SWIFT ENERGY TECHNOLOGY BERHAD

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Open to apply: 09/12/2024
Close to apply: 23/12/2024
Balloting: 27/12/2024
Listing date: 08/01/2024

Share Capital  
Market cap: RM280.224 mil
Total Shares:  1.0008 bil shares
1st day listing tradable shares: 299.2425 mil shares

Industry CARG
1. Global production volume of edible oils (2019-2024e):2.7%
2. Global production volume of sugar (2019-2024e): 1.5%
3. Number of rigs in Malaysia (2019-2023): 0.0%
4. Sales value* of electricity distribution and control apparatus in Malaysia (2019-2023):  18.7%
5. Sales value* of switchboard in Malaysia (2019-2023):  14.7%
6. Import value of switchboards and control panels* in Malaysia (2019-2024e): 14.7%
Industry competitors comparison (net profit%)
1. Swift Energy Group: 13.2%
2. Elecol Switchgear S/B: 16.6%
3. Leapco S/B: 14.3%
4. Powerwell Holdings Berhad: 12.7%
5. Fuji SMBE Brighten S/B: 10.8%
6. Willowglen MSC Bhd: 4.9%
7. Solution A & C Technology: 7.0%
8. Others: losses to 9.8%

Business (FPE 2024)  
Provision of industrial automation and power systems focusing on process control, Ex solar PV, power distribution, and other systems, mainly serving customers in the O&G, as well as grain products, edible oils, and food manufacturing industries.
Revenue by Segment
1. Provision of industrial automation and power systems: 80.7%
2. Supply of related products and services: 19.3%
Revenue by Geo
1. Malaysia: 64.15%
2. Thailand: 17.34%
3. Singapore : 11.06%
4. China : 7.45%
Revenue by industry
1. O&G : 45.1%
2. Grain products, edible oils and food manufacturing:25.08%
3. Utilities: 18.27%
4. Others: 11.55%

Fundamental   
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 23.53
4.ROE(Pro forma III): 12.85%
5.ROE: 28.34%(FPE2024), 28.31%(PYE2023), 18.98%(FYE2022),  9.42%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset:  0.296 (Debt: 40.412mil, Non-Current Asset: 24.874mil, Current asset: 136.579mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 9mths): RM81.446 mil (Eps: 0.0117), PAT: 14.34% 
2023 (FYE 30Sep): RM92.426 mil (Eps: 0.0119), PAT: 13.20%
2022 (FYE 30Sep): RM81.843 mil (Eps: 0.0079), PAT: 10.02%
2021 (FYE 30Sep): RM56.115 mil (Eps: 0.0036), PAT: 6.52%

Use of Funds

Order Book 

LPD: RM55.60mil

Major customer (FPE2024)  
1. Wilmar group of companies: 12.58%
2. Customer A: 12.20%
3. Malaysia Marine and Heavy Engineering Sdn Bhd: 10.13%
4. Equator Engineering Sdn Bhd: 9.57%
5. PTT Exploration and Production Public Company Limited (PTTEP): 7.84%
***total 52.32%

Major Sharesholders
1. Blueprint Capital: 31.61% (direct)
2. Tan Bin Chee: 27.8% (direct), 31.61% (indirect)
3. Chin Saw Yong: 10.59% (direct)
4. Suzana Binti Abu Bakar: 0.1% (direct), 31.61% (indirect)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM1.331 mil
key management remuneration: RM0.351 mil – RM0.45 mil
total (max): RM1.781 mil or 4.78%

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, middle growth 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.

CARLO RINO GROUP BERHAD

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Open to apply: 28/11/2024
Close to apply: 05/12/2024
Balloting: 09/12/2024
Listing date: 18/12/2024

Share Capital 
Market cap: RM263.9296 mil
Total Shares: 977.5171 mil shares

Industry CARG 
Revenue of Selected Segments of the Fashion Industry in Malaysia (RM Million)
a. Accessories: 3.9%
b. Women’s Footwear: 6.3%
c. Women’s handbags: 4.1%
Industry competitors comparison (net profit%)
1. Carlo Rino: 18.4% 
2. Vinnci Ladies’s Specialties Centre Sdn Bhd: 18.2%
3. Shiranoe Sdn Bhd: 9.0%
4. Miroza Leather (M) Sdn Bhd: 8.7%
5. F J Benjamin (M) Sdn Bhd: 7.2%
6. Others : 0.1% to 7.0%

Business (FYE 2024) 
Designing, promoting, marketing, distributing and retailing of women’s handbags, footwear and accessories.
Revenue by Product Group
Women’s handbag: 58.82%
Women’s Footwear: 21.33%
Women’s accessories: 19.85%
Others: -

