Siab Holdings 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: 28/01/2022
Close to apply: 16/02/2022
Balloting: 18/02/2022
Listing date: 28/02/2022

Share Capital
Market Cap: RM146.890 mil
Total Shares: 489.634 mil shares
 
Industry Competitor (revenue)
Siab: PAT4%, PE13.33, ROE11.97
Inta Bina: PAT2.9%, PE13.52, ROE7.38
Nestcon: PAT4.2, PE42.21, ROE6.16 
Pesona Metro: PAT-2.1%, PE37.16, ROE2.66
TCS: PAT6.7%, PE11.68, ROE13.57

Business (2021)
Building construction services
 - Residential: 43.51%
 - Non-Residential: 56.37%
ICT soloutions and services.
 - others: 0.12%

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.P/E: 13.33 (EPS:0.0225)
4.ROE(Pro Forma III): 11.97% (forecast using 7mth FPE2021)
5.ROE: 30.07%(FYE2020), 24.22%(FYE2019), 24.19%(FYE2018)
6.NA after IPO: RM0.15
7.Total debt to current asset after IPO: 0.64 (Debt: 102.555mil, Non-Current Asset: 12.654mil, Current asset: 161.259mil)
8.Dividend policy: no formal dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (7mths): RM104.498 mil (Eps: 0.0102),PAT:4.77%
2020: RM273.388 mil (Eps: 0.0225),PAT:4.04%
2019: RM242.888 mil (Eps: 0.0142),PAT:2.86%
2018: RM145.419 mil (Eps: 0.0083),PAT:3.62%
 
After IPO Sharesholding
Tan Sri Dato' Sri Mohamad Fuzi bin Harun: 0.06%
Ng Wai Hoe: 18.5%
Lim Mei Hwee: 12.75%
Tan Sok Moi: 9.5%
Datuk Lim Tong Lee: 0.06%
Dato' Sri Shahril bin Mokhtar: 0.06%
Andrea Huong Jia Mei: 0.06%

Directors & Key Management Remuneration for FYE2022 (from gross profit 2020)
Total director remuneration: RM2.211mil
key management remuneration: RM0.50 mil - 0.65mil
total (max): RM2.861 mil or 26.3%  
 
Use of fund
Purchase of land & construction of storage facility: 16.61%
Purchase of machinery & equipment: 35.74%
Purchase of BIM system software: 8.35%
Upgrade software & system: 2.21%
Office expansion: 0.82%
Working capital: 25.32%
Listing expenses: 10.95%
 
Highlight
-no

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 normal IPO. The industry of the business it self is not attractive, because the low net profit margin environment. 

*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.