MASTER TEC 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: 28 Dec 2023
Close to apply: 18 Jan 2024
Balloting: 22 Jan 2024
Listing date: 29 Jan 2024

Share Capital
Market cap: RM397.8 mil
Total Shares: 1.020 bil shares

Industry CARG (2023-2040)
Major Infrastructure Projects Undertaken, or in the Pipeline, in Malaysia: RM181.6 bil
Industry competitors comparison (PAT%)
MTG Group: 5.4%
SCGBHD: 1.7% (PE15.94)
Central Cables Berhad: 5.9%
Hi-Essence Cable Sdn Bhd: 4.3%
Olympic Cable Company Sdn Bhd: 2.9%
Power Cables Malaysia Sdn Bhd: 4.3%
Sindutch Cable Manufacturer Sdn Bhd: Losses
Tai Sin Electric Cables (Malaysia) Sdn Bhd: 2.8%
Tonn Cable Sdn Bhd: 1.6%

Business (FYE 2022) 
Manufacturing and distribution of power cables, control and instrumentation cables, and other related products, and the trading of power cables, fibre optic cables, and other related products.
Revenue by Geo
Malaysia: 94.85%
Others Asean country: 5.15% 

Fundamental
1.Market: Ace Market
2.Price: RM0.39
3.Forecast P/E:  16.96 @ (forecast FPE2023, EPS RM0.023)
4.ROE(Pro Forma III): 17.22%
5.ROE:  22.68%(FYE2022),  7.24%(FYE2021), 7.17%(FYE2020)
6.Net asset: 0.1552
7.Total debt to current asset: 0.61 (Debt: 112.950mil, Non-Current Asset: 86.231mil, Current asset: 185.01mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30 Jun, 6mths): RM138.039 (Eps: 0.0134),PAT: 9.88%
2022 (FYE 31 Dec): RM362.685 mil (Eps: 0.0192),PAT: 5.39% 
2021 (FYE 31 Dec): RM275.875 mil (Eps: 0.0054),PAT: 2.01%
2020 (FYE 31 Dec): RM162.313 mil (Eps: 0.0052),PAT: 3.24%
*Prospectuses book pg224 using EPS diluted 861.9 mil shares, here rejected use this version, writer use 1.020 bil shares as diluted EPS.

Major customer (FPE 2023)
1. TNB Group: 35.97%
2. Pen Power Sdn Bhd: 11.74%
3. SEB Group: 7.45%
4. Oon Brothers Eectrical Trading Co Sdn Bhd: 3.19%
5. Incomtec Consolidated Sdn Bhd: 2.40%
***total 60.75%

Major Sharesholders
1. Dato’  Lau Kim San: 55% (indirect)
2. MTPC: 55% (direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM2.935mil
key management remuneration: RM0.4mil – RM0.6mil
total (max): RM3.535 mil or 10.06%

Use of funds
1. Construction of new MV power cable manufacturing plants: 27.22%
2. Purchase of new machineries and equipment: 39.55%
3. General working capital: 26.42%
4. Defray fees and expenses relating to the Proposals: 6.81%

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 low PAT% 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.

TSA 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: 27 Dec 2023
Close to apply: 17 Jan 2024

Balloting: 19 Jan 2024
Listing date: 02 Feb 2024

Share Capital
Market cap: RM170.115 mil
Total Shares: 309.3 mil shares

Industry CARG
Import value of rolled products (2018-22): 0.4%
Import volume of rolled products (2018-21): -8.1%
Export value of rolled products (2018-22):  -1.1%
Export volume of rolled products (2018-21): -10.0%
Industry competitors comparison (net profit%)
TSA Group: 11.4% 
Pantech: 14.3% (PE6.83%)
Prestar Precision Tube: losses
KSSC: 0.9%
Hanwa Steel Centre: losses
Kanzen Tetsu:2.8%
Sin Lian Tat Hardware S/B: 3.9%
Supreme Steelmakers: 10.3%
Taik Bee Hardware: 3%
Hoto Stainless Steel: losses

Business (FPE 2023)
Distribution and supply of ferrous and non-ferrous metal and other industrial hardware products, and manufacturing and processing of stainless steel pipes and other metal products.
Business Segments
1. Trading: 62.7%
2. Manufacturing: 30.0%
3. Processing: 7.3% 

Fundamental
1.Market: Ace Market
2.Price: RM0.55
3.Forecast P/E: 18.15 (FPE2023, forecast EPS RM0.03)
4.ROE(FPE2023):   11.94%
5.ROE: 27.08%(FPE2022), 31.29%(FYE2021), 4.16%(FYE2020)
6.Net asset: RM0.02
7.Total debt to current asset: 0.476  (Debt: 96.646mil, Non-Current Asset: 57.583mil, Current asset: 212.783mil)
8.Dividend policy: didn’t have any formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31Aug): RM220.339 mil (Eps: 0.0202), PAT: 4.8%
2022 (FYE 31Dec): RM357.271 mil (Eps: 0.0797), PAT: 11.4%
2021 (FYE 31Dec): RM302.693 mil (Eps: 0.0789),PAT: 13.3%
2020 (FYE 31Dec): RM234.628 mil (Eps: 0.0098),PAT: 2.2%

Major customer (FPE2023)
1.Customer G: 3.2%
2.Customer F: 1.5%
3.Customer B: 1.2%
4.Customer H: 1.1%
5.Kamaphuli Shoe Ind. Ltd: 0.9%
***total 7.9%

Major Sharesholders 
1.Barisan Jutawan: 8.9% (Direct)
2.KVC Properties: 37.6% (Direct)
3.Chen Khai Voon : 37.6% (indirect)
4.Chew Kuan FahL 18.8% (Direct)
5.Chew Yik Wai: 6.0% (Direct)
6.Ng Kim Liang: 3.7% (Direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income FPE2023)
Total director remuneration: RM2.2326 mil
key management remuneration: RM0.90 mil – RM1.15 mil
Total (max): RM3.3826 mil or 4.24%

Use of funds
1.Capital expenditure (Semenyih Manufacturing Premises): 12%
2.Working capital: 29%
3.Repayment of bank borrowings: 47%
4.Estimated listing expenses: 12%

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. 

*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.

Mark to the end 2023 with continue another good year result

Is come to year end, along the years, our suggestion some is gain some is loss, as long as overall is gain.  Congratulation to all group members. 

Here we would like to announce another rules of group. For all members, once decided to quit group, will NOT ALLOW to re-join back our group ya. 

Invest group 3 still open for registration (for year 2024), @ 013-2820766 for registration

And REMEMBER, we never personal message / never advertise /  never call any member to offer any type of trading signal & no training class.  ALL member joint us is they have to personally come to contract us. If you received any call/ message is all SCAM!!!

Again congratulation to all members, here is few example for us to remember back this good year 2023.