Samaiden Group Berhad

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Open to apply: 29/09/2020
Close to apply: 05/10/2020
Listing date: 15/10/2020

Share Capital
Market Cap: RM100.8 mil
Total Shares: 210mil shares (Public apply: 10.5mil, Company Insider/Miti/Private Placement/other: 50.655mil)

Industry
Renewable Energy (Solar & Biogas)
-Renewable Energy demand rising globally
-Solar panel cost getting cheaper & getting more commons (costing effectiveness)

Competitor (net Profit Margin%)
Scatec Solar: 36.6%
Solarvest: 9.9% (PE39.18)
Samaiden: 9.5%
Panasonic Life Solutions: 2.1%
El Power: 6.4%

Business
Existing: Enginneering, procurement, construction & commisonning services for Solar PV system. 
Futures: Own operate Biogas Plant (Bachok, Kelantan) & PV Power Plant (Sungai Petani, Kedah).
Market: Malaysia (Mainly), Vietnam (futures expend)

Fundamental
Market: Ace Market
Price: RM0.48 (EPS:0.0345)
P/E: PE13.91
ROE (Pro Forma III): 17.01
ROE: 49.23 (2020), 101.01 (2019), 65.93 (2018), 90.27 (2017)
Cash & fixed deposit after IPO: RM0.165 per shares
NA after IPO: RM0.20
Total debt to current asset after IPO: 0.299 (Debt: 17.355mil, Non-Current Asset: 1.539mil, Current asset: 58.116mil)
Dividend policy: No fix dividend policy.

Past Financial Performance (Revenue, EPS)
2020: RM76.170 mil (EPS: 0.0345)
2019: RM68.301 mil (EPS: 0.0356)
2018: RM31.322 mil (EPS: 0.0153)
2017: RM6.530 mil (EPS: 0.0065)

Net Profit Margin
2020: 9.49%
2019: 10.95%
2018: 10.26%
2017: 20.89%

After IPO Sharesholding
Dato' Dr.Nadzri Bin Yahaya: 0.41% 
Ir.Chow Pui Hee: 35.57%
Fong Yeng Foon: 35.31%
Lim Poh Seong: 0.14%
Olivia Lim: 0.14%

Directors Remuneration for FYE2021 (from gross profit 2020)
Dato' Dr.Nadzri Bin Yahaya: RM62k

Ir.Chow Pui Hee: RM574k
Fong Yeng Foon: RM492k
Lim Poh Seong: RM50k
Olivia Lim: RM38k
Total director remuneration from PBT: RM1.216mil or 10.43%

Key Management Remuneration  for FYE2021 (from gross profit 2020)
Susie Chung Kim Lan: RM150k-200k
Mohd Makhzumi bin Ghazali: RM100k-150k
Ir.Kang Ching Yew: RM100k-150k
key management remuneration from PBT: RM350k-500k or 0.3%

Use of fund
Purchase of Corporate Office: 23.85%
Business expansion and marketing activities: 8.65%
Capital expenditure: 3.98%
Working capital: 52.62%
Listing Expenses: 10.90%

Good thing is:
1. Renewable Energy is in sunrise industry & demand is rising globally. 
2. Cost of solar panel is getting cheaper compare past few years (lower cost of purchase)
3. PE13 is at acceptable fair value.
4. Revenue growing for past 4 years.
5. IPO use for expand business. (futures will have recurring income on own operate plant in Kedah & Kelantan).

The bad things:
1. High competitor environment as entry of business is not high.
2. No fixed dividend policy.
3. Director remuration is 10.43% from 2020 gross profit. 
4. Listing is in Ace Market.
5. Net profit is around 10%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
Riding on the right trend of business grow is benefited the company. We will see growth of the business.
 
*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.