Fundamental 
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 13.67
4.ROE(Pro forma): 12.73%
5.ROE: 23.81%(FYE2023),  24.6%(FYE2022), 5.52%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset:  0.32 (Debt: 38.420mil, Non-Current Asset: 70.237mil, Current asset: 119.838mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 30Jun): RM104.845mil (Eps: 0.0197), PAT: 18.41%
2023 (FYE 30Jun): RM113.534mil (Eps: 0.0244), PAT: 21.01%
2022 (FYE 30Jun): RM101.787mil (Eps: 0.0227), PAT: 21.84%
2021 (FYE 30Jun): RM76.460mil (Eps: 0.0041), PAT: 5.21%

Major customer   
Retail business. Business nature didn’t have single large customer. 
Major Sharesholders    
1. Dato’ Sri Chiang Fong Yee: 26.29%(direct) 
2. Chiang Sang Sem: 5.53% (direct), 36.66% (Indirect)
3. Bonia Holdings Sdn Bhd: 20.75% (direct)
4. Freeway Team Sdn Bhd: 11.36% (direct)

Directors & Key Management Remuneration for FYE2025  
(from Revenue & other income 2024)
Total director remuneration: RM1.565 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.365 mil or 3.59%

Use of fund

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

VANZO HOLDINGS BERHAD

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Open to apply: 27/11/2024
Close to apply: 04/12/2024
Balloting: 09/12/2024
Listing date: 17/12/2024

Share Capital 
Market cap: RM70 mil
Total Shares: 466.7511 mil shares

Industry CARG  
Air fragrance industry size in Malaysia (2021-2023): 10.7%
Air fragrance industry size in Malaysia (2024f-2026f): 9.0% 
Industry competitors comparison (net profit%)
1. Vanzo Group: 12.5%
2. The Procter & Gamble Company: 17.8%
3. Kobayashi Pharmaceutical Co., Ltd: 12.1%
4. Reckitt Benckiser Group plc: 11.3%
5. Farcent Enterprise Co., Ltd: 9.9%
6. Others: losses to 7.7%

Business (FYE 2024)  
Design, marketing and sale of air fragrance and fragrance-related products.
Revenue by segment
1. Car fragrances: 77.6%
2. Indoor fragrances: 21.3%
3. Personal and household care products: 1.0%
4. Accessories and others: 0.1%

Revenue by Geo
1. Malaysia: 98.9%
2. Overseas: 1.1%

Fundamental   
1.Market: Ace Market
2.Price: RM0.15
3.Forecast P/E: 14.29
4.ROE(Pro forma): 21.78%
5.ROE: 39.6%(FPE2024), 55.7%(FYE2023),  58.9%(FYE2022), 76.4%(FYE2021)
6.Net asset: 0.05
7.Total debt to current asset: 0.395  (Debt: 9.647 mil, Non-Current Asset: 7.587mil, Current asset: 24.444mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 9mths): RM36.775 (Eps: 0.0078), PAT: 9.9%
2023 (FYE 30Sep): RM40.855 mil (Eps: 0.0109), PAT: 12.5%
2022 (FYE 30Sep): RM33.970 mil (Eps: 0.0092),PAT: 12.4%
2021 (FYE 30Sep): RM22.791 mil (Eps: 0.0065),PAT: 9.5%

Major customer (FPE 2024)   
1. Watson’s Personal Care Stores Sdn Bhd: 25.3%
2. Luxury Accessories Enterprise: 4.7%
3. Mr. D.I.Y. Trading Sdn Bhd: 4.0%
4. Lotuss Stores (Malaysia) Sdn Bhd: 3.9%
5. MM One Stop Station Enterprise: 3.3%
***total 41.2%

Major Sharesholders  
1. Allan Wong Liang Tzer: 54% (indirect)
2. Fragrance Century: 54% (direct)
3. Lim Chee Lip: 16% (direct), 0.1% (indirect)
4. Choe Sook Ling: 0.1% (direct), 16% (indirect) 

Directors & Key Management Remuneration for FYE2024 (from Revenue & other income 2023)
Total director remuneration: RM0.6565 mil
key management remuneration: RM0.60 mil – RM0.75 mil
total (max): RM1.4065 mil or 7.38%

Use of funds

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

WINSTAR CAPITAL BERHAD

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Open to apply: 26/11/2024

Close to apply: 03/12/2024
Balloting: 06/12/2024
Listing date: 19/12/2024

Share Capital 
Market cap: RM101.5 mil
Total Shares: 290 mil shares

Industry CARG
1. aluminium extrusion application and products: Construction, Renewable energy, Transportation, others.
2. Growth Forecast Aluminium Extrusion Market in Malaysia, 2024-2028: 7.8%
Industry competitors comparison (net profit%)
1. Winstar: 5.2%
2. Zenshin Industries Sdn Bhd: 15.3%
3. Genesis Aluminium Industries Sdn Bhd: 10.2%
4. LB Aluminium (Sarawak) Sdn Bhd: 6.8%
5. P.A. Extrusion (M) Sdn Bhd: 5.0%
6. PMB Aluminium Sdn Bhd: 4.7%
7. Others: losses to 4.6%

