AQUAWALK GROUP BERHAD

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Open to apply: 30/10/2025
Close to apply: 07/11/2025
Balloting: 11/11/2025
Listing date: 19/11/2025

Share Capital    
Market cap: RM571.33 mil
Total Shares:  1.843 bil shares
1st day listing tradable shares: 914.643 mil shares

Industry CARG
1. Market Size of the Zoological Parks, Museums and Other Amusement and Cultural Activities in Malaysia:
(i) 2019- 2024: 0.3%
(ii) 2024-2029f: 9.7%
2. Market Size of the Aquariums in Malaysia, 2019–2024 : 4.2% 
3. International Visitors Spending, Malaysia:
(i) 2019- 2024: 3.5%
(ii) 2024-2029f: 5.2%
4 Consumer Spending Per Capita on Recreation and Culture, Thailand:
(i) 2019- 2024: -0.6%
(ii) 2024-2029f: 3.7%
5. International Visitors Spending, Thailand:
(i) 2019- 2024: -2.6%
(ii) 2024-2029f: 7.5%
Industry competitors comparison (net profit%)
- Insufficient data for financial comparison on same industry players. 

Business (FPE 2025)  
Operations and development own aquaria, and design, development and maintenance of new or third-party aquaria.
Revenue by segment
1. Ticketing sales: 82.6%
2. Retail sales: 15.0%
3. Miscellaneous sales: 2.2%
4. Design and build: 0.2%
Revenue by Geo
1. Malaysia: 74.6%
2. Thailand: 25.4%

Fundamental   
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 15.66
4.ROE(Pro forma): 14.71%  
5.ROE: 41.06%(FYE2024), 26.35%(FYE2023),  25.98%(FYE2022), losses (FYE2021)
6.Net asset per shares: 0.12
7.Total debt to current asset: 0.84 (Debt: 128.665mil, Non-Current Asset: 189.911 mil, Current asset: 152.603mil)
8.Dividend policy:  PAT 30% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FPE 30Jun, 6 mths): RM51.894 mil (Eps: 0.00853), PAT: 30.3%
2024 (FYE 31Dec): RM104.299 mil (Eps: 0.0198), PAT: 34.9%
2023 (FYE 31Dec): RM95.812 mil (Eps: 0.0183), PAT: 34.1%
2022 (FYE 31Dec): RM71.898 mil (Eps: 0.0126), PAT: 33.6%
2021 (FYE 31Dec): RM24.746 mil (Eps: -0.0140), PAT: -93.4%

Major customer (FPE2025)    
1. Klook group of companies: 11.7%
2. GlobalTix Pte Ltd: 6.2%
3. Kkday Services Malaysia Sdn Bhd: 2.7%
4. Ctrip International Travel Malaysia Sdn Bhd: 2.0%
5. Pegas Select (Thailand) Co. Ltd: 1.6%
***total 24.2%

Major Sharesholders  
1. Dato’ Simon (Dato’ Foong Choong Heng), Aged 71: 50.3% (indirect)
2. Feliz Natur Sdn Bhd: 5.3% (direct), 41.2% (indirect)
3. Vestmap: 41.2% (direct)
4. Versatrad Agencies: 3.8% (direct)
5. Aquawalk Holdings Limited: 5.2% (direct)
6. Anna Marie O’Boyle: 5.2% (indirect) 
7. Datin Mina (Datin Cheah Kim Choo), Aged 65: 50.3% (indirect)
8. Daryl Foong Chuen Hoe, Aged 39: <0.1% (direct)

Directors & Key Management Remuneration for FYE2025    
(from Revenue & other income FYE2024)
Total director remuneration: RM3.012 mil
key management remuneration: RM1.1 mil – RM1.2 mil
total (max): RM4.212 mil or 7.09%

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 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.

