LIM SEONG HAI CAPITAL BERHAD

Copyright@http://lchipo.blogspot.com/

Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 28/02/2025

Close to apply: 06/03/2025
Balloting: 10/03/2025
Listing date: 21/03/2025

Share Capital     
Market cap: RM737.757 mil
Total Shares:  838.360 mil shares

Industry CARG 
1. Value of construction works completed by sub-sector in Malaysia (2019-2024f): 1.2447%
2. Building materials industry in Malaysia (2019-23): 0.7%
3. Lighting and M&E products industry in Malaysia (2019-23): 18.8%
4. Hardware, tools and machinery industry in Malaysia (2019-23): 8.9%
5. Overhang properties by location in Malaysia (2019-24Q3): -6.45% (2024Q3: 21,968 unit)

Industry competitors comparison (net profit%)
1. LSH capital Group: 20.6%
2. AME Elite Consortium Berhad: 17.6%
3. Crescendo Corporation Berhad: 16.7%
4. YTL Corp: 12.7%
5. IJM Corporation Berhad: 11.2%
6. Naim Holdings Berhad: 11.1%
7. Others: 0.4% to 9.6%

Business (FYE 2024)  
Construction and engineering works, provision of construction-related services and solutions, supply of building materials, lighting and related M&E products, hardware products and tools, rental of construction machinery and equipment as well as property development activities
Revenue by segments
1. Construction: 79.74%
2. Property development: 20.26%

Fundamental    
1.Market: Ace Market
2.Price: RM0.88
3.Forecast P/E: 9.93
4.ROE(Pro forma): 12.97%
5.ROE: 15.63%(FYE2024), 13.99%(FYE2023),  52.59%(FYE2022), 18.29%(FYE2021)
6.Net asset: 0.68
7.Total debt to current asset: 0.30 (Debt: 166.564mil, Non-Current Asset: 189.913mil, Current asset: 549.336mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)      
2024 (FPE 30 Sep): RM361.405 mil (Eps: 0.0886), PAT: 14.44%
2023 (FYE 30 Sep): RM357.755 mil (Eps: 0.0700), PAT: 16.46%
2022 (FYE 30 Sep): RM165.866 mil (Eps: 0.0499),PAT: 25.21%
2021 (FYE 30 Sep): RM67.416 mil (Eps: 0.0095),PAT: 11.76%
***we didn’t follow prospectus book pg 265 EPS as EPS calculation didn’t use enlarged shares volume. 

Order Book (as per 31/01/2025)     
1. LPD: RM 614.555 mil

Major customer (2024)      
1. Besteel Engtech Sdn Bhd: 41.58%
2. SLP Construction Sdn Bhd:11.07%
3. Pertama Makmur Sdn Bhd: 5.10% 
4. Euro Saga Sdn Bhd: 4.61%
5. Tekad Warisan (M) Sdn Bhd: 4.44%
***total 66.80%

Major Sharesholders        
1. LSH Resources: 64.65% (direct)
2. LSH Holdings: 64.65% (indirect)
3. Tan Sri Datuk Seri Lim Keng Cheng, Aged 62: 1.78% (direct),  64.65% (indirect)
4. Datuk Lim Keng Guan, Aged 60: 1.78% (direct),  64.65% (indirect)
5. Lim Pak Lian, Aged 59 : 1.78% (direct),  64.67% (indirect)
6. Lim Keng Hun, Aged 57: 1.78% (direct),  64.65% (indirect)

Directors & Key Management Remuneration for FYE2025     
(from Revenue & other income 2024)
Total director remuneration: RM4.104 mil
key management remuneration: RM1.125 mil – RM1.375 mil
total (max): RM5.479 mil or 4.27%

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 mid risk investment, and also come with low-mid 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.

SALIRAN GROUP BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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 Feb 2025

Close to apply: 28 Feb 2025
Balloting: 04 Mar 2025
Listing date: 13 Mar 2025

Share Capital   
Market cap: RM103.383 mil
Total Shares:  382.9 mil shares
1st day listing tradable shares: 118.69 mil shares 

Industry CARG   
Consumption of pipes, fittings and flanges (Malaysia), 2019 – 2023: -2.6626%
Manufacturing sales value of pipes, fittings and flanges (Malaysia), 2019 – 2023: 2.9121%
Consumption of structural steel products (Malaysia), 2019 – 2023: -4.8733%
Industry competitors comparison (net profit%)
1. Saliran Group Berhad: 4.17%
2. Pantech Group Holdings Berhad: 11.15%
3. Unimech Group Berhad: 10.25%
4. Ban Hee Metal Sdn Bhd: 9.12%
5. Others: losses to 8.82%.

