%
Others: 2.13%

Fundamental
1.Market: Ace Market
2.Price: RM0.34
3.P/E: 15.19 @ RM0.0224
4.ROE(Pro Forma III): 12.45%
5.ROE: 17.99%(FYE2022), 15.88%(FYE2021), 41.05%(FYE2020), -10.11%(FYE2019)
6.Net asset: RM0.18
7.Total debt to current asset after IPO: 0.32 (Debt: 23.244mil, Non-Current Asset: 35.224mil, Current asset: 72.111mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Jun, 6mths): RM27.358 mil (Eps: 0.0112),PAT: 19.00%
2021 (FYE 31Dec): RM47.264 mil (Eps: 0.0180),PAT: 17.64%
2020 (FYE 31Dec): RM24.927 mil (Eps: 0.0039),PAT: 6.08%
2019 (FYE 31Dec): RM20.660 mil (Eps: -0.0092),PAT: -20.91%
***EPS here used cal based on 468mil shares (prospecture book use 385mil shares, pg15)

Operating cashflow vs PBT
2022: -15.73%
2021: 27.6%
2020: 271%
2019: -92.37%

Major customer (2022)
1. Shenzhen Brightsemi Technology Co., Ltd./China: 43.1%
2. Customer B/China: 20.52%
3. Dominant Opto / Malaysia: 13.76%
4. Shanghai Xingyin Electronic Technology Co. Ltd./China: 5.56%
5. Customer group A/ China and Malaysia: 5.55%
***total 88.49%

Major Sharesholders
Goon Koon Yin: 21.51% (direct)
Wong Yih Hsow: 21.51% (direct)
Jennie Tan Yen-Li: 2.48% (direct)
Tan Oon Pheng: 2.48% (direct)

MTDC (Khazanah wholly-owned subsidairy): 23.47% (direct)

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM1.522mil
key management remuneration: RM0.904mil - RM1.10mil
total (max): RM2.622mil or 13.32%

Use of funds
1. Repayment of bank borrowings: 20.88%
2. R&D expenditure: 27.85%
3. Marketing activities: 2.96%
4. Working capital requirements: 37.17%
5. Listing Expenses: 11.14%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a sunrise industry IPO. However semicond industry is a cyclical industry, current situation is semicond turning into oversupply, the industry will get back to better after oversupply over turn into supply shortage. 

*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.

KUMPULAN KITACON BERHAD

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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.

Open to apply: 28/12/2022
Close to apply: 09/01/2023
Balloting: 11/01/2023
Listing date: 17/01/2023

Share Capital
Market cap: RM340mil
Total Shares: 500mil shares
Industry CARG (2017-2021)

Value of building construction work completed by sectors
1. Malaysia (residential) CAGR: -9.1%
2. Malaysia (non-residential) CAGR: -6.8%
3. Selangor (residential) CAGR: -7.5%
4. Selangor (non-residential) CAGR: -7.9%

Industry competitors comparison (net profit%)
Kitacon: 9.2% (PE8.1)
Kerjaya: 9.9% (PE13.04)
MGB Bhd: 4.5% (PE14.31)
Nestcon: 3.4% (PE30.56)
Inta Bina: 3.5% (PE11.81)
Vizione: -28.9% (PE-1.37)
TCS: 1.2% (PE-10.45)
Gagasan: 3.7% (PE-29.04)
Haily: 5.0% (PE8.74)

Business (FYE 2021)

Provision of construction services
Residential: 84%
Non-residentail: 16%
Principal Market
Selangor: 96.8%
Negeri Sembilan: 1.6%
Johor: 1.6%

Fundamental
1.Market: Main Market
2.Price: RM0.68
3.P/E: 8.1 @ RM0.084
4.ROE(Pro Forma III): 21.09%
5.ROE: 22.69%(FYE2021), 14.96%(FYE2020), 22.42%(FYE2019)
6.Net asset: RM0.496
7.Total debt to current asset after IPO: 0.48 (Debt: 190.583mil, Non-Current Asset: 42.890mil, Current asset: 395.501mil)
8.Dividend policy: Propose 25% PAT dividend policy.
9. Shariah starus: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Jun): RM234.733 mil (Eps: 0.052),PAT: 11.1%
2021 (FYE 31Dec): RM455.502 mil (Eps: 0.084),PAT: 8.40%
2020 (FYE 31Dec): RM489.645 mil (Eps: 0.078),PAT: 7.80%
2019 (FYE 31Dec): RM581.523 mil (Eps: 0.110),PAT: 9.40%

Order book
FYE2022: RM104.961 mil
FYE2023: RM617.578 mil
FYE2024: RM131.070 mil

Operating cashflow vs PBT
2022: 87.83%
2021: 154.0%
2020: 84.9%
2019: 44.6%

Major customer (2022)
1. Sime Darby: 25.3%
2. Tropicana Aman Sdn Bhd: 14.8%
3. QLB: 11.4%
4. SP Setia Group: 10.2%
5. Symphony Hills Sdb bhd: 8.8%
***total 70.5%

Major Sharesholders
Tan Ah Kee: 8.4% (direct)
Teow Choo Hing: 28.9% (direct)
Suan Neo Capital: 35% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM5.095mil
key management remuneration: RM2.10 mil - RM2.50 mil
total (max): RM7.595mil or 9.39%

Use of funds
1. Purchase of Aluminium formwork systems: 34.8%
2. Purchase of Scaffoldings and cabins: 11.6%
3. Purchase of land and construction of a storage and refurbishment facility: 38.7%
4. Working capital: 6.3%
5. Listing Expenses: 8.6%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion
and reader should take their own risk in investment decision)
Overall is a high risk IPO due to overall weak performance & challenge of the industry
environment cause the difficulty for the company to growth. The order 2022 like unable to break revenue in 2021, but order book in 2023 likely will have better result compare 2022. 