Optimax Holdings Berhad

IPO Rating (2.0 /5.0 Stars)
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Open to apply: 15/07/2020
Close to apply: 04/08/2020
Listing date: 18/08/2020

Share Capital
Market Cap: RM46.944 mil
Total Shares: 270mil shares (Public apply: 13.5mil, Company Insider/Miti/Private Placement/other: 56.5mil)

Industry
Healthcare Industry - Eye Specialist

Competitor (Net Profit Margin)
Optimax (this IPO): 13.90%
Topvision Eye Specialist Bhd: 6.99%
ISEC healthcare Ltd: 16.88%

Business
Eye specialist services (13 specialist centres in M'sia)

Fundamental
Market: Ace Market
Price: RM0.30 (EPS:0.029)
P/E: PE10.34
ROE: 20.18 (IPO pro Forma III)
ROE:  20.18(2019), 12.34(2018), 44.58(2017), 28.84(2016)
Cash & fixed deposit after IPO: RM0.0477 per shares
NA after IPO: RM0.16
Total debt to current asset after IPO: 1.87 (Debt:35.327mil, Non-Current Asset: 59.766mil, Current asset: 18.854mil)
Dividend policy: No fix dividend policy.

Past Financial Performance (Revenue, EPS)
2019: RM62.619 mil (EPS: 0.0290)
2018: RM49.234 mil (EPS: 0.0165)
2017: RM36.015 mil (EPS: 0.0274)
2016: RM29.962 mil (EPS: 0.0120)

Net Profit Margin
2019: 13.96%
2018: 10.09%
2017: 20.49%
2016: 10.46%

After IPO Sharesholding
Dato' Tan Boon Hock: 31.8%
Sandy Tan: 0.38%
Michelle Tan: 0.38%
Dr.Stephen Chung: 5.69%
Dr.Chung Kay Leong: 3.73%

Directors Remuneration for FYE2021 (from gross profit 2019)
Tan Sri Datuk Dr.Ir. Ahmad Tajuddin bin Ali: RM120k
Dato' Tan Boon Hock: RM60k
Yap Ping Hong: RM66K
Yap Eng Gee: RM60K
Total director remuneration from PBT: RM0.306mil or 2.43%

Key Management Remuneration  for FYE2021 (from gross profit 2019)
Sandy Tan: RM550k-600k
Michelle Tan: RM250k-300k
Dr.Stephen Chung: RM400k-450k
Dr.Chuah Kay Leong: RM1.050-1.10mil
Dr.Lam Hee Hong: RM650k-700k
Pang Woei Yaw: RM50k-100k
Ang Chian Yen: RM100k-150k
key management remuneration from PBT: RM3.4 mil or 27%

Use of fund
Capital Expenditure: 49.31%
Repayment borrowing: 16.76%
Working Capital: 16.79%
Listing Expenses: 17.14%

Good thing is:
1. PE10.34 consider fair price.
2. ROE is above 20%
3. Over past 4 years, revenue increasing, & net profit margin above 10%.
4. Healthcare industry will continue to sustain as long as there is needs for the services.

The bad things:
1. Sandy Tan (CEO) appointed on board at Dec 2019 (Time too short for varify management quality).
2. In term of Market size, is not the biggest.
3. 16.76% IPO fund use to pay debt.
4. 49.31% capital expenditure use to upgrade Seremban clinic into ambulatory center (add 1 ambulatory to become 12 ambulatory in M'sia, growth impart might not very big).

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
The industry itself will continue grow as eye disease should be increase (Human daily activity on phone,PC).
Unable to verify the potential of business expand as unable to verify management quality & futures direction.

*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.

TCS Group Holdings Berhad

IPO Rating (1.75/5.0 Stars)
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Date
Open to apply: 29/06/2020
Close to apply: 10/07/2020
Listing date: 23/07/2020

Share Capital
Market Cap: RM46.944 mil
Total Shares:  mil shares (Public apply:10.8 mil, Company Insider/Miti/Private Placement/other: 97.2mil)

Industry
Property & construction segment have been in slow growth phase in Malaysia for this few years. However it still cannot category as sunset industry. I will be in temporary sleeping mode for industry growth.
**CAGR posted in Prospectus book using forecase 2019-2024, we decided do not take this as reference as it did not reflect true CAGR 5 year average of previous year result.

