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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.
Close to apply: 02 May 2024
Balloting: 06 May 2024
Listing date: 15 May 2024
Share Capital
Market cap: RM156 mil
Total Shares: 1.2 bil shares
Industry CARG
(***based on manual calculated CARG in percentage, actual figure might differ)
Total air cargo handled (Malaysia), 2018 – 2023: -0.6264%
Total container throughput (Malaysia), 2018 – 2023: 3.084%
External trade (Malaysia), 2018 – 2023: 7.026%
GDP from manufacturing sector (Malaysia), 2018 – 2023: 3.7643%
Industry competitors comparison (net profit%)
1. Sin-Kung Group: 12.33%
2. MasKargo Logistics Sdn Bhd: 8.5%
3. Transocean Holdings Bhd: 6.09% (PE254.48)
4. Harbour-Link Group Bhd: 17.39% (PE3.78)
5. Tri-Mode System (M) Berhad: 8.4% (PE15.43)
6. Swift Haulage Berhad: 7.65% (PE9.28)
7. Others: -13.28% to 5.78%
Business (FYE 2023)
Integrated logistics service provider principally involved in the provision of trucking services with a focus on airport-to-airport road feeder services.
Revenue by segments
1. Trucking services (airport-to-airport road feeder services): 52%
2. Trucking services (Point-to-trucking services): 20.3%
3. Container haulage services: 9.5%
4. Warehousing and distribution services: 15.7%
5. Other logistic-related services: 2.5%
Revenue by Goe
1. Malaysia: 54.1%
2. Singapore: 27.3%
3. Others countries: 18.6%
Integrated logistics service provider principally involved in the provision of trucking services with a focus on airport-to-airport road feeder services.
Revenue by segments
1. Trucking services (airport-to-airport road feeder services): 52%
2. Trucking services (Point-to-trucking services): 20.3%
3. Container haulage services: 9.5%
4. Warehousing and distribution services: 15.7%
5. Other logistic-related services: 2.5%
Revenue by Goe
1. Malaysia: 54.1%
2. Singapore: 27.3%
3. Others countries: 18.6%
Fundamental
1.Market: Ace Market
2.Price: RM0.13
3.Forecast P/E: 26 (FYE2023, EPS RM0.005)
4.ROE(Pro forma III): 7.64%
5.ROE: 22.91%(FPE2022), 34.64%(FYE2021), 33.87%(FYE2020)
6.Net asset: 0.01
7.Total debt to current asset: 4.298 (Debt: 126.525mil, Non-Current Asset: 180.905mil, Current asset: 29.435mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 31Dec): RM51.984 mil (Eps: 0.0050), PAT: 12.3%
2022 (FYE 31Dec): RM56.743 mil (Eps: 0.0100), PAT: 21.8%
2021 (FYE 31Dec): RM52.256 mil (Eps: 0.0120),PAT: 27.8%
2020 (FYE 31Dec): RM43.071 mil (Eps: 0.0080),PAT: 21.8%
Major customer (2023)
1. Customer A: 16.9%
2. Customer C: 12.7%
3. Customer F: 9.8%
4. Customer D: 5.8%
5. Customer G: 5.8%
***total 51.0%
Major Sharesholders
1. Lille Management: 29.8% (direct)
2. Alan Ong Lay Wooi: 29.8% (direct)
3. Angelina Ong Lay Shee: 14.9% (direct)
4. Adeline Ong Lay Suen: 29.8% (indirect)
5. Ameline Ong Lay Ling: 29.8% (indirect)
6. Alex Ong Lay Ming: 29.8% (indirect)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM2.061 mil
key management remuneration: RM0.90 mil – RM1.10 mil
total (max): RM3.161 mil or 13.15%
Use of funds
1. Expansion of warehouse & distribution services: 38.6%
2. Repayment of bank borrowings: 37%
3. Purchase of commercial vehicles: 7.7%
4. Working capital: 4.0%
5. Estimated listing expenses: 12.7%
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.
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.