BETAMEK BERHAD

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Open to apply: 28/09/2022
Close to apply: 07/10/2022
Balloting: 12/10/2022
Listing date: 26/10/2022

Share Capital
Market cap: RM225mil
Total Shares: 450mil shares
 
Industry CARG
2019-2021 industry CAGR: 3.8%
Competitors PAT%
Ataims: -0.5%
VS industry Berhad: 6%
EG Industries Berhad: 1.3%
Delloyd Electronics (M) Sdn Bhd: 10.7%
Others: loss to 9.6%

Business (FYE 2022)
Automotive electronics manufacturing services. 
Revenue: 95% (Perodua - main customer)

Fundamental
1.Market: Ace Market
2.Price: RM0.50
3.P/E: 16.7 @ RM0.03
4.ROE(Pro Forma III): 10.88%
5.ROE: 14.41%(FYE2022), 14.03%(FYE2021), 13.46%(FYE2020), 29.85%(FYE2019)
6.NA after IPO: RM0.28
7.Total debt to current asset after IPO: 0.37 (Debt:37.779mil, Non-Current Asset: 60.555mil, Current asset: 101.007mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: Shariah compliant.

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Mar): RM133.051 mil (Eps: 0.030),PAT: 10.1%
2021 (FYE 31Mar): RM129.869 mil (Eps: 0.027),PAT: 9.4%
2020 (FYE 31Mar): RM130.732 mil (Eps: 0.024),PAT: 8.3%
2019 (FYE 31Mar): RM126.542 mil (Eps: 0.051),PAT: 18.1%
 
Major customer (2022)
1. Perodua manufacturing: 51.4%
2. Perodua Global Manufacturing: 37.6%
3. Perodua Sales: 6%
4. HIL Industries: 1.9%
5. Sipro Plastic: 1.6%
***total 98.5%

Major Sharesholders
Iskandar Holdings: 72% (Direct)
Mirzan Bin Mahathir: 72% (Indirect)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM0.962mil
key management remuneration: RM1.156 mil - 1.450mil
total (max): RM2.412 mil or 9.83% 

Use of funds
1. R&D - new product development: 20.7%
2. To expand R&D office space, raw material storage and ancillary facilities: 19.3%
3. Purchase of new process equipment: 8.9%
4. Working capital requirement: 11.4%
5. Repayment bank borrowing: 29.6%
6. Listing Expenses: 10.1%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Refer to above SWOT analysis. Overall is a high risky business model as over focus on single customer (Perodua, 95% of company revenue). Sumore their industry itself is very competitive 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.

SUNVIEW 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: 23/09/2022
Close to apply: 30/09/2022
Balloting: 04/10/2022
Listing date: 17/10/2022

Share Capital
Market cap: RM135.720 mil
Total Shares: 468mil shares
 
Industry CARG
Global solar installation CAGR 2017-2021: 21.3%
Msia Solar PV Installed CAGR 2017-2021: 45.9%
Crystalline Silicon Module Price CAGR: RM/W 16.4%
-Msia Gov committed to use renewable resources: 2025 (31%), 2035 (40%).   
-In 2021 Msia renewable energy installed: 23%
Competitors PAT%
Solarvest: 4.2% (PE45.16)
Pekat: 3.9% (PE24.10)
Sunview: 9% (PE15.27)
Samaiden: 11% (PE24.07)
El Power Technologies Sdn Bhd: 3.9%

 
Business (FYE 2022)
EPCC of Solar PV facilities: 75.73%
Construction & Installation Solar PV facilities: 8.85%
Associated services & products: 11.9%
Solar power generation & supply: 3.52%

