MST GOLF GROUP BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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 June 2023
Close to apply: 07 July 2023
Balloting: 11 July 2023
Listing date: 20 July 2023

Share Capital
Market cap: RM664.903mil
Total Shares: 820,868,600 shares

Industry CARG (2018-2022)
Malaysia’s import value of golf equipment: 2.5% (total growth)
Malaysia’s export value of golf equipment: 1.9% (total growth)
Singapore’s import value of golf equipment: 19.4% (total growth)
Singapore’s export value of golf equipment: 12.6% (total growth)
Industry competitors comparison (net profit%)
MST Golf Group: 9.7%
Winston’s S/B: 16.7%
RGT Technology S/B: 11.3%
Desa Golf House S/B: 8.1%
Pan-West Pte Ltd: 4.4%
Vin Sporting House S/B: 3.0%
Leonian Singapore Pte Ltd: 2.1%
Golfsmart (M) S/B: 1.0%
SKT Ventures S/B: -1.9%

Business (FYE 2022)
Retailer and wholesaler of golf equipment comprising golf clubs, golf balls and accessories and golf apparel in Malaysia and Singapore. 
Revenue by Geo (FYE2022)
Malaysia: 66.30%
Singapore: 22.96%
Others: 10.74%

Fundamental
1.Market: Main Market
2.Price: RM0.81
3.P/E: 25 (EPS 0.0325 @ FYE2022)
4.ROE(Pro Forma III): 13.32%
5.ROE: 30.34%(FYE2022), 45.42%(FYE2021), 35.78%(FYE2020), 41.85%(FYE2019)
6.Net asset: RM0.27
7.Total debt to current asset IPO:  0.689 (Debt: 150.614mil, Non-Current Asset: 159.577mil, Current asset: 218.572mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31 Dec): RM300.875 mil (Eps: 0.0325),PAT: 9.68%
2021 (FYE 31Dec): RM206.519 mil (Eps: 0.0219),PAT: 9.73%
2020 (FYE 31Dec): RM170.152 mil (Eps: 0.0157),PAT: 8.05%
2019 (FYE 31Dec): RM175.950 mil (Eps: 0.0114),PAT: 5.81%

Operating cashflow vs PBT
2022: 23.05%
2021: 27.10%
2020: 281.11%
2019: 65.88%

Major customer (2022)
Do not have any major customer contribute more than 5% of company revenue. 
***total -%

Major Sharesholders 
1. All Sportz: 52.14% (direct)
2. Ng Yap Sio: 7.11% (direct)
3. Low Kok Poh: 3.56% (direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income 2022)
Total director remuneration: RM3.535mil
key management remuneration: RM1.3mil – RM1.5mil
total (max): RM5.03mil or 3.89%

Use of funds 
1. Expansion in Malaysia and Singapore: 48.42%
2. Expansion into new geographical markets: 41.32%
3. Upgrade of digital technology facilities: 2.32%
4. Working capital requirements: 2.51%
5. Listing Expenses: 5.43%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall growth rating is 3.5 point because the industry itself having low CARG. Low industry CARG mean the market itself did not growth much, hence the growth of MST need to grab the market shares from competitor (instead of all competitor enjoy of expand of industry-cake size expand bigger concept). 

*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.

DC HEALTHCARE HOLDINGS BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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 Jun 2023
Close to apply: 05 July 2023
Balloting: 07 Jul 2023
Listing date: 17 Jul 2023

Share Capital
Market cap: RM249.075 mil
Total Shares: 996.3mil shares

Industry CARG
Historical Market Size (Revenue) and Growth Forecast for the Aesthetic Medicine Market in Malaysia
2019-2020: 39.5%
2020-2021: 22.7%
2021-2022e: 28.0%

Industry competitors comparison (PAT%)
1. DC Healthcare Group: 18.4%
2. O2 Klinik Group (19 Clinic): -200% to 34.6% 
3. Dr Ko Skin Specialist: 7.5%
4. Alunan Majujaya: 10.3%
5. Clinic RX: 2.7%
6. Ur Virtue: 5.6%

