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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: 28 June 2024
Close to apply: 12 July 2024
Balloting: 16 July 2024
Listing date: 26 July 2024
Close to apply: 12 July 2024
Balloting: 16 July 2024
Listing date: 26 July 2024
Share Capital
Market cap: RM150 mil
Total Shares: 500 mil shares
Industry CARG
Revenue of the Broadcasting (except internet) Industry in the US (2019-2023): 1.9%
Revenue of the Broadcasting Industry* in Canada (2018-2022) : -2.6%
Gross Value Added of Programming and Broadcasting Activities* in France (2017-2021): -0.71%
Income of the Broadcasting (except internet) Industry in Australia (2018-2022): -3.7%
Income of the Internet Publishing and Broadcasting Industry in Australia: 13.7%
Industry competitors comparison (net profit%)
1. Kucingko Group: 29.7%
2. Anima Vitae Point S/B: 18.8%
3. Lemon Sky Animation S/B: 18.3%
4. Others: -15.7% to 1.4%
Revenue of the Broadcasting (except internet) Industry in the US (2019-2023): 1.9%
Revenue of the Broadcasting Industry* in Canada (2018-2022) : -2.6%
Gross Value Added of Programming and Broadcasting Activities* in France (2017-2021): -0.71%
Income of the Broadcasting (except internet) Industry in Australia (2018-2022): -3.7%
Income of the Internet Publishing and Broadcasting Industry in Australia: 13.7%
Industry competitors comparison (net profit%)
1. Kucingko Group: 29.7%
2. Anima Vitae Point S/B: 18.8%
3. Lemon Sky Animation S/B: 18.3%
4. Others: -15.7% to 1.4%
Business (FYE 2023)
2D animation production services.
Revenue by Geo
1. North America: 73.92%
2. Europe: 24.17%
3. Asia Pacific: 1.91%
Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.Forecast P/E: PE17.95
4.ROE(Pro forma III): 18.13
5.ROE: 46.59% (FYE2023), 50.54%(FYE2022), 44.59%(FYE2021), 24.41%(FYE2020)
6.Net asset: RM0.09
7.Total debt to current asset: 0.43 (Debt: 6.362mil, Non-Current Asset: 4.383mil, Current asset: 14.582mil)
8.Dividend policy: 40% PAT dividend policy.
9. Shariah status: -
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 31Dec): RM28.159 mil (Eps: 0.0167), PAT: 29.68%
2022 (FYE 31Dec): RM23.485 mil (Eps: 0.0160), PAT: 33.97%
2021 (FYE 31Dec): RM17.675 mil (Eps: 0.0130), PAT: 36.68%
2020 (FYE 31Dec): RM14.923 mil (Eps: 0.0074), PAT: 24.64%
Major customer (FYE 2023)
1. Customer B Group: 33.95%
2. Customer H Group: 32.97%
3. Customer J: 13.46%
4. Customer A Group: 7.32%
5. Customer G Group: 5.77%
***total 93.47%
Major Sharesholders
1. Cat Ching: 34.58% (direct)
2. See Chin Joo: 34.58% (indirect)
3. Ooi Kok Hong: 34.58% (indirect)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM1.042 mil
key management remuneration: RM0.25 mil – RM0.35 mil
total (max): RM1.392 mil or 4.84%
Use of funds
1. Capacity expansion: 17.767 mil, 59.22%
2. USA sales office: 4.377 mil, 14.59%
3. Working capital: 4.256 mil, 14.19%
4. Estimated listing expenses: 3.6mil, 12.00%
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 good IPO.
Overall is a good IPO.
*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.