POLYMER LINK HOLDINGS 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: 04/11/2025 
Close to apply: 11/11/2025
Balloting: 13/11/2025
Listing date:  25/11/2025

Share Capital   
Market cap: RM mil
Total Shares: 560 mil shares
1st day listing tradable shares: 162.56 mil shares

Industry CARG    

Industry competitors comparison (net profit%)
1. Polymer Link Group: 10.3%
2. D&L Polymer & Colours, Inc: 25.5%
3. Rapid Engineering Co. Pvt Ltd: 15.1%
4. Phychem Technologies Pvt Ltd: 3.6%
5. Diversys Spectrum Products, Inc: 2.7%
6. Others: losses to 2.0%

Business (FPE 2025)  
Manufacturing of plastic powder for general and specialty applications. 
Revenue by segment
1. Manufacturing plastic powder for general applications: 66.7%
2. Manufacturing plastic powder for specialty applications: 30.1%
3. Manufacturing masterbatch: 2.5%
4. Others: 0.7%
Revenue by Geo
1. Philippines: 44.2%
2. India: 25.0%
3. Australia: 14.5%
4. Malaysia: 6.5%
5. Other markets: 9.8%

Fundamental  
1.Market: Ace Market
2.Price: RM0.25 
3.Forecast P/E: 15.625
4.ROE(Pro forma):  13.97%
5.ROE: 17.35%(FYE2024),  21.77%(FYE2023), 26.69%(FYE2022)
6.Net asset per shares: 0.16
7.Total debt to current asset: 0.69  (Debt: 66.069mil, Non-Current Asset: 73.833mil, Current asset: 95.692mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2025 (FPE 30Jun, 9mths): RM106.626 mil (Eps: 0.0120), PAT: 8.4%
2024 (FYE 30Sep): RM145.360 mil (Eps: 0.0200), PAT: 10.3%
2023 (FYE 30Sep): RM132.844 mil (Eps: 0.0160), PAT: 10.2%
2022 (FYE 30sep): RM151.356 mil (Eps: 0.0260), PAT: 11.5%

Major customer (FPE2025)     
1. Outback Philippines: 41.1%
2. OK Play Group: 13.5%
3. Simplast India Pvt Ltd: 5.3%
4. Tankpool Pty Ltd: 4.5%
5. DuluxGroup (PBG) Pte. Ltd.: 3.3%
***total 67.7%

Major Sharesholders   
1. Koh Song Heng, aged 68: 24.3% (indirect)
2. Teoh Lee Tean, aged 69: 6.8% (direct)
3. Koh Tat Chuan, aged 42: 8.6% (direct)
4. Koh Tat Wei, aged 38: 8.9% (direct)
5. Argel Joseph Baculo, aged 42: 11.7% (direct) 
6. Geeslin Montemayor Adarlo, aged 39: 11.7% (direct)
7. Dr Paul James Nugent, aged 61: 23.3% (direct)

Directors & Key Management Remuneration for FYE2026   
(from Revenue & other income 2024)
Total director remuneration: RM1.237 mil
key management remuneration: RM2.7 mil – RM2.858 mil
total (max): RM4.063 mil or 10.2%

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.