SOLAR DISTRICT COOLING GROUP BERHAD

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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

Share Capital
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%

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%

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

SOLAR DISTRICT COOLING GROUP BERHAD

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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

STEEL HAWK BERHAD

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Open to apply: 16 Aug 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.

99 SPEED MART RETAIL HOLDINGS BERHAD

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Open to apply: 15 Aug 2024
Close to apply: 23 Aug 2024
Price Determination Date: 27 Aug 2024
Balloting: 29 Aug 2024
Listing date: 09 Sep 2024

Share Capital (might differ depend on final determination price) 
Market cap: RM13.860 bil
Total Shares: 8.40 bil shares
1st day listing tradable shares: 1.428 bil shares

Industry CARG 
Grocery-based Retail Industry in Malaysia, 2022–2028F (sales value)
Hypermarket: 5.3%
Supermarket: 6.4%
Mini-market: 5.4% 
Convenience stores: 10.9%
Other grocery –based retailers: 4.0%

Industry competitors comparison (profit before tax margin %)
1. 99 Speedmart: 5.8%
2. 7-Eleven : 0.8%
3. KK supermart: 10.4%
4. Mynews: -1.0%
5. Others: -2.2% to 6.0%

Business (FPE 2024) 
“99 Speedmart” chain of mini-market outlets involved in the retailing of daily necessities, with 2,542 outlets located nationwide.
Subsidiaries
1. 99SM : Retail of consumable merchandise and other household products via its network of “mini-market” outlets
2. 99EM: Retail of consumable merchandise and other household products via its network of “mini-market” outlets
3. Yiwu J-Jade Trading: Investment holding
4. Yiwu SM Import and Export: Exporting of consumable merchandise and household products

Fundamental  
1.Market: Main Market
2.Price: RM1.65 (final price will determine at 27/08/2024)
3.Forecast P/E: 34.7
4.ROE(Pro Forma III): 43.81%  
5.ROE: 78.93% (FPE2024), 73.9% (FYE2023) , 51.70%(FYE2022), 56.87%(FYE2021)
6.Net asset (Pro forma III): 0.14
7.Total debt to current asset: 1.048  (Debt: 2.036bil, Non-Current Asset: 1.309 bil, Current asset: 1.943 bil)
8.Dividend policy: 50% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2023 (FPE 31 Mar, 3mth): RM2.424 bil (Eps: 0.016), PAT: 5.5%
2023 (FYE 31Dec): RM9,240 bil (Eps: 0.048), PAT: 4.3%
2022 (FYE 31Dec): RM8.075 bil (Eps: 0.039), PAT: 4.0%
2021 (FYE 31Dec): RM7.836 bil (Eps: 0.050),PAT: 5.3%

Major customer 
Business model retail consumer. There is no single major customer. 

Major Sharesholders 
1. Lee LYG Holdings: 51.5% (direct)
2. Lee Thiam Wah:  25.7% (direct), 51.5% (indirect)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM3.335 mil
key management remuneration: RM2.20 mil – RM2.60 mil
total (max): RM5.935 mil or 0.70%

Use of funds 
1. Expansion of network of outlets: 389 mil, 58.9%
2. Establishment of new DCs: 100 mil, 15.2% 
3. Purchase of delivery trucks: 55 mil, 8.3%
4. Upgrading of existing outlets: 47.6 mil, 7.2%
5. Repayment of existing bank borrowings: 45 mil, 6.8%
6. Estimated listing expenses: 23.4 mil, 3.6%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is more to low risk business, but also come with low grow 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.

VETECE HOLDINGS BERHAD

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Open to apply: 08 Aug 2024 
Close to apply: 14 Aug 2024
Balloting: 16 Aug 2024
Listing date: 28 Aug 2024

Share Capital 
Market cap: RM98 mil
Total Shares: 392 mil shares

Industry CARG 
Historical market size (revenue) and growth forecast for the Enterprice IT services industry in Malaysia (2020-2028): 5.36%
Industry competitors comparison (net profit%)
1.Vetece : 28.4%
2.Ramssol Group Berhad: 19.8% (PE18.9)
3.Microlink Solution Berhad: 10.5% (recent Q4 24 losses)
4.Tentacle Technologies MSC Sdn Bhd: 17.4%
5.Infomina Berhad: 15.9% (PE22)
6.Others: 0.7% to 17.90%

Business (FPE 2024) 
Provide implementation services, as well as maintenance, support and professional services and the resale of hardware and software. 
Revenue by Segment
Implementation services: 51.29%
Maintenance, support and professional services: 44.85%
Resale of hardware and software: 3.86%
Revenue by Geo
Malaysia: 97.05%
Singapore: 1.08%
Hong Kong: 1.87%

