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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: 09/12/2024
Close to apply: 23/12/2024
Balloting: 27/12/2024
Listing date: 08/01/2024
Close to apply: 23/12/2024
Balloting: 27/12/2024
Listing date: 08/01/2024
Share Capital
Market cap: RM280.224 mil
Total Shares: 1.0008 bil shares
1st day listing tradable shares: 299.2425 mil shares
Industry CARG
1. Global production volume of edible oils (2019-2024e):2.7%
2. Global production volume of sugar (2019-2024e): 1.5%
3. Number of rigs in Malaysia (2019-2023): 0.0%
4. Sales value* of electricity distribution and control apparatus in Malaysia (2019-2023): 18.7%
5. Sales value* of switchboard in Malaysia (2019-2023): 14.7%
6. Import value of switchboards and control panels* in Malaysia (2019-2024e): 14.7%
Industry competitors comparison (net profit%)
1. Swift Energy Group: 13.2%
2. Elecol Switchgear S/B: 16.6%
3. Leapco S/B: 14.3%
4. Powerwell Holdings Berhad: 12.7%
5. Fuji SMBE Brighten S/B: 10.8%
6. Willowglen MSC Bhd: 4.9%
7. Solution A & C Technology: 7.0%
8. Others: losses to 9.8%
1. Global production volume of edible oils (2019-2024e):2.7%
2. Global production volume of sugar (2019-2024e): 1.5%
3. Number of rigs in Malaysia (2019-2023): 0.0%
4. Sales value* of electricity distribution and control apparatus in Malaysia (2019-2023): 18.7%
5. Sales value* of switchboard in Malaysia (2019-2023): 14.7%
6. Import value of switchboards and control panels* in Malaysia (2019-2024e): 14.7%
Industry competitors comparison (net profit%)
1. Swift Energy Group: 13.2%
2. Elecol Switchgear S/B: 16.6%
3. Leapco S/B: 14.3%
4. Powerwell Holdings Berhad: 12.7%
5. Fuji SMBE Brighten S/B: 10.8%
6. Willowglen MSC Bhd: 4.9%
7. Solution A & C Technology: 7.0%
8. Others: losses to 9.8%
Business (FPE 2024)
Provision of industrial automation and power systems focusing on process control, Ex solar PV, power distribution, and other systems, mainly serving customers in the O&G, as well as grain products, edible oils, and food manufacturing industries.
Revenue by Segment
1. Provision of industrial automation and power systems: 80.7%
2. Supply of related products and services: 19.3%
Revenue by Geo
1. Malaysia: 64.15%
2. Thailand: 17.34%
3. Singapore : 11.06%
4. China : 7.45%
Revenue by industry
1. O&G : 45.1%
2. Grain products, edible oils and food manufacturing:25.08%
3. Utilities: 18.27%
4. Others: 11.55%
Provision of industrial automation and power systems focusing on process control, Ex solar PV, power distribution, and other systems, mainly serving customers in the O&G, as well as grain products, edible oils, and food manufacturing industries.
Revenue by Segment
1. Provision of industrial automation and power systems: 80.7%
2. Supply of related products and services: 19.3%
Revenue by Geo
1. Malaysia: 64.15%
2. Thailand: 17.34%
3. Singapore : 11.06%
4. China : 7.45%
Revenue by industry
1. O&G : 45.1%
2. Grain products, edible oils and food manufacturing:25.08%
3. Utilities: 18.27%
4. Others: 11.55%
Fundamental
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 23.53
4.ROE(Pro forma III): 12.85%
5.ROE: 28.34%(FPE2024), 28.31%(PYE2023), 18.98%(FYE2022), 9.42%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset: 0.296 (Debt: 40.412mil, Non-Current Asset: 24.874mil, Current asset: 136.579mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 23.53
4.ROE(Pro forma III): 12.85%
5.ROE: 28.34%(FPE2024), 28.31%(PYE2023), 18.98%(FYE2022), 9.42%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset: 0.296 (Debt: 40.412mil, Non-Current Asset: 24.874mil, Current asset: 136.579mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FPE 30Jun, 9mths): RM81.446 mil (Eps: 0.0117), PAT: 14.34%
2023 (FYE 30Sep): RM92.426 mil (Eps: 0.0119), PAT: 13.20%
2022 (FYE 30Sep): RM81.843 mil (Eps: 0.0079), PAT: 10.02%
2021 (FYE 30Sep): RM56.115 mil (Eps: 0.0036), PAT: 6.52%
Use of Funds
Order Book
LPD: RM55.60mil
Major customer (FPE2024)
1. Wilmar group of companies: 12.58%
2. Customer A: 12.20%
3. Malaysia Marine and Heavy Engineering Sdn Bhd: 10.13%
4. Equator Engineering Sdn Bhd: 9.57%
5. PTT Exploration and Production Public Company Limited (PTTEP): 7.84%
***total 52.32%
1. Wilmar group of companies: 12.58%
2. Customer A: 12.20%
3. Malaysia Marine and Heavy Engineering Sdn Bhd: 10.13%
4. Equator Engineering Sdn Bhd: 9.57%
5. PTT Exploration and Production Public Company Limited (PTTEP): 7.84%
***total 52.32%
Major Sharesholders
1. Blueprint Capital: 31.61% (direct)
2. Tan Bin Chee: 27.8% (direct), 31.61% (indirect)
3. Chin Saw Yong: 10.59% (direct)
4. Suzana Binti Abu Bakar: 0.1% (direct), 31.61% (indirect)
1. Blueprint Capital: 31.61% (direct)
2. Tan Bin Chee: 27.8% (direct), 31.61% (indirect)
3. Chin Saw Yong: 10.59% (direct)
4. Suzana Binti Abu Bakar: 0.1% (direct), 31.61% (indirect)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM1.331 mil
key management remuneration: RM0.351 mil – RM0.45 mil
total (max): RM1.781 mil or 4.78%
(from Revenue & other income 2023)
Total director remuneration: RM1.331 mil
key management remuneration: RM0.351 mil – RM0.45 mil
total (max): RM1.781 mil or 4.78%
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, middle growth 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.