YX Precious Metals BERHAD

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Open to apply: 30/05/2022
Close to apply: 09/06/2022
Balloting: 14/06/2022
Listing date: 23/06/2022

Share Capital
Market cap: RM104.202 mil
Total Shares:  372.150 mil shares
 
Industry & Competitor (PAT% & PE)
CAGR 2017-2021: 9.6% (pg 163 prospecture book)
YXPM Group: 2.7% (PAT%)
Poh Kong Jewellery Manufacturer S/B: 2.0%
Babib Jewellery Manufacturer S/B: 2.3%
MJ Jewellery S/B: 7.3%
others: -1.2% to 4.8% 
 
Business (2021)
Wholesaling, design and manufacturing of gold jewellery
Revenue by Geo
Msia: 97.58%
Others: 2.42%

Fundamental
1.Market: Ace Market
2.Price: RM0.28
3.P/E: 14.66 @ EPS0.0191
4.ROE(Pro Forma III): 8.17% (ProForma)
5.ROE: 12%(FYE2021), 18%(FYE2020), 11%(FYE2019), -3.5%(FYE2018)
6.NA after IPO: RM0.234
7.Total debt to current asset after IPO: 0.21 (Debt: 20.672mil, Non-Current Asset: 9.551mil, Current asset: 98.082mil)
8.Dividend policy: Did not have fixed dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FYE 31Dec): RM258.079 mil (Eps: 0.0191),PAT: 2.68%
2020 (FYE 31Dec): RM170.171 mil (Eps: 0.0252),PAT: 5.33%
2019 (FYE 31Dec): RM143.863 mil (Eps: 0.0131),PAT: 3.36%
2018 (FYE 31Dec): RM136.708 mil (Eps: -0.0037),PAT: -1.00%

Major customer (2021)
1.Muhaimin Jewels & Gems Sdn Bhd: 3.72%
2.Kedai Emas Kaya Sdn Bhd: 2.29%
3.Alpha Gold Jewels Sdn Bhd: 3.31%
4.S.M.P. Meenal Jewellers: 2.76%
5.Tomei Group: 2.73%

Major Sharesholders:
Ng Sheau Chyn: 72.98% (indirect)

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM0.712 mil

key management remuneration: RM0.35 mil - RM0.550 mil
total (max): RM1.262 mil or 8.80%  
 
Use of fund
1. Purchase of new machinery & equipment: 14.08%
2. Expansion & upgrading operation facilities: 7.99%
3. Working capital: 66.73%
6. Lisiting expenses: 11.20%

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 red ocean industry business. Able to see the company intention to expand their business. The company might already understand they are not easy to increase revenue & PAT%, the company put focus on increase operation efficiency & expand hollow gold jewerelly (lighter in weight & less expensive to increase customers affortabilities)

*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.

SFP TECH 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: 26/05/2022
Close to apply: 02/06/2022
Balloting: 08/06/2022
Listing date: 20/06/2022

Share Capital
Market cap: RM240 mil
Total Shares:  800 mil shares
 
Industry & Competitor (PAT% & PE)
Engineering supporting industry (ESI)
ESI CAGR Growth forecast: 8.9% (2022-2026)
SFP: 38.5% (PE12.36)
GVT: 14.3% (PE13.24)
Kobay: 17.2% (PE22.4)
Optima Asia: 19.8% (no info)
UWC: 32.1% (PE33)
 
Business (2021)
1.Sheet metal fabrication: 23.74%
2.CNC machining: 62.66%
3.Mechanical assembly: 13.6%
4.Automation equipment solution.
Revenue by Geo
Msia: 78.72%
USA: 6.03%
Spore: 15.21%
Others: 0.04%

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.P/E: 12.36 @ EPS0.0243
4.ROE(Pro Forma III): 14.10% (ProForma)
5.ROE: 26.07%(FYE2021), 32.04%(FYE2020), 28.14%(FYE2019), 34.54%(FYE2018)
6.NA after IPO: RM0.17
7.Total debt to current asset after IPO: 1.37 (Debt: 77.416mil, Non-Current Asset: 158.664mil, Current asset: 56.512mil)
8.Dividend policy: Did not have fixed dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FYE 31Dec): RM50.412 mil (Eps: 0.0243),PAT: 38.52%
2020 (FYE 31Dec): RM41.100 mil (Eps: 0.0221),PAT: 42.94%
2019 (FYE 31Dec): RM30.306 mil (Eps: 0.0132),PAT: 34.75%
2018 (FYE 31Dec): RM27.617 mil (Eps: 0.0116),PAT: 33.65%

