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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: 08/04/2022
Close to apply: 15/04/2022
Balloting: 18/04/2022
Listing date: 28/04/2022
Open to apply: 08/04/2022
Close to apply: 15/04/2022
Balloting: 18/04/2022
Listing date: 28/04/2022
Share Capital
Market cap: RM85.8375 mil
Total Shares: 408.750mil shares
Industry & Competitor (PAT%)
Capital expenditure (receurring power: generate, transmission & distrubite) in Msia: CAGR 12.4%
(i) underground utilities engineering services and solutions: Indutry player Profit after tax range -0.1% to 12.8% (MN holding is 5.8%)
(ii) substation engineering services and solutions: Indutry player Profit after tax range -10% to 14% (MN holding is 14%)
Market cap: RM85.8375 mil
Total Shares: 408.750mil shares
Industry & Competitor (PAT%)
Capital expenditure (receurring power: generate, transmission & distrubite) in Msia: CAGR 12.4%
(i) underground utilities engineering services and solutions: Indutry player Profit after tax range -0.1% to 12.8% (MN holding is 5.8%)
(ii) substation engineering services and solutions: Indutry player Profit after tax range -10% to 14% (MN holding is 14%)
Business (2021)
Principally involved in the provision of infrastructure utilities construction services and solutions. Customers range in the power, gas, sewerage and telecommunications industries in Malaysia.
Principally involved in the provision of infrastructure utilities construction services and solutions. Customers range in the power, gas, sewerage and telecommunications industries in Malaysia.
Fundamental
1.Market: Ace Market
2.Price: RM0.21
3.P/E: 10.55
4.ROE(Pro Forma III): 15.87% (FPE2022 after IPO)
5.ROE: 20.7% (FYE2021), 17.6%(FYE2020), 23.25%(FYE2019), 33.38% (FYE2018)
6.NA after IPO: RM0.14
7.Total debt to current asset after IPO: 0.56 (Debt: 60.899mil, Non-Current Asset: 9.524mil, Current asset: 108.933mil)
8.Dividend policy: didn't have formal dividend policy.
1.Market: Ace Market
2.Price: RM0.21
3.P/E: 10.55
4.ROE(Pro Forma III): 15.87% (FPE2022 after IPO)
5.ROE: 20.7% (FYE2021), 17.6%(FYE2020), 23.25%(FYE2019), 33.38% (FYE2018)
6.NA after IPO: RM0.14
7.Total debt to current asset after IPO: 0.56 (Debt: 60.899mil, Non-Current Asset: 9.524mil, Current asset: 108.933mil)
8.Dividend policy: didn't have formal dividend policy.
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31oct): RM33.981 mil (Eps: 0.0074),PAT: 8.96%
2021 (FYE 30Jun): RM115.200 mil (Eps: 0.0199),PAT: 7.06%
2020 (FYE 30Jun): RM86.008 mil (Eps: 0.0139),PAT: 8.33%
2019 (FYE 30Jun): RM65.676 mil (Eps: 0.0156),PAT: 9.69%
2018 (FYE 30Jun): RM51.754 mil (Eps: 0.0180),PAT: 14.23%
2022 (FPE 31oct): RM33.981 mil (Eps: 0.0074),PAT: 8.96%
2021 (FYE 30Jun): RM115.200 mil (Eps: 0.0199),PAT: 7.06%
2020 (FYE 30Jun): RM86.008 mil (Eps: 0.0139),PAT: 8.33%
2019 (FYE 30Jun): RM65.676 mil (Eps: 0.0156),PAT: 9.69%
2018 (FYE 30Jun): RM51.754 mil (Eps: 0.0180),PAT: 14.23%
Order Book
2022: RM41.980mil
2023: RM92.654mil
2024: RM26.604mil
2025: RM10.953mil
2022: RM41.980mil
2023: RM92.654mil
2024: RM26.604mil
2025: RM10.953mil
After IPO Sharesholding
1. Loy Siong Hay:28.66%
2. Dato' Toh: 28.66%
3. Dang Siong Diang: 12.68%
4. others 5 directors: 0.9%
Directors & Key Management Remuneration for FYE2022 (from gross profit 2021)
Total director remuneration: RM1.354 mil
key management remuneration: RM0.2 mil - RM0.3 mil
total (max): RM1.654 mil or 6.6%
Use of fund
1.Capital Expenditure: 34.02%
2.Repayment of bank borrowings: 23.27%
3. Working capital: 25.24%
4. Lisiting expenses: 17.47%
1.Capital Expenditure: 34.02%
2.Repayment of bank borrowings: 23.27%
3. Working capital: 25.24%
4. Lisiting expenses: 17.47%
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. PE10.55 still acceptable.
*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.
Overall is a normal IPO. PE10.55 still acceptable.
