SOLAR DISTRICT COOLING GROUP BERHAD

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Open to apply: 28 Aug 2024
Close to apply: 06 Sep 2024
Balloting: 10 Sep 2024
Listing date: 19 Sep 2024

STEEL HAWK BERHAD

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Open to apply: 16 Aug 2024
Close to apply: 23 Aug 2024
Balloting: 27 Aug 2024
Listing date: 05 Sep 2024

Share Capital 
Market cap: RM73.5 mil
Total Shares: 490 mil shares

Industry CARG 
Compound annual growth rate (“CAGR”)(2024-2028)(base year of 2023): 1.34%
Industry competitors comparison (net profit%)
1. SKHAWK: 9.9%  (PE10)
2. Dayang: 21.13% (PE12.4)
3. Dialog: 17.35% (PE24)
4. Petra Energy: 9.52% (PE8.5)
5. Carimin: 8.98%  (PE6.2)
6. Others: losses to 8.04%

Business (FYE 2024) 
Involved in the provision of onshore and offshore support services for the O&G industry. 

Revenue by segments
1. EPCC services and facilities improvement / maintenance: 80.51%
2. Installation and maintenance of oilfield equipment: 12.11%
3. Supply of oilfield equipment: 7.38%

Fundamental 
1.Market: Ace Market (The company is transfer from LEAP market to ACE market by IPO)
2.Price: RM0.15
3.Forecast P/E: 10
4.ROE(Pro forma II): 24.06%
5.ROE: 35.28%(FPE2024), 33.92%(FYE2023),  38.89%(FYE2022), 21.32%(FYE2021)
6.Net asset: 0.07
7.Total debt to current asset:  0.559 (Debt: 34.876mil, Non-Current Asset: 8.39mil, Current asset: 62.434mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 31Mar): RM19.736 mil (Eps: 0.0066), PAT: 16.39%
2023 (FYE 31Dec): RM72.537 mil (Eps: 0.0147), PAT: 9.95%
2022 (FYE 31Dec): RM66.326 mil (Eps: 0.0119), PAT: 8.76 %
2021 (FYE 31Dec): RM24.845 mil (Eps: 0.0042), PAT: 8.37%

Order Book (2023)  
1. 2024 : RM19.69 mil

Major customer (FPE 2024)  
1. PETRONAS group: 61.39%
2. PBH Engineering Sdn Bhd: 18.97%
3. Customer F: 16.79%
4. Sigma Water Engineering (M) Sdn Bhd: 1.22%
5. Customer E: 0.98%
***total 99.35%

Major Sharesholders  
1. Radiant Capital: 36.40% (direct)
2. Salimi Bin Khairuddin: 36.4% (indirect)
3. Khairul Nazri Bin Kamarudin: 36.40 % (indirect)
4. Dato' Sharman : 9.99% (direct)
5. Datin Annie A/P V Sinniah: 9.99% (direct)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income 2023)
Total director remuneration: RM1.111 mil
key management remuneration: RM1.0 mil – RM1.25 mil
total (max): RM2.361 mil or 11.33%

Use of funds 
1. Construction of the Proposed Teluk Kalung Facility 2: 7mil, 51.85%
2. Working capital: 2 mil, 14.81%
3. Repayment of bank borrowings: 1 mil, 7.41%
4. Estimated listing expenses: 3.5 mil, 25.93%

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 mid grow return opportunities 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.

99 SPEED MART RETAIL HOLDINGS BERHAD

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Open to apply: 15 Aug 2024
Close to apply: 23 Aug 2024
Price Determination Date: 27 Aug 2024
Balloting: 29 Aug 2024
Listing date: 09 Sep 2024

Share Capital (might differ depend on final determination price) 
Market cap: RM13.860 bil
Total Shares: 8.40 bil shares
1st day listing tradable shares: 1.428 bil shares

Industry CARG 
Grocery-based Retail Industry in Malaysia, 2022–2028F (sales value)
Hypermarket: 5.3%
Supermarket: 6.4%
Mini-market: 5.4% 
Convenience stores: 10.9%
Other grocery –based retailers: 4.0%

Industry competitors comparison (profit before tax margin %)
1. 99 Speedmart: 5.8%
2. 7-Eleven : 0.8%
3. KK supermart: 10.4%
4. Mynews: -1.0%
5. Others: -2.2% to 6.0%

