SUPREME CONSOLIDATED RESOURCES BERHAD

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Open to apply: 28/10/2024
Close to apply: 15/11/2024
Balloting: 19/11/2024
Listing date: 29/11/2024

Share Capital 
Market cap: RM107.5 mil
Total Shares: 430 mil shares
1st day listing tradable shares: 154.6 mil shares

Industry CARG
(i) 2018-2022
GDP of wholesale and retail trade, food and beverage and accommodation services in Sarawak: 1.9816%
Distribution of food, beverage and discretionary products in Sarawak: 1.9814%
(ii) 2019-2022
Average gross household income by district in Sarawak: 2.7%
Composition of monthly household expenditure in Sarawak: 4.4%
Industry competitors comparison (net profit%)
1. Supreme: 4.6%
2. Spritzer Berhad: 10.1% (not suitable for comparison purpose)
3. SDS Group Berhad: 10.0% (not suitable for comparison purpose)
4. Farm Fresh: 7.8% (not suitable for comparison purpose)
5. Others: -30.2% to 5.0%

Business (FYE 2024)  
Distribution of third-party brands as well as our own brands of Frozen and Chilled Food Products, Ambient F&B Products and Non-F&B Products. 
Revenue by Segment
Frozen and Chilled Food Products: 88.42%
Ambient F&B Products: 11.50%
Non-F&B Products: 0.08%
Revenue by Geo
Malaysia (Sarawak): 97.99%
Malaysia (Sabah): 0.41%
Mynmar: 1.6%

Fundamental 
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 11.90
4.ROE(Pro forma III): 10.3%
5.ROE: 11.76% (FPE2024), 10.49%(FYE2023), 9.93%(FYE2022), 9.86%(FYE2021)
6.Net asset: nil
7.Total debt to current asset: 0.478 (Debt: 47.347mil, Non-Current Asset:  52.889mil, Current asset: 99.096mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Shariah

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Apr, 7mths): RM132.695 mil (Eps: 0.0146), PAT: 4.74%
2023 (FYE 30Sep): RM199.643 mil (Eps: 0.0214), PAT: 4.62%
2022 (FYE 30Sep): RM209.953 mil (Eps: 0.0190), PAT: 3.89%
2021 (FYE 30Sep): RM187.502 mil (Eps: 0.0178), PAT: 4.08%
***Our reviewer refuse to follow Prospectus book using EPS @ 120mil shares (pg 301).
***Above suggested EPS based on 430 mil shares. 

Major customer (2024)   
1. Unaco Group: 7.64%
2. Emart Group: 5.39%
3. Group A: 2.69%
4. MFM Resources Sdn Bhd: 2.6%
5. Supreme Food Supply (Bintulu) Sdn Bhd: 2.35%
***total 20.67%

Major Sharesholders  
1. BNDM: 34.05% (direct)
2. Dato Richard Wee: 0.49% (direct), 34.24% (indirect)
3. Lim Ah Ted: 21.98% (direct)
4. Ting Ing Thai :  4.6% (direct)
5. Tan Chiew Ting: 6.28% (direct)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income FYE2023)
Total director remuneration: RM1.561 mil
key management remuneration: RM1.90 mil – RM2.25 mil
total (max): RM3.811 mil or 15.97%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is middle risk investment with low grow rate business. 

*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.

METRO HEALTHCARE BERHAD

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Open to apply: 24/10/2024
Close to apply: 04/11/2024
Balloting: 07/11/2024
Listing date: 15/11/2024

Share Capital 
Market cap: RM293.6715 mil
Total Shares: 978.905 mil shares

Industry CARG  
Fertility, obstetrics and gynaecology services industry size in Malaysia (2018-2023): 14.2% 
Industry competitors comparison (net profit%)
1. Metro Group: 14.0%
2. Alpha IVF Group Berhad: 39.8%
3. Sihat Kinabalu Sdn Bhd: 27.5%
4. KL Fertility & Gynaecology Centre Sdn Bhd: 26%
5. IVF Technologies Sdn Bhd: 17.3%
6. Others: 8% to 24%

Business (FPE 2024) 
Obstetrics and gynaecology (O&G) healthcare service provider, specialising in providing fertility and other O&G healthcare services.
Revenue by segment
1. Fertility services: 46.48%
2. Other O&G healthcare services: 52.79%
3. Paediatric services: 0.73%

Fundamental  
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 34.63
4.ROE(Pro forma III): 9.67%
5.ROE: 19.38 (FPE2024), % 16.72%(FYE2023),  14.23%(FYE2022), 27.49%(FYE2021)
6.Net asset: 0.0747
7.Total debt to current asset: 0.40 (Debt: 21.416mil, Non-Current Asset: 41.149mil, Current asset: 53.365mil)
8.Dividend policy: PAT 20%  dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 30Jun, 6mths): RM24.484 mil (Eps: 0.0036), PAT: 14.44%
2023 (FYE 31Dec): RM44.686 mil (Eps: 0.0064),PAT: 13.98%
2022 (FYE 31Dec): RM40.273 mil (Eps: 0.0051),PAT: 12.45%
2021 (FYE 31Dec): RM42.257 mil (Eps: 0.0096),PAT: 22.33%

Major customer (2024) 
Business nature is didn’t have single large customer. 

