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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: 06 Mar 2024
Close to apply: 12 Mar 2024
Price Determination Date: 13 Mar 2024
Balloting: 14 Mar 2024
Listing date: 25 Mar 2024
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: 06 Mar 2024
Close to apply: 12 Mar 2024
Price Determination Date: 13 Mar 2024
Balloting: 14 Mar 2024
Listing date: 25 Mar 2024
Share Capital
Market cap: RM nil mil
Total Shares: 1.100 bil shares
Industry CARG
CAGR of the Urban Highways Industry in Klang Valley in terms of Revenue, 2017-2027F: 3.2%
Total registered vehicles in KL and Selangor, 2017-2022: 1.8%
Industry competitors comparison (net profit%, FYE2022)
1. Prolintas Infra BT: losses
2. Amanat Lebuhraya Rakyat Berhad: 77.79% (average)
3. Bina Puri Holding Bhd: 5.6%
4. Ekovest Berhad: losses
5. IJM Corporation Berhad: 17.1%
6. Maju Holdings Sdn Bhd: 38.7%
7. PLUS Malaysia Berhad: nil
8. SKVE: losses
9. Taliworks: 45.90%
Market cap: RM nil mil
Total Shares: 1.100 bil shares
Industry CARG
CAGR of the Urban Highways Industry in Klang Valley in terms of Revenue, 2017-2027F: 3.2%
Total registered vehicles in KL and Selangor, 2017-2022: 1.8%
Industry competitors comparison (net profit%, FYE2022)
1. Prolintas Infra BT: losses
2. Amanat Lebuhraya Rakyat Berhad: 77.79% (average)
3. Bina Puri Holding Bhd: 5.6%
4. Ekovest Berhad: losses
5. IJM Corporation Berhad: 17.1%
6. Maju Holdings Sdn Bhd: 38.7%
7. PLUS Malaysia Berhad: nil
8. SKVE: losses
9. Taliworks: 45.90%
Business (FYE 2023)
(i) construction, toll collection, operation and maintenance of the Highways
(ii) provision of ancillary facilities to complement the operation of the Highways and enhance road users’ experience and convenience
Highways
1. AKLEH: 16/05/1996 – 15/05/2037
2. GCE: 18/07/2000 – 31/05/2062
3. LKSA: 27/11/2006 – 31/07/2062
4. SILK: 08/10/1997 – 31/07/2062
(i) construction, toll collection, operation and maintenance of the Highways
(ii) provision of ancillary facilities to complement the operation of the Highways and enhance road users’ experience and convenience
Highways
1. AKLEH: 16/05/1996 – 15/05/2037
2. GCE: 18/07/2000 – 31/05/2062
3. LKSA: 27/11/2006 – 31/07/2062
4. SILK: 08/10/1997 – 31/07/2062
Fundamental
1.Market: Main Market
2.Price: RM0.95 (will follow final institutional price)
3.Forecast P/E: nil
4.ROE(FPE2023): losses
5.ROE: losses(FPE2022), 49.92%(FYE2021), 4.45%(FYE2020)
6.Net asset: RM0.41
7.Total debt to current asset: 7.23 (Debt: 2.945 bil, Non-Current Asset: 3.188 bil, Current asset: 407.194 mil)
8.Dividend policy: 90% yearly distribution policy.
9.Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Sep, 9mths): RM228.570 mil (Eps: - 0.2340), -112.4%)
2022 (FYE 31Dec): RM384.161 mil (Eps: -0.0120), PAT: -3.5%
2021 (FYE 31Dec): RM365.800 mil (Eps: 0.1270),PAT: 38.3%
2020 (FYE 31Dec): RM394.372 mil (Eps: 0.0070),PAT: 1.9%
2023 (FPE 30Sep, 9mths): RM228.570 mil (Eps: - 0.2340), -112.4%)
2022 (FYE 31Dec): RM384.161 mil (Eps: -0.0120), PAT: -3.5%
2021 (FYE 31Dec): RM365.800 mil (Eps: 0.1270),PAT: 38.3%
2020 (FYE 31Dec): RM394.372 mil (Eps: 0.0070),PAT: 1.9%
Major customer (2023)
Customer base primarily comprises the road users using the four Highways. Did not have single major customer.
Customer base primarily comprises the road users using the four Highways. Did not have single major customer.
Major Sharesholders
1.Projek Lintasan Kota Holdings Sdn Bhd : 51% (direct)
2.Permodalan Nasional Berhad : 51% (indirect)
3.Amanah Saham Bumiputera: 51% (indirect)
4.Yayasan Pelaburan Bumiputra: 51% (indirect)
5.Lembaga Tabung Haji: 5.5% (direct)
6.AIIMAN Asset Management Sdn. Bhd: 5.4% (direct)
7.AHAM Asset Management Berhad: 1.0% (direct)
1.Projek Lintasan Kota Holdings Sdn Bhd : 51% (direct)
2.Permodalan Nasional Berhad : 51% (indirect)
3.Amanah Saham Bumiputera: 51% (indirect)
4.Yayasan Pelaburan Bumiputra: 51% (indirect)
5.Lembaga Tabung Haji: 5.5% (direct)
6.AIIMAN Asset Management Sdn. Bhd: 5.4% (direct)
7.AHAM Asset Management Berhad: 1.0% (direct)
Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM1.615 mil
key management remuneration: RM2.0 mil – RM2.15 mil
total (max): RM3.765 mil or 2.57% (compare from Profit from operation)
(from Revenue & other income 2022)
Total director remuneration: RM1.615 mil
key management remuneration: RM2.0 mil – RM2.15 mil
total (max): RM3.765 mil or 2.57% (compare from Profit from operation)
Use of Proceeds
1.Selling unitholder: RM445.3 mil
2.Estimated listing expenses: 10.08mil
(Prolintas Infra BT will not be issuing any new Units for the IPO, the Trust will not receive any proceeds from the IPO)
1.Selling unitholder: RM445.3 mil
2.Estimated listing expenses: 10.08mil
(Prolintas Infra BT will not be issuing any new Units for the IPO, the Trust will not receive any proceeds from the IPO)
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is medium risk investment. PBT must over RM150mil to cover the finance cost. Still unable to know the final institutional price. Forecast reasonable acceptance price level should fall under RM0.52 – RM0.65 range.
Overall is medium risk investment. PBT must over RM150mil to cover the finance cost. Still unable to know the final institutional price. Forecast reasonable acceptance price level should fall under RM0.52 – RM0.65 range.
*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.