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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
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%
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.
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%
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)
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%
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.
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.