JATI TINGGI GROUP BERHAD

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opinion and reader should take their own risk in investment decision.

Open to apply: 30 Nov 2023

Close to apply: 06 Dec 2023
Balloting: 08 Dec 2023
Listing date: 20 Dec 2023

Share Capital
Market cap: RM105.786 mil
Total Shares: 391,800,800 shares

Industry CARG (2016-2022)
Capital expenditure incurred for recurring electricity generation, transmission and distribution CAGR: 8.3%

Industry competitors comparison (net profit%)
1. Jati Tinggi: 4.4%
2. System Protection & Maintenance Sdn Bhd: 11.2%
3. Kum Fatt Engineering Sdn Bhd: 11%
4. Pestech S/B: 4.1%
5. Others: -111.1% to 8.3%

Business (FPE 2023)
1. Provision of underground and overhead utilities engineering services and solutions: 99.46% (group revenue)
2. Provision of substation EPCC services: 0.02%
3. Trading of equipment for substations: 0.29%% 
4. Street Lighting Services: 0.23%

Fundamental
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 18.61 (FPE2023)
4.ROE(FPE2023): 13.50%
5.ROE:  26.03%(FYE2022), 27.89%(FYE2021), 40.89%(FYE2020)
6.Net asset: RM0.14
7.Total debt to current asset: 0.73 (Debt: 67.024mil, Non-Current Asset: 12.180mil, Current asset: 92.021mil)
8.Dividend policy: 20% net profit dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31May): RM 46.003 mil (Eps: 0.0053),PAT: 4.55% 
2022 (FYE 30Nov): RM234.612 mil (Eps: 0.0233),PAT: 3.89%
2021 (FYE 30Nov): RM 96.413 mil (Eps: 0.0185),PAT: 7.51%
2020 (FYE 30Nov): RM112.666 mil (Eps: 0.0195),PAT: 6.79%

Major customer (FPE2023)
1. Worktime Engineering: 47.58%
2. YM Teras: 37.12%
3. CD Electrical: 9.64%
4. Tempinas Sdn Bhd: 3.24%
5. Pintar Gembira Sdn Bhd: 2.42%
***total 100%

Major Sharesholders
1. Dato’ Seri Lim Yeong Seong: 51.05% (Indirect)
2. Chin Jiunn Shyong: 55.64% (Indirect)
3. Lim Ming Hong: 51.05% (Indirect)
4. Board River Capital: 51.05% (Direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM0.954 mil
key management remuneration: RM0.350 mil – RM0.450 mil
total (max): RM1.754 mil or 10.08%

Use of funds
1. Repayment of bank borrowing: 38.81%
2. General working capital: 40.67%
3. Capital expenditure: 1.11%
4. Estimated listing expenses: 19.41%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment with low PAT% industry 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.

CRITICAL 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: 27 Nov 2023
Close to apply: 05 Dec 2023
Balloting: 07 Dec 2023
Listing date: 18 Dec 2023

Share Capital
Market cap: RM130.108 mil
Total Shares: 371.739 mil shares

Industry CARG
MEP engineering industry in Malaysia CAGR (2018-2022): 14.8%
Industry competitors comparison (net profit%)
1.Critical Holding Berhad: 6.4% (PE13.57)
2.AWC Berhad: 2.8% (PE93.81)
3.Bintai: -98.6% (PN17)
4.Cabnet: 0.2% (PE25.76)
5.KAB: 1.5% (PE25.09)
6.KGB: 4.6% (PE13.36)
7.LFECORP: 2.6% (PE102.52)
8.Pasukgb: -26.80% (losses)
9.Others: -11.9% to 15.2%

Business (FYE 2023)
MEP Design & engineering solutions
(MEP: Mechanical, electrical and process utilities)
Business Segment
Plantroom: 62.66%
Cleanroom: 20.20%
Data Centre: 8.62%
MEP Maintenance & Services: 8.51%

Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 13.57 (FYE2023, EPS RM0.0258)
4.ROE(Proforma III):  21.78%
5.ROE: 43.58% (FYE2023), 53.3%(FYE2022), 53.4%(FYE2021), 45.9%(FYE2020)
6.Net asset: RM0.12 (ProForma III)
7.Total debt to current asset: 0.468 (Debt: 34.420mil, Non-Current Asset: 4.844mil, Current asset: 73.602mil)
8.Dividend policy: 25% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 30June): RM150.940 (Eps: 0.0258), PAT: 6.35%
2022 (FYE 30June: RM107.330 mil (Eps: 0.0212), PAT: 7.36%
2021 (FYE 30June): RM53.702 mil (Eps: 0.0128), PAT: 8.87%
2020 (FYE 30June): RM43.623 mil (Eps: 0.0071), PAT: 6.06%
Unbilled Order Book
FYE2024: RM154.533 mil
FYR2025: RM90.00 mil
FYE2026: RM10.00 mil
FYE2027: RM10.00 mil

Major customer (2023)
1.Tialoc Malaysia Sdn Bhd: 35.46%
2.Customer C: 11.08%
3.Customer E: 10.94%
4.Customer D: 5.87%
5.Customer F: 4.09%
***total 67.44%

Major Sharesholders
1.Ir. Tan Si Lim: 70% (indirect)
2.Ir. Chow Chin Seang: 70% (indirect)
3.TCCO: 70% (direct)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM1.486 mil
key management remuneration: RM0.90 mil – RM1.050 mil
total (max): RM2.536 mil or 11.45%

Use of funds
1.Acquisition of new regional office: 23.06%
2.Expansion of sales & technical team: 17.29%
3.Capital expenditure: 6.15%
4.Working capital: 38.13%
5.Estimated listing expenses: 15.37%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment, and also come with high grow return opportunities. 

*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.

CPE 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: 20 Nov 2023
Close to apply: 24 Nov 2023
Balloting: 28 Nov 2023
Listing date: 07 Dec 2023

Share Capital
Market cap: RM263.948 mil
Total Shares: 671,314,791 shares

Industry CARG (2017-2022)
Growth Forecast of the ESI in Malaysia CAGR (2023-2027) (base year of 2022): 8.2%
Industry competitors comparison (PAT%)
CPE Technology Group: 20.85% (PE23.46)
Coraza: 10.26% (PE25.08)
Frencken: 9.00% (PE12, SGX listed)
Kobay: 8.16% (PE30.06)
SFP: 37.28% (PE61.62)
UWC: 30.89% (PE72.69)

Business (FYE 2023)
Manufacturing of precision-machined parts and components and provision of CNC machining services.
Revenue by Geo
USA: 53.53%
Singapore: 32.23%
Malaysia: 11.63%
Others: 2.61%

Fundamental
1.Market: Main Market
2.Price: RM1.07
3.Forecast P/E: 23.46  @ EPS RM0.0456
4.ROE(Pro Forma III): 9.8% 
5.ROE: 22%(FYE2023), 32.73(FYE2022),  32.76%(FYE2021), 10.72%(FYE2020), 13.16%(FYE2019)
6.Net asset: 0.61
7.Total debt to current asset: 0.4511 (Debt: 57.897mil, Non-Current Asset: 67.247mil, Current asset: 128.338mil)
8.Dividend policy: 25% to 50% PAT dividend policy.
9.Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 30 June): RM145.275 mil (Eps: 0.0456),PAT: 21.05%
2022 (FYE 30 June): RM138.846 mil (Eps: 0.0532),PAT: 25.74% 
2021 (FYE 30 June): RM93.444 mil (Eps: 0.0265),PAT: 19.06%
2020 (FYE 30 June): RM79.013 mil (Eps: 0.0142),PAT: 12.03%
2019 (FYE 30 June): RM78.352 mil (Eps: 0.0155),PAT: 13.29%
Order Book
2029: RM4.207 mil
2025: RM21.788 mil
2024: RM42.271 mil

Major customer (2023)
1.Healthcare Customer Group 1: 19.63%
2.Semiconductor Customer 2: 19.44%
3.Fujikin Group: 15.72%
4.Semiconductor Customer Group 1: 12.77%
5.Sport Equipment Customer 1: 10.73%
***total 78.29%

