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