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 19.23 (we disagree prospectus book pg25 @ PE14.93)
4.ROE(Pro forma): 13.07%
5.ROE: 26.43%(FPE2024), 42.39%(FYE2023),  46.44%(FYE2022), 17.51%(FYE2021)
6.Net asset: RM0.10
7.Total debt to current asset: 0.068 (Debt: 2.349mil, Non-Current Asset: 7.319mil, Current asset: 34.27mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 31 Mar): RM11.265 mil (Eps: 0.0076), PAT: 26.49%
2023 (FYE 31 Aug): RM23.133 mil (Eps: 0.0167), PAT: 28.38%
2022 (FYE 31 Aug): RM20.842 mil (Eps: 0.0106), PAT: 19.92%
2021 (FYE 31 Aug): RM20.045 mil (Eps: 0.0080), PAT: 15.66%

Order Book 
1.FYE 2024: 2.465 mil
2.FYE 2025: 5.717 mil
3.FYE 2026: 1.064 mil

Major customer (FPE2024)  
1. Telekom Malaysia Berhad Group: 53.54%
2. Client C: 7.91%
3. Client E: 5.82%
4. Client A Group : 8.98%
5. Client F: 3.84%
***total 100%

Major Sharesholders 
1. Tee Chee Chiang: 61.32%
2. Chan Wai Hoong: 3.36%

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM0.723 mil
key management remuneration: RM0.90 mil – RM1.10 mil
total (max): RM1.823 mil or 18.72%

Use of funds (MYR) 
1. Roll out of new core products and services: 2.92mil, 8.95%
2. Strengthening of Singapore operations: 3.293mil, 13.44%
3. Establishment of a COE for software solutions: 3.795mil, 15.49%
4. Hardware and software licensing fees: 6.52mil, 26.61%
5. Loan repayments: 4.004mil, 16.34%
6. Estimated listing expenses: 4.696mil, 19.17%

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.

ELRIDGE ENERGY HOLDINGS BERHAD

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Open to apply: 06 Aug 2024

Close to apply: 12 Aug 2024

Balloting: 14 Aug 2024

Listing date: 22 Aug 2024

Share Capital 

Market cap: RM580 mil

Total Shares: 2.00 bil shares

Industry CARG (2019-2023) 

Wood pellet industry size in Asia Pacific: 6.9%

Palm kernel shell industry size in Asia Pacific: 6.7% 

Industry competitors comparison (net profit%)

1. EEHB : 7.0%

2. Rainbow Pellet Sdn Bhd: 27.4%

3. Kyoto Oils & Grains (M) Sdn Bhd: 12.1%

4. Top Energy Sdn Bhd: 7.7%

5. Maya Wood Pellets Sdn Bhd: 3.7%

6. Others: losses to 2.5%

Business (FPE 2024)  

manufacturing and trading of biomass fuel products, particularly PKS and wood pellets.

Principal Activities

Manufacturing of PKS: 83.28%

Manufacturing and trading of wood pellets: 16.72%

Revenue by countries

Malaysia: 6.82%

Singapore: 47.59%

Indonesia: 31.54%

Japan: 14.05%

Fundamental 

1.Market: Ace Market

2.Price: RM0.29

3.Forecast P/E: 24.61

4.ROE(forecast Pro forma III): 30.65%

5.ROE: 89.8% (FPE2024), 67.26% (FYE2023), 54.84%(FYE2022), 33.64%(FYE2021)

6.Net asset: RM0.05

7.Total debt to current asset: 0.40  (Debt: 76.521mil, Non-Current Asset: 32.287mil, Current asset: 190.745mil)

8.Dividend policy: No formal dividend policy.

9. Shariah status: Yes

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

2024 (FPE, 30Apr): RM117.657 mil (Eps: 0.0075), PAT: 12.72%

2023 (FPE 31Dec): RM335.251 mil (Eps: 0.0118), PAT: 7.03%

2022 (FYE 31Dec): RM144.440 mil (Eps: 0.0031), PAT: 4.35%

2021 (FYE 31Dec): RM115.114 mil (Eps: 0.0090),PAT: 1.51%

Major customer (FPE 2024) 

