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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.
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
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%
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: -
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%
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.
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.