Business (FPE 2024) 
“99 Speedmart” chain of mini-market outlets involved in the retailing of daily necessities, with 2,542 outlets located nationwide.
Subsidiaries
1. 99SM : Retail of consumable merchandise and other household products via its network of “mini-market” outlets
2. 99EM: Retail of consumable merchandise and other household products via its network of “mini-market” outlets
3. Yiwu J-Jade Trading: Investment holding
4. Yiwu SM Import and Export: Exporting of consumable merchandise and household products

Fundamental  
1.Market: Main Market
2.Price: RM1.65 (final price will determine at 27/08/2024)
3.Forecast P/E: 34.7
4.ROE(Pro Forma III): 43.81%  
5.ROE: 78.93% (FPE2024), 73.9% (FYE2023) , 51.70%(FYE2022), 56.87%(FYE2021)
6.Net asset (Pro forma III): 0.14
7.Total debt to current asset: 1.048  (Debt: 2.036bil, Non-Current Asset: 1.309 bil, Current asset: 1.943 bil)
8.Dividend policy: 50% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2023 (FPE 31 Mar, 3mth): RM2.424 bil (Eps: 0.016), PAT: 5.5%
2023 (FYE 31Dec): RM9,240 bil (Eps: 0.048), PAT: 4.3%
2022 (FYE 31Dec): RM8.075 bil (Eps: 0.039), PAT: 4.0%
2021 (FYE 31Dec): RM7.836 bil (Eps: 0.050),PAT: 5.3%

Major customer 
Business model retail consumer. There is no single major customer. 

Major Sharesholders 
1. Lee LYG Holdings: 51.5% (direct)
2. Lee Thiam Wah:  25.7% (direct), 51.5% (indirect)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM3.335 mil
key management remuneration: RM2.20 mil – RM2.60 mil
total (max): RM5.935 mil or 0.70%

Use of funds 
1. Expansion of network of outlets: 389 mil, 58.9%
2. Establishment of new DCs: 100 mil, 15.2% 
3. Purchase of delivery trucks: 55 mil, 8.3%
4. Upgrading of existing outlets: 47.6 mil, 7.2%
5. Repayment of existing bank borrowings: 45 mil, 6.8%
6. Estimated listing expenses: 23.4 mil, 3.6%

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

VETECE HOLDINGS BERHAD

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Open to apply: 08 Aug 2024 
Close to apply: 14 Aug 2024
Balloting: 16 Aug 2024
Listing date: 28 Aug 2024

Share Capital 
Market cap: RM98 mil
Total Shares: 392 mil shares

Industry CARG 
Historical market size (revenue) and growth forecast for the Enterprice IT services industry in Malaysia (2020-2028): 5.36%
Industry competitors comparison (net profit%)
1.Vetece : 28.4%
2.Ramssol Group Berhad: 19.8% (PE18.9)
3.Microlink Solution Berhad: 10.5% (recent Q4 24 losses)
4.Tentacle Technologies MSC Sdn Bhd: 17.4%
5.Infomina Berhad: 15.9% (PE22)
6.Others: 0.7% to 17.90%

Business (FPE 2024) 
Provide implementation services, as well as maintenance, support and professional services and the resale of hardware and software. 
Revenue by Segment
Implementation services: 51.29%
Maintenance, support and professional services: 44.85%
Resale of hardware and software: 3.86%
Revenue by Geo
Malaysia: 97.05%
Singapore: 1.08%
Hong Kong: 1.87%

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 19.23 (we disagree prospectus book pg25 @ PE14.93)
4.ROE(Pro forma): 13.07%
5.ROE: 26.43%(FPE2024), 42.39%(FYE2023),  46.44%(FYE2022), 17.51%(FYE2021)
6.Net asset: RM0.10
7.Total debt to current asset: 0.068 (Debt: 2.349mil, Non-Current Asset: 7.319mil, Current asset: 34.27mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 31 Mar): RM11.265 mil (Eps: 0.0076), PAT: 26.49%
2023 (FYE 31 Aug): RM23.133 mil (Eps: 0.0167), PAT: 28.38%
2022 (FYE 31 Aug): RM20.842 mil (Eps: 0.0106), PAT: 19.92%
2021 (FYE 31 Aug): RM20.045 mil (Eps: 0.0080), PAT: 15.66%

