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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: 26/11/2024
Close to apply: 03/12/2024
Balloting: 06/12/2024
Listing date: 19/12/2024
Balloting: 06/12/2024
Listing date: 19/12/2024
Share Capital
Market cap: RM101.5 mil
Total Shares: 290 mil shares
Industry CARG
1. aluminium extrusion application and products: Construction, Renewable energy, Transportation, others.
2. Growth Forecast Aluminium Extrusion Market in Malaysia, 2024-2028: 7.8%
Industry competitors comparison (net profit%)
1. Winstar: 5.2%
2. Zenshin Industries Sdn Bhd: 15.3%
3. Genesis Aluminium Industries Sdn Bhd: 10.2%
4. LB Aluminium (Sarawak) Sdn Bhd: 6.8%
5. P.A. Extrusion (M) Sdn Bhd: 5.0%
6. PMB Aluminium Sdn Bhd: 4.7%
7. Others: losses to 4.6%
Business (FYE 2024)
1. Extrusion of aluminium profiles and fabrication of aluminium ladders as well as aluminium solar PV mounting structures and related accessories.
2. Trading and distribution of building materials; and
3. Solar PV system installation services.
Revenue by segments
1. Aluminium extrusion: 62.98%
2. Trading and distribution of building materials: 34.72%
3. Solar PV system installation services: 2.30%
Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 12.65
4.ROE(Pro forma III): 8.9%
5.ROE: 10.74%(FPE2024), 11.04%(FYE2023), 9.54%(FYE2022), 5.26%(FYE2021)
6.Net asset: 0.32
7.Total debt to current asset: 0.887 (Debt: 132.143mil, Non-Current Asset: 76.443mil, Current asset: 148.979mil)
8.Dividend policy: PAT 30% dividend policy.
9. Shariah status: Yes
Order Book
1. LPD : RM4.026 mil
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FPE 31Jul, 7mths): RM107.984 mil (Eps: 0.0167), PAT: 4.49%
2023 (FYE 31Dec): RM153.685 mil (Eps: 0.0276), PAT: 5.22%
2022 (FYE 31Dec): RM109.910 mil (Eps: 0.0181), PAT: 4.79%
2021 (FYE 31Dec): RM89.755 mil (Eps: 0.0091), PAT: 2.92%
*Prospectus book pg.191 is not using diluted 290 mil shares for calculate EPS. We will our own EPS calculation.
Major customer (FPE2024)
1. Kerjaya Prospek Group: 4.85%
2. Fabulous Sunview Sdn Bhd: 4.66%
3. SA Aluminium & Glass Sdn Bhd: 4.54%
4. Sunway Winstar Sdn Bhd: 3.86%
5. Lynox Industries Sdn Bhd: 3.00%
***total 20.91%
Major Sharesholders
1. Chua Nyok Chong: 26.02% (direct)
2. Chua Boon Hong: 8.63% (direct)
3. Lee Yong Zhi: 8.47% (direct)
4. Khoo Nee Cheng: 7.23% (direct)
5. Vafe System: 24.15% (direct)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM2.069 mil
key management remuneration: RM0.85 mil – RM1.0 mil
total (max): RM3.069 mil or 16.3%
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 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.
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.