Business (FYE 2024)
1. Extrusion of aluminium profiles and fabrication of aluminium ladders as well as aluminium solar PV mounting structures and related accessories. 
2. Trading and distribution of building materials; and
3. Solar PV system installation services.
Revenue by segments
1. Aluminium extrusion: 62.98%
2. Trading and distribution of building materials: 34.72%
3. Solar PV system installation services: 2.30%

Fundamental 
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 12.65
4.ROE(Pro forma III): 8.9%
5.ROE: 10.74%(FPE2024), 11.04%(FYE2023),  9.54%(FYE2022), 5.26%(FYE2021)
6.Net asset: 0.32
7.Total debt to current asset: 0.887  (Debt: 132.143mil, Non-Current Asset: 76.443mil, Current asset: 148.979mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Order Book  
1. LPD : RM4.026 mil

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 31Jul, 7mths): RM107.984 mil (Eps: 0.0167), PAT: 4.49%
2023 (FYE 31Dec): RM153.685 mil (Eps: 0.0276), PAT: 5.22%
2022 (FYE 31Dec): RM109.910 mil (Eps: 0.0181), PAT: 4.79%
2021 (FYE 31Dec): RM89.755 mil (Eps: 0.0091), PAT: 2.92%
*Prospectus book pg.191 is not using diluted 290 mil shares for calculate EPS. We will our own EPS calculation. 

Major customer (FPE2024)   
1. Kerjaya Prospek Group: 4.85%
2. Fabulous Sunview Sdn Bhd: 4.66%
3. SA Aluminium & Glass Sdn Bhd: 4.54%
4. Sunway Winstar Sdn Bhd: 3.86%
5. Lynox Industries Sdn Bhd: 3.00%
***total 20.91%

Major Sharesholders   
1. Chua Nyok Chong: 26.02% (direct)
2. Chua Boon Hong: 8.63% (direct)
3. Lee Yong Zhi: 8.47% (direct)
4. Khoo Nee Cheng: 7.23% (direct)
5. Vafe System: 24.15% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM2.069 mil
key management remuneration: RM0.85 mil – RM1.0 mil
total (max): RM3.069 mil or 16.3%

Use of fund

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.

TMK CHEMICAL BERHAD

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Open to apply: 25/11/2024
Close to apply: 29/11/2024
Price determination: 29/11/2024
Balloting: 03/12/2024
Listing date: 12/12/2024

Share Capital    
Market cap: RM1.75 bil
Total Shares:  1 bil shares

Industry CARG  
1. Consumption of inorganic chemicals, Malaysia, 2019 – 2023: 5.51%
2. Number of manufacturing establishments in Malaysia that are users of inorganic chemicals, 2023: 72.22% (39,741 from 55,029)
3. Consumption of inorganic chemicals, Vietnam, 2019 – 2023: 3.46%
4. Consumption of inorganic chemicals, Singapore, 2019 – 2023: 5.95%
Industry competitors comparison (net profit%)
1.TMK: 7%
2.Malay-Sino Chemical Industries Sdn Bhd: 18.63%
3.Chemical Company of Malaysia Berhad: 11.36%
4.Kong Long Huat Chemicals Sdn Berhad: 7.82%
5.Others: Losses to 2.42%

Business (FPE 2024) 
Chemical management comprising sourcing, processing and distribution of inorganic chemicals and value-added services, as well as the provision of chemical terminal services which encompasses bulk storage services.
Revenue by Segment
1. Provision of total chemical management: 99.2%
2. Provision of chemical terminal services: 0.8%
Revenue by Geo
1. Malaysia: 54.3%
2. Vietnam: 21.3%
3. Singapore: 20.7%
4. Others: 3.7%

Fundamental   
1.Market: Main Market
2.Price: RM1.75 (will follow institutional price if lower)
3.Forecast P/E: 19.1
4.ROE(Pro forma II): 17.69%
5.ROE: 39.21%(FPE2024), 17.54%(FYE2023),  31.21%(FYE2022), 30.87%(FYE2012)
6.Net asset: RM0.68
7.Total debt to current asset: 0.821 (Debt: 712.957mil, Non-Current Asset: 520.404mil, Current asset: 868.473mil)
8.Dividend policy:  30%-50% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 30Jun, 6mths)): RM659.434 mil (Eps: 0.0600), PAT: 9.1%
2023 (FYE 31Dec): RM1,306.096 mil (Eps: 0.0920), PAT: 7.0%
2022 (FYE 31Dec): RM1,484.338 mil (Eps: 0.1500), PAT: 10.1%
2021 (FYE 31Dec): RM1,126.844 mil (Eps: 0.1230), PAT: 10.9%