Fundamental
1.Market: Ace Market
2.Price: RM0.29
3.P/E: 15.27 @ RM0.019
4.ROE(Pro Forma III): 9.88%
5.ROE: 16.24%(FYE2022), 51.76%(FYE2021), 48.14%(FYE2020), -%(FYE2019)
6.NA after IPO: RM0.19
7.Total debt to current asset after IPO: 0.51 (Debt:92.975mil, Non-Current Asset: 56.462mil, Current asset: 182.895mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: - 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Mar): RM99.263 mil (Eps: 0.0190),PAT: 8.95%
2021 (FYE 31Mar): RM43.330 mil (Eps: 0.0124),PAT: 13.36%
2020 (FYE 31Mar): RM26.375 mil (Eps: 0.0054),PAT: 9.59%
2019 (FYE 31Mar): RM5.651 mil (Eps: -0.0015),PAT: -%
 
Major customer (2022)
Customer A: 14.01%
Adil Bestari Sdn Bhd: 12.97%
GV Bumi Sandakan Sdn Bhd: 10.83%
Sinohydro Corporation Sdn Bhd: 8.6%
Malakoff Radiance Sdn Bhd:5.59%
***total 52.00%

Major Sharesholders
NEC: 35.70% (Direct)
Ong Hang Ping: 35.7% (indirect)
Chow Kian Hung: 35.7% (indirect)
Stellar One: 5.71%
Basil Power: 11.59%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.068mil
key management remuneration: RM0.200 mil - 0.250mil
total (max): RM2.318 mil or 11.39% 

Use of funds
1. Business expansion: 4.88%
2. Capital expenditure: 5.42%
3. Working capital: 58.72%
4. Repayment of bank borrowings: 20.46%
5. Listing Expenses: 10.52%

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 discounted price compare to it competitors in same 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.

COSMOS TECHNOLOGY INTERNATIONAL 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: 14/09/2022
Close to apply: 22/09/2022
Balloting: 27/09/2022
Listing date: 06/10/2022

Share Capital
Market cap: RM89.775 mil
Total Shares: 256.501mil shares
 
Industry CARG
Industry CARG is not enough information for analysis.
Competitor Comparison (PAT %)
Cosmos: 11.8%
Cergas Proses S/B: 3.2%
Delta Ferdana S/B: -4.2%
Mimtech Technology S/B: 4.0%
Premier water services S/B: 9.5%
SVS Engineering S/B: 9.7%
S.Kian Seng S/B: 31.0%

Business (FYE 2022)
Distribution and instrumentation services of fluid control products and manufacturing of fabricated metal products for industrial applications used in the water, wastewater and oil and/or gas industries. 

Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.P/E: 15,51 @ RM0.0226
4.ROE(Pro Forma III): 12.14%
5.ROE: 21.80%(FYE2022), 26.91%(FYE2021), 8.03%(FYE2020), 45.97%(FYE2019)
6.NA after IPO: RM0.16
7.Total debt to current asset after IPO: 0.3895 (Debt:17.809mil, Non-Current Asset: 19.755mil, Current asset: 45.718mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: - 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Apr): RM49.120 mil (Eps: 0.0226),PAT: 11.78%
2021 (FYE 30Apr): RM33.723 mil (Eps: 0.0218),PAT: 16.57%
2020 (FYE 30Apr): RM25.189 mil (Eps: 0.0047),PAT: 4.84%
2019 (FYE 30Apr): RM44.078 mil (Eps: 0.0206),PAT: 11.98%
 
Major customer (2022)
1. NOV (Malaysia) Sdn Bhd: 18.01%
2. National Oilwell Varco Inc: 15.63%
3. NOV Process & Flow Technologies Malaysia Sdn Bhd: 15.50%
4. Air Selangor: 9.84%
5. M8 Machinery Sdn Bhd: 7.90%
***total 66.88%

Major Sharesholders
Dato'Chong: 40.5% (direct)
MSM" 27% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.0095mil
key management remuneration: RM0.300 mil - 0.60mil
total (max): RM1.6095 mil or 11.79% 

Use of funds
1. Acquisition of new building: 44.56%
2. Purchase of new machineries: 15.59%
3. Repayment of bank borrowing: 6.68%
4. Working capital: 19.80%
3. Listing Expenses: 13.37%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall, a bit risky investment business.  The demand of the business product is very specific segment.  The company business also not easy to grow faster like other 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.