Competitor (Profit before tax margin)
TCS: 6.1% (PE5.75)
Gagasan: 15.2% (PE9.31)
GDB: 11.7% (PE12.92)
Inta Bina: 7.2% (PE5.9)

Business
Construction services for buildings, infrastructure, civil and structural works in Malaysia.

Fundamental
Market: Ace Market
Price: RM0.23 (EPS:0.04)
P/E: PE5.75
ROE: 26.5 (IPO pro Forma III)
ROE:  26.5 (2019),  16.6 (2018), 10.5(2017), 8.6 (2016)
Cash & fixed deposit after IPO: RM0.0899 per shares
NA after IPO: RM0.16
Total debt to current asset after IPO: 0.86 (Debt:119.484 mil, Non-Current Asset: 39.607mil, Current asset: 138.962mil)
Dividend policy: No fix dividend policy.

Past Financial Performance (Revenue, EPS)
2019: RM358.424 mil (EPS: 0.0435)
2018: RM146.266 mil (EPS: 0.0269)
2017: RM71.718 mil (EPS: 0.0172)
2016: RM103.628 mil (EPS: 0.0141)

Net Profit Margin
2019: 4.37%
2018: 6.71%
2017: 8.63%
2016: 4.91%

After IPO Sharesholding
Dato' Ir Tee Chai Seng: 59.07%
Datin Koh Ah Nee: 10.42%

Directors Remuneration for FYE2021 (from gross profit 2019)
Dato' Ir Tee Chai Seng: RM1.004 mil
Datin Koh Ah Nee: RM367k
Tan Sri Dato' Sri Izzuddin bin Dali: RM75k
Dato' Seri Ir Mohamad Othman Bin Zainal Azim: RM63k
Ooi Guan Hoe: RM63k
Total director remuneration from gross profit: RM1.572 mil or 4.17%

Key Management Remuration  for FYE2021 (from gross profit 2019)
Ooi Kee An: RM200k-250k
Yap Choo Cheng: RM200k-250k
Liew Kok Yoong:  RM100k-150k
Ho Chee Woei: RM150k-200k
Koo Yoke Ping: RM50k-100k
Ng Lee Foong: RM50k-100k
key management remuneration from gross profit: RM1.05 mil or 2.78%

Use of fund
Purchase of new construction machinery and equipment: 62.80%
Working capital: 20.29%
Listing Expenses: 16.91%

Good thing is:
1. Low PE, ROE26.5
2. ROE increase over pass few years.
3. Use 83.09% IPO fund to expand business.
4. Revenue have growth for pass 4 year.
5. Low interest environment will encourage property industry.

The bad things:
1. Compare to other competitor, profit margin not high & net profit margin less than 10%.
2. Direcrtor fee have a bit expensive.
3. Listing Expenses is expensive.
4. Unable to know the true industry CAGR for past 5 years.
5. No fixed dividend policy.

Conclusions (Blogger is not wrote any recommedation & suggestion. All is personal opinion)
The industry of their business is on sleeping mode. As property & construction is growing slow in Malaysia for past few years. We still have many other good opportunities to allocate properly our capital for investment.

IPO Price: RM0.23
Good time: RM0.32 (PE8)
Bad time: RM0.16 (PE4)

*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.

Ocean Vantage Holdings Berhad

IPO Rating ( 1.5/5.0 Stars)
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Date
Open to apply: 30/06/2020
Close to apply: 09/07/2020
Listing date: 22/07/2020

Share Capital
Market Cap: RM106.860 mil
Total Shares: 411 mil shares (Public apply: 20.55mil, Company Insider/Miti/Private Placement: 102.570mil)

Industry
Industry CAGR%: 5.1% (Offshore Oilfield Services Industry Siza in M'sia 2010-2018)

Business
Upstream Oilfield Services(Eploration & Production) & Downstream (Refining)                   
-EPC & project management                   
-Supply of manpower                             
-Supply of materials, tools, & equipment
-Provision of drilling rig charter services

Fundamental
Market: Ace Market
Price: RM0.26 (EPS:0.0168)
P/E: PE15.48
ROE: 20.44 (IPO pro Forma III)
ROE: 20.44 (2019), 15.28 (2018), 8.92 (2017), 8.01 (2016)
Cash & fixed deposit after IPO: RM0.0541 per shares
NA after IPO: RM0.08
Total debt to current asset after IPO: 0.31 (Debt: 6.955mil, Non-Current Asset: 18.564mil, Current asset: 22.237mil)
Dividend policy: No fix dividend policy.