1. PT. Apac Metal Indonesia: 31.54%

2. Z & Z SG Pte Ltd: 24.87%

3. Deus Ex Capital Pte Ltd.: 22.73%

4. JFE Shoji Corporation: 8.64%

5. Tokyo Sangyo Co., Ltd: 5.4%

***total 93.18%

Major Sharesholders 

1. Yeo Hock Cheong: 5.01% (direct), 36.99% (indirect)

2. Kayavest: 16.37% (direct)

3. Mikro MSC: 20.62% (direct)

4. Bio Eneco Holding Sdn Bhd: 11.50% (direct)

5. Salihudin : 0.075% (direct)

Directors & Key Management Remuneration for FYE2024   

(from Revenue & other income 2023)

Total director remuneration: RM1.356 mil

key management remuneration: RM0.40 mil – RM0.55 mil

total (max): RM1.906 mil or 4.12%

Use of funds  

1. Construction of new factory and warehouse in Kuantan: 47mil, 46.31%

2. Purchase of new machineries and equipment: 21.141 mil, 20.82%

3. Working capital: 27.059 mil, 26.66%

4. Estimated listing expenses: 6.3mil, 6.21%

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

Overall is low to middle risk of investment, and have potential to fast in business revenue upon the 3 new factory to be completed by Q2, 2025.

*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.

SIK CHEONG BERHAD

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Open to apply: 19 Jul 2024
Close to apply: 30 Jul 2024
Balloting: 02 Aug 2024
Listing date: 13 Aug 2024

Share Capital
Market cap: RM71.82 mil
Total Shares: 266 mil shares

Industry CARG 
RBD palm olein oil repackaging industry size in Malaysia 2018-2023(e): 40.6%
RBD palm olein oil repackaging industry size in Malaysia 2024(f)-2026(f): 20.9%
Industry competitors comparison (net profit%)
1. Sik Cheong Group: 8%
2. CI Holdings Berhad: 3.1%
3. Continental Edible Oil Industries Sdn Bhd: 3.9%
4. Bukit Seribu Holdings Sdn Bhd: 3.6%
5. Others:  losses to 2.6%

Business (FYE 2024) 
1. Investment holding
2. Repackaging, marketing and distribution of edible oil and other food products
3. Distribution of lamp oil and other trading products.
Revenue by Segment
1. Wholesalers: 41.82%
2. Retailers: 31.28%
3. Food manufacturers: 15.07%
4. Hotel, restaurant and catering operators: 11.83% 
Revenue by Geo
1. Selangor: 58.37%
2. KL : 39.29%
3. Others: 2.34%

Fundamental 
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 11.35
4.ROE(Pro Forma): 15.70%
5.ROE: 24.07%(FYE2024), 30.20%(FYE2023), 16.35%(FYE2022), 11.08%(FYE2021)
6.Net asset: RM0.12
7.Total debt to current asset: 0.23  (Debt: 5.53mil, Non-Current Asset: 21.845mil, Current asset: 23.998mil)
8.Dividend policy: Didn’t have dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 31Mar): RM79.583 mil (Eps: 0.0238), PAT: 7.95%
2023 (FYE 31Mar): RM78.236 mil (Eps: 0.0227), PAT: 7.71%
2022 (FYE 31Mar): RM59.742 mil (Eps: 0.0123), PAT: 5.46%
2021 (FYE 31Mar): RM42.574 mil (Eps: 0.0070), PAT: 4.35%

Major customer (FYE 2024)  
1. Sri Ternak Group of companies: 5.86%
2. Low Seat Hoong group of companies: 5.64%
3. TCRS Restaurants Sdn Bhd: 3.36%
4. NSK group of companies: 2.68%
5. Kitarasa Sdn Bhd: 2.26%
***total 19.8%

Major Sharesholders 
1. Wong Hing Ngiap: 33.07% (direct)
2. Wong Hin Loong: 33.07% (direct)

Directors & Key Management Remuneration for FYE2025 
(from Revenue & other income FYE2024)
Total director remuneration: RM0.963 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM1.763 mil or 13.85%

Use of funds 
1. Expansion of packaging facility: 7.18mil, 40.29%
2. Purchase of new delivery trucks: 0.89mil,  5.00%
3. Working capital: 5.95mil, 33.39%
4. Estimated listing expenses: 3.8mil, 21.32%

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

*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.