PMW INTERNATIONAL BERHAD

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Open to apply: 28/10/2025
Close to apply: 06/11/2025
Balloting: 10/11/2025
Listing date: 18/11/2025

Share Capital 
Market cap: RM303.297 mil
Total Shares: 892.0518 mil shares
1st day listing tradable shares: 267.616 mil shares

Industry CARG  
1. Production Volume of Concrete Piles, Poles, and Posts in Malaysia (2022-24): -5.8%
2. Sales Value of Concrete Piles, Poles, and Posts (2022-24): 7.3%
3. Sales Value of Prestressed Spun Concrete Poles (2022-24): 10.3%
Industry competitors comparison (net profit%)
1. PMW Group: 10.5% 
2. Sunway Spun Pile (M) S/B: 22.4%
3. Industrial Concrete: 10.3%
4. SCIB Concrete: 9.0%
5. Binaan Desjaya S/B: 8.6%
6. Others: Losses to 6.7%

Business (FPE 2025)     
Trading of construction materials, spun poles and piles, and other concrete products; manufacturing of spun poles and piles; moulds, machinery, and metal products; and rental of moulds and machinery
Revenue by segment
1. Trading: 71.60%
2. Manufacturing: 23.01%
3. Rental of moulds and machinery: 5.39%
Revenue by Geo
1. Malaysia: 93.99%
2. Other countries: 6.01%

Fundamental   
1.Market: Ace Market
2.Price: RM0.34 
3.Forecast P/E: 19
4.ROE(Pro forma): 5.75%
5.ROE: 20.13%(FYE2024), 19.95%(FYE2023),  14.03%(FYE2022), 11.96%(FYE2021)
6.Net asset per shares: 0.18
7.Total debt to current asset: 0.50 (Debt: 89.289mil, Non-Current Asset: 73.646mil, Current asset: 177.310mil)
8.Dividend policy:  Didn’t have formal dividend policy.
9. Shariah status:  Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2025 (FPE 31May,5mths): RM78.770 mil (Eps: 0.0069), PAT: 8.85%
2024 (FPE 31Dec): RM165.337 mil (Eps: 0.0179), PAT: 10.55%
2023 (FYE 31Dec): RM134.869 mil (Eps: 0.0160), PAT: 11.51%
2022 (FYE 31Dec): RM85.235 mil (Eps: 0.0098),PAT: 11.71%
2021 (FYE 31Dec): RM75.826 mil (Eps: 0.0093),PAT: 11.02%

Order Book (LPD: 30/09/2025)    
1. FYE 2025: RM28.36 mil
2. FYE 2026: RM66.79 mil
3. FYE 2027: RM39.72 mil

Major customer (FPE 2025)  
1. Winabumi : 30.56%
2. PMW Concrete: 10.54%
3. Customer H: 5.13%
4. Customer I: 4.14%
5. Customer G: 3.00%
***total 53.37%

Major Sharesholders 
1. Lee Hon Hwa, aged 48: 62.58% (indirect)
2. Lee Khim Hwa, aged 53: 62.58% (indirect)
3. Lee Siew Yoke, aged 54: 62.58% (indirect)
4. Richard Lee, aged 72: 7.5% (indirect)
5. Lee United Holding: 62.58% (direct)
6. JR Silverline : 7.42% (direct)
7. Datuk Brian Lee Cherng Jey, aged 43: 0.08% (direct), 7.42% (indirect)
8. Desmond Lee Cherng En : 7.50% (indirect)
9. Lee Cherng Jer: 7.50% (indirect)

Directors & Key Management Remuneration for FYE2025   
(from Revenue & other income FYE 2024)
Total director remuneration: RM1.370 mil
key management remuneration: RM0.80 mil – RM1.00 mil
total (max): RM2.370 mil or 8.42%

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.

