SNS NETWORK TECHNOLOGY 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: 27/07/2022
Close to apply: 18/08/2022
Balloting: 22/08/2022
Listing date: 02/09/2022

Share Capital
Market cap: RM403.194 mil
Total Shares: 1,612.779 mil shares
 
Industry CARG (2018-2021)
Sales of ICT products: 1.64%
Value added of ICT services: 5.25%
Competitors comparison (net profit)
SNS: 3.2%
IBM Malaysia S/B: 14.13%
Machines S/B (Apple): 4.33%
others: -19.56% to 4.33% 

Business (FYE 2022)
- Sale of ICT product comprising hardware, devices and related peripherals, as well as the provision of ICT services and solutions. (2022: 98.9%)
- Provision of device repair and related services, as well as sale of broadband services.

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.P/E: 11.21 @ RM0.0223
4.ROE(Pro Forma III): 20.06%
5.ROE: 38.61%(FYE2022), 37.05%(FYE2021), 17.96%(FYE2020), 25.52%(FYE2019)
6.NA after IPO: RM0.011
7.Total debt to current asset after IPO: 0.766 (Debt: 185.805mil, Non-Current Asset: 122.348mil, Current asset: 242.490mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Jan 6mths amended typo): RM1,112.008 mil (Eps: 0.022),PAT: 3.2%
2021 (FYE 31Jan): RM721.469 mil (Eps: 0.0150),PAT: 3.2%
2020 (FYE 31Jan): RM675.282 mil (Eps: 0.0050),PAT: 1.2%
2019 (FYE 31Jan): RM594.140 mil (Eps: 0.0060),PAT: 1.5%
 
Major customer (2021)
Fan Technology International Ltd: 11.3%
Ecart Services Malaysia S/B: 4.4%
Shopee Mobile Malaysia: 4.0%
Pembangunan Leasing Corporation S/B: 2.8%
Pejabat Setiausaha Kerajaan Negeri Johor: 2.1%
***total 24.6%

Major Sharesholders
Ko Yun Hung: 32.2%
Pah Wai Onn: 32.2%
Siow Wei Ming: 7.3%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM3.186 mil
key management remuneration: RM2.2mil - RM2.350 mil
total (max): RM5.536 mil or 5.89% 
 
Use of funds
1. Expansion of DaaS subscription- based service: 34.1%
2. Set-up new retail stores: 2.5%
3. Construction of regional Hub: 19.8%
4. Marketing activities for JOI: 1.7%
5. Repayment of bank borrowings: 22%
6. General working capital: 14.5%
7. Listing Expenses: 5.1%

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 bit high risk business. But take consider into the grow record of business effort, it also possible to have continue growth in futures. Kindly refer to above SWOT analysis for more info.  

*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.

UMEDIC GROUP 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: 06/07/2022
Close to apply: 13/07/2022
Balloting: 18/07/2022
Listing date: 26/07/2022

Share Capital
Market cap: RM119.651 mil
Total Shares: 373.910 mil shares
 
Industry CARG (2016-2020)
Msia Healthcare expenditure CARG: 6.7% 
Competitors Comparison (PAT margin%)
UMC group:14.9%
Insan Damai S/B: 5.7%
Schiller Asia Pacific S/B: 6.5%
Stryker Corporation S/B: 3.3%
Teepham Medical S/B: 3.7%

Business (FYE 2021)
-Marketing and distribution of various branded medical devices and consumables & after-sales service for all products.
-Developing, manufacturing and marketing of our medical consumables
Revenue by Geo
Msia: 88.29%
Others countries: 11.71%

Fundamental
1.Market: Ace Market
2.Price: RM0.32
3.P/E: 13.11 @ RM0.0122
4.ROE(Pro Forma III): 9.22% (ProForma)
5.ROE: 32.32%(FYE2021), 36.47%(FYE2020), 24.99%(FYE2019)
6.NA after IPO: RM0.019
7.Total debt to current asset after IPO: 0.457 (Debt: 19.590mil, Non-Current Asset: 26.337mil, Current asset: 42.856mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Jan 6mths): RM36.855 mil (Eps: 0.0122),PAT: 12.41%
2021 (FYE 31Jul): RM34.116 mil (Eps: 0.0136),PAT: 14.91%
2020 (FYE 31Jul): RM23.676 mil (Eps: 0.0065),PAT: 10.22%
2019 (FYE 31Jul): RM16.422 mil (Eps: 0.0035),PAT: 8.03%
 