KUCINGKO BERHAD

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Open to apply: 28 June 2024
Close to apply: 12 July 2024
Balloting: 16 July 2024
Listing date: 26 July 2024

Share Capital
Market cap: RM150 mil
Total Shares: 500 mil shares

Industry CARG 
Revenue of the Broadcasting (except internet) Industry in the US (2019-2023): 1.9%
Revenue of the Broadcasting Industry* in Canada (2018-2022) : -2.6%
Gross Value Added of Programming and Broadcasting Activities* in France (2017-2021): -0.71%
Income of the Broadcasting (except internet) Industry in Australia (2018-2022): -3.7%
Income of the Internet Publishing and Broadcasting Industry in Australia: 13.7%
Industry competitors comparison (net profit%)
1. Kucingko Group: 29.7%
2. Anima Vitae Point S/B: 18.8%
3. Lemon Sky Animation S/B: 18.3%
4. Others: -15.7% to 1.4%

Business (FYE 2023)
2D animation production services. 
Revenue by Geo
1. North America: 73.92%
2. Europe: 24.17%
3. Asia Pacific: 1.91%

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.Forecast P/E: PE17.95
4.ROE(Pro forma III): 18.13
5.ROE: 46.59% (FYE2023), 50.54%(FYE2022), 44.59%(FYE2021), 24.41%(FYE2020)
6.Net asset: RM0.09
7.Total debt to current asset: 0.43  (Debt: 6.362mil, Non-Current Asset: 4.383mil, Current asset: 14.582mil)
8.Dividend policy: 40% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2023 (FYE 31Dec): RM28.159 mil (Eps: 0.0167), PAT: 29.68%
2022 (FYE 31Dec): RM23.485 mil (Eps: 0.0160), PAT: 33.97%
2021 (FYE 31Dec): RM17.675 mil (Eps: 0.0130), PAT: 36.68%
2020 (FYE 31Dec): RM14.923 mil (Eps: 0.0074), PAT: 24.64%

Major customer (FYE 2023)  
1. Customer B Group: 33.95%
2. Customer H Group: 32.97%
3. Customer J: 13.46%
4. Customer A Group: 7.32%
5. Customer G Group: 5.77%
***total 93.47%

Major Sharesholders 
1. Cat Ching: 34.58% (direct)
2. See Chin Joo: 34.58% (indirect)
3. Ooi Kok Hong: 34.58% (indirect)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income 2023)
Total director remuneration: RM1.042 mil
key management remuneration: RM0.25 mil – RM0.35 mil
total (max): RM1.392 mil or 4.84%

Use of funds 
1. Capacity expansion: 17.767 mil, 59.22%
2. USA sales office: 4.377 mil, 14.59%
3. Working capital: 4.256 mil, 14.19%
4. Estimated listing expenses: 3.6mil, 12.00%

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 good IPO. 

*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.

EPB GROUP BERHAD

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Open to apply: 27 June 2024
Close to apply: 31 July 2024
Balloting: 08 Aug 2024
Listing date: 23 Aug 2024

Share Capital 
Market cap:  RM208.32 mil
Total Shares: 372 mil shares

Industry CARG
Historical Market Size and Growth Forecast for the F&B Processing Machinery Industry in Malaysia, 2024-2028: 10.4%
Industry competitors comparison (net profit%)
1. EPB Group: 11.7%
2. Highpack Machinery Sdn Bhd: 10.2%
3. NRS Process Systems Sdn Bhd: 9.3%
4. Kimah Industrial Supplies (M) Sdn Bhd: 7.9%
5. Others: -34.3% to 7.7%

Business (FYE 2023) 
One-stop provider of food processing and packaging machinery solutions. 
Design, customisation, fabrication, integration and automation of production lines for food manufacturing and processing companies, based on customers’ needs.
Revenue by Segment
1. Food processing and packaging machinery solution: 82.33%
2. Tradng of cellulose casings: 11.92%
3. Manufacturing and trading of flexible packaging materials: 5.75%
Revenue by Geo
Malaysia:  30.35%
Indonesia: 25.81%
Philippines: 35.77%
Others: 8.07% 

Fundamental 
1.Market: Ace Market
2.Price: RM0.56
3.Forecast P/E: PE14.62
4.ROE(Pro forma III):  16.3%
5.ROE: 26.06% (FYE2023), 28.93%(FYE2022), 39.75%(FYE2021), 26.75%(FYE2020)
6.Net asset: 0.25
7.Total debt to current asset: 0.22 (Debt: 21.546mil, Non-Current Asset: 16.696mil, Current asset: 96.516mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM122.116 mil (Eps: 0.0383), PAT: 11.68%
2022 (FYE 31Dec): RM89.114 mil (Eps: 0.0330), PAT: 13.78% 
2021 (FYE 31Dec): RM75.717 mil (Eps: 0.0321), PAT: 15.75%
2020 (FYE 31Dec): RM61.689 mil (Eps: 0.0169), PAT: 10.21%

Order Book  
2024: 44.288 mil 

Major customer (2023) 
1. Customer B: 25.78%
2. Customer C: 9.59%
3. PT DagSap Endura Eatore: 7.50%
4. Customer D: 6.60%
5. PT. Wonokoyo Jaya Corporindo: 4.32% 
***total 53.79%

