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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
Close to apply: 06 Sep 2024
Balloting: 10 Sep 2024
Listing date: 19 Sep 2024
Share Capital
Market cap: RM161.052 mil
Total Shares: 423.822 mil shares
Market cap: RM161.052 mil
Total Shares: 423.822 mil shares
Industry CARG
Existing supply of purpose-built offices: 0.5%
Existing supply of serviced apartments: 10.0%
Existing supply of hotels: 1.0%
Industry competitors comparison (net profit%)
1. SDCG: 23.8%
2. ADF Technologies S/B: 48.3%
3. Pegasus Automation S/B: 18.5%
4. Solar-mate S/B: 8.7%
5. Others: losses to 4.1%
1. SDCG: 23.8%
2. ADF Technologies S/B: 48.3%
3. Pegasus Automation S/B: 18.5%
4. Solar-mate S/B: 8.7%
5. Others: losses to 4.1%
Business (FPE 2024)
Involved in the provision and maintenance of BMS, solar thermal systems and energy saving services. We also provide maintenance services for other systems and equipment.
Revenue by segment
1. BMS: 63.78%
2. Solar thermal systems and energy saving services: 23.88%
3. Maintenance of other systems and equipment: 12.34%
Revenue by Geo
1. Malaysia: 99.82%
2. Others: 0.18%
Recurrent and non-recurrent revenue
1. Non-recurrent: 67.37%
2. Recurrent: 32.63%
Fundamental
1.Market: Ace Market
2.Price: RM0.38
3.Forecast P/E: 25.38
4.ROE(Pro forma): 6.99%
5.ROE: 20.3%(FPE2024), 32.37%(FYE2023), 33.98%(FYE2022), 25.76%(FYE2021), 13.99%(FYE2020)
6.Net asset: 0.15
7.Total debt to current asset: 0.04 (Debt: 2.509mil, Non-Current Asset: 4.407mil, Current asset: 60.311mil)
8.Dividend policy: Doesn’t have formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FPE 31 May): RM8.948 mil (Eps: 0.0103),PAT: 20.24%
2023 (FYE 31Dec): RM26.622 mil (Eps: 0.0150),PAT: 23.83%
2022 (FYE 31Dec): RM18.648 mil (Eps: 0.0123),PAT: 27.80%
2021 (FYE 31Dec): RM17.594 mil (Eps: 0.0099),PAT: 24.01%
2020 (FYE 31Dec): RM14.709 mil (Eps: 0.0047),PAT: 13.49%
Order Book
1. FY2024: 16.468mil
2. FY2025: 6.122 mil
3. FY2026: 0.194 mil
Major customer (FP2024)
1. One Medicare Sdn Bhd: 18.36%
2. Megatara Sdn Bhd: 11.97%
3. Customer F: 11.41%
4. Evergrow Ventures Sdn Bhd: 8.55%
5. Pembinaan Mitrajaya Sdn Bhd: 7.81%
***total 58.10%
Major Sharesholders
1. Edison Kong: 64.8% (direct), 7.2% (indirect)
2. Eileen Liuk: 7.20% (direct), 64.80% (indirect)
Directors & Key Management Remuneration for FY2024
(from Revenue & other income 2023)
Total director remuneration: RM0.93 mil
key management remuneration: RM0.55 mil – RM0.75 mil
total (max): RM1.71 mil or 11.91%
Use of funds
1. Expand Headquarters: 1.9mil, 4.21%
2. Tender bonds and/or performance bonds for future projects: 5 mil, 11.09%
3. Purchase of materials for BMS segment, and solar thermal systems and energy saving services segment: 18.7mil, 41.47%
4. General working capital: 12.673mil, 28.1%
5. Capital Expenditure: 2.522mil, 5.59%
6. Estimated listing expenses: 4.3mil, 9.54%
Overall is mid risk and mid-high grow return opportunities in this 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.