PMW INTERNATIONAL BERHAD

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Open to apply: 28/10/2025
Close to apply: 06/11/2025
Balloting: 10/11/2025
Listing date: 18/11/2025

Share Capital 
Market cap: RM303.297 mil
Total Shares: 892.0518 mil shares
1st day listing tradable shares: 267.616 mil shares

Industry CARG  
1. Production Volume of Concrete Piles, Poles, and Posts in Malaysia (2022-24): -5.8%
2. Sales Value of Concrete Piles, Poles, and Posts (2022-24): 7.3%
3. Sales Value of Prestressed Spun Concrete Poles (2022-24): 10.3%
Industry competitors comparison (net profit%)
1. PMW Group: 10.5% 
2. Sunway Spun Pile (M) S/B: 22.4%
3. Industrial Concrete: 10.3%
4. SCIB Concrete: 9.0%
5. Binaan Desjaya S/B: 8.6%
6. Others: Losses to 6.7%

Business (FPE 2025)     
Trading of construction materials, spun poles and piles, and other concrete products; manufacturing of spun poles and piles; moulds, machinery, and metal products; and rental of moulds and machinery
Revenue by segment
1. Trading: 71.60%
2. Manufacturing: 23.01%
3. Rental of moulds and machinery: 5.39%
Revenue by Geo
1. Malaysia: 93.99%
2. Other countries: 6.01%

Fundamental   
1.Market: Ace Market
2.Price: RM0.34 
3.Forecast P/E: 19
4.ROE(Pro forma): 5.75%
5.ROE: 20.13%(FYE2024), 19.95%(FYE2023),  14.03%(FYE2022), 11.96%(FYE2021)
6.Net asset per shares: 0.18
7.Total debt to current asset: 0.50 (Debt: 89.289mil, Non-Current Asset: 73.646mil, Current asset: 177.310mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status:  Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2025 (FPE 31May,5mths): RM78.770 mil (Eps: 0.0069), PAT: 8.85%
2024 (FPE 31Dec): RM165.337 mil (Eps: 0.0179), PAT: 10.55%
2023 (FYE 31Dec): RM134.869 mil (Eps: 0.0160), PAT: 11.51%
2022 (FYE 31Dec): RM85.235 mil (Eps: 0.0098),PAT: 11.71%
2021 (FYE 31Dec): RM75.826 mil (Eps: 0.0093),PAT: 11.02%

Order Book (LPD: 30/09/2025)    
1. FYE 2025: RM28.36 mil
2. FYE 2026: RM66.79 mil
3. FYE 2027: RM39.72 mil

Major customer (FPE 2025)  
1. Winabumi : 30.56%
2. PMW Concrete: 10.54%
3. Customer H: 5.13%
4. Customer I: 4.14%
5. Customer G: 3.00%
***total 53.37%

Major Sharesholders 
1. Lee Hon Hwa, aged 48: 62.58% (indirect)
2. Lee Khim Hwa, aged 53: 62.58% (indirect)
3. Lee Siew Yoke, aged 54: 62.58% (indirect)
4. Richard Lee, aged 72: 7.5% (indirect)
5. Lee United Holding: 62.58% (direct)
6. JR Silverline : 7.42% (direct)
7. Datuk Brian Lee Cherng Jey, aged 43: 0.08% (direct), 7.42% (indirect)
8. Desmond Lee Cherng En : 7.50% (indirect)
9. Lee Cherng Jer: 7.50% (indirect)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income FYE 2024)
Total director remuneration: RM1.370 mil
key management remuneration: RM0.80 mil – RM1.00 mil
total (max): RM2.370 mil or 8.42%

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 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.

FARMIERA BERHAD

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Open to apply: 21/10/2025
Close to apply: 30/10/2025
Balloting: 03/11/2025
Listing date: 12/11/2025

Share Capital    
Market cap: RM112.50 mil
Total Shares:  450 mil shares
1st day listing tradable shares: 117 mil shares 

Industry CARG     
1. Production of Chicken Meat, 2018 – 2023: -0.29%
2. Export of Chicken Meat, 2018 – 2023: -6.7%
3. Import of Chicken Meat, 2018 – 2023: 27.26%

Industry competitors comparison (net profit%)
1. Farmiera: 1.2%
2. Kee Song Agriculture (M) Sdn Bhd: 11.1%
3. PWF Corporation Berhad: 5.6%
4. Leong Hup International Berhad: 6.8%
5. CAB Cakaran Corporation Berhad: 4.1%
6. Others: losses to 2.7%