Major Sharesholders
1. Yeoh Chee Min: 38.98% (direct)
2. Liew Meng Hooi: 13.23% (direct)
3. Ooi Kim Kew: 14.99% (direct) 

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM1.829 mil
key management remuneration: RM2.10 mil – RM2.50 mil
total (max): RM4.329 mil or 10.7%

Use of funds 
1. Acquisition of land: 13mil, 32.43%
2. Construction of factory: 10.5mil, 26.2%
3. Purchase of machinery: 1.1mil, 2.74%
4. Repayment  of bank borrowings: 3mil, 7.49%
5. Working capital: 8.479 mil, 21.16%
6. Estimated listing expenses: 4mil, 9.98%

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 and middle return of IPO. 
 
*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.

Quarter 2: Invest Group Performance Update

Congratulation to all group members ya. 

T&C to join Invest Group
1. Understand that all material in the Whatsapp Invest Group 2 or 3 is only opinion sharing.  
2. Members in group have to take their own risk. 
3. Memberships fee is not refundable. 
4. Admin is not take any responsible on member investment decision. 
5. Member have to do their own study & own analysis.
6. Memberships fees RM369.00 per year. 

Some detail on the Invest group
1. stock pick based on fundamental (sometime will use technical stock pick)
2. one year might less than 10 pick. 
4. is not a training class.

5. some counter that need to hold quite longer term.
6. No any other phone number is authorize, other than this admin number 013-2820766 

And REMEMBER, we never personal message / never advertise /  never call any member to offer any type of trading signal & no training class.  ALL member joint us is they have to personally come to contract us. If you received any call/ message is all SCAM!!!

WELL CHIP GROUP BERHAD

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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 June 2024
Close to apply: 10 July 2024
Balloting: 12 July 2024
Listing date: 23 July 2024

Share Capital
Market cap: RM690mil
Total Shares: 600 mil shares

Industry CARG
Historical Size (Revenue) for Pawnbroking Industry in Malaysia 2020-2023:  19.3%
Growth Forecast for the Pawnbroking Industry in M’sia, 2024-2028: 11.4%
Industry competitors comparison (net profit%)
1. Well Chip: 17.3% (PE19.54)
2. EMCC: 16.2% (PE29.53)
3. PPjack: 18.3% (PE35.87)

Business (FYE 2023) 
Pawnbroking services and business of retail and trading of jewellery and gold.
Revenue segment
1. Pawnbroking services
- Interest income: 35.8%
- Administrative fees: 0.1%
2. Retail and trading of jewellery and gold
- Retail sales of jewellery and gold : 10.6%
- Sales of scrap gold: 53.5%

Fundamental
1.Market: Main Market
2.Price: RM1.15
3.Forecast P/E: 19.54
4.ROE(Pro Forma III): 9.6%
5.ROE: 17.37% (FYE2023), 14.64%(FYE2022), 15.80%(FYE2021), 25.51%(FYE2020)
6.Net asset: 0.61
7.Total debt to current asset: 0.46 (Debt: 292.449mil, Non-Current Asset: 30.494mil, Current asset: 629.632mil)
8.Dividend policy: 35% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM203.675 mil (Eps: 0.059), PAT: 17.3%
2022 (FYE 31Dec): RM158.125 mil (Eps: 0.042), PAT: 15.9%
2021 (FYE 31Dec): RM101.881 mil (Eps: 0.040),PAT: 23.3%
2020 (FYE 31Dec): RM121.840 mil (Eps: 0.056),PAT: 27.6%

Major customer (FYE 2023)
(Retail and trading of jewellery and gold segment)
1. Pavilion Wee Bullion Sdn. Bhd: 28.3%
2. TTT Bullion (M) Sdn. Bhd: 21.7%
3. Go Capital Growth Sdn. Bhd: 3.4%
***total 53.4%

Major Sharesholders 
1. Yeah Hiang Nam: 65.5% (indirect)
2. Tan Hong Yee: 65.5% (indirect)
3. Ng Hooi Lang : 0.9% (direct)
4. Tang Soo Yen : 0.8% (direct)
5. VYN Holdings: 50.7% (direct)
6. ValueMax Group Limited: 65.5% (indirect)
7. Yeah Holdings: 65.5% (indirect)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM1.1235 mil
key management remuneration: RM0.35 mil – RM0.40 mil
total (max): RM1.5235 mil or 1.97%

Use of funds (MYR)
1. Cash capital for our existing 23 pawnshops: 124.3mil, 72%
2. Expansion of pawnshops: 40mil, 23.2%
3. Estimated listing expenses: 8.2 mil, 4.8%

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.