*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 

VESTLAND BERHAD

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Open to apply: 27/12/2022
Close to apply: 16/01/2023
Balloting: 18/01/2023
Listing date: 31/01/2023

Share Capital
Market cap: RM311.621 mil 
Total Shares: 944.308mil shares
 
Industry CARG (2017-2021)
Real GDP Growth of Malaysia’s Economy and the Construction Industry: -5.4%
Overhang of Residential Properties in Malaysia (volume): 10.5%
Overhang of Commercial* Properties in Malaysia (volume): 30.4%
Industry competitors comparison (net profit margin%)
Vestland: 6.2% (PE29.20, 2021), (est PE14.6, 2022)
Suncon: 6.4% (PE12)
Kerjaya Prospek: 9.9% (PE12.72)
GDB: 6.5% (PE8.91)
Inta Bina Group Bhd: 3.5% (PE11.55)
Vizione: -28.9% (-ve)
Tuju Setia: 3.4% (-ve)
TCS Group: 1.2% (-ve)
Gagasan Nadi Cergas Bhd: 3.7% (-ve)
Siab Holdings Berhad: 3.2% (-ve)

Business (FYE 2021)
Construction of residential and non-residential buildings

Fundamental
1.Market: Ace Market
2.Price: RM0.33
3.P/E: 29.20 @ RM0.013 (est, PE14.6,2022)
4.ROE(Pro Forma III): 19.44%
5.ROE: 22.90%(FYE2021), 19.57%(FYE2020), 24.87%(FYE2019)
6.Net asset: RM0.1162
7.Total debt to current asset after IPO:  0.679 (Debt: 144.650mil, Non-Current Asset: 38.144mil, Current asset: 212.987mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%
2022 (FPE 30Jun, 6mth): RM139.914 mil (Eps: 0.0113), PAT: 7.62%
2021 (FYE 31Dec): RM171.081 mil (Eps: 0.0113),PAT: 6.22%
2020 (FYE 31Dec): RM97.124 mil (Eps: 0.0074),PAT: 7.22%
2019 (FYE 31Dec): RM98.707 mil (Eps: 0.0076),PAT: 7.26%
***Order book (until 2025): RM947.43mil

Operating cashflow vs PBT
2022: 56.33%
2021: 69.85%
2020: -62.13%
2019: 51.36%

Major customer (2022)
Mercu Majuniaga Sdn Bhd: 36.49%
Hawa Teknik Sdn Bhd: 29.22%
Sg.Besi Construction Sdn Bhd: 18.86%
Binastra Construction(M) Sdn Bhd: 4.81%
***total 95.02%

Major Sharesholders
Datuk Liew Foo Heen: 63.33% (Direct)
Wong Sai Kit: 11.17% (Direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.444mil
key management remuneration: RM0.95mil - RM1.25mil
total (max): RM2.694mil or 11.45% 

Use of funds
1. Acquisition of the new head office/refinancing of borrowings for acquisition of the new head office: 13.37%
2. Performance bonds and/or cash deposits for construction projects: 19.25%
3. Working capital: 59.71%
4. Listing expenses: 7.67%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall, the company is in low net profit industry at this moment. However take count on the order book, revenue still strong on coming 1-3 years. 

*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

WELLSPIRE HOLDINGS BERHAD

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Open to apply: 27/12/2022
Close to apply: 04/01/2023
Balloting: 06/01/2023
Listing date: 16/01/2023

Share Capital
Market cap: RM163.789 mil 
Total Shares: 712.125mil shares
 
Industry CARG (2017-2021)
Revenue of wholesale of food (Thai) CAGR: 8.1% 
Industry competitors comparison (net profit margin%)
Wellspire Group: 11.3%
Sino-Pacific Trading (Thailand): 4.6%
Kor Chaisaeng: 0.8%
Heritage Marketing Co., Ltd: 0.5%
Sun Foods Trading Co., Ltd: 0.4%
Modern Food Trading Co., Ltd: 0.1%
Chailai Intertrade Co., Ltd: 9.2%
Capmax Trading Co., Ltd: 2.1%

Business (FYE 2021)
Distribution of consumer packaged foods focusing on snack foods in Thailand.
- Sunflower seeds: 92.07%
- Other Snack food, other seed and nuts, others: 7.93% 

Fundamental
1.Market: Ace Market
2.Price: RM0.23
3.P/E: 22.98 @ RM0.01 (FPE2022)
4.ROE(Pro Forma III): 8.11%
5.ROE: 106%(FYE2021), 80.41%(FYE2020), 98.2%(FYE2019)
6.Net asset: RM0.067
7.Total debt to current asset after IPO: 0.19 (Debt: 11.491mil, Non-Current Asset: 2.624mil, Current asset: 61.607mil)
8.Dividend policy: Propose 30% dividend policy. 
9. Shariah starus: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Jun, 6mth): RM60.509 mil (Eps: 0.0015), PAT:3.54%
2021 (FYE 31Dec): RM136.707 mil (Eps: 0.0156),PAT: 11.27%
2020 (FYE 31Dec): RM119.706 mil (Eps: 0.0166),PAT: 13.16%
2019 (FYE 31Dec): RM58.799 mil (Eps: 0.0044),PAT: 7.06%

Operating cashflow vs PBT
2022: 75.56%
2021: 77.71%
2020: 23.36%
2019: -ve

Major customer (2022)
1. CP All: 44.55%
2. Valueplus: 25.61%
3. Siam Makro: 14.18%
4. Big C: 5.72%
5. Ek-Chai Distribution: 5.03%
***total 95.09%

Major Sharesholders
1. Mo Guopiao: 28.16%
2. Silver Line Capital: 17.03%
3. He Haibin: 11.85%
4. Capital Pairing: 7.15%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.214mil
key management remuneration: RM0.550mil - RM0.700mil
total (max): RM2.914mil or 7.63% 

Use of funds
1. Acquire/construct a warehouse and operational facility in Thailand: 55.83%
2. Working capital: 20.79%
3. Listing Expenses: 23.38%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a business that too focus on single product brand, which also is their higher risk contribution. They company need to increase the revenue contribution from other product. 

*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

DS SIGMA HOLDINGS BERHAD

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Open to apply: 13/12/2022
Close to apply: 21/12/2022
Balloting: 27/12/2022
Listing date: 06/01/2023

Share Capital
Market cap: 264mil (will depend on final IPO price)
Total Shares: 480mil shares
 
Industry CARG (2017-2021)
Consumption value of paper cartons: CARG 10.6%
Consumption value of plastic packaging: CARG 11.3%
Competitors comparison (Net profit margin, PE)
1. DS Sigma Group: 17.7% (PE12.56)
2. Public Packages Holdings Bhd: 12% (PE4.56)
3. Jishan Bhd: 10.8% (PE6.01)
4. HPP Holdings Bhd: 9.9% (PE15.6)
5. Magni-Tech Industries Bhd: 9.3% (PE7.91)
6. Master-Pack Group Bhd: 9.4% (PE7.25%)
7. Others (9company): 8.9% to -19%

Business (FYE 2022)
Manufacturing of corrugated paper packaging products including cartons, protective packaging and paper pallets. 
DS Manufacturing: Manufacture of corrugated paper packaging products.
DS Packaging: Manufacture of corrugated paper packaging products and supply of protective packaging products.
Kaisung: Supply of protective packaging products.