Past Financial Performance (Revenue, EPS)
2019: RM58,284 mil (EPS: 0.0168)
2018: RM30,492 mil (EPS: 0.0126)
2017: RM24,009 mil (EPS: 0.0073)
2016: RM17,645 mil (EPS: 0.0066)

Net Profit Margin
2019: 11.87%
2018: 16.97%
2017: 12.58%
2016: 15.36%

After IPO Sharesholding
Kenny Ronald Ngalin: 35.8%
Martin Philip King Ik Piau: 26.2%
Yau Kah Tak: 8%

Directors Remuneration for FYE2021 (from gross profit 2019)
Nor Azzam Bin Abdul Jalil: RM48k
Kenny Ronald Ngalin: RM336k
Martin Philip King Ik Piau: RM342k
Yau Kah Tak: RM336k
Tham Choi Kuen: RM30k
Iiham Fadilah Binti Sunhaji: RM30k
Reza-Rizvy Bin Ahmad Rony Assim: RM24k
Total director remuneration from gross profit: RM1.146 mil or 7.75%

Key Management Remuration  for FYE2021 (from gross profit 2019)
Chang Vun Lung: RM250k-300k
Thomas Jalong:  RM150k-200k
key management remuneration from gross profit: RM1.436mil or 6.95%

Use of fund
Broadening our range of support services: 15.14%
Capital expenditure for downstream O&G: 40.20%
Working capital: 30.62%
Listing Expenses: 14.04%

Good thing is:
1. PE15.48 consider at fair level.
2. ROE increasing over past 4 year.
3. Revenue increasig over past 4 years.
4. 85.96% IPO fund use to expand business.
5. Low debt company.

The bad things:
1. Industry CAGR 5.1% from 2010-2018, if we factor in inflation, basically is no growth industry CAGR. Oil & gas industry is more to sunset industry, as world is heading to green energy.
2. Net profit did not have good improvement.
3. Director fee is a bit expensive in percentage due to low gross profit.
4. No formal dividend policy.

Conclusions
The company is in challenging environment Industry CAGR 5.1% for 8 years, if we factor in inflation mean there is a negative growth industry. External factor will limit their growth in futures & the world is moving toward green energy. If the company continue stay in same industry, it might not suitable for long term investment.

IPO Price: RM0.26
Good time: RM0.265 (PE16)
Bad time: RM0.135 (PE8)

*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.

Reservoir Link Energy Berhad

IPO Rating ( 1.75 out of 5.0 Stars)

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Date
Open to apply: 25/06/2020
Close to apply: 01/07/2020
Listing date: 15/07/2020

Share Capital
Market Cap: RM116.850 mil
Total Shares: 285 mil shares (Public apply: 14.25mil, Company Insider/Miti/Private Placement: 73.876mil)

Business
Specialise in providing well services. O&G well services (well leak repair, well perforation, well testing, wash and cement, Wireline, O&G production enchancement.
Geo: Malaysia 96.54%, Mauritania 3.46%, Vietnam 3.46%.

Fundamental
Market: Ace Market
Price: RM0.41 (EPS:0.034)
P/E: PE12.06
ROE: 19.16 (IPO pro Forma III)
ROE: 31.56 (2019), 18.31(2018), 1.76 (2017), -25.86 (2016)
Cash & fixed deposit after IPO: RM0.0382 per shares
NA after IPO: RM0.18
Total debt to current asset after IPO: 0.72 (Debt: 38.097mil, Non-Current Asset: 41.077mil, Current asset: 52.663mil)
Dividend policy: No fix dividend policy.