Major Sharesholders    
1. Dr Tay Swi Peng @ Tee Swi Peng: 43.30% (direct), 5.05% (indirect)
2. Dr Kong Lan Moon: 19.49% (direct)
3. Country Range Sdn Bhd: 5.05% (direct)

Directors & Key Management Remuneration for FPE2024  
(from Revenue & other income 2023)
Total director remuneration: RM1.123 mil
key management remuneration: RM0.25 mil – RM0.35 mil
total (max): RM1.473 mil or 8.1%

Use of Funds

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall is middle risk & low grow 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.

LIFE WATER BERHAD

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Open to apply: 22/10/2024
Close to apply: 30/10/2024
Balloting: 04/11/2024
Listing date: 13/11/2024

Share Capital    
Market cap: RM mil
Total Shares:  473.1795 mil shares
1st day listing tradable shares: 125.953 mil shares 

Industry CARG (2019-2023)  
Sales volume of manufactured soft drinks in Malaysia : 0.9%
Sales volume of manufactured bottled water in Malaysia: 2.3%
Import of beverages in Sabah: 7.4%
Export of beverages in Sabah:  6.9%

Industry competitors comparison (net profit%)
1. Life water group: 16.9%
2. F&N Beverages Manufacturing S/B: 5.0%
3. Spritzer: 12.53% (PE13.61)
4. R O Water S/B: 18%
5. Others: losses to 7.0%

Business (FYE 2024)  
Manufacturer of beverages namely drinking water and carbonated drinks. 
Revenue by segment
Drinking water: 83.3%
Carbonated drinks: 16.49%
Other product: 0.21%
Revenue by Geo
Sabah: 98.55%
Other markets: 1.45%

Fundamental 
1.Market: Main Market
2.Price: RM0.65
3.Forecast P/E: 10.94
4.ROE(Pro forma): 15.82%
5.ROE: 23% (FYE2024) , 21.96%(FYE2023), 21.22%(FYE2022), 29.62%(FYE2021)
6.Net asset: 0.38
7.Total debt to current asset: 0.95 (Debt: 121.065mil, Non-Current Asset: 171.854mil, Current asset: 126.997mil)
8.Dividend policy:  Min 20% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 30 Jun): RM166.532 mil (Eps: 0.0594), PAT: 16.89%
2023 (FPE 30 Jun): RM150.962 mil (Eps: 0.0436), PAT: 13.66%
2022 (FYE 30 Jun): RM121.400 mil (Eps: 0.0333), PAT: 12.96%
2021 (FYE 30 Jun): RM103.525 mil (Eps: 0.0373), PAT: 17.06%

Major customer (FYE2024)  
1. Bataras Group: 4.99%
2. Eco Water: 2.82%
3. Mu Group: 2.26%
4. Sabanah Group: 1.77%
5. Servay Group: 1.65%
***total 13.49%

Major Sharesholders    
1. Scarecrow Holding: 36.68% (direct)
2. Liew Hen Kong: 36.68% (indirect)
3. Chin Lee Ling: 36.68% (indirect)
4. Tan Hwng Kuen: 18.35% (direct)
5. Lim Young Piau: 18.35% (direct) 

Directors & Key Management Remuneration for FYE2025  
(from Revenue & other income 2024)
Total director remuneration: RM7.630 mil
key management remuneration: RM0.90 mil – RM1.050 mil
total (max): RM8.68 mil or 10.8%

Use of funds 

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 low risk business model, and low-to-mid level of grow 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.