Business (FPE 2025)    
Poultry farming and poultry processing activities.
Revenue by segment
1. Self-operated farms: 15.71%
2. Contract farms: 33.21%
3. Trading of live broilers: 1.34%
4. Lukut Processing Plan: 25.71%
5. Ipoh Processing Plant: 24.03% 

Fundamental   
1.Market: Ace Market   
2.Price: RM0.25
3.Forecast P/E: 16.03
4.ROE(Pro forma):  10.3%
5.ROE: 14.70% (FPE2025), 12.24%(FYE2024), 12.84%(FYE2023),  26.18%(FYE2022), 6.02%(FYE2021)
6.Net asset per shares: 0.20
7.Total debt to current asset: 1.55  (Debt: 156.173mil, Non-Current Asset: 143.556mil, Current asset: 100.640mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 6mths): RM310.835 mil (Eps: 0.0114), PAT: 1.46%
2024 (FYE 31Dec): RM561.065 mil (Eps: 0.0156), PAT: 1.25%
2023 (FYE 31Dec): RM535.848 mil (Eps: 0.0121), PAT: 1.20%
2022 (FYE 31Dec): RM422.624 mil (Eps: 0.0164), PAT: 1.90%
2021 (FYE 31Dec): RM261.968 mil (Eps: 0.0028), PAT: 0.59%

Major customer (FPE 2025)       
1. Segi Marine Enterprise Sdn Bhd: 15.45%
2. Customer A: 6.03%
3. Customer B: 5.53%
4. My Hero Hypermarket Sdn Bhd: 5.19%
5. Rawang Processing (M) Sdn Bhd: 3.92%
***total 36.12%

Major Sharesholders  
1. AJSB: 74% (direct)
2. HSS Global: 74% (indirect)
3. Keystone Capital: 74% (indirect)
4. Hong How Seng, Aged 48: 74% (indirect)
5. Tan Kok Cheong, Aged 50: 74% (indirect)

Directors & Key Management Remuneration for FYE2025     
(from Revenue & other income FYE2024)
Total director remuneration: RM1.932 mil
key management remuneration: RM1.0 mil – RM1.10 mil
total (max): RM3.032 mil or 4.23%

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 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.

INSIGHTS ANALYTICS 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: 07/10/2025
Close to apply: 13/10/2025
Balloting: 15/10/2025
Listing date: 27/10/2025

Share Capital       
Market cap: RM198 mil
Total Shares:  550 mil shares
1st day listing tradable shares: 148.5 mil shares

Industry CARG  
1. Expenditure project value* for water sector, Malaysia, 2021 – 2024e: 49.38%
2. Estimated project value* for water sector, Malaysia, 2021 – 2024e: 4.75%
3. Water consumption, Peninsular Malaysia, F.T. Labuan and Sarawak, 2021 – 2023: 1.9% , 4.8%
Industry competitors comparison (net profit%)
1. IAB Group: 38.2%
2. Ovarro Sdn Bhd: 2.9%
3. Xylem Water Solutions Malaysia Sdn Bhd: 6.6%
4. Cosmos Technology International Berhad: 11.4%
5. Others : losses to 0.7%

Business (FYE 2025)
Supply of water technology solutions for water management across the water utility supply chain from water treatment to distribution.
Revenue by segment
1. Water technology solution: 31.6%
2. Intelligent asset management solutions: 68.4%
Revenue by Geo
1. Malaysia: 100.0%

Fundamental   
1.Market: Ace Market
2.Price: RM0.36
3.Forecast P/E: 10.29
4.ROE(Pro forma):  24.22%
5.ROE: 48.78%(FYE2025), 34.62%(FYE2024),  30.59%(FYE2023), 21.47%(FYE2022)
6.Net asset per shares: 0.14
7.Total debt to current asset: 0.31 (Debt: 29.348mil, Non-Current Asset: 14.478mil, Current asset: 93.219mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 30Apr): RM49.639 mil (Eps: 0.0350), PAT: 38.2%
2024 (FYE 30Apr): RM31.950 mil (Eps: 0.0130), PAT: 21.6%
2023 (FYE 30Apr): RM40.617 mil (Eps: 0.0090), PAT: 11.8%
2022 (FYE 30Apr): RM29.117 mil (Eps: 0.0040), PAT: 8.0%