Top customer (2021)
Electro Scientific industry group of companies: 16.4%
Customer S: 61%
Teradyne Group of companies: 4.88%
After IPO Sharesholding
Keoh Beng Huat: 68.85%
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM1.778 mil
key management remuneration: RM1.00 mil - RM1.2 mil
total (max): RM2.978 mil or 10.97%  
 
Use of fund
1. Purchase of new machinery & equipment: 39.37%
2. Contrusction of Manufaturing Plant 3: 24.1%
3. Repayment bank borrowing: 16.07%
4. Working capital expenditure: 8.25%
5. D&D Centre: 4.82%
6. Lisiting expenses: 7.39%

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 grow industry IPO. However have to take concern on the risk factor (please refer to the SWOT anaylsis above.)

*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.

LGMS BERHAD

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Open to apply: 20/05/2022
Close to apply: 26/05/2022
Balloting: 30/05/2022
Listing date: 08/06/2022

Share Capital
Market cap: RM228 mil
Total Shares:  456 mil shares
 
Industry & Competitor (Top 5 PAT% & Top 5 Loss)
Forecast CAGR 2022-2026: 13.9%
Top 5 (high PAT%)
1.LGMS: 36.5% (PAT)
2.Across Verticals: 29.6%
3.Pricewaterhousecoopers Advisory Services S/B: 28.7%
4.NTA Monitor: 17.7%
5.Ernst & Young: 16.8%
Top 5 (Losses /near losses)
1.BAE System: -0.6%
2.KPMG: -3.1%
3.Deloitte Business Adisory S/B: -2.2%
4.e-Lock Corporation S/B: 2.4%
5.Cisco system: 2.5%

Business (2021)
1.Cybersecurity assessment
2.Penetration testing
3.Cyber risk management and compliance
4.Provision of digital forensic and incident response services.
Revenue by Geo
Malaysia: 78.76%
Singapore: 11.58%
Others ASEAN: 3.38%
Asia: 4.69%
Others: 1.59%

Fundamental
1.Market: Ace Market
2.Price: RM0.50
3.P/E: 22.12 @ EPS0.0226
4.ROE(Pro Forma III): 14.49% (ProForma)
5.ROE: 36.71%(FYE2021), 37.19%(FYE2020), 33.32%(FYE2019), 38.16%(FYE2018)
6.NA after IPO: RM0.16
7.Total debt to current asset after IPO: 0.085 (Debt: 6.248mil, Non-Current Asset: 3.712mil, Current asset: 73.822mil)
8.Dividend policy: Did not have fixed dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FYE 31Dec): RM28.262 mil (Eps: 0.0226),PAT: 36.46%
2020 (FYE 31Dec): RM20.649 mil (Eps: 0.0176),PAT: 39.10%
2019 (FYE 31Dec): RM20.563 mil (Eps: 0.0139),PAT: 30.78%
2018 (FYE 31Dec): RM17.387 mil (Eps: 0.0131),PAT: 34.46%

Top customer (2021)
Over 10% revenue: Customer A (14.15%)
5-10% revenue: Customer B (6.12%)
below 5%: 6 customer
Total major customer: 33.58% of company revenue.

After IPO Sharesholding

Fong Choong Fook: 53.86%
Goh Soon Sei: 16.1%
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM1.476  mil
key management remuneration: RM0.65 mil - RM0.80 mil
total (max): RM2.276 mil or 8.05%  
 
Use of fund
1. Puchase of office: 39.39%
2. Expansion of workforce: 14.22%
3. Equipment and tools: 13.13%
4. Strategic business expansion: 16.85%
5. Working Capital: 7.66%
6. Lisiting expenses: 8.75%

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 high grow 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.a

