LAC MED 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: 14/11/2025
Close to apply: 25/11/2025
Balloting: 01/12/2025
Listing date: 10/12/2025

Share Capital    
Market cap: RM348 mil
Total Shares:  400 mil shares
1st day listing tradable shares: 131.073 mil shares

Industry CARG
1. Import Value of Radiographic Equipment (2020-2024): 25.0%
2. Import Value of Ultrasound Machines (2020-2024): 11.2%
3. Import Value of MRI Machines (2020-2024): 7.1%
4. Import Value of Reagents (2020-2024): 4.0%
5. Federal Government Development Expenditure on the Health Sector (2020-24) : 10.2%
6. MoH Procurement of Medical Equipment (2020-24): 40.1%
Industry competitors comparison (net profit%)
1. LAC Group: 11.1%
2. Avant-Med S/B: 17.1%
3. Medi Trump S/B: 19.2%
4. Edaptechnomed (M) S/B: 17.4%
5. U Medic Group Berhad: 17.0%
6. Others: losses to 17.5%

Business (FPE 2025)
As an authorised distributor in Malaysia, we supply third-party brands of medical devices comprising medical equipment and associated products, which include medical consumables and provision of software and system integration.
Revenue by segment
1. Supply and integration of medical devices: 76%
2. Supply of medical equipment: 15.1%
3. Supply of related products and services: 8.9%
Revenue by Geo
1. Malaysia (central region): 96.5%
2. Malaysia (Northern region): 61%
3. Southern region: 7.3%
4. East Coast: 15.6%
5. East Malaysia: 3.5%
Product lifespan
1. Fluoroscopy machine: 7-10 years
2. MRI machine: 10-12 years
3. CT scanner: 8-10 years
4. X-ray tube life: 2-5 years
5. Cardiovascular Ultrasound Equipment: 7-10 years
6. Digital radiography machines: 10-12 years

Fundamental   
1.Market: Main Market
2.Price: RM0.75 (will follow final institutional price)
3.Forecast P/E: 15
4.ROE(Pro forma): 18.63%
5.ROE:  37.40% (FPE2025), 42.57%(FYE2024),  52.03%(FYE2023), 52.00%(FYE2022)
6.Net asset per shares: nil
7.Total debt to current asset: 0.35 (Debt: 54.4497mil, Non-Current Asset: 6.694mil, Current asset: 153.664 mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 30Jun, 6mths): RM94.955 mil (Eps: 0.0250), PAT: 10.6%
2024 (FYE 31Dec): RM183.216 mil (Eps: 0.0510), PAT: 11.1%
2023 (FYE 31Dec): RM150.347 mil (Eps: 0.0520), PAT: 13.8%
2022 (FYE 31Dec): RM106.644 mil (Eps: 0.0330), PAT: 12.3%

Order Book (LPD : 15 Oct 2025)     

1. LPD: RM184.6 mil

Major customer (FPE 2025)     
1. Advance Altimas Sdn Bhd: 22.2%
2. Customer C: 14.7%
3. Customer D: 14.6%
4. Sunway Healthcare Group: 9.8%
5. Asia Onehealthcare Sdn Bhd: 6.8%
***total 68.10%

Major Sharesholders    
1. Liew Yoon Poh, Aged 45 : 20.9% (direct)
2. Liew Yoon Kit, Aged 48 : 16.4% (direct)
3. Giam Teck Eng, Aged 48: 16.4% (direct)
4. Chan Yue Mun, Aged 61: 18.6% (direct)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income 2024)
Total director remuneration: RM0.815 mil
key management remuneration: RM2.05 mil – RM2.30 mil
total (max): RM3.115 mil or 6.85%

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.