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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: 27 Mar 2024
Close to apply: 04 Apr 2024
Balloting: 08 Apr 2024
Listing date: 23 Apr 2024
Close to apply: 04 Apr 2024
Balloting: 08 Apr 2024
Listing date: 23 Apr 2024
Share Capital
Market cap: RM122.095 mil
Total Shares: 393.856 mil shares
Industry CARG
The surface decorative products market in Malaysiaa: 4.806%
Industry competitors comparison (net profit%)
1. Topmix: 13%
2. Polytec Laminates Sdn Bhd: 18.7%
3. Maica Corporation Sdn Bhd: 18.0%
4. Shimlen Sdn Bhd: 15.3%
4. ICA Innovation Sdn Bhd: 14.4%
5. Others: 0.4% to 13.2%%
Business (FPE 2023)
Marketing and sales of our own brands of surface decorative products. Also undertake the design of surface decorative products internally as well as in collaboration with third-party décor paper suppliers.
Product Revenue Segment
1. HPL Product: 94.13%
2. Other surface decorative products: 5.33%
3. Kitchen and wardrobe accessories: 0.54%
***HPL : High pressure laminate (e.g. the surface layer of the compress wood)
Fundamental
1. Market: Ace Market
2. Price: RM0.31
3. Forecast P/E: 15.88 (Forecass, EPS RM0.019525)
*we disagree to follow Prospectus book pg 22 suggestion PE.
4. ROE(FPE2023): 12.77%
5. ROE: 28.33%(FYE2022), 20.48%(FYE2021), 13.34%(FYE2020)
6. Net asset: 0.15
7. Total debt to current asset: 0.5576 (Debt: 32.173mil, Non-Current Asset: 32.487mil, Current asset: 57.699mil)
8. Dividend policy: didn’t have formal dividend policy.
9. Shariah status: -
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Sep): RM51.037 mil (Eps: 0.0141), PAT: 10.88%
2022 (FYE 31Dec): RM65.790 mil (Eps: 0.0217), PAT: 12.96%
2021 (FYE 31Dec): RM38.595 mil (Eps: 0.0112), PAT: 11.45%
2020 (FYE 31Dec): RM27.521 mil (Eps: 0.0060), PAT: 8.58%
1. Market: Ace Market
2. Price: RM0.31
3. Forecast P/E: 15.88 (Forecass, EPS RM0.019525)
*we disagree to follow Prospectus book pg 22 suggestion PE.
4. ROE(FPE2023): 12.77%
5. ROE: 28.33%(FYE2022), 20.48%(FYE2021), 13.34%(FYE2020)
6. Net asset: 0.15
7. Total debt to current asset: 0.5576 (Debt: 32.173mil, Non-Current Asset: 32.487mil, Current asset: 57.699mil)
8. Dividend policy: didn’t have formal dividend policy.
9. Shariah status: -
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Sep): RM51.037 mil (Eps: 0.0141), PAT: 10.88%
2022 (FYE 31Dec): RM65.790 mil (Eps: 0.0217), PAT: 12.96%
2021 (FYE 31Dec): RM38.595 mil (Eps: 0.0112), PAT: 11.45%
2020 (FYE 31Dec): RM27.521 mil (Eps: 0.0060), PAT: 8.58%
Major customer (FPE 2023)
1. Kai Cheong Hardware Trading Sdn Bhd: 8.90%
2. JBR Hardware & Trading Sdn Bhd: 6.50%
3. Ekia Furniture Accessories Sdn Bhd: 4.48%
4. Bao Leng Wood Veneer Plywood Sdn Bhd: 2.97%
5. Daiyon Marketing Sdn Bhd: 2.88%
***total 25.73%
Major Sharesholders
1. Teo Quek Siang: 62.36% (indirect)
2. Tan Lee Hong: 66.64% (indirect)
3. J and T Resources: 55% (direct)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RM1.776 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.576 mil or 10.969%
(from Revenue & other income 2022)
Total director remuneration: RM1.776 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.576 mil or 10.969%
Use of funds
1. Expansion into assembly of melamine faced chipboard (MFC) products: 20.74%
2. Business expansion, marketing and sales: 23.32%
3. General working capital: 44.24%
4. Estimated listing expenses: 11.70%
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 grow opportunities.
Overall is high risk investment, and also come with grow 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.