Major customer (FPE 2024) 
1.Customer A: 11.2%
2.Customer B: 5.3%
3.Customer D: 4.6%
4.Customer C: 3.9%
5.Customer F: 2.6%
***total 27.6%

Major Sharesholders  
1.Dato’ Lee Soon Hian: 39.5% (direct)
2.Leong Chao Seong: 9.5% (direct), 2.1% (indirect)
3.Wong Kin Wah: 4.6% (direct)
4.Lee Oi Loon: 6.5% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM2.3734 mil
key management remuneration: RM3.25 mil – RM3.40 mil
total (max): RM5.77 mil or 2.75%

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 middle 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.

TOPVISION EYE SPECIALIST BERHAD

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CROPMATE BERHAD

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Open to apply: 15/11/2024
Close to apply: 22/11/2024
Price determination date: 22/11/2024
Balloting: 27/11/2024
Listing date: 05/12/2024

Share Capital 
Market cap: RM147.6 mil
Total Shares: 738 mil shares
1st day listing tradable shares: 331.7 mil shares

Industry CARG (2019-2023)  
1. Sales value of domestic manufactured fertilisers : -4.5%
2. Import value of fertilisers: 12.6%
3. Import volume of fertilisers: 12%
4. Export value of fertilisers: 11.5%
5. Export volume of fertilisers: -0.6%
6. Apparent consumption value of fertilisers: -1.5%

Industry competitors comparison (net profit%)
1. Cropmate Group: 6.6%
2. Hextar Fert S/B: 9.4%
3. Twin Arrow Fertilizer S/B: 9.3%
4. Farmcochem S/B: 7.7%
5. Other: losses to 4.3%

Business (FYE 2024)  
Involved in the formulation and blending of conventional and specialty fertilisers as well as trading of straight fertilisers and related products.
Revenue by segment
1. Formulation and blending of conventional and specialty fertilisers: 75.3%
2. Trading of straight and other fertilisers: 24.7%
Revenue by brand
1. Own Brands: 73%
2. Without Brands: 24.6%
3. Third-party brands: 2.4%

Fundamental  
1.Market: Ace Market
2.Price: RM0.20  (Price will follow final institution price)
3.Forecast P/E: 14.7
4.ROE(Pro forma IV):  17.05%
5.ROE: 36.64%(FPE2024), 27.12%(FYE2023),  47.12%(FYE2022), 46.49%(FYE2021)
6.Net asset: 0.11
7.Total debt to current asset: 0.586 (Debt: 43.760mil, Non-Current Asset: 47.656mil, Current asset: 74.635mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 31May): RM67.311 mil (Eps: 0.0076), PAT: 8.3%
2023 (FPE 31Dec): RM151.547 mil (Eps: 0.014), PAT: 6.6%
2022 (FYE 31Dec): RM188.296 mil (Eps: 0.020), PAT: 7.8%
2021 (FYE 31Dec): RM108.799 mil (Eps: 0.010), PAT: 7.0%
***2024 EPS diluted to 738mil shares should be 0.0076, hence we disagree with prospectus pg.232 EPS.  

Major customer (FPE2024) 
1. Agrivest Trade Sdn Bhd: 9.1%
2. Sinong Group: 5.0%
3. Great Organic Group: 3.6%
4. Golden Agrochem (Kuching) Sdn Bhd: 3.1%
5. Consolidated Fertiliser Corporation Sdn Bhd: 2.7%
***total 23.50%

Major Sharesholders   
1. Lee Chin Yok: 29.1% (direct), 26% (indirect)
2. Lee Cheng Seng: 13% (direct)
3. Lee Cheng Fei: 13% (direct)
4. Lau Sam Siong: 6.5% (direct)
5. Datuk Tan Chew Chin: 3.2% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM1.460 mil
key management remuneration: RM0.8mil – RM1.0mil
total (max): RM2.46 mil or 8.9%

Use of funds   

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall is low growth industry, however the timing of IPO quite favor to the company (the open of fresh durian can export to China, and the price of FCPO price).

*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.

CapitalA-LA Case study

In our investment journey, it is impossible to everytime buy now and immediately profit next second. Even if can, but how BIG amount we can confidence to buy in. Some investment we need take few years to see actual BIG profit, and this type of investment confidence that allow us to invest BIG, is FUNDAMENTAL study. Hold for years and one-off harvest BIG profit.

All this 3 years, was have a lot member ask : "Still can keep or not", "why it keep dropping"....actually i also don't how to answer....

In investment journey, only keep study and focus on fundamental will give us confidence to continue hold the shares until we can harvest the actual BIG profit. Congratulation to all members, even market drop you still make good profit.  