Major Sharesholders
1.Lee Chen Yeong: 32.5%
2.Foo Ming: 19.5%
3.Mu Woon Chai: 13%

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM2.297mil
key management remuneration: RM2.80mil – RM3.050mil
total (max): RM5.347 mil or 10.38%

Use of funds
1.Acquisition new industrial land & construction of new plants: 38.76%
2.Purchase machinery & equipment, relocation: 18.31%
3.Repayment of bank borrowing: 9.72%
4.Part-financing working capital: 26.12%
5.Part-financing Other capital expenditure: 0.79%
6.Estimated listing expenses: 6.3%

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. The FYE2024 result have effect the IPO price RM1.07 not much in discount.

*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.

PANDA ECO SYSTEM 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 Nov 2023
Close to apply: 15 Nov 2023
Balloting: 17 Nov 2023
Listing date: 27 Nov 2023

Share Capital
Market cap: RM107.3899 mil
Total Shares: 671,187,000 shares

Industry CARG
Retail management solutions industry size in Malaysia: 18.8% (2018-2022)
Competitors comparison (PAT%)
1. Panda Group: 33.6%
2. E stream MSC Sdn Bhd: 73%
3. Autocount Dotcom Berhad: 35.8% (PE29.3)
4. Evoloper Sdn Bhd: 24.2%
5. Qube Apps Solutions Sdn Bhd: 24.1%
6. Others: 3 losses, 1%-24%

Business (FYE 2023)
Development, customisation, implementation and integration of our Retail Management Eco-system & third party software and hardware. 
Customer Segments
1. Grocery Retail Stores: 68.4%
2. General mechandise retailers: 2.6%
3. Specialty stores: 3.0%
4. Convenient stores: 0.4%
5. Retail chain store suppliers: 16.6%
6. Others: 9.0%
Business revenue (FPE2023)
1. One-off: 53.2%
2. Recurring:  46.8%

Fundamental
1.Market: Ace Market
2.Price: RM0.16
3.Forecast P/E: 15.2 (FYE2022, EPS RM0.0105)
4.ROE(Proforma III): 18.45%
5.ROE: 55,88%(FPE2022), 76.65%(FYE2021), 49.12%(FYE2020), 61.34%(FYE2019)
6.Net asset: RM0.04
7.Total debt to current asset: 0.0977 (Debt: 2.949 mil, Non-Current Asset: 2.527mil, Current asset: 30.183mil)
8.Dividend policy: didn't have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Jun, 6mth): RM10.800 (Eps: 0.004), PAT: 25.4%
2022 (FYE 31Dec): RM20.982 mil (Eps: 0.0105), PAT: 33.6%
2021 (FYE 31Dec): RM20.003 mil (Eps: 0.0120), PAT: 39.5%
2020 (FYE 31Dec): RM16.395 mil (Eps: 0.0100), PAT: 41.9%
2019 (FYE 31Dec): RM13.311 mil (Eps: 0.0100), PAT: 50.3%

Major customer (2023)
1. Chua Kah Seng Supermarket Sdn Bhd: 7.3%
2. Sunshine Wholesales Mart Sdn Bhd: 5.0%
3. TF Value-Mart Sdn Bhd: 3.6%
4. Bataras Sdn Bhd: 3.6%
5. Kenwingston Grocer Malaysia Sdn Bhd: 3.6%
***total 24.3%

Major Sharesholders
1. Goldcoin Capital: 69.6% (direct)
2. Loo Chee Wee: 69.6% (indirect)
3. Tay Kheng Seng: 71.3% (indirect)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM1.594 mil
key management remuneration: RM0.85mil – RM1.1mil
total (max): RM2.694 mil or 23.12%

Use of funds
1. R&D of new solutions: 15.5%
2. Regional expansion in ASEAN countries: 10.8%
3. Establishing additional service hubs & expanding workforce in existing service hubs in M'sia: 15.1%
4. Expansion of CTS department: 9.6%
5. HQ expansion: 17.2%
6. Working capital: 16.2%
7.Estimated listing expenses: 15.6%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is good IPO. Most risk factor in low risk category. 

*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.