Order Book (LPD: 08 Dec 2025)       
1. FYE2026 : RM21.333 mil 
2. FYE2027 : RM5.104 mil
3. FYE2028-31: RM8.905 mil 

Major customer (FYE 2025)   
1. Tele Kenyalang Engineering Sdn Bhd: 10.7%
2. Winal Works Sdn Bhd: 7.7%
3. Coast: 6.0%
4. Eternal Engineering Sdn Bhd: 5.9%
5. Customer A: 5.2%
***total 35.5%
***2022-2024 : Jabatan Bekalan Air Luar Bandar Sarawak is range 46.8% to 76.4%

Major Sharesholders  
1. Wee Khiam Hui, Aged 56: 37.2% (direct)
2. Boon Joon Fook, Aged 66: 17.5% (direct), 18.3% (indirect)
3. Charlene Bong Myn Ee, Aged 34: 18.3% (direct) 

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income FYE2025)
Total director remuneration: RM0.880 mil
key management remuneration: RM0.40 mil – RM0.60 mil
total (max): RM1.48 mil or 4.99%

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 risk investment, and also come with low 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.

POWERTECHNIC 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: 06/10/2025
Close to apply: 14/10/2025
Balloting: 16/10/2025
Listing date: 28/10/2025

Share Capital    
Market cap: RM108.618 mil
Total Shares: 310.337 mil shares
1st day listing tradable shares: 87.034 mil shares

Industry CARG       
1. Sales Value of Machinery and Equipment (2022-24): 0.9% 
2. Sales Value of Lifting and Handling Equipment (2022-24): -7.4%
3. Real GDP of Construction Industry (2022-24): 11.6%
4. Value of Construction Work Completed for Building Construction (2022-24): 9.1%
Industry competitors comparison (net profit%)
1. Powertechnic Group: 15.7%
2. Powermatics: 19.9%
3. Top-Mech: 9.0%
4. Liftech Engineering: 7.2%
5. Niche Elevator S/B: 7.2%
6. Others: losses to 6.4%

Business (FPE 2025)
Provision of lifting systems and maintenance, repair and related services.
Revenue by segment
1. Lisfting system: 82.76%
2. Maintenance, repair and related services: 17.24%
Revenue by Geo
1. Malaysia: 98.75%
2. Singapore: 1.25%
Revenue by users
1. Industrial and commercial: 92.3%
2. Residential: 7.70%

Fundamental    
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 15.35  (amend 16.67)
4.ROE(Pro forma):   17.06%
5.ROE: 36.32% (FYE25), 42.97%(FYE24), 41.51%(FYE23),  10.57%(FYE22), 10.48%(FYE21)
6.Net asset per shares: 0.12
7.Total debt to current asset: 0.538  (Debt: 26.534mil, Non-Current Asset: 15.236mil, Current asset: 49.348mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2025 (FPE 30Jun, 6mths): RM22.578 mil (Eps: 0.0105), PAT: 14.37%
2024 (FYE 31Dec): RM40.006 mil (Eps: 0.0202), PAT: 15.71%
2023 (FYE 31Dec): RM30.619 mil (Eps: 0.0137), PAT: 13.84%
2022 (FYE 31Dec): RM20.215 mil (Eps: 0.0026), PAT: 3.99%
2021 (FYE 31Dec): RM16.273 mil (Eps: 0.0026), PAT: 4.91%

Order Book (LPD: 15/09/2025)    
1. FYE2025: RM28.413 mil
2. FYE2026: RM4.906 mil 
3. FYE2026: RM5.653 mil

Major customer (FPE 2025)   
1. Hong Lee Steel Engineering Sdn Bhd: 11.07%
2. Tong Seng Fabricators Sdn Bhd: 10.86%
3. China Construction Yangtze River (Malaysia) Sdn Bhd: 4.33%
4. Customer B:  4.14%
5. Kide International Sdn Bhd: 2.20%
***total 32.60%

Major Sharesholders    
1. Ivan Na Keh Chai, Aged 51: 34.88% (direct)
2. Choo Chee Yong, Aged 49: 34.88% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income FYE2024)
Total director remuneration: RM1.534 mil
key management remuneration: RM0.70 mil – RM0.85 mil
total (max): RM2.384 mil or 12.53%

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 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.