FARMIERA BERHAD

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Open to apply: 21/10/2025
Close to apply: 30/10/2025
Balloting: 03/11/2025
Listing date: 12/11/2025

Share Capital    
Market cap: RM112.50 mil
Total Shares:  450 mil shares
1st day listing tradable shares: 117 mil shares 

Industry CARG     
1. Production of Chicken Meat, 2018 – 2023: -0.29%
2. Export of Chicken Meat, 2018 – 2023: -6.7%
3. Import of Chicken Meat, 2018 – 2023: 27.26%

Industry competitors comparison (net profit%)
1. Farmiera: 1.2%
2. Kee Song Agriculture (M) Sdn Bhd: 11.1%
3. PWF Corporation Berhad: 5.6%
4. Leong Hup International Berhad: 6.8%
5. CAB Cakaran Corporation Berhad: 4.1%
6. Others: losses to 2.7%

Business (FPE 2025)    
Poultry farming and poultry processing activities.
Revenue by segment
1. Self-operated farms: 15.71%
2. Contract farms: 33.21%
3. Trading of live broilers: 1.34%
4. Lukut Processing Plan: 25.71%
5. Ipoh Processing Plant: 24.03% 

Fundamental   
1.Market: Ace Market   
2.Price: RM0.25
3.Forecast P/E: 16.03
4.ROE(Pro forma):  10.3%
5.ROE: 14.70% (FPE2025), 12.24%(FYE2024), 12.84%(FYE2023),  26.18%(FYE2022), 6.02%(FYE2021)
6.Net asset per shares: 0.20
7.Total debt to current asset: 1.55  (Debt: 156.173mil, Non-Current Asset: 143.556mil, Current asset: 100.640mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 6mths): RM310.835 mil (Eps: 0.0114), PAT: 1.46%
2024 (FYE 31Dec): RM561.065 mil (Eps: 0.0156), PAT: 1.25%
2023 (FYE 31Dec): RM535.848 mil (Eps: 0.0121), PAT: 1.20%
2022 (FYE 31Dec): RM422.624 mil (Eps: 0.0164), PAT: 1.90%
2021 (FYE 31Dec): RM261.968 mil (Eps: 0.0028), PAT: 0.59%

Major customer (FPE 2025)       
1. Segi Marine Enterprise Sdn Bhd: 15.45%
2. Customer A: 6.03%
3. Customer B: 5.53%
4. My Hero Hypermarket Sdn Bhd: 5.19%
5. Rawang Processing (M) Sdn Bhd: 3.92%
***total 36.12%

Major Sharesholders  
1. AJSB: 74% (direct)
2. HSS Global: 74% (indirect)
3. Keystone Capital: 74% (indirect)
4. Hong How Seng, Aged 48: 74% (indirect)
5. Tan Kok Cheong, Aged 50: 74% (indirect)

Directors & Key Management Remuneration for FYE2025     
(from Revenue & other income FYE2024)
Total director remuneration: RM1.932 mil
key management remuneration: RM1.0 mil – RM1.10 mil
total (max): RM3.032 mil or 4.23%

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 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.

INSIGHTS ANALYTICS BERHAD

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Open to apply: 07/10/2025
Close to apply: 13/10/2025
Balloting: 15/10/2025
Listing date: 27/10/2025

Share Capital       
Market cap: RM198 mil
Total Shares:  550 mil shares
1st day listing tradable shares: 148.5 mil shares

Industry CARG  
1. Expenditure project value* for water sector, Malaysia, 2021 – 2024e: 49.38%
2. Estimated project value* for water sector, Malaysia, 2021 – 2024e: 4.75%
3. Water consumption, Peninsular Malaysia, F.T. Labuan and Sarawak, 2021 – 2023: 1.9% , 4.8%
Industry competitors comparison (net profit%)
1. IAB Group: 38.2%
2. Ovarro Sdn Bhd: 2.9%
3. Xylem Water Solutions Malaysia Sdn Bhd: 6.6%
4. Cosmos Technology International Berhad: 11.4%
5. Others : losses to 0.7%

Business (FYE 2025)
Supply of water technology solutions for water management across the water utility supply chain from water treatment to distribution.
Revenue by segment
1. Water technology solution: 31.6%
2. Intelligent asset management solutions: 68.4%
Revenue by Geo
1. Malaysia: 100.0%

