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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.
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Open to apply: 13/11/2025
Close to apply: 19/11/2025
Balloting: 26/11/2025
Listing date: 08/12/2025
Share Capital
Market cap: RM338.8 mil
Total Shares: 1.540 bil shares
1st day listing tradable shares: 508.3333 mil shares
Industry CARG
1. Sales value of the distributive trade industry (2022-24): 6.2%
2. Sales value of the distributive trade of construction materials - Retail (2018-22): 8.0%
3. Sales value of the distributive trade of construction materials - Wholesales (2018-22): 3.1%
4. Domestic consumption* volume of ceramic tiles (2021-23): -0.8%
5. Export volume of ceramic tiles (2022-24): 10.4%
Industry competitors comparison (net profit%)
1. BMS Holdings Group: 6.7%
2. Malaysia Mosaics S/B: 23.3%
3. GNG Distributors S/B: 6.2%
4. Super Ceramic Tiles & Design S/B: 4.8%
5. KimHin : -9.1%
6. White horse bhd: -2.5%
5. Others: Losses to 4.5%
Business (FYE 2025)
Retailing, wholesaling and project sales of tiles and stone surfaces.
Revenue by segment
Retail: 57.79%
Wholesales: 16.29%
Project: 23.92%
Revenue by brands
1. Own brands: 75.05%
2. Third-party and other brands: 24.95%
Revenue by Geo
1. Johor : 67.73%
2. Selangor: 15.11%
3. Kuala Lumpur: 8.73%
4. Sarawak : 4.81%
5. Negeri Sembilan: 3.62%
Fundamental
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 15.83
4.ROE(Pro forma): 8.15%
5.ROE: 11.34%(FYE2025), 11.94%(FYE2024), 8.37%(FYE2023), 6.26%(FYE2022)
6.Net asset per shares: 0.1711
7.Total debt to current asset: 0.61 (Debt: 146.788mil, Non-Current Asset: 170.219mil, Current asset: 239.987mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FYE 30June): RM320.181 mil (Eps: 0.0139), PAT: 6.71%
2024 (FYE 30June): RM293.922 mil (Eps: 0.0138), PAT: 7.22%
2023 (FYE 30June): RM255.050 mil (Eps: 0.0093), PAT: 5.60%
2022 (FYE 30June): RM207.887 mil (Eps: 0.0067), PAT: 4.97%
Major customer (FYE 2025)
1. KSL Group: 2.69%
2. Unijoh Development Sdn Bhd: 1.77%
3. Haily Construction Sdn Bhd: 1.56%
4. Platinum Victory Marketing Sdn Bhd: 1.30%
5. Sen Soon Tiling Enterprise: 1.24%
***total 8.56%
Major Sharesholders
1. Ang Kwee Peng, Aged 64: 30.82% (indirect)
2. Lee Kok Chuan, Aged 70: 17.63% (direct), 12.78% (indirect)
3. A&F Asset: 30.69% (direct)
4. Aw Yook Moi, Aged 70: 3.09% (direct), 27.32% (indirect)
5. Yu Bee Chew, Aged 61: 30.82% (direct)
6. Lee Kong Siong, Aged 43: 3.22% (direct), 0.01% (indirect)
7. Ang Wei Liang, Aged 35: 0.13% (direct), 0.01% (indirect)
Directors & Key Management Remuneration for FYE2026
(from Revenue & other income FYE2025)
Total director remuneration: RM8.205 mil
key management remuneration: RM3.8 mil – RM4.1 mil
total (max): RM12.305 mil or 10.94%
Use of funds
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.