Major customer (2021)
1. Customer K: 8.47%
2. Customer A: 6.50%
3. Customer H: 4.99%
4. Customer L: 3.73%
5. Customer M: 3.61%
***total 27.3%

Major Sharesholders
UMediC Capital: 51.44% (direct)
Dato' Ng Chai Eng: 51.52% (indirect)
Lim Taw Seong: 51.44% (indirect)
Lau Chee Kheong: 51.44% 

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM0.406 mil
key management remuneration: RM0.756 mil - RM1.050 mil
total (max): RM1.456 mil or 11.59%  
 
Use of fund
1. Construction of new factory building (30mths): 11.25%
2. Setting up new marketing & distribution offices (36mths): 21.86%
3. Repayment bank borrowing: 28.93%
4. Working capital: 27.84%
5. Listing Expenses: 10.12%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is slightly better compare to other normal IPO. Kindly refer to the SWOT chart.  

*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.

UNIQUE FIRE 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: 29/06/2022
Close to apply: 22/07/2022
Balloting: 03/08/2022
Listing date: 05/08/2022

Share Capital
Market cap: RM104 mil
Total Shares: 400 mil shares
 
Industry CARG (2017-2019)
Import value of fire extinguishers: -2.8%
Export value of fire extinguishers: -1.4%
Import value of fire extinguisher parts: -6.7%
Export value of fire extinguisher parts: 27.7%
Competitors Comparison (Net profit margin%) 
Unique Fire Group: 8.4%
FITTERS Diversified Bhd: -4%
Steel Recon Industries S/B: 11.8%
Eversafe Extinguisher S/B: -6.2%
VIC Engineering S/B: 16.5%
Fire Fighter Group: 16.3%

Business (FYE 2021)
-Assembly, manufacture and distribution of active fire protection systems, equipment and accessories. 
-Distribution of custom graphics designed fire extinguishers, and other active fire protection systems, equipment and accessories and related services.

Revenue by Geo
Malaysia: 98.8%
Others: 1.20%

Fundamental
1.Market: Ace Market
2.Price: RM0.26
3.P/E: 19.55 @ RM0.0133 (writer opinion reject prospectures book pg30 use EPS 0.019 @ PE13.68)
4.ROE(Pro Forma III): 8.01% (ProForma)
5.ROE: 10.52%(FYE2021), 13.22%(FYE2020), 18.04%(FYE2019)
6.NA after IPO: RM0.08
7.Total debt to current asset after IPO: 0.366 (Debt: 26.823mil, Non-Current Asset: 26.916mil, Current asset: 73.292mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Dec 9mths): RM53.871 mil (Eps: 0.0110),PAT: 8.19%
2021 (FYE 31Mar): RM63.444 mil (Eps: 0.0133),PAT: 8.39%
2020 (FYE 31Mar): RM76.194 mil (Eps: 0.0187),PAT: 9.82%
2019 (FYE 31Mar): RM79.699 mil (Eps: 0.0249),PAT: 12.48%
 
Major customer (2021)
1. Central Industrial Services & Supplier: 2.71%
2. Nelton Enginnering S/B: 2.61%
3. Trimax Engineering S?B: 2.59%
4. Fedapi S/B: 2.43%
5. Kejuruteraan Cekap Selaju S/B: 2.36%
***total 12.70%

Major Sharesholders
UGSB: 63% (direct)
Liew Sen Hoi: 67% (indirect)
Lim Show Ching: 4.56% (indirect)
 
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2021)
Total director remuneration: RM1.599 mil
key management remuneration: RM0.95 mil - RM1.20 mil
total (max): RM2.799 mil or 16.77%  
 
Use of fund
1. Expansion of manufacturing facilities: 11.48%
2. Expansion of geographic coverage: 27.55%
3. Expansion of operational capabilities: 24.34%
4. Working capital: 21.01%
5. Listing Expenses: 15.62%

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 a attractive IPO. 

*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.