Fundamental   
1.Market: Ace Market
2.Price: RM0.36
3.Forecast P/E: 10.29
4.ROE(Pro forma):  24.22%
5.ROE: 48.78%(FYE2025), 34.62%(FYE2024),  30.59%(FYE2023), 21.47%(FYE2022)
6.Net asset per shares: 0.14
7.Total debt to current asset: 0.31 (Debt: 29.348mil, Non-Current Asset: 14.478mil, Current asset: 93.219mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 30Apr): RM49.639 mil (Eps: 0.0350), PAT: 38.2%
2024 (FYE 30Apr): RM31.950 mil (Eps: 0.0130), PAT: 21.6%
2023 (FYE 30Apr): RM40.617 mil (Eps: 0.0090), PAT: 11.8%
2022 (FYE 30Apr): RM29.117 mil (Eps: 0.0040), PAT: 8.0%

Order Book (LPD: 08 Dec 2025)       
1. FYE2026 : RM21.333 mil 
2. FYE2027 : RM5.104 mil
3. FYE2028-31: RM8.905 mil 

Major customer (FYE 2025)   
1. Tele Kenyalang Engineering Sdn Bhd: 10.7%
2. Winal Works Sdn Bhd: 7.7%
3. Coast: 6.0%
4. Eternal Engineering Sdn Bhd: 5.9%
5. Customer A: 5.2%
***total 35.5%
***2022-2024 : Jabatan Bekalan Air Luar Bandar Sarawak is range 46.8% to 76.4%

Major Sharesholders  
1. Wee Khiam Hui, Aged 56: 37.2% (direct)
2. Boon Joon Fook, Aged 66: 17.5% (direct), 18.3% (indirect)
3. Charlene Bong Myn Ee, Aged 34: 18.3% (direct) 

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income FYE2025)
Total director remuneration: RM0.880 mil
key management remuneration: RM0.40 mil – RM0.60 mil
total (max): RM1.48 mil or 4.99%

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 low 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.

POWERTECHNIC GROUP BERHAD

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Open to apply: 06/10/2025
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

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%

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: 15.35  (amend 16.67)
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.

VERDANT SOLAR HOLDINGS BERHAD

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Open to apply: 29/09/2025
Close to apply: 07/10/2025
Balloting: 09/10/2025
Listing date: 22/10/2025

Share Capital    
Market cap: RM253.462 mil
Total Shares:  817.618 mil shares
1st day listing tradable shares: 275.789 mil shares 

Industry CARG
1. Installed capacity for solar PV systems in Malaysia (2019-2024): 20.9%
2. Solar PV EPCC services for residential new built solar PV installations in Malaysia (2021-24):  
Industry competitors comparison (net profit%)
1. Verdant Solar: 15.4%
2. Northern Solar Holdings Berhad: 13.4%
3. Pekat Solar Sdn Bhd: 0.5%
4. Samaiden Sdn Bhd: 6.2%
5. Solarvest Energy Sdn Bhd: 8.7%
6. Others : 0.1% to 14.3%

Business (FYE 2025)
Involved in the provision of EPCC services for solar PV systems, O&M services for solar PV systems and trading of solar products. 
Revenue by Segment
1. EPCC Residential: 95.45%
2. EPCC Commercial and industrial: 3.57%
3. O&M services for solar PV systems: 0.4%
4. Trading of solar products: 0.58%

Fundamental   
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 29 (impose 50% discount 2025 EPS for valuation, more info refer SWOT table)
4.ROE(Pro forma):  30%
5.ROE: 78.4%(FYE2025), 75.3%(FYE2024),  44.69%(FYE2023), 48.9%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.69 (Debt: 28.849mil, Non-Current Asset: 8.842mil, Current asset: 41.94mil)
8.Dividend policy:  didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2025 (FYE 30 Jun): RM111.426 mil (Eps: 0.0210), PAT: 15.44%
2024 (FYE 30 Jun): RM56.276 mil (Eps: 0.0081),PAT: 11.81%
2023 (FYE 30 Jun): RM26.644 mil (Eps: 0.0015),PAT: 4.52%
2022 (FYE 30 Jun):  RM14.701 mil (Eps: 0.0010),PAT: 5.63%

Order Book (LPD : 02/09/2025)    
1. LPD: RM31.131 mil

Major customer  
Didn’t single large major customer that contribute more then 10% of revenue. 

