MINOX INTERNATIONAL 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: 20 Sep 2023

Close to apply: 03 Oct 2023
Balloting: 06 Oct 2023
Listing date: 17 Oct 2023

Share Capital
Market cap: RM90 mil
Total Shares: 360 mil shares

Industry CARG (2023f-2027f)
Historical & Growth Forecast for the Sanitary Valves and Fittings Industry in Malaysia: 11.2%
Industry competitors comparison (net profit%)
Minox: 22.9%
PME: 26.2%
SRM: 12.6%
Others: 0.00% to 10.7% 

Business (FPE 2023)
Distribution of stainless steel sanitary valves, tubes & fittings, installation components & equipment, rubber hoses under our “MINOX®” brand and other related products.
Revenue by Geo
Malaysia: 27%
Indonesia: 34.6%
Singapore: 25.9%
Thailand: 7.8%
Others: 4.7%

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 10.68 (EPS 0.0234)
4.ROE(Pro Forma III):  14.33%
5.ROE: 20.85%(FYE2022), 19.89%(FYE2021), 10.25%(FYE2020), 23.20%(FYE2019)
6.Net asset: 0.06
7.Total debt to current asset: 0.55 (Debt: 35.530mil, Non-Current Asset: 43.262mil, Current asset: 64.154mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes.

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Apr, 4mths): RM16.429 mil (Eps: 0.005), PAT:11.3%
2022 (FYE 31Oct): RM45.020 mil (Eps: 0.029), PAT: 22.9%
2021 (FYE 31Oct): RM34.359 mil (Eps: 0.022),PAT: 23.0%
2020 (FYE 31Oct): RM38.804 mil (Eps: 0.010),PAT: 9.20%
2019 (FYE 31Oct): RM40.195 mil (Eps: 0.021),PAT: 18.7%

Major customer (FPE2023)
1. Tetra Pak Group: 17.8%
2. SiccaDania (SEA) Pte Ltd: 14%
3. GEA Group: 7.1%
4. PL Plus M&E Sdn Bhd: 3.3%
5. MST VN: 2.6%
***total 44.8%

Major Sharesholders
1. Cheong Chee Soon: 51.4% (direct)
2. Looi Poo Poo: 10.4% (direct)
3. Gamal Abdul Nashir: 4.9% (direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)

Total director remuneration: RM2.574 mil
key management remuneration: RM1.75 mil – RM2.0 mil
total (max): RM4.574 mil or 17.2%

Use of funds
1. Product development and deployment: 17.8%
2. Construction of Warehouse 4:  17.8%
3. Setting up a new warehouse in Singapore: 22.3%
4. Repayment of bank borrowings:  20%
5. General working capital: 7%
6. Estimated listing expenses: 15.1%

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 more to conventional business. The grow of business also more to conventional phase.

*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.

SSF HOME 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: 08 Sep 2023
Close to apply: 27 Sep 2023
Balloting: 03 Oct 2023
Listing date: 12 Oct 2023

Share Capital 
Market cap: RM200 mil
Total Shares: 800 mil shares

Industry CARG
Estimated Market Size and Growth Forecast for the Home Furnishing Retail Industry in Malaysia
Compound annual growth rate (“CAGR”) (2023-2027) (base year of 2022): 9.3%
Industry competitors comparison (net profit%)
1. SHG: 9.2%
2. Syarikat Yoong Onn Sdn Bhd: 11.4%
3. Courts (Malaysia) Sdn Bhd: 10.3%
4. Eastern Decorator Sdn Bhd: 8.6%
5. Others: -97.2% to 8%

Business (FYE 2023) 
Involved in the retail of furniture, home décor and home living products via our retail channel (retail outlets) and online channel (ecommerce website).
Product Segments
Furniture: 53.5%
Home Décor: 21.80%
Home Living: 20.1%
Others: 4.6%

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 12.5 (FYE2023 EPS: RM0.020)
4.ROE(Pro Forma III): 10.10%
5.ROE: 17.16%(FPE2022), 30.95%(FYE2021), 5.92%(FYE2020)
6.Net asset: RM0.05
7.Total debt to current asset: 0.205 (Debt: 30.625mil, Non-Current Asset: 39.535mil, Current asset: 149.307mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 30Apr): RM174.474 mil (Eps: 0.020), PAT: 9.2%
2022 (FYE 30Apr): RM160.990 mil (Eps: 0.021), PAT: 10.4%
2021 (FYE 30Apr): RM208.073 mil (Eps: 0.039), PAT: 15%
2020 (FYE 30Apr) RM129.381 mil (Eps: 0.005), PAT: 3.2%

Major customer
Business model primarily is walk-in customers. Did not depend on major customer. 

Major Sharesholders 
1. Wong Choong Loong: 48.3% (Direct)
2. Lok Kok Khong: 15% (Direct)
3. Chin See Kew: 4.4% (Direct)
4. Wong Choong Lian: 4.3% (Direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM3.140 mil
key management remuneration: RM0.90 mil – RM1.00 mil
total (max): RM4.140 mil or 4.35%

Use of funds
1. Set-up new retail outlets (capital expenditure): 28.5%
2. Set-up new retail outlets (Start-up costs): 41.9%
3. Repayment of bank borrowings: 10%
4. Marketing activities: 3%
5. General working capital: 8%
6. Estimated listing expenses: 8.6%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Consider a normal IPO. Did not have see much advantage or special difference compare to other competitors. 
 
*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.