SUPREME CONSOLIDATED RESOURCES BERHAD

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Open to apply: 28/10/2024
Close to apply: 15/11/2024
Balloting: 19/11/2024
Listing date: 29/11/2024

Share Capital 
Market cap: RM107.5 mil
Total Shares: 430 mil shares
1st day listing tradable shares: 154.6 mil shares

Industry CARG
(i) 2018-2022
GDP of wholesale and retail trade, food and beverage and accommodation services in Sarawak: 1.9816%
Distribution of food, beverage and discretionary products in Sarawak: 1.9814%
(ii) 2019-2022
Average gross household income by district in Sarawak: 2.7%
Composition of monthly household expenditure in Sarawak: 4.4%
Industry competitors comparison (net profit%)
1. Supreme: 4.6%
2. Spritzer Berhad: 10.1% (not suitable for comparison purpose)
3. SDS Group Berhad: 10.0% (not suitable for comparison purpose)
4. Farm Fresh: 7.8% (not suitable for comparison purpose)
5. Others: -30.2% to 5.0%

Business (FYE 2024)  
Distribution of third-party brands as well as our own brands of Frozen and Chilled Food Products, Ambient F&B Products and Non-F&B Products. 
Revenue by Segment
Frozen and Chilled Food Products: 88.42%
Ambient F&B Products: 11.50%
Non-F&B Products: 0.08%
Revenue by Geo
Malaysia (Sarawak): 97.99%
Malaysia (Sabah): 0.41%
Mynmar: 1.6%

Fundamental 
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 11.90
4.ROE(Pro forma III): 10.3%
5.ROE: 11.76% (FPE2024), 10.49%(FYE2023), 9.93%(FYE2022), 9.86%(FYE2021)
6.Net asset: nil
7.Total debt to current asset: 0.478 (Debt: 47.347mil, Non-Current Asset:  52.889mil, Current asset: 99.096mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Shariah

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Apr, 7mths): RM132.695 mil (Eps: 0.0146), PAT: 4.74%
2023 (FYE 30Sep): RM199.643 mil (Eps: 0.0214), PAT: 4.62%
2022 (FYE 30Sep): RM209.953 mil (Eps: 0.0190), PAT: 3.89%
2021 (FYE 30Sep): RM187.502 mil (Eps: 0.0178), PAT: 4.08%
***Our reviewer refuse to follow Prospectus book using EPS @ 120mil shares (pg 301).
***Above suggested EPS based on 430 mil shares. 

Major customer (2024)   
1. Unaco Group: 7.64%
2. Emart Group: 5.39%
3. Group A: 2.69%
4. MFM Resources Sdn Bhd: 2.6%
5. Supreme Food Supply (Bintulu) Sdn Bhd: 2.35%
***total 20.67%

Major Sharesholders  
1. BNDM: 34.05% (direct)
2. Dato Richard Wee: 0.49% (direct), 34.24% (indirect)
3. Lim Ah Ted: 21.98% (direct)
4. Ting Ing Thai :  4.6% (direct)
5. Tan Chiew Ting: 6.28% (direct)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income FYE2023)
Total director remuneration: RM1.561 mil
key management remuneration: RM1.90 mil – RM2.25 mil
total (max): RM3.811 mil or 15.97%

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

METRO HEALTHCARE BERHAD

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Open to apply: 24/10/2024
Close to apply: 04/11/2024
Balloting: 07/11/2024
Listing date: 15/11/2024

Share Capital 
Market cap: RM293.6715 mil
Total Shares: 978.905 mil shares

Industry CARG  
Fertility, obstetrics and gynaecology services industry size in Malaysia (2018-2023): 14.2% 
Industry competitors comparison (net profit%)
1. Metro Group: 14.0%
2. Alpha IVF Group Berhad: 39.8%
3. Sihat Kinabalu Sdn Bhd: 27.5%
4. KL Fertility & Gynaecology Centre Sdn Bhd: 26%
5. IVF Technologies Sdn Bhd: 17.3%
6. Others: 8% to 24%

Business (FPE 2024) 
Obstetrics and gynaecology (O&G) healthcare service provider, specialising in providing fertility and other O&G healthcare services.
Revenue by segment
1. Fertility services: 46.48%
2. Other O&G healthcare services: 52.79%
3. Paediatric services: 0.73%

Fundamental  
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 34.63
4.ROE(Pro forma III): 9.67%
5.ROE: 19.38 (FPE2024), % 16.72%(FYE2023),  14.23%(FYE2022), 27.49%(FYE2021)
6.Net asset: 0.0747
7.Total debt to current asset: 0.40 (Debt: 21.416mil, Non-Current Asset: 41.149mil, Current asset: 53.365mil)
8.Dividend policy: PAT 20%  dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 30Jun, 6mths): RM24.484 mil (Eps: 0.0036), PAT: 14.44%
2023 (FYE 31Dec): RM44.686 mil (Eps: 0.0064),PAT: 13.98%
2022 (FYE 31Dec): RM40.273 mil (Eps: 0.0051),PAT: 12.45%
2021 (FYE 31Dec): RM42.257 mil (Eps: 0.0096),PAT: 22.33%

Major customer (2024) 
Business nature is didn’t have single large customer. 