MEGA FORTRIS BERHAD

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Open to apply: 21/10/2024

Close to apply: 28/10/2024
Balloting: 30/10/2024
Listing date: 11/11/2024

Share Capital   
Market cap: RM566.16 mil
Total Shares:  844.97248 mil shares

Industry CARG     
Global merchandise exports and imports (2019-23): 5.8%
Global container port throughput (2018-22) : 2.2% 
Industry competitors comparison (net profit%)
1. Mega Fortris Group: 13.0%
2. Acme Seals (Malaysia) S/B: 2.9%
3. Envotech Network S/B: 32.3%
4. Wesglow Industries S/B: 13.8%
5. Unisto Identification Systems S/B: 0.3%

Business (FYE 2024)
Design and manufacturing of security seals, and trading of related products and services. 
Revenue by Distribution
1. Transportation and logistics: 16.03%
2. Petrochemicals and manufacturing: 16.03%
3. F&B and agriculture: 16.27%
4.Retail: 7.55%
5. Leisure, hospitality and gaming: 9.29%
6. Government: 2.91%
7. Others: 13.24%
8. Resellers: 25.85% 
Revenue by segment
a. Design and manufacturing
    (i) Plastic seals: 39.28%
    (ii) Container seals: 13.34%
    (iii) Cable seals: 18.04%
    (iv) Security bags: 2.50%
b. Trading and related services
    (i) Load securement products  : 15.8%
    (ii) Other related products and services: 11.04%
Revenue by Geo
1. Asia Pacific: 37.84%
2. Americas: 26.99%
3. Europe: 29.74%
4. Middle East: 5.43%

Fundamental    
1.Market: Main Market
2.Forecast Price: RM0.67
3.Forecast P/E: 29.13 (PE range is possible overvalued zone)
4.ROE(Pro forma II): 9.16%
5.ROE: 15.57% (FYE2024), 13.16%(FYE2023),  7.34%(FYE2022), 12.68%(FYE2021)
6.Net asset: 0.25
7.Total debt to current asset: 0.53 (Debt: 124.664mil, Non-Current Asset: 103.944mil, Current asset: 234.207mil)
8.Dividend policy: up to 30% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FYE 30 Jun): RM166.712 mil (Eps: 0.0225), PAT: 12.96%
2023 (FYE 30 Jun): RM161.303 mil (Eps: 0.0148), PAT: 9.86%
2022 (FYE 30 Jun): RM155.211 mil (Eps: 0.0052), PAT: 4.49%
2021 (FYE 30 Jun): RM135.098 mil (Eps: 0.0071),PAT: 3.37%

Major customer (FYE 2024)     
1. Interseal S.A. de C.V.: 4.42%
2. MFIB: 3.23%
3. Mega Fortris Philippines Inc: 2.85%
4. United States Postal Service: 2.54%
5. Flink S.A.C : 2.14%
***total 15.18%

Major Sharesholders   
1. Mega Fortris Global: 65% (direct)
2. Dato’ Nick Ng (Dato’ Ng Meng Kee): 65% (indirect)
3. Datuk Adrian Ng (Datuk Ng Meng Poh): 65% (indirect)
4. Mega Fortis Capital: 65% (indirect)
5. Ng Brothers Estate: 65% (indirect)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.493 mil
key management remuneration: RM1.50 mil – RM1.65 mil
total (max): RM1.993 mil or 2.63%

Use of Funds

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Avoid this IPO. Overall is high risk & low grow return 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.

AZAM JAYA BERHAD

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Open to apply: 18/10/2024

Close to apply: 24/10/2024

Balloting: 28/10/2024

Listing date: 11/11/2024

 

Share Capital

Market cap: RM390 mil

Total Shares: 500 mil shares

Industry CARG (2019-2023)

Malaysia: Value of Civil Engineering Works Done CAGR: -5.61%

Sabah: Value of Civil Engineering Works Done CAGR: 9.33%

Industry competitors comparison (net profit%)

1.      Azam Jaya: 9.3%

2.      Gabungan AQRS Berhad: 5.9%

3.      Vestland Berhad: 7.9%

4.      Pesona Metro Holdings Berhad: 2/4%

5.      Others: losses to 0.5%

Business (FPE 2024)

Specialise in the construction of road infrastructure, including roads, highways, bridges, flyovers and tunnels, business mainly in Sabah.

Revenue by Segment

Construction: 100%

 

Fundamental  

1.Market: Main Market

2.Price: RM0.78

3.Forecast P/E: 18.75 (forecast PE, we disagree to follow prospectus book PE15.01)

4.ROE(Pro forma):  13.49%

5.ROE: 16.20%(FPE2024),  29.28%(FYE2023), 41.58%(FYE2022), 62.67%(FYE2021)

6.Net asset: 0.31

7.Total debt to current asset: 0.80 (Debt: 270.013mil, Non-Current Asset: 88.333mil, Current asset: 335.975mil)

8.Dividend policy: 30% PAT dividend policy.