Business (FYE 2022)
provide aesthetic medical services specialising in Non-Invasive and Minimally Invasive procedures.
Business Segment (FYE2022)
1. Aesthetic services: 89.96%
2. General Medical Services: 10.04%

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 26.04 @ EPS0.0096
4.ROE(Pro Forma III): 15.70% 
5.ROE: 63.53%(FYE2022), 23.65%(FYE2021), 39.98%(FYE2020), 30.31%(FYE2019)
6.Net asset: RM0.19
7.Total debt to current asset IPO: 0.495 (Debt: 27.032mil, Non-Current Asset:33.239mil, Current asset: 54.655mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Dec): RM51.964 mil (Eps: 0.0096),PAT: 18.40% 
2021 (FYE 31Dec): RM25.479 mil (Eps: 0.0046),PAT: 18.06%
2020 (FYE 31Dec): RM14.449 mil (Eps: 0.0019),PAT: 13.16%
2019 (FYE 31Dec): RM12.210 mil (Eps: 0.0012),PAT: 9.57%

Major Sharesholders
1. DCHG : 62.38% (Direct)
2. Dr. Chong Tze Sheng: 65.33% (indirect)
3. Dr. Lai Hgan Chee: 67.05%

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM2.952mil
key management remuneration: RM1.1mil – RM1.2mil
total (max): RM4.152 mil or 14.22%

Use of funds
1. Establishing new aesthetic medical clinics: 18.95%
2. Purchase of new medical machines and equipment: 26.35%
3. Repayment of borrowings: 12.52%
4. Working capital: 34.15%
6. Estimated listing expenses: 8.03%%

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 very profitable business (Beauty industry). Just the offer price PE is also not cheap.

*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.

DAYTHREE DIGITAL BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 21 Jun 2023
Close to apply: 11 July 2023
Balloting: 14 Jul 2023
Listing date: 26 Jul 2023

Share Capital
Market cap: RM144 mil
Total Shares: 480 mil shares

Industry CARG
Estimated Market Size and Growth Forecast for the GBS Industry in Malaysia, 2020-2027: 6.3%
Industry competitors comparison (PAT%)
Daythree: 9.6%
Scicom: 11.9% (PE12.06)
Aegis BPO Malaysia S/B: 17.4%
TDCX (MY) S/B: 19.9%
Teleperformance Malaysia S/B: 12.1%
Others (6 company) : 7.5% to 11.4% 
Others (4 company): -62.17% to 2.2%

Business (FYE 2022)
GBS services provider (Gobal Business Services) focusing on CX lifecycle management services (customer experience) enabled by in-house developed digital tools. 
***for easy understanding, is a type outsourcing services company that focus on customer experience segment.
Customer Segment (FYE2022)
1.Energy & utilities: 48.9%
2.Telecommunications & media: 23.4%
3.Fintech & financial services: 15.4%
4.Construction: 3.8%
5.Others: 8.5%

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.Forecast P/E: 23.1 @ EPS0.013 
4.ROE(Pro Forma III): 11.01% 
5.ROE: 23.60%(FYE2022), 34.12%(FYE2021), 29.43%(FYE2020), 24.68%(FYE2019)
6.Net asset: RM0.12
7.Total debt to current asset IPO: 30.92 (Debt: 19.639mil, Non-Current Asset: 12.874mil, Current asset: 63.521mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Dec): RM65.105 mil (Eps: 0.013),PAT: 9.6% 
2021 (FYE 31Dec): RM58.133 mil (Eps: 0.020),PAT: 16.6%
2020 (FYE 31Dec): RM47.713 mil (Eps: 0.012),PAT: 11.8%
2019 (FYE 31Dec): RM37.463 mil (Eps: 0.008),PAT: 10.2%

Order Book/Contract
Currently have: 19 contract
 - Renewable: 1 contract
 - Non-renewable: 17 contract (RM66.7mil @ 5contract, 13contract by rendered)
 - FYE2022 expired & renewed: 1 contract  

Operating cashflow vs PBT
2022: 83.39%
2021: 65.12%
2020: 56.55%
2019: 70.74%

Major customer (2022)
Client G: 29.0% 
Client F: 19.9% 
Client E: 18.4% 
Client D: 10.3% 
Client A: 4.9%
***total 82.5%