Past Financial Proformance (Revenue, EPS)
2019: RM80.031 mil (EPS: 0.034)
2018: RM45.091 mil (EPS: -0.0027)
2017: RM20.874 mil (EPS: 0.0025)
2016: RM9.578 mil (EPS:0.0018)

Net Profit Margin
2019: 12.09%
2018: 8.90%
2017: 1.51%
2016: -43.67%

After IPO Sharesholding
Datuk Tai Hee: 10.39%
Dato' Wan Hassan Bin Mohd Jamil: 36.84%
Thien Chiet Chai: 13.38%
Eric Lim Swee Khoon: 0.18%
Siti Zurina Binti Sabarudin: 0.18%
Elain Binti Lockman: 0.18%

Directors Remuneration for FYE2021 (from gross profit 2019)
Datuk Tai Hee: RM76k
Dato' Wan Hassan Bin Mohd Jamil: RM578k
Thien Chiet Chai: RM578k
Eric Lim Swee Khoon: RM76k
Siti Zurina Binti Sabarudin: RM76k
Elain Binti Lockman: RM76k
Total director remuneration from gross profit: RM1.460 mil or 7.06%

Key Management Remuration  for FYE2021 (from gross profit 2019)
Mad Haimi Bin Abu Hassan: RM418k
Ho Khee Jeem: RM332k
Anwaruddin Bin Saidu: RM292k
Alphonsus Chiu Ching Chuen: RM372k
key management remuneration from gross profit: RM1.436mil or 6.95%

Use of fund
Purchase of well testing equipment: 42.70%
Working capital: 21.01%
Repayment of bank borrowing: 21.35%
Listing Expenses: 14.94%

Industry CAGR%
Crude oil 2015-2019: -2%
Crude oil 2017-2019: -4.3%
Natural Gas 2015-2019: 1.9%
Natural Gas 2017-2019: -1.3%
Petronas Capital Investment (Msia) 2015-2019: -8.2%
Petronas Capital Investment (Msia) 2017-2019: -17.8%

Competitor
Deleum: PE7.66
Dialog: PE32.96
Uzma: PE5.6

Conclusions
Good thing is:
1. Over the past 4 years revenue continue to increase.
2. Have good track record of business award 2014-2020 (prospectuses page 70-72)
3. Cover all stage of an O&G well's lifecycles.

The bad things:
1. ROE is not stable over past 4 years.
2. Total debt to current asset ratio still acceptable but a bit high.
3. No fixed dividend policy.
4. Business mainly focus in Malaysia.
5. Director remuneration percentage from gross profit over 3%.
6. Repayment of bank borrowing using IPO fund 21.35%
7.Overall CAGR O&G industry is growing at negative rate.

Conclusions
The company is in challenging environment (O&G CAGR is in negative rate). External factor will limit their growth in futures & the world is moving toward green energy. If the company continue stay in same industry, it might not suitable for long term investment.

IPO Price: RM0.41
Good time: RM0.54 (PE16)
Bad time: RM0.27 (PE8)

*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.

ACO Group Berhad

IPO Rating ( 1.75 out of 5.0 Stars)

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Date
Open to apply: 27/02/2020
Close to apply: 06/03/2020
Listing date: 18/03/2020

Share Capital
Market Cap: RM84 mil
Total Shares: 300mil shares (Public :15 mil, Company Insider/Miti/Private Placement: 43 mil)

Business
Distribution of electrical products and accessories.
Industrial User: 74.46%
Reseller: 25.54%

Fundamental
Market: Ace Market
Price: RM0.28 (EPS:0.0247)
P/E & ROE: PE11.34 (Prospectus book is) ROE13%
Cash & fixed deposit after IPO: RM0.05 per shares
NA after IPO: RM0.19
Total debt to current asset after IPO: 1.644 (Debt: 63.657 mil, Non-Current Asset: 38.712 mil, Current asset: 81.368mil)
Dividend policy: No fix dividend policy.

