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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
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%
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.)
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.