Fundamental
1.Market: Ace Market
2.Price: RM0.55
3.P/E: 12.56 @ RM0.0438
4.ROE(Pro Forma III): 22.36%
5.ROE: 42.69% (FYE2022), 73.27%(FYE2021), 43.51%(FYE2020), 74.72%(FYE2019)
6.NA after IPO: RM0.20
7.Total debt to current asset after IPO: 0.3829 (Debt: 23.204mil, Non-Current Asset: 58.647mil, Current asset: 60.596mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jun): RM121.218 mil (Eps: 0.0438),PAT: 17.71%
2021 (FYE 30Jun): RM127.858 mil (Eps: 0.0423),PAT: 16.52%
2020 (FYE 30Jun): RM85.891 mil (Eps: 0.0202),PAT: 11.55%
2019 (FYE 30Jun): RM105.682 mil (Eps: 0.0312),PAT: 14.13%

Operating cashflow vs PBT
2022: 94.09%
2021: 66.14%
2020: 70.23%
2019: 86.71%

Major customer (2022)
1. Samsung Electronics: 20%
2. SOEM (Sony): 18.86%
3. SSCSM (Sony): 17.8%
4. PAACM (Panasonic): 14.97%
5. YH Precision (M) Sdn Bhd: 5.11%
***total 75.64%

Major Sharesholders
Lucille Teoh Soo Lien: 61% (indirect)
Beh Seng Lee: 61% (indirect)
DS Kaizen: 61% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM7.454mil
key management remuneration: RM0.90 mil - RM1.10 mil
total (max): RM8.554mil or 19.89% 

Use of funds
1. Expansion of operations to Penang: 2.39%
2. Establishment of Klang Factory 2: 31.91%
3. Purchase of Automated and robotic packing machines: 14.16%
4. Purchase of Honeycomb board machines: 6.38%
5. Purchase of 6-colour flexographic printing machine: 11.37%
6. Establish packaging design and innovation centre: 2.27%
7. Repayment of bank borrowings: 11.96%
8. Working capital: 10.79%
9. Listing Expenses: 8.77%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a good IPO. Just worries part is IPO PE offer is above the average of the same industry competitors. In other meaning is good IPO with no discount offer compare to competitors. 

*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.

L&P GLOBAL BERHAD

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Open to apply: 13/12/2022
Close to apply: 19/12/2022
Balloting: 21/12/2022
Listing date: 03/01/2023

Share Capital
Market cap: 168mil (will depend on final IPO price)
Total Shares: 560mil shares
 
Industry CARG (2017-2021)
Wooden industrial packaging industry, Malaysia, 2017- 2021: CAGR 5.11%
Industrial packaging industry, Vietnam, 2017-2021e: 19.52%
Competitors comparision (PAT%) 
L&P group: 11.85%
ETH Holdings Sdn Bhd: 2.32%
Transpak Worldwide Sdn. Bhd: 6.06%
EPE Packaging (Penang) Sdn Bhd: 0.98%
LHT Holdings Limited (its subsidairy): 9.99% (PE6.85)
Nefab (Malaysia) Sdn Bhd: 9.41%
TimberTech Pallet Systems Sdn Bhd: -0.98%

Business (FYE 2022)
Design and manufacture of integrated wooden based industrial packaging solutions. 
Boxes, crates & packing services: 69.97%
Pallets: 27.03%
Provision of circular supply services: 0.85%
Trading as value added sevice: 2.15%
Revenue by Geo
M'sia: 81.39%
Vietnam: 18.61%

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.P/E: 11.72 @ RM0.0256
4.ROE(Pro Forma III): 18.46%
5.ROE: 36.09%(FYE2021), 35.34%(FYE2020), 23.96%(FYE2019)
6.NA after IPO: RM0.13
7.Total debt to current asset after IPO: 0.704 (Debt: 61.656mil, Non-Current Asset: 47.819mil, Current asset: 87.578mil)
8.Dividend policy: proposed 20%-50% PAT dividend policy. 
9. Shariah starus: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jul, 7mths): RM83.824 mil (Eps: 0.0142),PAT: 9.47%
2021 (FYE 31Dec): RM120.924 mil (Eps: 0.0256),PAT: 11.85%
2020 (FYE 31Dec): RM88.305 mil (Eps: 0.0176),PAT: 11.16%
2019 (FYE 31Dec): RM66.304 mil (Eps: 0.0078),PAT: 6.63%

Profit before tax vs cash from operating
2022: 49.61%
2021: 50.46%
2020: 41.30%
2019: 14.79%

Major customer (2022)
1. First Solar Group of Companies: 55.39%
2. Jinko Solar Group of Companies: 12.12%
3. Customer A: 4.9%
4. Celestica Electronics (M) Sdn Bhd: 3.11%
5. Flextronics Group of Companies: 2.19%
***total 77.71%

Major Sharesholders
B Pack Holdngs Sdn Bhd: 64.51% (direct)
Ooi Lay Pheng: 64.51% (indirect)
Lee Soon Swee: 64.51% (indirect)
Ooi Hooi Kiang: 4.7% (indirect)
Ooi Kah Hong: 4.7% (indirect)
Moviente: 4.7% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM0.843mil
key management remuneration: RM0.95mil - RM1.2mil
total (max): RM2.043 mil or 11.93% 

Use of funds
1. Capital expenditure: 29.5%
2. Business expansion: 5.9%
3. Repayment of borrowings: 14.75%
4. Working capital: 38.35%
5. Listing Expenses: 11.50%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a fair IPO. The company have opportunities to growth when it finish set-up the Johor factory. 

*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.

NATIONGATE HOLDINGS BERHAD

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Open to apply: 12/12/2022
Close to apply: 30/12/2022
Balloting: 04/01/2023
Listing date: 12/01/2023

Share Capital
Market cap: 788.094mil (will depend on final IPO price)
Total Shares: 2.0739bil shares
 
Industry CARG
Forecast M'sia EMS industry 2022-2027 CARG: 10.3%

Competitor comparison
NGH: 7.8% (IPO PE11.9)
ATAIMS: -1.9% (PE-6.74)
Aurelius: 6% (PE30)
PIE: 5.9% (PE16)
SKPRES: 7.5% (PE14.51)
SMT technologies: 3% (GE, PE12)
VS: 6% (PE21.2)

Business (FYE 2022)
EMS provider focusing on the assembly and testing. 
(a) electronic components and products to produce completed PCBs, semi-finished subassemblies and fully-assembled electronic products.
(b) semiconductor devices.
Revenue by Geo
Msia: 74.4%
Others: 25.6%

Fundamental
1.Market: Ace Market
2.Price: RM0.38
3.P/E: 11.9 @ RM0.0318
4.ROE(Pro Forma III): 19.90%
5.ROE: 38.20%(FYE2021), 27.37%(FYE2020), 6.16%(FYE2019)
6.NA after IPO: RM0.16
7.Total debt to current asset after IPO: 0.84 (Debt: 457.459mil, Non-Current Asset: 248.833mil, Current asset: 544.138mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jun, 6mths): RM426.002 mil (Eps: 0.0159),PAT: 7.8%
2021 (FYE 31Dec): RM760.870 mil (Eps: 0.0276),PAT: 7.8%
2020 (FYE 31Dec): RM566.246 mil (Eps: 0.0148),PAT: 5.4%
2019 (FYE 31Dec): RM325.998 mil (Eps: 0.0025),PAT: 1.6%

