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Open to apply: 17/11/2025
Close to apply: 21/11/2025
Balloting: 28/11/2025
Listing date: 05/12/2025
Close to apply: 21/11/2025
Balloting: 28/11/2025
Listing date: 05/12/2025
Share Capital
Market cap: RM242 mil
Total Shares: 440 mil shares
1st day listing tradable shares: 128.4 mil shares
Industry CARG
1. Foundation and geotechnical industry size (Malaysia), 2022-2024: 14.15%
Industry competitors comparison (net profit%)
1. Geohan Group: 4.05%
2. Abadi Piling Sdn Bhd: 10.12%
3. Pintaras Jaya Berhad: 7.73% (PE9.2)
4. Sunway Geotechnics (M) Sdn Bhd: 6.49% (suncon PE28)
5. Econpile Holdings Berhad: -6.02% (losses)
5. Others: losses to 5.23%
Business (FPE 2025)
Provision of foundation and geotechnical services & other related services. Mainly focus on construction activities conducted below ground level, for the purpose of providing a stable foundation to uphold the load of buildings and infrastructure built above ground level
Revenue by segment
1. Foundation and geotechnical services: 92.23%
2. Other related services: 7.77%
Fundamental
1.Market: Main market
2.Price: RM0.55
3.Forecast P/E: 15.01
4.ROE(Pro forma): 9.78%
5.ROE: 14.26% (FPE2025), 12.17%(FYE2024), 13.01%(FYE2023), 7.12%(FYE2022)
6.Net asset per shares: 0.48
7.Total debt to current asset: 0.91 (Debt: 277.450mil, Non-Current Asset: 181.234mil, Current asset: 305.274mil)
8.Dividend policy: 25% PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FPE 31Jul, 7mths): RM203.518 mil (Eps: 0.0271), PAT: 5.86%
2024 (FYE 31Dec): RM395.216 mil (Eps: 0.0364), PAT: 4.05%
2023 (FYE 31Dec): RM323.834 mil (Eps: 0.0368), PAT: 4.99%
2022 (FYE 31Dec): RM207.975 mil (Eps: 0.0175), PAT: 3.71%
Order Book (LPD: 22 Oct 2025)
1. FYE2025: RM78.686 mil
2. FYE2026: RM294.612 mil
3. FYE2027: RM17.094 mil
Major customer (FPE 2025)
1. Sunway group of companies : 17.94%
2. Indo Aman Bina Sdn Bhd (subsidiary of TA Global Berhad): 11.01%
3. Mah Sing group of companies: 9.71%
4. Hartasuma Sdn Bhd: 6.42%
5. Customer B: 5.89%
***total 50.97%
Major Sharesholders
1. Rogamas: 29.01% (direct)
2. Lee Kim Seng, aged 63: 38.07% (direct), 29.01% (indirect)
3. Ir. Oh Chin Wah, aged 56: 3.44% (direct)
4. Lee Jie Min, aged 33: 0.3% (direct)
5. Lim Tsui Ning, aged 63: 67.08% (indirect)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM2.218 mil
key management remuneration: RM1.20 mil – RM1.35 mil
total (max): RM3.568 mil or 7.89%
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.