CROPMATE BERHAD

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Open to apply: 15/11/2024
Close to apply: 22/11/2024
Price determination date: 22/11/2024
Balloting: 27/11/2024
Listing date: 05/12/2024

Share Capital 
Market cap: RM147.6 mil
Total Shares: 738 mil shares
1st day listing tradable shares: 331.7 mil shares

Industry CARG (2019-2023)  
1. Sales value of domestic manufactured fertilisers : -4.5%
2. Import value of fertilisers: 12.6%
3. Import volume of fertilisers: 12%
4. Export value of fertilisers: 11.5%
5. Export volume of fertilisers: -0.6%
6. Apparent consumption value of fertilisers: -1.5%

Industry competitors comparison (net profit%)
1. Cropmate Group: 6.6%
2. Hextar Fert S/B: 9.4%
3. Twin Arrow Fertilizer S/B: 9.3%
4. Farmcochem S/B: 7.7%
5. Other: losses to 4.3%

Business (FYE 2024)  
Involved in the formulation and blending of conventional and specialty fertilisers as well as trading of straight fertilisers and related products.
Revenue by segment
1. Formulation and blending of conventional and specialty fertilisers: 75.3%
2. Trading of straight and other fertilisers: 24.7%
Revenue by brand
1. Own Brands: 73%
2. Without Brands: 24.6%
3. Third-party brands: 2.4%

Fundamental  
1.Market: Ace Market
2.Price: RM0.20  (Price will follow final institution price)
3.Forecast P/E: 14.7
4.ROE(Pro forma IV):  17.05%
5.ROE: 36.64%(FPE2024), 27.12%(FYE2023),  47.12%(FYE2022), 46.49%(FYE2021)
6.Net asset: 0.11
7.Total debt to current asset: 0.586 (Debt: 43.760mil, Non-Current Asset: 47.656mil, Current asset: 74.635mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 31May): RM67.311 mil (Eps: 0.0076), PAT: 8.3%
2023 (FPE 31Dec): RM151.547 mil (Eps: 0.014), PAT: 6.6%
2022 (FYE 31Dec): RM188.296 mil (Eps: 0.020), PAT: 7.8%
2021 (FYE 31Dec): RM108.799 mil (Eps: 0.010), PAT: 7.0%
***2024 EPS diluted to 738mil shares should be 0.0076, hence we disagree with prospectus pg.232 EPS.  

Major customer (FPE2024) 
1. Agrivest Trade Sdn Bhd: 9.1%
2. Sinong Group: 5.0%
3. Great Organic Group: 3.6%
4. Golden Agrochem (Kuching) Sdn Bhd: 3.1%
5. Consolidated Fertiliser Corporation Sdn Bhd: 2.7%
***total 23.50%

Major Sharesholders   
1. Lee Chin Yok: 29.1% (direct), 26% (indirect)
2. Lee Cheng Seng: 13% (direct)
3. Lee Cheng Fei: 13% (direct)
4. Lau Sam Siong: 6.5% (direct)
5. Datuk Tan Chew Chin: 3.2% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM1.460 mil
key management remuneration: RM0.8mil – RM1.0mil
total (max): RM2.46 mil or 8.9%

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 low growth industry, however the timing of IPO quite favor to the company (the open of fresh durian can export to China, and the price of FCPO price).

*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.

CapitalA-LA Case study

In our investment journey, it is impossible to everytime buy now and immediately profit next second. Even if can, but how BIG amount we can confidence to buy in. Some investment we need take few years to see actual BIG profit, and this type of investment confidence that allow us to invest BIG, is FUNDAMENTAL study. Hold for years and one-off harvest BIG profit.

All this 3 years, was have a lot member ask : "Still can keep or not", "why it keep dropping"....actually i also don't how to answer....

In investment journey, only keep study and focus on fundamental will give us confidence to continue hold the shares until we can harvest the actual BIG profit. Congratulation to all members, even market drop you still make good profit.  

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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***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: 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.

Quarter 3: Invest Group Performance Update

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!!!

OB HOLDINGS 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: 27/09/2024 
Close to apply: 15/10/2024
Balloting: 18/10/2024
Listing date: 29/10/2024

Share Capital  
Market cap: RM93.99 mil
Total Shares: 391.627 mil shares
1st day listing tradable shares: 118.7 mil shares

Industry CARG 
Fortified F&B industry size (Malaysia), 2018 – 2023: 6.87%
Dietary supplements industry in Malaysia 2018-2023: 11.57%
Industry competitors comparison (net profit%)
1. OB Holdings Berhad 10.81%
2. Nova Wellness Group Berhad: 32.93% (PE17.76)
3. High Valley Contract Manufacturing (GMP) Sdn Bhd: 18.96%
4. Len Fa Medical Supplies (M) Sdn Bhd: 11.97%
5. Excel Herbal Industries Sdn Bhd: 8.70%
6. Others: losses to 8.51% 

