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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.
Close to apply: 02/07/2025
Balloting: 07/07/2025
Listing date: 17/07/2025
Share Capital
Market cap: RM120.00 mil
Total Shares: 500 mil shares
1st day listing tradable shares: 142.5 mil shares
Industry CARG (2020-2024)
1. Value of Construction Work Completed for MEP Systems: 21.9%
2. Value of Construction Work Completed for Building Completion and Finishing: 24.9%
3. Value of Construction Work Completed for Nonresidential Buildings: 9.3%
4. Sales Value of Electronic Components and Boards: 13.0%
5. Value of Approved Investments in the Electronic Products* Industry: 39.10%
6. Number of Approved Projects in the Electronic Products* Industry: -4.40%
Industry competitors comparison (net profit%)
1. iCents Group: 8.7%
2. LWE Engineering S/B: 23.4%
3. QTS S/B: 13.9%
4. Green Excel: 13%
5. City Point Solutions S/B: 8.1%
6. T.T.E. Engineering: 7.9%
7. Others: losses to 7.3%
Business (FPE 2025)
VC Engineering: Engineering, construction and related services for cleanrooms and other facilities
Maytech: Manufacture of cleanroom fixtures and related products
Revenue by Segment
1. Cleanroom Services: 90.49%
2. Other facility services: 9.51%
Revenue by End-user industry
1. Semiconductor and electronics: 83.28%
2. Data centre: 0.86%
3. Pharmaceutical: 3.8%
4. Life Sciences: 0.25%
5. Others: 11.81%
Revenue by Geo
1. Malaysia: 100%
1. Malaysia: 100%
Fundamental
1.Market: Ace Market
2.Price: RM0.24
3.Forecast P/E: 17.14
4.ROE(Pro forma): 25.2%
5.ROE: 52.92%(FPE2025), 50.2%(FYE2024), 58.04%(FYE2023), 39.16%(FYE2022)
6.Net asset per shares: 0.08
7.Total debt to current asset: 0.519 (Debt: 30.716mil, Non-Current Asset: 11.478mil, Current asset: 59.101mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FPE 31Dec, 6mths): RM55.779 mil (Eps: 0.0101), PAT: 11.45%
2024 (FYE 30Jun): RM80.699 mil (Eps: 0.0140), PAT: 8.70%
2023 (FYE 30Jun): RM108.263 mil (Eps: 0.0133), PAT: 6.15%
2022 (FYE 30Jun): RM55.779 mil (Eps: 0.0058), PAT: 5.20%
Order Book (LPD 05 June 2025)
1. LPD: RM93.209 mil
Major customer (FPE 2025)
1. Fluor Daniel International (Malaysia) Sdn Bhd: 46.55%
2. Customer 7: 10.88%
3. Customer 4: 6.48%
4. Minsec Engineering Sdn Bhd: 6.47%
5. Customer 3: 5.34%
***total 75.72%
Major Sharesholders
1. Ir. Ts. Ong Mum Fei, Aged 48: 5% (direct), 30.75% (indirect)
2. Foo Siang Leng, Aged 51 : 5% (direct), 30.75% (indirect)
3. Tan Wei Ying, Aged 49: 30.75% (indirect)
4. Khor Fei Yi @ Shi Fei Yi, Aged 40 : 30.75% (indirect)
5. Quinnity : 30.75% (direct)
6. EZLotus: : 30.75% (direct)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM1.372 mil
key management remuneration: RM1.30mil – RM1.60mil
total (max): RM2.972 mil or 18.91%
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 range grow return opportunities.
Overall is high risk investment, and also come with low-middle range 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.