Major Sharesholders
Dayspring Capital: 36% (direct)
Paul Raymond Raj A/L Davadass: 36% (indirect)
Cloud Marshal: 23.1%
BLM Holdings: 15.4% (direct)
Thanos capital: 23.1% (indirect)
Gan Jhia Jhia: 23.1% (indirect)
Leong Kok Cheng: 23.1% (indirect)
Lee King Loon: 23.1% (indirect)
Bernadine Lee Siew Ling: 15.4% (indirect)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM1.275mil
key management remuneration: RM0.90mil – RM1.15mil
total (max): RM2.425 mil or 14.79%

Use of funds
1. Office expansion: 21.4%
2. Recruit industry experts to capture growth opportunities: 9.1%
3. Capital expenditure in networking infrastructure, IT hardware and software: 9.1%
4. Branding, marketing and promotional activities: 4.5%
5. Working capital: 44.4%
6. Estimated listing expenses: 11.5%

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. Their IPO PE is a bit expensive, but the company is having fast growth performance. 

*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.

SKYWORLD DEVELOPMENT BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 20 June 2023
Close to apply: 27 June 2023
Balloting: 30 June 2023
Listing date: 10 July 2023

Share Capital
Market cap: RM800 mil
Total Shares: 1,000,000,000 shares

Industry CARG
Residential Property Transactions in KL, volume (CAGR2018-2022): 4.7%
Commercial Property Transactions in KL, volume (CAGR2018-2022): 4.0%
Overhang of High.rise Residential Properties in KL, volume (CAGR2018-2022): 5.4%
Overhang of Hlgh.rise Commercial Properties in KL, volume (CAGR2017-2021): 34.7%
Industry competitors comparison (net profit%)
Skyworld: 13.2% (forecast PE8.99)
IJM: 20.1% (PE35.26)
SP Setia Bhd: 8.2%  (PE:7.1)
Sunway Bhd: 14.5% (PE11.79)
Matrix: 22.5% (PE8.64)
Ecowld: 7.7% (PE15.71)
Simeprop: 11.4%(PE9.73)

Others: -43.6% to 31.2%

Business (FPE 2023)
Urban property developer focusing on the development (principle market KL)
-Residential and commercial (FPE2023: 60.52%)
-affordable properties (FPE2023: 39.39%)
Others
-Management services
-Construction
-E-commerce platform

Fundamental
1.Market: Main Market
2.Price: RM0.80
3.Forecast P/E: 8.99 (if full conversion of ICPS)
4.ROE(Pro Forma III): 12.52%
5.ROE:  22.42%(FPE2022), 17.55%(FYE2021), 21.93%(FYE2020)
6.Net asset: RM0.71
7.Total debt to current asset IPO (proforma): 1.08 (Debt: 754.531mil, Non-Current Asset: 772.970mil, Current asset: 695.867mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31Dec, 9 mth): RM615.461 mil (Eps: 0.0858), PAT: 14.86%
2022 (FYE 31Mar): RM790.437 mil (Eps: 0.1043), PAT: 13.19%
2021 (FYE 31Mar): RM488.797 mil (Eps: 0.0633), PAT: 12.95%
2020 (FYE 31Mar): RM523.860 mil (Eps: 0.0652), PAT: 12.46%

Major customer (2022)
Did not have major customer. 

Major Sharesholders
Datuk Seri Ng Thien Phing: 41.48%
Datuk Lam Soo Keong @ Low Soo Keong: 10.07%
Lee Chee Seng: 4.72%
Zafidi Bin Mohamad: 3.73%

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RM6.110 mil
key management remuneration: RM1.190 mil – RM1.340 mil
total (max): RM7.45 mil or 2.98%

Use of funds
Acquisition of land for development: 60.10%
Working capital for project development: 21.15%
Repayment of bank borrowings: 12.02%
Estimated listing expenses: 6.73%
 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall, property market still not encourage in coming 2-3 years. The industry itself might effect the company future performance. 

*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.