Operating cashflow vs Profit before Tax (amended)
2022: 13.37%
2021: 46.19%
2020: 139%
2019: -ve

Major customer (2022)
1. Company A (Fully-assembled electronic products): 54.8%
2. Company B (Fully-assembled electronic products): 10.5%
3. Robert Bosch Power Tools Sdn Bhd (Completed PCBs): 9.2%
4. Company C (Completed PCBs): 5.6%
5. Company B (Completed PCBs): 2.9%
***total 83%

Major Sharesholders
Ooi Eng Leong: 57.8% (direct)
Tan Ah Geok: 7.2% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.783mil
key management remuneration: RM1.45mil - RM1.70mil
total (max): RM4.483 mil or 7.488% 

Use of funds
1. Purchase of machineries and equipment: 3.6%
2. Working capital requirements: 29.2%
3. Repayment of bank borrowings: 63.8%
4. Listing Expenses: 3.4%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a low net profit margin industry. The operating cashflow vs PBT drop below 20%, & risk of highly depend on foreign worker. Hence, this IPO will category into high risk category area for rating. (Amended) 

*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.

ITMAX SYSTEM BERHAD

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Open to apply: 25/11/2022
Close to apply: 01/11/2022
Balloting: 05/12/2022
Listing date: 13/12/2022

Share Capital
Market cap: mil (will depend on final IPO price)
Total Shares: 1.028bil shares
 
Industry CARG (2017-2021)
GVA of Digital Economy: 6%
Competitors Netprofit margin%
ITMAX Group: 36.7%
EV-Dynamic S/B: 1.7%
Signify Malaysia S/B: 1.6%
TNB Research S/B: 3.5%
ITRAMAS Corporation S/B: 2.0%
Industronics Bhd: -11.8%
Turbine Technique (M) S/B: 9.9%
Norangkasa Enterprise S/B: 1.0%
VADS Lyfe S/B: 40.4%

Business (FYE 2022)
Supply and installation and provision of public space networked systems. 
(Networked lighting systems, networked traffic management system, Networked video survelliance facilities, & other for local gov & ministry, telecommuications services providers.)
Revenue by Geo
Msia: 100% (Selangor, KL, Sabah)

Fundamental
1.Market: Main Market
2.Price: RM1.07
3.P/E: 37.7 @ RM0.0284 (PE will difference if final IPO price is not RM1.07)
4.ROE(Pro Forma III): 12.03%
5.ROE: 54.22%(FYE2021), 41.28%(FYE2020), 8.83%(FYE2019)
6.NA after IPO: RM0.25
7.Total debt to current asset after IPO: 0.456 (Debt: 115.185mil, Non-Current Asset: 119.718mil, 

Current asset: 252.331mil)

8.Dividend policy: target 20% PAT dividend policy. 
9. Shariah starus: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jun, 6mths): RM40.740 mil (Eps: 0.01503),PAT: 37.9%
2021 (FYE 31Dec): RM79.759 mil (Eps: 0.02844),PAT: 36.7%
2020 (FYE 31Dec): RM47.538 mil (Eps: 0.01232),PAT: 26.7%
2019 (FYE 31Dec): RM37.212 mil (Eps: 0.00153),PAT: 4.2%

Major customer (2022)
1. DBKL: 94.5%
2. Norangkasa Enterprise Sdn Bhd: 2.0%
3. Bank Rakyat: 0.9%
4. Wbe Digital Sdn Bhd: 0.6%
5. Ahmad Zaki Sdn Bhd: 0.5%
***total 98.5%
***DBKL Remaining order book: 438mil (until 2029), 10.757mil(until 2023), 60.740mil(until2023)

Major Sharesholders
Tan Sri Dato’ (Dr.) Tan Boon Hock: 51.3% (indirect)
Datin Afinaliza: 17.6% (indirect)
Tan Wei Lun: 51.3% (indirect)
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.443mil
key management remuneration: RM0.80mil - RM0.95mil
total (max): RM2.393 mil or 4.48% 

Use of funds
1. Smart city application expansion to other local governments, federal ministries, and existing customers: 41.7%
2. Expansion of R&D capabilities: 6.1%
3. Expansion into enterprise market: 9.8%
4. Network and telecommunication infrastructure expansion: 19.4%
5. Working capital: 14.3%
6. Repayment of borrowings: 3.9%
7. Listing Expenses: 4.8%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a non-discount IPO. The company have opportunities to grow but investor also must aware on the issue of over depend into single customer DBKL. (please refer to the above SWOT analysis table). 

*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.

ECA INTEGRATED SOLUTION BERHAD

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Open to apply: 04/11/2022
Close to apply: 11/11/2022
Balloting: 16/11/2022
Listing date: 23/11/2022

Share Capital
Market cap: RM98.175mil
Total Shares: 577.5mil shares
 
Industry CARG (2015-2021)
Global automated manufacturing solutions industry: 7.9%
Automated manufacturing solutions industry in Malaysia: 17.5%
Competitors PAT%
ECA Integrated Group: 39.9%
Aimflex Berhad:6.2% PE18
BBS Automation Penang Sdn Bhd:78.8%
DNC Automation (M) Sdn Bhd:1.0% 
Genetec Technology Berhad:26.0% PE21
Greatech:35.2%, PE38
Pentamaster:17.1%, PE33
Vitrox: PE33

Business (FYE 2022)
Automated manufacturing solution provider.
1.Integrated production systems: 84.6%
2.Standalone automated equipment: 9.9%
3.After sales service to our customers for the provision of technical support services and spare parts: 5.5%
Revenue by Geo
1. Msia: 34.2%
2. Europe: 16.1%
3. Asia: 7.0%
4. North America: 42.7%

Fundamental
1.Market: Ace Market
2.Price: RM0.17
3.P/E: 11.97 @ RM0.0142
4.ROE(Pro Forma III): 15.4%
5.ROE: 48%(FYE2022), %(FYE2021), 62.8%(FYE2020), 47.3%(FYE2019)
6.NA after IPO: RM0.08
7.Total debt to current asset after IPO: 0.21 (Debt: 10.706mil, Non-Current Asset: 5.950mil, Current asset: 49.075mil)
8.Dividend policy: target 20% PAT dividend policy. 
9. Shariah starus: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jun, 8mths): RM17.816 mil (Eps: 0.0079),PAT: 25.7%
2021 (FYE 31Oct): RM20.511 mil (Eps: 0.0142),PAT: 39.9%
2020 (FYE 31Oct): RM15.367 mil (Eps: 0.0096),PAT: 36.2%
2019 (FYE 31Oct): RM7.671 mil (Eps: 0.0024),PAT: 17.8%