Business (FPE 2024) 
Supply and distribution of pipes, fittings and flanges as well as steel products.
Revenue by Segment
1. Supply and distribution segment: 99.19%
2. Manufacturing segment: 0.81%
Revenue by industries
1. Oil & gas: 89.09%
2. Building materials: 3.55%
3. Palm oil refining: 2.49%
4. Manufacturing: 0.29%
5. Others: 4.58%
Revenue by Geo
1. Malaysia: 70.79%
2. Indonesia: 28.67%
3. Singapore: 0.52%
4. Others: 0.02%

Fundamental 
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 10.19
4.ROE(Pro forma): 23.74%
5.ROE:  35.27%(FPE2024), 33.232%(FYE2023),  30.86%(FYE2022), 33.82%(FYE2021)
6.Net asset: 0.15
7.Total debt to current asset: 0.867 (Debt: 114.852mil, Non-Current Asset: 41.152mil, Current asset: 132.417mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2024 (FYE 31Aug, 8 mths): RM217.180 mil (Eps: 0.0243), PAT: 4.28%
2023 (FYE 31Dec): RM243.160 mil (Eps: 0.0265), PAT: 4.17%
2022 (FYE 31Dec): RM138.622 mil (Eps: 0.0164), PAT: 4.52%
2021 (FYE 31Dec): RM70.647 mil (Eps: 0.0120), PAT: 6.49%

Major customer (FPE2024)   
1. Harmoni Group: 36.87%
2. PT Promatcon Tepatguna: 26.80%
3. Teraskita (Muadzam) Sdn Bhd: 3.42%
4. Duragate Engineering & Services Sdn Bhd: 3.42%
5. HVAC Experts (M) Sdn Bhd: 3.07%
***total 74.03%

Major Sharesholders     
1. Maju Alliance: 69% (direct)
2. Dennis Liaw Choon Wei: 69% (indirect)
3. William Chan Koon Wai: 69% (indirect)

Directors & Key Management Remuneration for FYE2025 
(from Revenue & other income 2023)
Total director remuneration: RM1.490 mil
key management remuneration: RM0.85 mil – RM0.95 mil
total (max): RM2.44 mil or 5.94%

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 high risk investment, and also come with low-middle 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.

PANTECH GLOBAL BERHAD

Copyright@http://lchipo.blogspot.com/
Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/

***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: 10/02/2025
Close to apply: 19/02/2025
Balloting: 24/02/2025
Listing date:03/03/2025

Share Capital  
Market cap: RM578 mil
Total Shares:  850 mil shares

Industry CARG (2021-2023)  

1. Global import and export values of stainless steel welded pipes: 2.9% (import), -2.5% (export)
2. Global import and export values of butt weld pipe fittings: 14.2% (import), 4.7%(export)
3. Malaysia’s sales value of manufacture of stainless steel welded pipes: 16.7%
4. Malaysia’s import of stainless steel welded pipes: -9.9%
5. Malaysia’s export of stainless steel welded pipe: -17%
6. Malaysia’s consumption of stainless steel welded pipe: 19.1%
7. Malaysia’s Growth of export & Import for butt weld pipes fittings: 19.3% (export), -4.4% (import) 
Industry competitors comparison (net profit%)
1. Pantech Global Group: 11.3%
2. S.P. United Industry S/B: 8.4%
3. Arah Dagang S/B: 4.6%
4. Solidbend Fittings & Flanges S/B: 3.9%
5. Kanzen Tetsu S/B: 3.5%
6. Others: 2.2% to 3.0%

Business (FPE 2025)   
Manufacture of butt weld pipe fittings and welded pipes : include carbon and stainless steel elbows, tees, reducers, stub ends (stainless steel only) and end caps mainly for pressure piping applications

Group info 
1. Pantech Group Holdings Berhad (PGHB): mother company
2. Pantech Global Berhad: PGHB hold 69.15% of Pantech Global
3. Pantech Global Berhad to be listing in Bursa: PGHB sell 2 subsidiary to Pantech Global  (Pantech Stainless & Alloy Industries Sdn Bhd, and Pantech Steel Industries Sdn Bhd) 
Revenue by Segments
1. Manufacturing Butt weld pipe fittings: 54.34%
2. Manufacturing Stainless steel welded pipes: 41.51%
3. Other business activities: 4.15%
Revenue by Geo
1. Asia Pacific: 47.12% (M’sia: 24.42%)
2. The Americas: 34.85%
3. Europe: 17.10%
4. MENA: 0.93%

Fundamental   
1.Market: Main Market
2.Price: RM0.68
3.Forecast P/E: 11.62
4.ROE(Pro forma):  10.88%
5.ROE: 16.63% (FPE2025), 16.91%(FYE2024),  26.76%(FYE2023), 14.78%(FYE2022)
6.Net asset: 0.58
7.Total debt to current asset: 0.42 (Debt: 194.798mil, Non-Current Asset: 221.520mil, Current asset: 463.539mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT)  
2025 (FPE 31Aug, 6mth): RM264.976 mil (Eps: 0.0314), PAT: 10.06%
2024 (FYE 28Feb): RM440.939 mil (Eps: 0.0585), PAT: 11.27%
2023 (FYE 28Feb): RM551.444 mil (Eps: 0.0958), PAT: 14.76%
2022 (FYE 28Feb): RM351.941 mil (Eps: 0.0452), PAT: 10.91%

Use of funds

Major customer (FPE2025)    
1. Customer A1: 14.92% 
2. Customer B2: 14.34%
3. Customer C: 14.27%
4. PGHB Group: 12.52%
5. Customer D: 8.69%
***total 64.74%

Major Sharesholders   
1. PGHB: 69.15% (direct)
2. Dato’ Chew Ting Leng: 0.06% (direct), 0.8% (indirect)
3. Tan Ang Ang: : 0.2% (direct), 0.08% (indirect)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM3.528 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM4.328 mil or 4.3%

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