YEW LEE GROUP BERHAD

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Open to apply: 17/05/2022

Close to apply: 25/05/2022
Balloting: 27/05/2022
Listing date: 07/06/2022

Share Capital
Market cap: RM194.082 mil
Total Shares:  532.435 mil shares
 
Industry & Competitor (PAT%)
CAGR: 2019 (-9%), 2020 (12.7%), 2021 (27.4%)
Yew Lee: 22.2%
CE Brush: 28.2%
Dragon Pathway: 7.4%
Greenheart: -3.4%
Mybrush: 17.3%
YL Industrial: 1.3%
 
Business (2021)
1. Manufacturing of industrial brushes.
2. Trading of industrial hardware and machinery parts.
Manufacturing Segment revenue: 70.3% (Msia: 47.1%, others: 23.2%)
Trading Segment revenue: 29.7% (Msia 100%)

Fundamental
1.Market: Ace Market
2.Price: RM0.28
3.P/E: 14.7 @ EPS0.019
4.ROE(Pro Forma III): 13.44% (ProForma)
5.ROE: 24.33%(FYE2021), 32.99% (FYE2020), 19.92%(FYE2019), 22.17%(FYE2018)
6.NA after IPO: RM0.14
7.Total debt to current asset after IPO: 0.09 (Debt: 5.664mil, Non-Current Asset: 19.453mil, Current asset: 61.461mil)
8.Dividend policy: Did not have fixed dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FPE 30Mar): RM45.525 mil (Eps: 0.0190),PAT: 22.2%
2020 (FYE 31Dec): RM41.974 mil (Eps: 0.0195),PAT: 24.7%
2019 (FYE 31Dec): RM29.208 mil (Eps: 0.0098),PAT: 17.8%
2018 (FYE 31Dec): RM27.813 mil (Eps: 0.0095),PAT: 18.3%

Top customer (2021)
Topglove: 32.1%
Precious Mountain (Taiwan): 5.7%
Careplus: 4.6%
Latexx: 4.0%
Hartalega: 4.0%

After IPO Sharesholding
Ang Lee Leong: 53.4%
Chee Wai Ying: 8.3%
Ang Lee Seng: 8.3%
 
Directors & Key Management Remuneration for FYE2022 (from gross profit 2021)
Total director remuneration: RM2.370 mil
key management remuneration: RM0.4mil - RM0.55mil
total (max): RM2.92mil or 15.69%  
 
Use of fund
1. Purchase manufacturing machineries & equipment: 29.2%
2. Construction new warehouse facility & office building: 19.6%
3. Renovation of new office: 4.8%
4. Repayment bank borrowing: 23.9%
5. Working capital: 12.3%
6. Lisiting expenses: 10.2%

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 business is in high profit margin 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.

UNITRADE INDUSTRIES 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: 28/04/2022
Close to apply: 30/05/2022
Balloting: 02/06/2022
Listing date: 14/06/2022

Share Capital
Market cap: RM500 mil
Total Shares:  1.5625bil shares
 
Industry & Competitor (PAT%)
UIB Group: 2.8%
Engtex: 1.62%
Chin Hin: 1.74%
AYS: 3.25%
Chuan Huat Resources: 2.33%
HapSeng: -0.37%
Syn Tai Hung Trading S/B: 6.94%

Business (2021)
Wholesale and distribution of building materials.
Malaysia: 99.7%
Overseas: 0.3%

Fundamental
1.Market: Ace Market
2.Price: RM0.32
3.P/E: 17.78 @ EPS0.0180 (prospecture using PE11.9 @ EPS0.027 @ blogger opinion not accept this). 
4.ROE(Pro Forma III): 9.02% (ProForma)
5.ROE: 12.89% (FYE2021), 9.45%(FYE2020), 10.34%(FYE2019)
6.NA after IPO: RM0.20
7.Total debt to current asset after IPO: 0.84 (Debt: 612.751mil, Non-Current Asset: 197.952mil, Current asset: 726.478mil)
8.Dividend policy: 30% PAT dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Mar): RM756.384 mil (Eps: 0.0180),PAT: 3.8%
2021 (FYE 31Nov): RM1.025 bil (Eps: 0.0180),PAT: 2.8%
2020 (FYE 31Nov): RM1.077 bil (Eps: 0.0120),PAT: 1.9%
2019 (FYE 31Nov): RM1.048 4. bil (Eps: 0.0120),PAT: 2.0%

