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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: 08 Nov 2023
Close to apply: 15 Nov 2023
Balloting: 17 Nov 2023
Listing date: 27 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%
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%
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.
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.