9. Shariah status: Yes

 

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

2024 (FPE 30 Apr): RM148.824 mil (Eps: 0.0156), PAT: 5.26%

2023 (FYE 31Dec): RM280.766 mil (Eps: 0.0520), PAT: 9.25%

2022 (FYE 31Dec): RM296.838 mil (Eps: 0.0634), PAT: 10.68%

2021 (FYE 31Dec): RM231.457 mil (Eps: 0.0683), PAT: 14.77%

 

Order Book

FYE2024- 2028 : RM1.449 bil

 

Major customer (2024)  

1.      e Ministry of Works, Malaysia and JKR Sabah: 100%

***total 100%

Major Sharesholders  

1.      Lokah Fortune: 40.20% (direct)

2.      Tan Sri Joseph: 23.34% (indirect)

3.      Datuk Jonathan: 53.53% (indirect)

4.      Datuk Jessica: 10% (direct), 13.34% (indirect)

5.      Johannes Lo: 10% (direct), 13.34% (indirect)

6.      Lo Vun Yee @ Josephine Lo: 3.33% (direct), 10% (indirect)

7.      Lo Vun Jiun: 3.33% (direct), 10% (indirect)

8.      Jacqueline Lo Kar Jack: 3.33% (direct), 10% (indirect)

9.      Joanna Lo Vun Shii; 3.33% (direct), 10% (indirect)

 

Directors & Key Management Remuneration for FYE2024

(from Revenue & other income 2023)

Total director remuneration: RM13.026 mil

key management remuneration: RM1.15 mil – RM1.40 mil

total (max): RM14.426 mil or 16.79%

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 high risk business as they over focus on government project/ contract. However if able to continue maintain good relationship & secure more project, the company will have potential to continue growth. 

*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.

3REN BERHAD

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Open to apply: 09/10/2024

Close to apply: 23/10/2024

Balloting: 25/10/2024

Listing date: 06/11/2024

 

Share Capital

Market cap: RM182 mil

Total Shares: 650 mil shares

1st day listing tradable shares: 232.78 mil shares

Industry CARG

1. Product engineering service revenue (M’sia, 2020-2022): 20.6%

2. Global product engineering services industry (2020-2023): 15.5%

3. Industry size for IC assembly and test services in Malaysia (2020-2023): 8.6% 

4. Global industry size for IC assembly and test services (2020-2023): 4.0%

Industry competitors comparison (net profit%)

1.    3REN Group: 12.2%   

2.    Infinecs System Sdn Bhd (inc IC test): 9.4%

3.    Nityo Infotech Services Sdn Bhd (inc IC test): 7.3%

4.    Oppstar (enginerring services): 27.3%

5.    ECA (automated equipment) : 30.3%

6.    Genetec (automated equipment): 23%

7.    Penta (automated equipment): 20.3%

8.    Others: losses to 85.4%

 

Business (FPE 2024)  

Automation solutions and engineering services provider semiconductor and electronics industry.

Revenue by segment

(a) Product engineering services: 37.22%

(b) Engineering support services for IC assembly and testing: 35.55%

(c) Design, development and sale of digitalised solutions: 18.90%

(d) Design, development and sale of automated equipment: 8.33%

Revenue by Geo

(a) Malaysia : 96.48%

(b) Overseas : 3.52%

 

Fundamental

1.Market: Ace Market

2.Price: RM0.28

3.Forecast P/E: 18.92 (FPE2024, EPS RM0.0074,

***we decided not to follow prospectus PE)

4.ROE(Pro Forma III): 10.55%

5.ROE: 14.98% (FYE2024), 19.65% (FYE2023), 20.96%(FYE2022), 32.18%(FYE2021), 32.49%(FYE2020)

6.Net asset: 0.14

7.Total debt to current asset: 0.20  (Debt: 16.695mil, Non-Current Asset: 24.2mil, Current asset: 83.09mil)

8.Dividend policy: didn’t have formal dividend policy.

9. Shariah status: YES

 

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

2024 (FYE 30Jun): RM45.518 mil (Eps: 0.0074), PAT: 10.5%

2023 (FYE 31Dec): RM94.891 mil (Eps: 0.0178), PAT: 12.22%

2022 (FYE 31Dec): RM103.598 mil (Eps: 0.0185), PAT: 11.62%

2021 (FYE 31Dec): RM74.164 mil (Eps: 0.0247), PAT: 21.67%

2020 (FYE 31Dec): RM63.020 mil (Eps: 0.0173), PAT: 17.85%

 

Major customer (FPE024)

1.      Intel group of companies: 69.58%

2.      KellyOCG: 15.79%

3.      Customer C: 2.46%

4.      Customer F group of companies: 2.45%

5.      Customer A: 2.20%

***total 92.48%

 