Major Sharesholders    
1. Dr Tay Swi Peng @ Tee Swi Peng: 43.30% (direct), 5.05% (indirect)
2. Dr Kong Lan Moon: 19.49% (direct)
3. Country Range Sdn Bhd: 5.05% (direct)

Directors & Key Management Remuneration for FPE2024  
(from Revenue & other income 2023)
Total director remuneration: RM1.123 mil
key management remuneration: RM0.25 mil – RM0.35 mil
total (max): RM1.473 mil or 8.1%

Use of Funds

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall is middle risk & low grow 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.

LIFE WATER BERHAD

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Open to apply: 22/10/2024
Close to apply: 30/10/2024
Balloting: 04/11/2024
Listing date: 13/11/2024

Share Capital    
Market cap: RM mil
Total Shares:  473.1795 mil shares
1st day listing tradable shares: 125.953 mil shares 

Industry CARG (2019-2023)  
Sales volume of manufactured soft drinks in Malaysia : 0.9%
Sales volume of manufactured bottled water in Malaysia: 2.3%
Import of beverages in Sabah: 7.4%
Export of beverages in Sabah:  6.9%

Industry competitors comparison (net profit%)
1. Life water group: 16.9%
2. F&N Beverages Manufacturing S/B: 5.0%
3. Spritzer: 12.53% (PE13.61)
4. R O Water S/B: 18%
5. Others: losses to 7.0%

Business (FYE 2024)  
Manufacturer of beverages namely drinking water and carbonated drinks. 
Revenue by segment
Drinking water: 83.3%
Carbonated drinks: 16.49%
Other product: 0.21%
Revenue by Geo
Sabah: 98.55%
Other markets: 1.45%

Fundamental 
1.Market: Main Market
2.Price: RM0.65
3.Forecast P/E: 10.94
4.ROE(Pro forma): 15.82%
5.ROE: 23% (FYE2024) , 21.96%(FYE2023), 21.22%(FYE2022), 29.62%(FYE2021)
6.Net asset: 0.38
7.Total debt to current asset: 0.95 (Debt: 121.065mil, Non-Current Asset: 171.854mil, Current asset: 126.997mil)
8.Dividend policy:  Min 20% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 30 Jun): RM166.532 mil (Eps: 0.0594), PAT: 16.89%
2023 (FPE 30 Jun): RM150.962 mil (Eps: 0.0436), PAT: 13.66%
2022 (FYE 30 Jun): RM121.400 mil (Eps: 0.0333), PAT: 12.96%
2021 (FYE 30 Jun): RM103.525 mil (Eps: 0.0373), PAT: 17.06%

Major customer (FYE2024)  
1. Bataras Group: 4.99%
2. Eco Water: 2.82%
3. Mu Group: 2.26%
4. Sabanah Group: 1.77%
5. Servay Group: 1.65%
***total 13.49%

Major Sharesholders    
1. Scarecrow Holding: 36.68% (direct)
2. Liew Hen Kong: 36.68% (indirect)
3. Chin Lee Ling: 36.68% (indirect)
4. Tan Hwng Kuen: 18.35% (direct)
5. Lim Young Piau: 18.35% (direct) 

Directors & Key Management Remuneration for FYE2025  
(from Revenue & other income 2024)
Total director remuneration: RM7.630 mil
key management remuneration: RM0.90 mil – RM1.050 mil
total (max): RM8.68 mil or 10.8%

Use of funds 

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 risk business model, and low-to-mid level of grow 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.

MEGA FORTRIS BERHAD

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Open to apply: 21/10/2024

Close to apply: 28/10/2024
Balloting: 30/10/2024
Listing date: 11/11/2024

Share Capital   
Market cap: RM566.16 mil
Total Shares:  844.97248 mil shares

Industry CARG     
Global merchandise exports and imports (2019-23): 5.8%
Global container port throughput (2018-22) : 2.2% 
Industry competitors comparison (net profit%)
1. Mega Fortris Group: 13.0%
2. Acme Seals (Malaysia) S/B: 2.9%
3. Envotech Network S/B: 32.3%
4. Wesglow Industries S/B: 13.8%
5. Unisto Identification Systems S/B: 0.3%