BWYS Group Berhad

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

Open to apply: 18 June 2024
Close to apply: 05 July 2024
Balloting: 11 July 2024
Listing date: 22 July 2024

Share Capital  
Market cap: RM225.547 mil
Total Shares: 1.025 bil shares

Industry CARG
Sales Value of Fabricated Metal Products 2019-2023 : 2.7% 
Sales Value of Metal Roofing Sheets: 5.4%
Sales Value of Trusses: -7.1%
Sales Value of Equipment for Scaffolding, Shuttering, Propping and Pit-propping of Iron or Steel: -18.4%
Sales Value of the Manufacturing Industry 2019-2023 (Constructions, manufacturing) : -.1.9% & 6.7%
Industry competitors comparison (net profit%)
1. BWYS Group: 7.2% (PE12.94)
2. Ajiya Bhd: 18.3% (recent PE in losses)
3. SKB Shutters Corporation Berhad: 13.4% (PE6.05)
4. Astino Bhd: 4.6% (PE8.29)
5. Others: -9.9% to 19.7%

Business (FYE 2023)
Manufacturing of sheet metal products and supply of scaffoldings
Revenue segments
1. Manufacture of sheet metal products: 73%
2. Supply of scaffoldings : 24.9%
3. Trading of steel materials and steel related products: 2.1%

Fundamental  
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 12.94 (FYE2023, EPS RM0.017)
4.ROE(Pro forma II):  8.5%
5.ROE: 11.34% (FYE2023), 19.81%(FYE2022),  23.37%(FYE2021), 3.97%(FYE2020)
6.Net asset: 0.02
7.Total debt to current asset: 0.78  (Debt: 178.098mil, Non-Current Asset: 158.122mil, Current asset: 227.568mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM246.078 mil (Eps: 0.0170), PAT: 7.2%
2022 (FYE 31Dec): RM236.231 mil (Eps: 0.0230), PAT: 10.0%
2021 (FYE 31Dec): RM222.435 mil (Eps: 0.0240),PAT: 11.2%
2020 (FYE 31Dec): RM130.864 mil (Eps: 0.0030),PAT: 2.5%

Impairment Losses 
1. 2020: 1.8% (RM0.6mil)
2. 2021: 7.6% (RM2.9 mil) 
3. 2022: 2.7% (RM1.1 mil)
4. 2023: 2.4% (RM1.3mil)

Major customer (FYE2023)  
1. Inspec Engineering Systems Sdn Bhd : 4.7%
2. United Material Handling Inc: 4.1%
3. Yes Group: 1.9%
4. SKS Builders Trading Sdn Bhd: 1.7%
5. China Communication Construction (ECRL) Sdn Bhd: 1.5%
***total 13.9%

Major Sharesholders  
1. Kang Beng Hai: 65.20% (direct)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income 2023)
Total director remuneration: RM2.325 mil
key management remuneration: RM1.30 mil – RM1.45mil
total (max): RM3.775 mil or 7.45%

Use of funds (MYR) 
1. Construction of New Penang Factory: 22.840 mil, 40.4%
2. Purchase of new machinery and equipment: 7.716 mil, 13.7%
3. Implementation of new ERP system, production and inventory management systems: 10.831 mil, 19.2%
4. Repayment of bank borrowings: 4 mil, 7.1%
5. Working Capital: 5.5 mil, 9.8%
6. Estimated listing expenses: 5.5 mil, 9.8%

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, as debt level is quite high & it will effected business PAT performance. 

*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.

OCEAN FRESH BERHAD

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

Open to apply: 12 Jun 2024
Close to apply: 20 Jun 2024
Balloting: 24 Jun 2024
Listing date: 04 Jul 2024

Share Capital
Market cap: RM58.84 mil
Total Shares: 210.146 mil shares

Industry CARG
1. Frozen seafood sales volume in Asia Pacific 2017-2023: 3.5%
Frozen seafood sales value in Asia Pacific 2017-2023: 6.7%
Global dried seafood sales value: 3.6%
Dried seafood sales value in Asia Pacific: 2017-2023(e): 3.8%
Seafood processing industry size in Malaysia 2015-20223: 9.7%
Industry competitors comparison (net profit%)
1. Ocean Fresh Berhad: 4.4%
2. PTRB:7.3%
3. Mayfresh Frozen Sea Products Sdn Bhd: 4.0%
4. Kuching Frozen Food Co Sdn Bhd: 3.1%
5. Others: losses to 2.6%