Major customer (2022)
1. Customer B5: 42.4%
2. Customer H: 18.7%
3. Customer C: 10.8%
4. Customer B2: 10.0%
5. Customer A2: 7.1%
***total 89.0%

Major Sharesholders
Mr.Ooi: 24.3%
Mr.Chua: 27.8%
Mr.Kang: 13.6%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.335mil
key management remuneration: RM0.70mil - RM0.850mil
total (max): RM2.185 mil or 19% 

Use of funds
1. Acquisition of machineries: 30.2%
2. Repayment of bank borrowings: 3.9%
3. Working capital: 54.9%
5. Listing Expenses: 11%%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall is a slightly above normal IPO. Investor need to take note on the cash operating cashflow is not strong, & need to be monitor for every QR result. 

*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.

INFOMINA BERHAD

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Open to apply: 01/11/2022
Close to apply: 11/11/2022
Balloting: 16/11/2022
Listing date: 25/11/2022

Share Capital
Market cap: RM240.5 mil
Total Shares: 601.250mil shares
 
Industry CARG
Enterprise IT services industry in Malaysia: 2%
Competitors PAT%
Censof: 18.1%
Dagang Net Technologies Sdn Bhd: -38.3%
Dataprp: -30.6%
Dsonic: 7.5%
Excel Force: 32.6%
HTPadu: -6.1%
Iris: 1.6%
Msniaga: 2.3%
Myeg: 43.9%
N2N: 17.6%
Omesti: -2.9%
Scicom: 11.9%
 
Business (FYE 2022)
Design and implementation of technology application and infrastructure solutions that support the fundamental business operations.
Design and delivery of technology infrastructure solutions: 50.3%
Technology infrastructure operations, maintenance and support services: 49.7%
Revenue by Geo
Msia: 57.4%
Thailand: 16.2%
Philippines: 21.1%
Others: 5.3%

Fundamental
1.Market: Ace Market
2.Price: RM0.40
3.P/E: 14.08 @ RM0.0284 (using difference EPS, pls refer reason on financial performance part)
4.ROE(Pro Forma III): 24.13%
5.ROE: 57.60%(FYE2022), 54.69%(FYE2021), 32.27%(FYE2020), 60.62%(FYE2019)
6.NA after IPO: RM0.12
7.Total debt to current asset after IPO: 0.68 (Debt: 128.173mil, Non-Current Asset: 11.502mil, Current asset: 187.457mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31May): RM201.063 mil (Eps: 0.0284),PAT: 8.5%
2021 (FYE 31May): RM105.224 mil (Eps: 0.0137),PAT: 7.8%
2020 (FYE 31May): RM81.616 mil (Eps: 0.0056),PAT: 4.1%
2019 (FYE 31May): RM66.006 mil (Eps: 0.0114),PAT: 10.5%
*EPS in prospecture book pg206 not use enlarged 601.250mil shares, EPS above using manual count on enlarged 601.250mil shares after IPO. 

Order Book
2023: RM160.3
2024: RM72.1
2025: RM58.2
2026: RM42.2
2027: RM13.4

Major customer (2022)
1. Customer K: 24.5%
2. Customer J: 23.3%
3. The Siam Commercial Bank: 10%
4. Customer P: 9.7%
5. Customer H: 7.5%
***total 75%

Major Sharesholders
Infomina Holdings: 55.4% (Direct)
Yee Chee Meng: 6.3% (Direct)
Lim Leong Ping @ Raymond Lim: 5.9% (Direct)
Nasimah Binti Mohd Zain: 55.4% (Indirect)
Mohd Hoshairy Bin Alias: 55.4% (Indirect)
Tan Siang Pin: 5.2%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM3.434mil
key management remuneration: RM3.35 mil - RM3.55mil
total (max): RM6.984 mil or 16.67% 

Use of funds
1. R&D: 23.4%
2. Regional expansion: 17%
3. Branding, marketing & promotional activities: 2.7%
4. Working capital: 43%
5. Listing Expenses: 13.9%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a high grow company but also come with high risk on their over top 5 customer focus & also their financial statement healthy performance. Investor invest in this stock need to always monitor their company QR & more monitor the risk involved.  

*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.

LEFORM BERHAD

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Open to apply: 26/10/2022
Close to apply: 11/11/2022
Balloting: 15/11/2022
Listing date: 22/11/2022

Share Capital
Market cap: RM340 mil
Total Shares: 1.481bil shares
 
Industry CARG
Malaysia steel manufacturing sales value (2018-2021): CAGR5.4%
Competitors historical PAT% range & current PE.
ChooBee: -0.3% to 20.3%, PE2.27
Astino: 4.1% to 11%, PE4.58
ATTA: -0.27% to 17.7%, PE84.38
Engtex: -0.1% to 6.5%, PE9.27
LSteel: -5.5% to 11.4%, PE3.95
LeonFB: 0.9% to 15.3% ,PE1.56
Melewar: -10.2% to 4.7% ,PE2.25
Prestar: 1.2% to 17.7%,PE1.82
Tashin: 0.2% to 16.1%  ,PE2.44

Business (FYE 2022)
Manufacturing of and trading in steel products. 
Revenue by Geo:
M'sia: 98.4%
Others: 1.6%

Fundamental
1.Market: Ace Market
2.Price: RM0.23
3.P/E: 14.4 @ RM0.016
4.ROE(Pro Forma III): 9.73%
5.ROE: 26.74%(FYE2021), 5.68%(FYE2020), -%(FYE2019)
6.NA after IPO: RM0.17
7.Total debt to current asset after IPO: 0.696 (Debt:261.109mil, Non-Current Asset: 136.017mil, Current asset: 374.917mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah status: yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jun): RM213,671 mil (Eps: 0.008),PAT: 5.7%
2021 (FYE 31Dec): RM373,974 mil (Eps: 0.030),PAT: 12.1%
2020 (FYE 31Dec): RM354,714 mil (Eps: 0.004),PAT: 2.0%
2019 (FYE 31Dec): RM344,581 mil (Eps: -0.001),PAT: -0.5%
 
Major customer (2022)
1. Noblelift Malaysia Sdn Bhd: 13.3%
2. Pipeworks Sdn Bhd: 7.6%
3. Tai Hoe Hardware Sdn Bhd: 4.3%
4. Metro Supplies Marketing S/B: 3.0%
5. Machmar Industries S/B: 2.8%
***total 29.00%

Major Sharesholders
1. Law Kok Thye: 51% (indirect)
2. Tianwen Holdings: 51% (Direct)

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2022)
Total director remuneration: RM3.215mil
key management remuneration: RM0.7 mil - 0.9mil
total (max): RM4.115 mil or 8.11% 

Use of funds
1. Construction of new headquarters, warehouse storage facility and workers’ accommodation: 42%
2. Repayment of bank borrowings: 20.1%
3. Working capital: 30.6% 
5. Listing Expenses: 7.3%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall this IPO is not suitable to low risk investor, as the commodities fluctuation will cause big effect to the company net profit in future. 