Major Sharesholders 

1. Lim Tzer Haur, aged 40: 53.02% (Direct) 
2. Ng Kei Mynn, aged 38: 13.25% (Direct)
3. Ong Hsiao Loong, aged 43: 7.36% (Direct)

Directors & Key Management Remuneration for FYE2026  
(from Revenue & other income 2025)
Total director remuneration: RM1.469 mil
key management remuneration: RM0.45 mil – RM0.6 mil
total (max): RM2.069 mil or 4.82%

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 middle to high 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.

THMY HOLDINGS BERHAD

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Open to apply: 29/09/2025
Close to apply: 09/10/2025
Balloting: 13/10/2025
Listing date: 23/10/2025

Share Capital    
Market cap: RM275.28 mil
Total Shares:  888 mil shares
1st day listing tradable shares: 243.869 mil shares

Industry CARG  
1. Automated test solutions industry, Global, 2022 – 2024: 3.78%
2. Automated test solutions industry, Malaysia, 2022 – 2024: 18.85%
3. Global E&E industry, 2022 – 2024: 2.55%
4. E&E industry size, Malaysia, 2022 – 2024: 4.53%
5. PCB industry size, Malaysia, 2022 – 2024: 3.73%
6. Global generative AI revenue, 2022 – 2024: 86%
Industry competitors comparison (net profit%)
1. THMY: 21.86%
2. AIMFLEX Berhad: 11.29%
3. Circuit Check Asia Sdn Bhd: 7.07%
4. Vitrox: 16.38%
5. Penta: 10.47%
6. Others :  losses to 8.04%

Business (FPE 2025)  
Provision of automated test solutions for E&E products, with end-use in various industries. 
Revenue by segment 
1. ICT Solution: 86.06%
2. FCT Solution: 8.38%
3. Maintenance and repair services: 5.56%
Revenue by customer type
1. EMS32.58%
2. OEM (industrial): 37.29%
3. OEM (Technology, media and telecommunications): 29.26%
4. OEM (Semiconductor): 0.87%

Revenue by geo
1. Local: 27.41%
2. Thailand: 34.21%
3. USA: 22.20%
4. Singapore: 5.51%
5. Taiwan: 5.31%
6. Others: 5.36%

Fundamental    
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 27.43
4.ROE(Pro forma):  17.02%
5.ROE: 56.09%(FYE2025), 52.88%(FYE2024),  30.92%(FYE2023), 17.22%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.836  (Debt: 28.271mil, Non-Current Asset: 25.708mil, Current asset: 61.573mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2025 (FYE 31Mar): RM45.929 mil (Eps: 0.0113), PAT: 21.86%
2024 (FYE 31Mar): RM31.228 mil (Eps: 0.0076), PAT: 21.62%
2023 (FYE 31Mar): RM32.501 mil (Eps: 0.0039), PAT: 10.57%
2022 (FYE 31Mar): RM25.768 mil (Eps: 0.0015), PAT: 5.13%

Major customer (FYE 2025) 
1. Test Solution Co.Ltd: 16.79%
2. Customer A: 11.25%
3. Customer G: 9.85%
4. Customer I: 7.05%
5. Customer H: 6.52%
***total 51.46%

Major Sharesholders   
1. Ooi Can Nix, Aged 49: 68.93%

Directors & Key Management Remuneration for FYE2026
(from Revenue & other income 2025)
Total director remuneration: RM1.266 mil
key management remuneration: RM1.05 mil – RM1.25 mil
total (max): RM2.516 mil or 13.28%

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 high 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.