Business (FYE 2023)
1.Processing and trading of frozen seafood products: 97.61%
2.Provision of frozen seafood processing services: 2.39%
Revenue by Geo
1. Malaysia: 17.21%
2. Oversea: 82.79%

Fundamental 
1.Market: Ace Market
2.Price: RM0.28
3.P/E: 8.47 
4.ROE(Pro forma III): 12.33% 
5.ROE: 15.32%(FYE2023), 14.52%(FYE2022), 13.18%(FYE2021), 9.44%(FYE2020)
6.Net asset: RM0.27
7.Total debt to current asset: 0.2766 (Debt: 17.692mil, Non-Current Asset: 10.060mil, Current asset: 63.970mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 31Dec): RM159.454 mil (Eps: 0.0331), PAT: 4.36%
2022 (FYE 31Dec): RM156.330 mil (Eps: 0.0267), PAT: 3.58%
2021 (FYE 31Dec): RM158.469 mil (Eps: 0.0193), PAT: 2.56%
2020 (FYE 31Dec): RM94.055 mil (Eps: 0.0118), PAT: 2.64%

Major customer (FYE2023)
1. Customer F: 13.63%
2. Customer D: 8.47%
3. Customer I: 6.12%
4. Customer J: 3.90%
5. Customer K: 2.66%
***total 34.78%

Major Sharesholders 
1. Siang Hai Yong: 5.85% (direct)
2. Kee Wan Chum: 0.1% (direct)
3. Treasure Gain: 24.67% (direct)
4. Untung Besar: 16.49% (direct)
5. Sierra Mode: 6.61% (direct)
6. Dato’ Sri Chia Hooi Huak 6.51% (direct)
7. Law Chee Kheong : 4.55% (direct)
8. Heah Theare Haw: 4.06% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM0.714 mil
key management remuneration: RM0.40 mil – RM0.55 mil
total (max): RM1.264 mil or 6.0%

Use of funds
1. Capital expenditure for a new cold storage facility: RM8.0 mil, 57.09%
2. Working capital: RM2.514 mil, 17.94%
3. Estimated listing expenses: RM3.5mil, 24.97%
***total RM14.014mil

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

Overall is low PAT% industry. Business still will have chances to continue grow. 

*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.

GO HUB CAPITAL BERHAD

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Open to apply: 12 Jun 2024
Close to apply: 20 Jun 2024
Balloting: 24 Jun 2024
Listing date: 03 Jul 2024

Share Capital
Market cap: RM140 mil
Total Shares: 400 mil shares

Industry CARG
Historical Market Size (Revenue) and Growth Forecast for the Enterprise IT Services Industry in Malaysia, 2024-2028f: 5.7% 
Industry competitors comparison (net profit%)
1. GOHUB: 16.12%
2. Tech-store Malaysia Sdn Bhd: 17.1%
3. LG CNS Malaysia Sdn Bhd: 8.7%
4. Comcentric Solutions Sdn Bhd: 4.9%
5. Others: -20.2% to 2.6%

Business (FYE 2023)
Provision of enterprise IT services, focusing on transportation IT solutions (including customised software development systems and integration of hardware and software systems).
Maintenance and support services as well as terminal management services.

Revenue by segments
Rail: 71.37%
Bus: 27.06%
Other: 1.57%

Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.P/E:  19.77
4.ROE(Pro forma II):  13.50%
5.ROE: 39.82% (FYE2023), 56.55%(FYE2022), 33.56%(FYE2021), 47.53%(FYE2020)
6.Net asset: 0.13
7.Total debt to current asset: 0.57 (Debt: 33.238mil, Non-Current Asset: 27.865mil, Current asset: 57.848mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM43.946 mil (Eps: 0.0177), PAT: 16.12%
2022 (FYE 31Dec): RM26.549 mil (Eps: 0.0151), PAT: 22.81%
2021 (FYE 31Dec): RM20.314 mil (Eps: 0.0060), PAT: 11.82%
2020 (FYE 31Dec): RM18.973 mil (Eps: 0.0057), PAT: 11.91%

Major customer (FYE2023) 
1. KTMB : 69.28%
2. Syarikat Pengangkutan Maju Berhad Group of Companies: 2.32%
3. Maju Group of Companies: 4.32%
4. Customer A: 2.45%
5. Cityliner Sdn Bhd: 2.40%
***total 80.77%

Major Sharesholders 
1. Tan Cherng Thong: 55% (indirect)
2. Lee Li Yee: 55% (indirect)
3. Hong Boon Huon: 1.07% (direct)
4. Eng Chee Seng: 0.71% (direct)
5. GHSB: 55% (direct)
6. TCT international: 55% (indirect) 