*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.

BETAMEK BERHAD

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Open to apply: 28/09/2022
Close to apply: 07/10/2022
Balloting: 12/10/2022
Listing date: 26/10/2022

Share Capital
Market cap: RM225mil
Total Shares: 450mil shares
 
Industry CARG
2019-2021 industry CAGR: 3.8%
Competitors PAT%
Ataims: -0.5%
VS industry Berhad: 6%
EG Industries Berhad: 1.3%
Delloyd Electronics (M) Sdn Bhd: 10.7%
Others: loss to 9.6%

Business (FYE 2022)
Automotive electronics manufacturing services. 
Revenue: 95% (Perodua - main customer)

Fundamental
1.Market: Ace Market
2.Price: RM0.50
3.P/E: 16.7 @ RM0.03
4.ROE(Pro Forma III): 10.88%
5.ROE: 14.41%(FYE2022), 14.03%(FYE2021), 13.46%(FYE2020), 29.85%(FYE2019)
6.NA after IPO: RM0.28
7.Total debt to current asset after IPO: 0.37 (Debt:37.779mil, Non-Current Asset: 60.555mil, Current asset: 101.007mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: Shariah compliant.

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Mar): RM133.051 mil (Eps: 0.030),PAT: 10.1%
2021 (FYE 31Mar): RM129.869 mil (Eps: 0.027),PAT: 9.4%
2020 (FYE 31Mar): RM130.732 mil (Eps: 0.024),PAT: 8.3%
2019 (FYE 31Mar): RM126.542 mil (Eps: 0.051),PAT: 18.1%
 
Major customer (2022)
1. Perodua manufacturing: 51.4%
2. Perodua Global Manufacturing: 37.6%
3. Perodua Sales: 6%
4. HIL Industries: 1.9%
5. Sipro Plastic: 1.6%
***total 98.5%

Major Sharesholders
Iskandar Holdings: 72% (Direct)
Mirzan Bin Mahathir: 72% (Indirect)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM0.962mil
key management remuneration: RM1.156 mil - 1.450mil
total (max): RM2.412 mil or 9.83% 

Use of funds
1. R&D - new product development: 20.7%
2. To expand R&D office space, raw material storage and ancillary facilities: 19.3%
3. Purchase of new process equipment: 8.9%
4. Working capital requirement: 11.4%
5. Repayment bank borrowing: 29.6%
6. Listing Expenses: 10.1%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Refer to above SWOT analysis. Overall is a high risky business model as over focus on single customer (Perodua, 95% of company revenue). Sumore their industry itself is very competitive industry. 

*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.

SUNVIEW GROUP BERHAD

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Open to apply: 23/09/2022
Close to apply: 30/09/2022
Balloting: 04/10/2022
Listing date: 17/10/2022

Share Capital
Market cap: RM135.720 mil
Total Shares: 468mil shares
 
Industry CARG
Global solar installation CAGR 2017-2021: 21.3%
Msia Solar PV Installed CAGR 2017-2021: 45.9%
Crystalline Silicon Module Price CAGR: RM/W 16.4%
-Msia Gov committed to use renewable resources: 2025 (31%), 2035 (40%).   
-In 2021 Msia renewable energy installed: 23%
Competitors PAT%
Solarvest: 4.2% (PE45.16)
Pekat: 3.9% (PE24.10)
Sunview: 9% (PE15.27)
Samaiden: 11% (PE24.07)
El Power Technologies Sdn Bhd: 3.9%

 
Business (FYE 2022)
EPCC of Solar PV facilities: 75.73%
Construction & Installation Solar PV facilities: 8.85%
Associated services & products: 11.9%
Solar power generation & supply: 3.52%

Fundamental
1.Market: Ace Market
2.Price: RM0.29
3.P/E: 15.27 @ RM0.019
4.ROE(Pro Forma III): 9.88%
5.ROE: 16.24%(FYE2022), 51.76%(FYE2021), 48.14%(FYE2020), -%(FYE2019)
6.NA after IPO: RM0.19
7.Total debt to current asset after IPO: 0.51 (Debt:92.975mil, Non-Current Asset: 56.462mil, Current asset: 182.895mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: - 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Mar): RM99.263 mil (Eps: 0.0190),PAT: 8.95%
2021 (FYE 31Mar): RM43.330 mil (Eps: 0.0124),PAT: 13.36%
2020 (FYE 31Mar): RM26.375 mil (Eps: 0.0054),PAT: 9.59%
2019 (FYE 31Mar): RM5.651 mil (Eps: -0.0015),PAT: -%
 
Major customer (2022)
Customer A: 14.01%
Adil Bestari Sdn Bhd: 12.97%
GV Bumi Sandakan Sdn Bhd: 10.83%
Sinohydro Corporation Sdn Bhd: 8.6%
Malakoff Radiance Sdn Bhd:5.59%
***total 52.00%

Major Sharesholders
NEC: 35.70% (Direct)
Ong Hang Ping: 35.7% (indirect)
Chow Kian Hung: 35.7% (indirect)
Stellar One: 5.71%
Basil Power: 11.59%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.068mil
key management remuneration: RM0.200 mil - 0.250mil
total (max): RM2.318 mil or 11.39% 

Use of funds
1. Business expansion: 4.88%
2. Capital expenditure: 5.42%
3. Working capital: 58.72%
4. Repayment of bank borrowings: 20.46%
5. Listing Expenses: 10.52%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a good IPO with discounted price compare to it competitors in same industry. 

*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.

COSMOS TECHNOLOGY INTERNATIONAL BERHAD

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Open to apply: 14/09/2022
Close to apply: 22/09/2022
Balloting: 27/09/2022
Listing date: 06/10/2022

Share Capital
Market cap: RM89.775 mil
Total Shares: 256.501mil shares
 
Industry CARG
Industry CARG is not enough information for analysis.
Competitor Comparison (PAT %)
Cosmos: 11.8%
Cergas Proses S/B: 3.2%
Delta Ferdana S/B: -4.2%
Mimtech Technology S/B: 4.0%
Premier water services S/B: 9.5%
SVS Engineering S/B: 9.7%
S.Kian Seng S/B: 31.0%

Business (FYE 2022)
Distribution and instrumentation services of fluid control products and manufacturing of fabricated metal products for industrial applications used in the water, wastewater and oil and/or gas industries. 

Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.P/E: 15,51 @ RM0.0226
4.ROE(Pro Forma III): 12.14%
5.ROE: 21.80%(FYE2022), 26.91%(FYE2021), 8.03%(FYE2020), 45.97%(FYE2019)
6.NA after IPO: RM0.16
7.Total debt to current asset after IPO: 0.3895 (Debt:17.809mil, Non-Current Asset: 19.755mil, Current asset: 45.718mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: - 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Apr): RM49.120 mil (Eps: 0.0226),PAT: 11.78%
2021 (FYE 30Apr): RM33.723 mil (Eps: 0.0218),PAT: 16.57%
2020 (FYE 30Apr): RM25.189 mil (Eps: 0.0047),PAT: 4.84%
2019 (FYE 30Apr): RM44.078 mil (Eps: 0.0206),PAT: 11.98%
 
Major customer (2022)
1. NOV (Malaysia) Sdn Bhd: 18.01%
2. National Oilwell Varco Inc: 15.63%
3. NOV Process & Flow Technologies Malaysia Sdn Bhd: 15.50%
4. Air Selangor: 9.84%
5. M8 Machinery Sdn Bhd: 7.90%
***total 66.88%

Major Sharesholders
Dato'Chong: 40.5% (direct)
MSM" 27% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.0095mil
key management remuneration: RM0.300 mil - 0.60mil
total (max): RM1.6095 mil or 11.79% 

Use of funds
1. Acquisition of new building: 44.56%
2. Purchase of new machineries: 15.59%
3. Repayment of bank borrowing: 6.68%
4. Working capital: 19.80%
3. Listing Expenses: 13.37%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall, a bit risky investment business.  The demand of the business product is very specific segment.  The company business also not easy to grow faster like other business. 

*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.

PT RESOURCES HOLDINGS BERHAD

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Open to apply: 30/08/2022
Close to apply: 12/09/2022
Balloting: 15/09/2022
Listing date: 27/09/2022

Share Capital
Market cap: RM192.6072 mil
Total Shares: 535.020mil shares
 
Industry CARG (2016-2021)
Frozen seafood sales volume in Asia Pacific CAGR: 1.7%
Frozen seafood sales value in Asia Pacific CAGR: 5.7%
Frozen seafood sales volume in Midlle East CAGR: 0.8%
Frozen seafood sales value in Middle East CAGR: 5.6%
Competitor Comparison (PAT %)
PT Resources: 9.68%
Piau Kee Live & Frozen Seafoods Sdn Bhd: 7.6%
Mayfresh Frozen Sea Product S/B: 5.33%
FisherGold S/B: -0.72%
Aiki Century Sdn Bhd: -10.77% 

Business (FYE 2022)
Processing and trading of frozen seafood products, and trading of other products.
1. Frozen seafood (Wholesales): 83.4%
2. Frozen seafood (Retail): 8.7%
3. Retail trading of other products: 7.9%
Revenue by Geo
Msia: 42.8%
China: 44.2%
Saudi Arabia: 12.2%
others: 0.8%

Fundamental
1.Market: Ace Market
2.Price: RM0.36
3.P/E: 9.23 @ RM0.039 (we don't accept prospecture book pg19 use EPS before diluted to calculate PE). 
4.ROE(Pro Forma III): 17.87%
5.ROE: 28.79%(FYE2022), 30.74%(FYE2021), 33.9%(FYE2020), 51.92%(FYE2019)
6.NA after IPO: RM0.22
7.Total debt to current asset after IPO: 0.5065 (Debt: 65.3267mil, Non-Current Asset: 54.4986mil, Current asset: 128.9688mil)
8.Dividend policy: 20% PAT dividend policy. 
9. Shariah starus: - 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Apr): RM349.144 mil (Eps: 0.039),PAT: 6.0%
2021 (FYE 30Apr): RM186.447 mil (Eps: 0.030),PAT: 8.6%
2020 (FYE 30Apr): RM161.310 mil (Eps: 0.023),PAT: 7.6%
2019 (FYE 30Apr): RM116.396 mil (Eps: 0.028),PAT: 13.1%
 
Major customer (2022)
Fuzhou Ding Sheng Yuan Trade Co., Ltd: 15.4%
Fujian Jia He Yuan Aquatic Product Co., Ltd: 13.1%
KBT Food Supply Sdn Bhd: 10.7%
Fitkar For International Trading: 7.4%
China National Township: 6.6%
***total 53.2%

Major Sharesholders
Heng Chang Hooi: 71%
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM0.643573 mil
key management remuneration: RM0.300 mil - 0.450mil
total (max): RM1.094 mil or 2.83% 

Use of funds
1. Capital expenditure for new cold storage warehouse: 36.3%
2. Working capital: 55.9%
3. Listing Expenses: 7.8%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a attractive IPO. The company is growing fast, however the industry they involve is low PAT margin profit, this part will limit the company growing opportunities in PAT% margin. 

*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.

AME REIT

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Open to apply: 17/08/2022
Close to apply: 24/08/2022
Balloting: 01/09/2022
Listing date: 20/09/2022

Share Capital
Market cap: RM mil 
Total Shares: 520 mil units
 
Industry CARG (2016-2021)
Msia Indutry properties rental income CAGR: 11.59% (data from 
Competitors distribution yield
Alsreit: 4.74% (PE104.48, below IPO price RM1.00)
Atrium: 6.5% (PE17.39, above IPO price @ IPO RM1.02)
Axreit: 4.89% (PE14.16, above IPO price @ RM1.25)
AME reit: 5.67% (PE19.33, yield estimated @ pg28) 

Business (FYE 2022)
Reit Structure: At least 75% total asset must invested in real estate to generate recurrent rental income. 
Financial Limitation: Maximum allow up to 50% for financing.
31 Industrial Properties (Freehold)
3 Industrial-Related Properties (Freehold)
Occupancy Rate: 100%

Fundamental
1.Market: Main Market
2.Price: RM1.15 (refund will make if final institutional price lower than RM1.15)
3.P/E: 19.33 @ RM0.0595 (pg28)
4.ROE(Pro Forma III): 5.23%
5.NA after IPO: RM0.99
6.Total debt to current asset after IPO: 0.369 (Debt: 47.5mil, Non-Current Asset: 557mil, Current asset: 17.549mil)
7.Dividend policy: 90% of nett income distribute quartely basic. 
8.Syariah Status: Yes (Islamic Reit)

Past Financial Performance (Revenue, Earning Per shares)
2022 (FPE 31Mar): RM35.236 mil (Eps: 0.0518)
2021 (FYE 31Mar): RM28.653 mil (Eps: 0.0377)
2020 (FYE 31Mar): RM26.870 mil (Eps: 0.0392)
 
Major Sharesholders
Lee Sai Boon: 51.3% (indirect)
Lee Chai: 51.3% (indirect)
Lim Yook Kim: 51.3% (indirect)
Kang Ah Chee: 51.3% (indirect)

Management Fees & Trustee's fees FYE2023 (compare to Rental income)
Management Fees: RM3.573 mil
Trustee's fee: RM0.175 mil
total (max): RM3.748 mil or 9.14% 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall the Reit is a bit expensive reit. After listing, might have chance to collect below IPO price. 