Business (FYE 2024)
Design and manufacturing of security seals, and trading of related products and services. 
Revenue by Distribution
1. Transportation and logistics: 16.03%
2. Petrochemicals and manufacturing: 16.03%
3. F&B and agriculture: 16.27%
4.Retail: 7.55%
5. Leisure, hospitality and gaming: 9.29%
6. Government: 2.91%
7. Others: 13.24%
8. Resellers: 25.85% 
Revenue by segment
a. Design and manufacturing
    (i) Plastic seals: 39.28%
    (ii) Container seals: 13.34%
    (iii) Cable seals: 18.04%
    (iv) Security bags: 2.50%
b. Trading and related services
    (i) Load securement products  : 15.8%
    (ii) Other related products and services: 11.04%
Revenue by Geo
1. Asia Pacific: 37.84%
2. Americas: 26.99%
3. Europe: 29.74%
4. Middle East: 5.43%

Fundamental    
1.Market: Main Market
2.Forecast Price: RM0.67
3.Forecast P/E: 29.13 (PE range is possible overvalued zone)
4.ROE(Pro forma II): 9.16%
5.ROE: 15.57% (FYE2024), 13.16%(FYE2023),  7.34%(FYE2022), 12.68%(FYE2021)
6.Net asset: 0.25
7.Total debt to current asset: 0.53 (Debt: 124.664mil, Non-Current Asset: 103.944mil, Current asset: 234.207mil)
8.Dividend policy: up to 30% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FYE 30 Jun): RM166.712 mil (Eps: 0.0225), PAT: 12.96%
2023 (FYE 30 Jun): RM161.303 mil (Eps: 0.0148), PAT: 9.86%
2022 (FYE 30 Jun): RM155.211 mil (Eps: 0.0052), PAT: 4.49%
2021 (FYE 30 Jun): RM135.098 mil (Eps: 0.0071),PAT: 3.37%

Major customer (FYE 2024)     
1. Interseal S.A. de C.V.: 4.42%
2. MFIB: 3.23%
3. Mega Fortris Philippines Inc: 2.85%
4. United States Postal Service: 2.54%
5. Flink S.A.C : 2.14%
***total 15.18%

Major Sharesholders   
1. Mega Fortris Global: 65% (direct)
2. Dato’ Nick Ng (Dato’ Ng Meng Kee): 65% (indirect)
3. Datuk Adrian Ng (Datuk Ng Meng Poh): 65% (indirect)
4. Mega Fortis Capital: 65% (indirect)
5. Ng Brothers Estate: 65% (indirect)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.493 mil
key management remuneration: RM1.50 mil – RM1.65 mil
total (max): RM1.993 mil or 2.63%

Use of Funds

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Avoid this IPO. Overall is high risk & low grow return 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.

AZAM JAYA BERHAD

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***Disclaimer***Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision.

Open to apply: 18/10/2024

Close to apply: 24/10/2024

Balloting: 28/10/2024

Listing date: 11/11/2024

 

Share Capital

Market cap: RM390 mil

Total Shares: 500 mil shares

Industry CARG (2019-2023)

Malaysia: Value of Civil Engineering Works Done CAGR: -5.61%

Sabah: Value of Civil Engineering Works Done CAGR: 9.33%

Industry competitors comparison (net profit%)

1.      Azam Jaya: 9.3%

2.      Gabungan AQRS Berhad: 5.9%

3.      Vestland Berhad: 7.9%

4.      Pesona Metro Holdings Berhad: 2/4%

5.      Others: losses to 0.5%

Business (FPE 2024)

Specialise in the construction of road infrastructure, including roads, highways, bridges, flyovers and tunnels, business mainly in Sabah.

Revenue by Segment

Construction: 100%

 

Fundamental  

1.Market: Main Market

2.Price: RM0.78

3.Forecast P/E: 18.75 (forecast PE, we disagree to follow prospectus book PE15.01)

4.ROE(Pro forma):  13.49%

5.ROE: 16.20%(FPE2024),  29.28%(FYE2023), 41.58%(FYE2022), 62.67%(FYE2021)

6.Net asset: 0.31

7.Total debt to current asset: 0.80 (Debt: 270.013mil, Non-Current Asset: 88.333mil, Current asset: 335.975mil)

8.Dividend policy: 30% PAT dividend policy.

9. Shariah status: Yes

 

Past Financial Performance (Revenue, Earning Per shares, PAT%)  

2024 (FPE 30 Apr): RM148.824 mil (Eps: 0.0156), PAT: 5.26%

2023 (FYE 31Dec): RM280.766 mil (Eps: 0.0520), PAT: 9.25%

2022 (FYE 31Dec): RM296.838 mil (Eps: 0.0634), PAT: 10.68%

2021 (FYE 31Dec): RM231.457 mil (Eps: 0.0683), PAT: 14.77%

 

Order Book

FYE2024- 2028 : RM1.449 bil

 

Major customer (2024)  