Major Sharesholders  

1.    Koh Dim Kuan : 4.31% (direct), 40% (indirect)

2.    Lee Chee Hoo : 19.88% (direct), 40% (indirect)

3.    Malaysian Technology Development Corporation Sdn Bhd (MTDC): 4.99% (direct)

4.    Low Chee Onn : 4.82% (direct)

5.    R3 Capital: 40% (direct)

6.    Khazanah: 4.99% (indirect)

Directors & Key Management Remuneration for FYE2024  

(from Revenue & other income 2023)

Total director remuneration: RM0.919 mil

key management remuneration: RM1.20 mil – RM1.45 mil

total (max): RM2.369 mil or 8.61%

Use of Fund 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall is middle risk 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.

SORENTO CAPITAL BERHAD

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Open to apply: 07 Oct 2024

Close to apply: 15 Oct 2024
Balloting: 18 Oct 2024
Listing date: 28 Oct 2024

Share Capital  
Market cap: RM361.2 mil
Total Shares: 860 mil shares
1st day listing tradable shares: 235.1 mil shares

Industry CARG 

Bathroom and kitchen sanitary wares industry, 2018 – 2023:  3.82%
Number of property transactions, 2018 – 2023: 5.65%
Number of newly launched properties, 2018 – 2023:  -3.06%
Number of secondary market residential property transactions, 2018 – 2023: 3.72%
Industry competitors comparison (net profit%)
1. Sorento Capital Group: 16.12%
2. Rigel Technology (M) Sdn Bhd: 22.01%
3. Leonfast Sdn Bhd: 5.3%
4. Shower Scene (M) Sdn Bhd: 13.46%
5. Others: losses to 2.45%

Business (FYE 2024) 
Marketing, distribution and sale of bathroom and kitchen sanitary wares.
Revenue by distribution channels
1. Dealers: 64.54%
2. Project-based sales: 35.05%
3. Online: 0.41%
Revenue by brands
1. Sorento (House brands): 56.41%
2. Cabana (House brands): 23.85%
3.  Mocha (House brands): 14.63%
4. I-Born : 1.09% 
5. Third party brands: 1.54%
6. Others: 2.48%
Revenue by product segments
1. Bathroom sanitary ware: 83.06%
2. Kitchen sanitary ware: 16.06%
Revenue by geo
1. Central: 65.23%
2. Northern: 14.92%
3. Southern: 12.34%
4. East Coast: 4.75%
5. East Malaysia: 2.76%

Fundamental 
1.Market: Ace Market
2.Price: RM0.37
3.Forecast P/E: 13
4.ROE(Pro forma III): 20.69%
5.ROE: 37.16%(FYE2024) , 49.56%(FYE2023), 39.10%(FYE2022),  32.13%(FYE2021)
6.Net asset: 0.14
7.Total debt to current asset:  0.50 (Debt: 67.393mil, Non-Current Asset: 51.287mil, Current asset: 134.188mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FYE 30Jun): RM151.545 mil (Eps: 0.0284), PAT: 16.12%
2023 (FYE 30Jun): RM112.311 mil (Eps: 0.0290), PAT: 22.20%
2022 (FYE 30Jun): RM90.668 mil (Eps: 0.0148), PAT: 14.05%
2021 (FYE 30Jun): RM66.107 mil (Eps: 0.0090), PAT: 11.76%

Major customer (FYE 2024) 
1. OTM Group Sdn Bhd: 2.91%
2. Chin Chun Hardware Sdn Bhd: 2.63%
3. Eco World Trading Sdn Bhd: 2.37%
4. Home Product Center (Malaysia) Sdn Bhd: 2.26%
5. DNC Marketing Sdn Bhd: 2.20%
***total 12.37%

Major Sharesholders  
1. Loo Chai Lai: 10.10% (direct), 62.23% (indirect)
2. Loo Jing Kai: 2.24% (direct)
3. LCL Success: 60% (direct)

Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)

Total director remuneration: RM3.121 mil
key management remuneration: RM1.1 mil – RM1.3 mil
total (max): RM4.421 mil or 6.86%

Use of funds 
1. Branding and promotional marketing: 6mil, 10.46%
2. Expansion of dealer network and enhancement of distribution reach: 6 mil, 10.46%
3. Repayment of bank borrowings: 9mil, 15.69%
4. Working capital for purchase of inventories: 31.35 mil, 54.567%
5. Estimated listing expenses: 5mil, 8.72%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)

Overall is medium investment, and also come with low-to-medium 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.