*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.

AGMO HOLDINGS BERHAD

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Open to apply: 01/08/2022
Close to apply: 08/08/2022
Balloting: 10/08/2022
Listing date: 18/08/2022

Share Capital
Market cap: RM84.500 mil
Total Shares: 325 mil shares
 
Industry CARG (2018-2021)
Malaysia Mobile & Web App development industry CARG growth: 24.09%
Singapore Mobile & Web App development industry CARG growth: 26.97%
Agmo Group market size in Malaysia: 3.21% (16.52mil over 514.21mil in 2021)
Competitors Comparision (PAT% margin)
Agmo: 40.8% (if without tax exemption status is 27%)
Ciro Solution S/B: 9.33%
Ingenious Lab S/B: 34.83%
The Mobile Life S/B: 13.78%
Lizard Apps Malaysian Development Centre S/B: 11.79%
Others: -2.81% to 10.12%

Business (FYE 2022)
1. Development of mobile and web applications
2. Provision of digital platform-based services
3. Provision of subscription, hosting, technical support and maintenance services

Revenue by Geo
M'sia:87.5%
S'pore: 8.2%
Sri Lanka: 3.9%
Others: 0.4%

Fundamental
1.Market: Ace Market
2.Price: RM0.26
3.P/E: 12.62 @ RM0.0206 
4.ROE(Pro Forma III): 23.54%
5.ROE: 60.52%(FYE2022), 54.14%(FYE2021),26.58%(FYE2020), 34.38%(FYE2019)
6.NA after IPO: RM0.09
7.Total debt to current asset after IPO: 0.102 (Debt: 2.856mil, Non-Current Asset: 3.603mil, Current asset: 27.878mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Mar): RM16.525 mil (Eps: 0.0167, after shares consolidate EPS is 0.207),PAT: 40.5%
2021 (FYE 31Mar): RM9.040 mil (Eps: 0.0100),PAT: 44.3%
2020 (FYE 31Mar): RM6.214 mil (Eps: 0.0062),PAT: 40.2%
2019 (FYE 31Mar): RM5.435 mil (Eps: 0.0060),PAT: 44.4%
 
Major customer (2021)
Heydoc International S/B: 13.7%
Company A: 12.1%
Pos Malaysia Berhad: 7.4%
Petroliam Nasional Berhad: 3.6%
GFK Retail and Technology Malaysia S/B: 3/2%
***total 40%%

Major Sharesholders
Tan Aik Keong: 19.4%
Low Kang Wen: 7.2%
Tham Chin Seng: 6.6%
Agmoian S/B: 7.4%
Myeg: 25.8%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM 0.545mil
key management remuneration: RM0.400mil - 0.500RMmil
total (max): RM1.045 mil or 14.16% 
 
Use of funds
1. R&D Team: 15.6%
2. Sales, Marketing & Business development team: 11.1%
3. Techinical support & maintainance services: 16.1%
4. Training & development centre: 11.5%
5. Regional expansion to Singapore: 3.1%
6. Expansion of mobile & web application development & digital platform-based services: 26.8%
7. Setting up new office: 1.4%
8. Listing Expenses: 14.4%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a attractive IPO. Company involve in sunrise industry & have good past performance. However investor need to take note on the company Pioneer status of MSC for tax exemption will expired on 10 Dec 2022, which will effect the company net profit.

*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.

SNS NETWORK TECHNOLOGY BERHAD

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***Important***Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision.

Open to apply: 27/07/2022
Close to apply: 18/08/2022
Balloting: 22/08/2022
Listing date: 02/09/2022

Share Capital
Market cap: RM403.194 mil
Total Shares: 1,612.779 mil shares
 
Industry CARG (2018-2021)
Sales of ICT products: 1.64%
Value added of ICT services: 5.25%
Competitors comparison (net profit)
SNS: 3.2%
IBM Malaysia S/B: 14.13%
Machines S/B (Apple): 4.33%
others: -19.56% to 4.33% 

Business (FYE 2022)
- Sale of ICT product comprising hardware, devices and related peripherals, as well as the provision of ICT services and solutions. (2022: 98.9%)
- Provision of device repair and related services, as well as sale of broadband services.

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.P/E: 11.21 @ RM0.0223
4.ROE(Pro Forma III): 20.06%
5.ROE: 38.61%(FYE2022), 37.05%(FYE2021), 17.96%(FYE2020), 25.52%(FYE2019)
6.NA after IPO: RM0.011
7.Total debt to current asset after IPO: 0.766 (Debt: 185.805mil, Non-Current Asset: 122.348mil, Current asset: 242.490mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Jan 6mths amended typo): RM1,112.008 mil (Eps: 0.022),PAT: 3.2%
2021 (FYE 31Jan): RM721.469 mil (Eps: 0.0150),PAT: 3.2%
2020 (FYE 31Jan): RM675.282 mil (Eps: 0.0050),PAT: 1.2%
2019 (FYE 31Jan): RM594.140 mil (Eps: 0.0060),PAT: 1.5%
 
Major customer (2021)
Fan Technology International Ltd: 11.3%
Ecart Services Malaysia S/B: 4.4%
Shopee Mobile Malaysia: 4.0%
Pembangunan Leasing Corporation S/B: 2.8%
Pejabat Setiausaha Kerajaan Negeri Johor: 2.1%
***total 24.6%

Major Sharesholders
Ko Yun Hung: 32.2%
Pah Wai Onn: 32.2%
Siow Wei Ming: 7.3%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM3.186 mil
key management remuneration: RM2.2mil - RM2.350 mil
total (max): RM5.536 mil or 5.89% 
 
Use of funds
1. Expansion of DaaS subscription- based service: 34.1%
2. Set-up new retail stores: 2.5%
3. Construction of regional Hub: 19.8%
4. Marketing activities for JOI: 1.7%
5. Repayment of bank borrowings: 22%
6. General working capital: 14.5%
7. Listing Expenses: 5.1%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a bit high risk business. But take consider into the grow record of business effort, it also possible to have continue growth in futures. Kindly refer to above SWOT analysis for more info.  

*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.