Order Book 
1.FYE 2024: 2.465 mil
2.FYE 2025: 5.717 mil
3.FYE 2026: 1.064 mil

Major customer (FPE2024)  
1. Telekom Malaysia Berhad Group: 53.54%
2. Client C: 7.91%
3. Client E: 5.82%
4. Client A Group : 8.98%
5. Client F: 3.84%
***total 100%

Major Sharesholders 
1. Tee Chee Chiang: 61.32%
2. Chan Wai Hoong: 3.36%

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM0.723 mil
key management remuneration: RM0.90 mil – RM1.10 mil
total (max): RM1.823 mil or 18.72%

Use of funds (MYR) 
1. Roll out of new core products and services: 2.92mil, 8.95%
2. Strengthening of Singapore operations: 3.293mil, 13.44%
3. Establishment of a COE for software solutions: 3.795mil, 15.49%
4. Hardware and software licensing fees: 6.52mil, 26.61%
5. Loan repayments: 4.004mil, 16.34%
6. Estimated listing expenses: 4.696mil, 19.17%

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.

ELRIDGE ENERGY HOLDINGS BERHAD

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Open to apply: 06 Aug 2024

Close to apply: 12 Aug 2024

Balloting: 14 Aug 2024

Listing date: 22 Aug 2024

Share Capital 

Market cap: RM580 mil

Total Shares: 2.00 bil shares

Industry CARG (2019-2023) 

Wood pellet industry size in Asia Pacific: 6.9%

Palm kernel shell industry size in Asia Pacific: 6.7% 

Industry competitors comparison (net profit%)

1. EEHB : 7.0%

2. Rainbow Pellet Sdn Bhd: 27.4%

3. Kyoto Oils & Grains (M) Sdn Bhd: 12.1%

4. Top Energy Sdn Bhd: 7.7%

5. Maya Wood Pellets Sdn Bhd: 3.7%

6. Others: losses to 2.5%

Business (FPE 2024)  

manufacturing and trading of biomass fuel products, particularly PKS and wood pellets.

Principal Activities

Manufacturing of PKS: 83.28%

Manufacturing and trading of wood pellets: 16.72%

Revenue by countries

Malaysia: 6.82%

Singapore: 47.59%

Indonesia: 31.54%

Japan: 14.05%

Fundamental 

1.Market: Ace Market

2.Price: RM0.29

3.Forecast P/E: 24.61

4.ROE(forecast Pro forma III): 30.65%

5.ROE: 89.8% (FPE2024), 67.26% (FYE2023), 54.84%(FYE2022), 33.64%(FYE2021)

6.Net asset: RM0.05

7.Total debt to current asset: 0.40  (Debt: 76.521mil, Non-Current Asset: 32.287mil, Current asset: 190.745mil)

8.Dividend policy: No formal dividend policy.

9. Shariah status: Yes

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

2024 (FPE, 30Apr): RM117.657 mil (Eps: 0.0075), PAT: 12.72%

2023 (FPE 31Dec): RM335.251 mil (Eps: 0.0118), PAT: 7.03%

2022 (FYE 31Dec): RM144.440 mil (Eps: 0.0031), PAT: 4.35%

2021 (FYE 31Dec): RM115.114 mil (Eps: 0.0090),PAT: 1.51%

Major customer (FPE 2024) 

1. PT. Apac Metal Indonesia: 31.54%

2. Z & Z SG Pte Ltd: 24.87%

3. Deus Ex Capital Pte Ltd.: 22.73%

4. JFE Shoji Corporation: 8.64%

5. Tokyo Sangyo Co., Ltd: 5.4%

***total 93.18%

Major Sharesholders 

1. Yeo Hock Cheong: 5.01% (direct), 36.99% (indirect)

2. Kayavest: 16.37% (direct)

3. Mikro MSC: 20.62% (direct)

4. Bio Eneco Holding Sdn Bhd: 11.50% (direct)

5. Salihudin : 0.075% (direct)

Directors & Key Management Remuneration for FYE2024   

(from Revenue & other income 2023)

Total director remuneration: RM1.356 mil

key management remuneration: RM0.40 mil – RM0.55 mil

total (max): RM1.906 mil or 4.12%

Use of funds  

1. Construction of new factory and warehouse in Kuantan: 47mil, 46.31%

2. Purchase of new machineries and equipment: 21.141 mil, 20.82%

3. Working capital: 27.059 mil, 26.66%

4. Estimated listing expenses: 6.3mil, 6.21%

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 to middle risk of investment, and have potential to fast in business revenue upon the 3 new factory to be completed by Q2, 2025.

*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.