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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: 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.
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.