1.      e Ministry of Works, Malaysia and JKR Sabah: 100%

***total 100%

Major Sharesholders  

1.      Lokah Fortune: 40.20% (direct)

2.      Tan Sri Joseph: 23.34% (indirect)

3.      Datuk Jonathan: 53.53% (indirect)

4.      Datuk Jessica: 10% (direct), 13.34% (indirect)

5.      Johannes Lo: 10% (direct), 13.34% (indirect)

6.      Lo Vun Yee @ Josephine Lo: 3.33% (direct), 10% (indirect)

7.      Lo Vun Jiun: 3.33% (direct), 10% (indirect)

8.      Jacqueline Lo Kar Jack: 3.33% (direct), 10% (indirect)

9.      Joanna Lo Vun Shii; 3.33% (direct), 10% (indirect)

 

Directors & Key Management Remuneration for FYE2024

(from Revenue & other income 2023)

Total director remuneration: RM13.026 mil

key management remuneration: RM1.15 mil – RM1.40 mil

total (max): RM14.426 mil or 16.79%

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 high risk business as they over focus on government project/ contract. However if able to continue maintain good relationship & secure more project, the company will have potential to continue growth. 

*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.

3REN BERHAD

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Open to apply: 09/10/2024

Close to apply: 23/10/2024

Balloting: 25/10/2024

Listing date: 06/11/2024

 

Share Capital

Market cap: RM182 mil

Total Shares: 650 mil shares

1st day listing tradable shares: 232.78 mil shares

Industry CARG

1. Product engineering service revenue (M’sia, 2020-2022): 20.6%

2. Global product engineering services industry (2020-2023): 15.5%

3. Industry size for IC assembly and test services in Malaysia (2020-2023): 8.6% 

4. Global industry size for IC assembly and test services (2020-2023): 4.0%

Industry competitors comparison (net profit%)

1.    3REN Group: 12.2%   

2.    Infinecs System Sdn Bhd (inc IC test): 9.4%

3.    Nityo Infotech Services Sdn Bhd (inc IC test): 7.3%

4.    Oppstar (enginerring services): 27.3%

5.    ECA (automated equipment) : 30.3%

6.    Genetec (automated equipment): 23%

7.    Penta (automated equipment): 20.3%

8.    Others: losses to 85.4%

 

Business (FPE 2024)  

Automation solutions and engineering services provider semiconductor and electronics industry.

Revenue by segment

(a) Product engineering services: 37.22%

(b) Engineering support services for IC assembly and testing: 35.55%

(c) Design, development and sale of digitalised solutions: 18.90%

(d) Design, development and sale of automated equipment: 8.33%

Revenue by Geo

(a) Malaysia : 96.48%

(b) Overseas : 3.52%

 

Fundamental

1.Market: Ace Market

2.Price: RM0.28

3.Forecast P/E: 18.92 (FPE2024, EPS RM0.0074,

***we decided not to follow prospectus PE)

4.ROE(Pro Forma III): 10.55%

5.ROE: 14.98% (FYE2024), 19.65% (FYE2023), 20.96%(FYE2022), 32.18%(FYE2021), 32.49%(FYE2020)

6.Net asset: 0.14

7.Total debt to current asset: 0.20  (Debt: 16.695mil, Non-Current Asset: 24.2mil, Current asset: 83.09mil)

8.Dividend policy: didn’t have formal dividend policy.

9. Shariah status: YES

 

Past Financial Performance (Revenue, Earning Per shares, PAT%)

2024 (FYE 30Jun): RM45.518 mil (Eps: 0.0074), PAT: 10.5%

2023 (FYE 31Dec): RM94.891 mil (Eps: 0.0178), PAT: 12.22%

2022 (FYE 31Dec): RM103.598 mil (Eps: 0.0185), PAT: 11.62%

2021 (FYE 31Dec): RM74.164 mil (Eps: 0.0247), PAT: 21.67%

2020 (FYE 31Dec): RM63.020 mil (Eps: 0.0173), PAT: 17.85%

 

Major customer (FPE024)

1.      Intel group of companies: 69.58%

2.      KellyOCG: 15.79%

3.      Customer C: 2.46%

4.      Customer F group of companies: 2.45%

5.      Customer A: 2.20%

***total 92.48%

 

Major Sharesholders  

1.    Koh Dim Kuan : 4.31% (direct), 40% (indirect)

2.    Lee Chee Hoo : 19.88% (direct), 40% (indirect)

3.    Malaysian Technology Development Corporation Sdn Bhd (MTDC): 4.99% (direct)

4.    Low Chee Onn : 4.82% (direct)

5.    R3 Capital: 40% (direct)

6.    Khazanah: 4.99% (indirect)

Directors & Key Management Remuneration for FYE2024  

(from Revenue & other income 2023)

Total director remuneration: RM0.919 mil

key management remuneration: RM1.20 mil – RM1.45 mil

total (max): RM2.369 mil or 8.61%

Use of Fund 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall is middle risk of 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.