PT RESOURCES HOLDINGS BERHAD

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Open to apply: 30/08/2022
Close to apply: 12/09/2022
Balloting: 15/09/2022
Listing date: 27/09/2022

Share Capital
Market cap: RM192.6072 mil
Total Shares: 535.020mil shares
 
Industry CARG (2016-2021)
Frozen seafood sales volume in Asia Pacific CAGR: 1.7%
Frozen seafood sales value in Asia Pacific CAGR: 5.7%
Frozen seafood sales volume in Midlle East CAGR: 0.8%
Frozen seafood sales value in Middle East CAGR: 5.6%
Competitor Comparison (PAT %)
PT Resources: 9.68%
Piau Kee Live & Frozen Seafoods Sdn Bhd: 7.6%
Mayfresh Frozen Sea Product S/B: 5.33%
FisherGold S/B: -0.72%
Aiki Century Sdn Bhd: -10.77% 

Business (FYE 2022)
Processing and trading of frozen seafood products, and trading of other products.
1. Frozen seafood (Wholesales): 83.4%
2. Frozen seafood (Retail): 8.7%
3. Retail trading of other products: 7.9%
Revenue by Geo
Msia: 42.8%
China: 44.2%
Saudi Arabia: 12.2%
others: 0.8%

Fundamental
1.Market: Ace Market
2.Price: RM0.36
3.P/E: 9.23 @ RM0.039 (we don't accept prospecture book pg19 use EPS before diluted to calculate PE). 
4.ROE(Pro Forma III): 17.87%
5.ROE: 28.79%(FYE2022), 30.74%(FYE2021), 33.9%(FYE2020), 51.92%(FYE2019)
6.NA after IPO: RM0.22
7.Total debt to current asset after IPO: 0.5065 (Debt: 65.3267mil, Non-Current Asset: 54.4986mil, Current asset: 128.9688mil)
8.Dividend policy: 20% PAT dividend policy. 
9. Shariah starus: - 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Apr): RM349.144 mil (Eps: 0.039),PAT: 6.0%
2021 (FYE 30Apr): RM186.447 mil (Eps: 0.030),PAT: 8.6%
2020 (FYE 30Apr): RM161.310 mil (Eps: 0.023),PAT: 7.6%
2019 (FYE 30Apr): RM116.396 mil (Eps: 0.028),PAT: 13.1%
 
Major customer (2022)
Fuzhou Ding Sheng Yuan Trade Co., Ltd: 15.4%
Fujian Jia He Yuan Aquatic Product Co., Ltd: 13.1%
KBT Food Supply Sdn Bhd: 10.7%
Fitkar For International Trading: 7.4%
China National Township: 6.6%
***total 53.2%

Major Sharesholders
Heng Chang Hooi: 71%
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM0.643573 mil
key management remuneration: RM0.300 mil - 0.450mil
total (max): RM1.094 mil or 2.83% 

Use of funds
1. Capital expenditure for new cold storage warehouse: 36.3%
2. Working capital: 55.9%
3. Listing Expenses: 7.8%

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 attractive IPO. The company is growing fast, however the industry they involve is low PAT margin profit, this part will limit the company growing opportunities in PAT% margin. 

*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.

AME REIT

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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: 17/08/2022
Close to apply: 24/08/2022
Balloting: 01/09/2022
Listing date: 20/09/2022

Share Capital
Market cap: RM mil 
Total Shares: 520 mil units
 
Industry CARG (2016-2021)
Msia Indutry properties rental income CAGR: 11.59% (data from 
Competitors distribution yield
Alsreit: 4.74% (PE104.48, below IPO price RM1.00)
Atrium: 6.5% (PE17.39, above IPO price @ IPO RM1.02)
Axreit: 4.89% (PE14.16, above IPO price @ RM1.25)
AME reit: 5.67% (PE19.33, yield estimated @ pg28) 

Business (FYE 2022)
Reit Structure: At least 75% total asset must invested in real estate to generate recurrent rental income. 
Financial Limitation: Maximum allow up to 50% for financing.
31 Industrial Properties (Freehold)
3 Industrial-Related Properties (Freehold)
Occupancy Rate: 100%