Business (FYE 2024)  
i. Provision of manufacturing services of fortified F&B and dietary supplements to third party brand owners.
ii. Manufacturing, sales and marketing of fortified F&B and dietary supplements under our house brands
Revenue by Segment
i. Provision of manufacturing services: 62.37%
ii. Sales of house brands’ products: 23.86%
iii. Trading of milk powder and other activities: 13.77% 
Revenue by Geo
i. Malaysia: 90.83%
ii. Others: 9.17%

Fundamental  
1.Market: Ace Market
2.Price: RM0.24
3.Forecast P/E: 17.14
4.ROE(Pro forma):  9.3%
5.ROE: 17.0% (FYE2024) , 35.71%(FYE2023), 30.32%(FYE2022), 23.44%(FYE2021)
6.Net asset: 0.15
7.Total debt to current asset: 0.389 (Debt: 20.169mil, Non-Current Asset: 27.153mil, Current asset: 51.880mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 31May): RM50.886 mil (Eps: 0.0140), PAT: 10.81%
2023 (FYE 31May): RM46.449 mil (Eps: 0.0244), PAT: 20.61%
2022 (FYE 31May): RM43.558 mil (Eps: 0.0210), PAT: 18.88%
2021 (FYE 31May): RM29.719 mil (Eps: 0.0120),PAT: 15.85%

Major customer (FYE2024) 
1. Der Abakus: 25.49%
2. DND World Sdn Bhd: 5.78%
3. Dutch Dairy (Thailand) Co.Ltd : 5.36%
4. Nxtvsion Sdn Bhd: 4.02%
5. Nature One Dairy (Hong Kong) Limited : 2.71%
***total 43.36%

Major Sharesholders  
1. Teoh Eng Sia: 19.68% (direct), 49.68 (indirect)
2. Wong Chung Theng: 19.68% (direct), 49.68 (indirect)
3. Lee Bao Yu: 0.27% (direct)
4. Goodone: 30% (direct)

Directors & Key Management Remuneration for FYE2025  
(from Revenue & other income 2024)
Total director remuneration: RM0.956 mil
key management remuneration: RM0.6 mil – RM0.9mil
total (max): RM1.856 mil or 8.55%

Use of funds   
1. Repayment of bank borrowings: 14.9 mil, 51.74%
2. Purchase of machines: 5.0 mil, 17.36%
3. Product development expenditure: 0.9mil, 3.12%
4. Marketing and advertisement: 1.0 mil, 3.47%
5. Working capital: 3.0 mil, 10.42%
6. Estimated listing expenses: 4.0 mil, 13.89%

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 risk and middle growth 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.

NORTHEAST 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: 26/09/2024
Close to apply: 03/10/2024
Balloting: 07/10/2024
Listing date: 15/10/2024

Share Capital 
Market cap: RM370 mil
Total Shares: 740 mil shares
1st day listing tradable shares: 226.199 mil shares

Industry CARG   
Industry size of precision engineering (Malaysia), 2020 – 2023: 23.09%
Photonics industry size (Global), 2020 – 2022: 12.26%
E&E industry size (Global), 2020 – 2022: 12.02%
Semiconductor sales (Global), 2020 – 2023: 6.16%
Telecommunications industry (Global) 2020 – 2023: 2.2%
Industry competitors comparison (net profit%)
1. Northeast Group: 19.67%
2. SFP Tech Holdings Berhad: 31.84% (PE39.24)
3. CPE Technology Berhad: 20.85% (PE58.94)
4. Prodelcon Sdn Bhd: 15.77% 
5. Others: -14.39% to 14.38%

Business (FYE 2024)  
Manufacturing of precision engineering components used in the photonics, E&E, semiconductor, telecommunication and optoelectronics industries.
Revenue by segment
1. Photonics: 40.51%
2. E&E : 20.14%
3. Semiconductor: 17.89%
4. Telecommunication: 14.34%
5. Optoelectronics: 7.12%
Revenue by Geo
1. Malaysia: 28.53%
2. USA: 26.98%
3. UK: 21.22%
4. Thailand: 6.48%
5. Others: 16.79%

Fundamental   
1.Market: Ace Market
2.Price: RM0.50
3.Forecast P/E: 19.95
4.ROE(Proforma):  7.96%
5.ROE: 11.96% (FPE2024), 12.86% (FYE2023), 30.12%(FYE2022), 22.26%(FYE2021)
6.Net asset: 0.31
7.Total debt to current asset: 0.18 (Debt: 31.118mil, Non-Current Asset: 93.667mil, Current asset: 170.423mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE 31May): RM62.212 mil (Eps: 0.0167), PAT: 19.87%
2023 (FYE 30Sep): RM93.335 mil (Eps: 0.0248), PAT: 19.67%
2022 (FYE 30Sep): RM144.515 mil (Eps: 0.0514), PAT: 26.34%
2021 (FYE 30Sep): RM113.207 mil (Eps: 0.0268),PAT: 17.5%