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM1.035 mil
key management remuneration: RM1.35 mil – RM1.60 mil
total (max): RM2.635 mil or 11.73%

Use of funds 
1. Business Expansion
- Expansion of our workforce: RM10.1mil, 26.92%
- Capital expenditure on equipment and tools: RM6.5mil, 17.33%
- Acquisition of Star Central Office Tower: RM3.715mil, 9.9%
- D&D: RM1.9 mil, 5.06%
- Set-up of new integrated centre: RM1.5 mil, 4%
-  Business development and marketing: RM1.0mil, 2.67%
2. Repayment of bank borrowings: RM4.0 mil, 10.66%
3. Working capital: RM4.798 mil, 12.8%
4. Estimated listing expenses: RM4.0 mil, 10.66%
***total RM37.513 mil

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall more to high risk business model. Their business model to over focus on one major customer KTMB. Their business need to get more difference type of customer to get more difference source of income. The current project to get Sabah Port Authority (Ferry terminals) business will is one of the good effort. 
 
*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.

JOHOR PLANTATIONS GROUP BERHAD

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opinion and reader should take their own risk in investment decision.

Open to apply: 12 Jun 2024 
Close to apply: 24 Jun 2024
Balloting: 27 Jun 2024
Listing date: 09 Jul 2024

Share Capital
Market cap: nill
Total Shares: 2.5 bil shares

Industry CARG 
Global vegetable oil consumption by end use 2020 to 2030 : 2.8%
Forecast of global palm oil demand by end-use 2020 to 2030: 1.4%
Industry competitors comparison (2023)
A. Revenue ‘000 /ha
1. Johor Plantation: 24.0
2. UTDPLT: 31.0
3. BPlant (2022): 17.9 
4. Simeplt: 16.4
5. FGV: 40
B. Profit/ha vs Revenue/ha
1. Johor Plantation: 13.3% (PE12.5, ROE 6.32%)
2. UTDPLT: 53.87% (PE14.10, ROE 23.65)
3. BPlant (2022): nil
4. Simeplt: nil
5. FGV: 1.75% (PE61.26, ROE 1.32)
***UTDPLT have highest Revenue/ha, have the % of profit/ha lower compare other peers.

 
Business (FYE 2023)
Upstream oil palm plantation company operating predominantly in Johor. 
Planned Area
3 yrs (immature): 6.8%
4-8 yrs (Mature young): 14.3%
9-18 yrs (prime young): 54.3%
19-22 yrs (prime old): 15.6%
23 yrs above (old): 9.0%

Fundamental
1.Market: Main Market
2.Price: RM0.84 (will follow final institutional price if final price is lower than RM0.84)
3.Forecast P/E: 12.5
4.ROE(Pro forma III): 6.32%
5.ROE: 7.39% (FYE2023), 25.07%(FYE2022), 18.39%(FYE2021), 3.18%(FYE2020)
6.Net asset: 0.21
7.Total debt to current asset: 3.82 (Debt: 2.171 bil, Non-Current Asset:  4.224 bil, Current asset: 0.567 bil)
8.Dividend policy: 50% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31Dec): RM1.253 bil (Eps: 0.0670), PAT: 13.3%
2022 (FYE 31Dec): RM1.752 bil (Eps: 0.1980), PAT: 28.3%
2021 (FYE 31Dec): RM1.549 bil (Eps: 0.1380),PAT: 22.3%
2020 (FYE 31Dec): RM1.020 bil (Eps: 0.0210),PAT: 5.1%

Major customer (FYE2023)
1. Intercontinental Specialty Fats Sdn Bhd: 38.2%
2. Palmaju Edible Oil Sdn Bhd: 22.6%
3. PGEO Group Sdn Bhd: 16.9%
4. Mewaholeo Industries Sdn Bhd: 6.1%
5. Cargill Palm Products Sdn Bhd: 4.5%
***total 88.3%

Major Sharesholders
1. Kulim : 65% (direct)
2. Jcorp: 65% (indirect)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income 2022)
Total director remuneration: RM3.24 mil
key management remuneration: RM3.35 mil – RM3.55 mil
total (max): RM6.79 mil or 1.87%

Use of funds
1. Capital expenditure:  196 mil, 50.5%
2. Repayment of bank borrowings: 167 mil, 43.0%
3. Working capital: 6.7mil, 1.7%
4. Estimated listing expenses: 18.7 mil, 4.8%
***total RM389.76 mil 

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 growth rate IPO. If want to invest in this company, may be can consider after the company after listing.
 
*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.