After IPO Sharesholding
1. Sim Keng Chor : 55% (indirect)
2. Teh Beng Khim : 61.2% (indirect)

Directors & Key Management Remuneration for FYE2022 (from gross profit 2021)
Total director remuneration: RM5.109 mil
key management remuneration: RM3.00mil - RM3.15mil
total (max): RM8.259 mil or 9.31%  
 
Use of fund
1. Working capital: 50.5%
2. Repayment bank borrowing: 39.8%
3. Capital expenditure for pipe fabrication centre: 5%
4. Lisiting expenses: 4.7%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is not an attractive IPO due to their nature of business is on low PAT% 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.

CNERGENZ 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: 29/04/2022
Close to apply: 11/05/2022
Balloting: 13/05/2022
Listing date: 24/05/2022

Share Capital
Market cap: RM288.84 mil
Total Shares:  498mil shares
 
Industry & Competitor (PAT%)
SMT manufacturing solution CAGR (Southeast Asia): 3.7% (2016-21)
SMT manufacturing solution CAGR (Msia): 4.6% (2016-21)
1. JTU: 6.7% (Spore), 19% (Msia), -6.6% (Thai)
2. WKK: 9.4% (Thai), 3.7% (Msia), 10.1% (Spore)
3. Premtronic Sdn Bhd: 7.2%
4. Dual Matrix Sdn Bhd: 5.6%
5. JFE: 4.6% (Msia), 7.1% (Thai)
6. Others: -59.4% to 16.2%
***Cnergenz: 8.5%

Business (2021)
1. Commission new integrated production lines for client production facilities (help customer to build their production line)
2. Automate their production facilities (help client to build automate production line)
3. Sales of individual machinery, equipment and tools to electronics and semiconductor companies. 
4. After-sales technical support and training services
***Primarily customer: Integrated device manufacturers (IDMs), Outsourced semiconductor assembly and test service providers/houses (OSATs).
***Revenue (2021): 71.9% (Msia), 6.6% (Viet), 20.8% (Thai), 0.7% (Asia & Others). 
***Revenue (2019 before covis) 61.8% revenue from Vietnam. 
Major Customer (2021)
Revenue: 11.6% (CusA), 25.7% (CusB), 4.7% (CusC), 10.2% (CusD), 8.9% (CusE).  

Fundamental
1.Market: Ace Market
2.Price: RM0.58
3.P/E: 22.13 @ EPS0.0262 (prospecture using PE 19.27 @ EPS0.0301 @ blogger opinion not accept this). 
4.ROE(Pro Forma III): 10.35% (ProForma)
5.ROE: 18.36% (FYE2021), 24.34%(FYE2020), 39.10%(FYE2019), 43.12% (FYE2018)
6.NA after IPO: RM0.25
7.Total debt to current asset after IPO: 1.096 (Debt: 183.690mil, Non-Current Asset: 16.228mil, Current asset: 167.462mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FYE 31Dec): RM152.952 mil (Eps: 0.0262),PAT: 8.54%
2020 (FYE 31Dec): RM132.818 mil (Eps: 0.0323),PAT: 12.10%
2019 (FYE 31Dec): RM255.979 mil (Eps: 0.0613),PAT: 11.93%
2018 (FYE 31Dec): RM187.754 mil (Eps: 0.0468),PAT: 12.41%

After IPO Sharesholding
1. Lye Yhin Choy: 44.52%
2. Kong Chia Liang: 23.36%
3. Lye Thim Loong: 2.03%

Directors & Key Management Remuneration for FYE2022 (from gross profit 2021)
Total director remuneration: RM2.044 mil
key management remuneration: RM0.553 mil - RM0.700 mil
total (max): RM2.744 mil or 10.996%  
 
Use of fund
1.Expension of facility: 65.2%
2.R&D expenditure: 10.3%
3.Working capital: 17.2%
4.Lisiting 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 is a normal rating IPO. However if factor Covis effect business performance, the company business expansion should be much better. Their Vietnam project contribute to their revenue 61.8% in 2019, on 2020 & 2021 this part is reduce heavily. The re-open of global boarder will have better opportunities their 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.