Major customer (FYE2024)   
1. Customer A Group of companies: 24.49%
2. Customer B Group of companies: 10.86%
3. Customer F Group of companies: 8.16%
4. Customer E Group of companies: 5.81%
5. Customer G Group of companies: 5.64%
***total 54.96%

Major Sharesholders  
1. Mountain Range: 53.69% (direct)
2. Ng Chay Chin: 4.00% (direct), 53.69% (indirect)
3. Chong Ewe Hean: 3.5% (direct), 53.69% (indirect)
4. Ng Meng Hang: 2.5% (direct)
5. Tang Ah Lek: 3.0% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM3.541 mil
key management remuneration: RM1.10 mil – RM1.25 mil
total (max): RM4.791 mil or 13.51%

Use of funds  
1. Construction of the New Factory: RM40 mil, 47.34%
2. Repayment of bank borrowings: RM20 mil, 23.67%
3. Purchase of new CNC machines: RM12.378 mil, 14.65% 
4. Working capital: RM5.516 mil, 6.53% 
5. Estimated listing expenses: RM6.6 mil, 7.81%

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 to 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.

KHPT HOLDINGS 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: 19 Sep 2024
Close to apply: 25 Sep 2024
Balloting: 27 Sep 2024
Listing date: 08 Oct 2024

Share Capital 
Market cap: RM80.48 mil
Total Shares:  402.386 mil shares

Industry CARG 
TIV of the automotive industry in Malaysia (2017-2023): 5.6%
Manufacturing sales value of metal parts and accessories for motor vehicles, 2017 – 2023: 9.7%
Industry competitors comparison (net profit%)
1. KHPT: 7.57%
2. EP Manufacturing Berhad: 0.08%
3. Y&L Metal Technology Sdn Bhd: 17.97%
4. United Vehicles Industries Sdn Bhd: 6.84%
5. Others: losses to 2.84%

Business (FPE 2024) 
Manufacturing and sale of automotive parts and components, comprising body parts, seat structures and other parts (i.e. engine parts and absorber parts).
Revenue by segment
1. Body parts: 56.54%
2. Seats structures: 40.55%
3. Other parts: 2.91%
4. Dies solution services: -

Fundamental  
1.Market: Ace Market
2.Price: RM0.20
3.Forecast P/E: 17.54 (we use our own calculation for PE)
4.ROE(Pro forma):  8.98%
5.ROE:  16.96%(FYE2023), 31.32%(FYE2022),  0.66%(FYE2021)
6.Net asset: 0.13
7.Total debt to current asset:  0.817 (Debt: 21.613mil, Non-Current Asset: 32.570mil, Current asset: 33.34mil)
8.Dividend policy:  10% of PAT% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FPE 30Jun, 6 mths): RM52.323 mil (Eps: 0.0057), PAT: 4.4%
2023 (FYE 31Dec): RM114.082 mil (Eps: 0.0138), PAT: 4.85% (OPR 3.00%)
2022 (FYE 31Dec): RM116.246 mil (Eps: 0.0219), PAT: 7.57% (OPR 1.75% – 2.75%)
2021 (FYE 31Dec): RM58.965 mil (Eps: 0.0004), PAT: 0.26%  (OPR 1.75%)
***revenue able to rise double from 2021 -2022 is because 2020-2021 OPR is very low, during this period, sales of car is skyrocketed (lower OPR, lower loan installment, will boost the  car sale & boost company sales)
***the next coming reduce interest rate should be within this year end. 

Major customer (FPE2024)  
1. Customer Group A: 36.93%
2. PHN Industry Sdn Bhd: 24.64%
3. Autokeen Sdn Bhd: 17.35%
4. Ingress Technologies Sdn Bhd: 11.16%
5. Sapura Machining Corporation Sdn Bhd: 1.78%
***total 91.86%

Major Sharesholders   
1. Datin Eloise : 55.62% (direct), 3.65% (indirect) 
2. Tiu Kuang Hong: 4.23% (direct)
3. Ivy See: 3.65% (direct), 55.62% (direct)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income FYE2023)
Total director remuneration: RM0.871 mil
key management remuneration: RM0.54 mil – RM0.69 mil
total (max): RM1.561 mil or 11%

Use of funds  
1. Purchase of press machines: 11.046 mil, 50.83%
2. Purchase of automation equipment: 4.5 mil, 20.71%
3. Renovation of TPG Factory: 0.452 mil, 2.08%
4. Purchase of one overhead crane: 0.368 mil, 1.7%
5. Working capital: 0.705 mil, 3.24%
6. Estimated listing expenses: 4.658 mil, 21.44%

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-range 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.