Fundamental
1.Market: Main Market
2.Price: RM1.15 (refund will make if final institutional price lower than RM1.15)
3.P/E: 19.33 @ RM0.0595 (pg28)
4.ROE(Pro Forma III): 5.23%
5.NA after IPO: RM0.99
6.Total debt to current asset after IPO: 0.369 (Debt: 47.5mil, Non-Current Asset: 557mil, Current asset: 17.549mil)
7.Dividend policy: 90% of nett income distribute quartely basic. 
8.Syariah Status: Yes (Islamic Reit)

Past Financial Performance (Revenue, Earning Per shares)
2022 (FPE 31Mar): RM35.236 mil (Eps: 0.0518)
2021 (FYE 31Mar): RM28.653 mil (Eps: 0.0377)
2020 (FYE 31Mar): RM26.870 mil (Eps: 0.0392)
 
Major Sharesholders
Lee Sai Boon: 51.3% (indirect)
Lee Chai: 51.3% (indirect)
Lim Yook Kim: 51.3% (indirect)
Kang Ah Chee: 51.3% (indirect)

Management Fees & Trustee's fees FYE2023 (compare to Rental income)
Management Fees: RM3.573 mil
Trustee's fee: RM0.175 mil
total (max): RM3.748 mil or 9.14% 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall the Reit is a bit expensive reit. After listing, might have chance to collect below IPO price. 

*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.

AGMO 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: 01/08/2022
Close to apply: 08/08/2022
Balloting: 10/08/2022
Listing date: 18/08/2022

Share Capital
Market cap: RM84.500 mil
Total Shares: 325 mil shares
 
Industry CARG (2018-2021)
Malaysia Mobile & Web App development industry CARG growth: 24.09%
Singapore Mobile & Web App development industry CARG growth: 26.97%
Agmo Group market size in Malaysia: 3.21% (16.52mil over 514.21mil in 2021)
Competitors Comparision (PAT% margin)
Agmo: 40.8% (if without tax exemption status is 27%)
Ciro Solution S/B: 9.33%
Ingenious Lab S/B: 34.83%
The Mobile Life S/B: 13.78%
Lizard Apps Malaysian Development Centre S/B: 11.79%
Others: -2.81% to 10.12%

Business (FYE 2022)
1. Development of mobile and web applications
2. Provision of digital platform-based services
3. Provision of subscription, hosting, technical support and maintenance services

Revenue by Geo
M'sia:87.5%
S'pore: 8.2%
Sri Lanka: 3.9%
Others: 0.4%

Fundamental
1.Market: Ace Market
2.Price: RM0.26
3.P/E: 12.62 @ RM0.0206 
4.ROE(Pro Forma III): 23.54%
5.ROE: 60.52%(FYE2022), 54.14%(FYE2021),26.58%(FYE2020), 34.38%(FYE2019)
6.NA after IPO: RM0.09
7.Total debt to current asset after IPO: 0.102 (Debt: 2.856mil, Non-Current Asset: 3.603mil, Current asset: 27.878mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Mar): RM16.525 mil (Eps: 0.0167, after shares consolidate EPS is 0.207),PAT: 40.5%
2021 (FYE 31Mar): RM9.040 mil (Eps: 0.0100),PAT: 44.3%
2020 (FYE 31Mar): RM6.214 mil (Eps: 0.0062),PAT: 40.2%
2019 (FYE 31Mar): RM5.435 mil (Eps: 0.0060),PAT: 44.4%
 
Major customer (2021)
Heydoc International S/B: 13.7%
Company A: 12.1%
Pos Malaysia Berhad: 7.4%
Petroliam Nasional Berhad: 3.6%
GFK Retail and Technology Malaysia S/B: 3/2%
***total 40%%

Major Sharesholders
Tan Aik Keong: 19.4%
Low Kang Wen: 7.2%
Tham Chin Seng: 6.6%
Agmoian S/B: 7.4%
Myeg: 25.8%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM 0.545mil
key management remuneration: RM0.400mil - 0.500RMmil
total (max): RM1.045 mil or 14.16% 
 
Use of funds
1. R&D Team: 15.6%
2. Sales, Marketing & Business development team: 11.1%
3. Techinical support & maintainance services: 16.1%
4. Training & development centre: 11.5%
5. Regional expansion to Singapore: 3.1%
6. Expansion of mobile & web application development & digital platform-based services: 26.8%
7. Setting up new office: 1.4%
8. Listing Expenses: 14.4%

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 attractive IPO. Company involve in sunrise industry & have good past performance. However investor need to take note on the company Pioneer status of MSC for tax exemption will expired on 10 Dec 2022, which will effect the company net profit.

*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.