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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
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
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%
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:
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.
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.