Financial Ratio
Trade receivable: 80 days
Trade Payable: 103 days
Inventory turnover: 105 days

Past Financial Proformance (Revenue, EPS)
2019 (until Nov): RM104.084 mil (EPS: 0.0237)
2019: RM134.373 mil (EPS: 0.0275)
2018: RM124.193 mil (EPS: 0.0173)
2017: RM114.509 mil (EPS: 0.0153)

Net Profit Margin
2019: 5.52%
2018: 4.03%
2017: 3.89%

After IPO Sharesholding
Ir. Tang Pee Tee @ Tan Chang Kim: 62.79%
Jin Siew Yen: 7.85%
Tan Yushan: 7.85%

Directors Remuneration for FYE2021 (from gross profit 2019)
Ir.Tang Pee Tee: RM0.502 mil
Tan Yushan: RM0.437 mil
Chai Poh Choo: RM0.218 mil
Yap Koon Roy: RM68k
Dr.Tee Chee Ghee: RM68k
Ir. Dr.Ng Kok Chiang: RM56k
Total director remuneration from gross profit: RM1.349 mil or 6.07%

Key Management Remuration  for FYE2021 (from gross profit 2019)
Ooi Gin Hui: RM250k-300k
Chong Su Yee: RM150k-200k
Lim Lee Hua: RM150k-200k
Low Swee Ching: RM150k-200k
Foong Kah Hong: RM150k-200k
key management remuneration from gross profit: RM0.85mil-RM1.1 mil or 3.83%-4.95%

Use of fund
New Sales Outlet: RM4.2 mil (25.86%)
New head office & distribution in Johor: RM2.5 mil (15.39%)
Purchase new trucks & upgrade IT system: RM2 mil (12.32%)
Working Capital: RM4.24 mil (26.11%)
Listing expenses: RM3.3 mil (20.32%)

Industry CAGR%
Cables & wires CAGR: 0.4% (2015-2019)
Electrical Distribution, Protection, & Control Devices: 16.5% (2015-2019, *2019 drop -5.8%)
Lighting Equipment: -0.6% (2015-2019)

Conclusions
Good thing is:
1. PE11.34 & ROE13% is reasonable.
2. Set up new sales outlet & office will impove sales but will not have fast impact on revenue.

The bad things:
1. Debt to currnet asset ratio is high.
2. No fix dividend policy.
3. Revenue grwoing around 8% per year, but after deduct inflation will have only little improvement.
3. Net profit margin is low than 10%.
4. Director fee is expensive.
5. CAGR% of their industry grow rate is not at healthy level.
6. Listing expenses 20.32% is too expensive.
7. Doesn't explain more on how to improve business line with online sales, because business should not too depend on normal distribution method.

Conclusions
Is not a attractive IPO. Unable to expect high grow in the company revenue in 1-2 year.

IPO Price: RM0.28
Good time: RM0.32 (PE13)
Bad time: RM0.19 (PE8)

*Valuation only valid until new quarter result release. Reader should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.

Innature Berhad

IPO Rating (2.25 out of 5.0 Stars)
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Date
Open to apply: 29/01/2020
Close to apply: 06/02/2020
Listing date: 20/02/2020

Share Capital
Market Cap: RM480 mil
Total Shares: 705.881mil shares (Public Ballting: 16.1315 mil, Company Insider/Miti/Private Placement: 161.142 mil)

Business
The group hold The Body Shop franchises (beauty product) and operate TBS point-of-sale in Malaysia, Vietnam, & Combodia.

Geo
M'sia: 85.3%
Vietnam: 14.7%

Fundamental
Market: Main Market
Price: RM0.68 (9mth eps: RM0.0352)
*if final retail price is lower the RM0.68, difference will refund to applicants.
P/E & ROE: PE13.3 (Prospectus book is) ROE24%
Cash & fixed deposit after IPO: RM0.0132 per shares
NA after IPO: RM0.17
Total debt to current asset after IPO: 1.175 (Debt: 60.027 mil, Non-Current Asset: 129.622 mil, Current asset: 51.074 mil)
*Intangible asset: 52.973 mil
Dividend policy: Suggest 30% dividend policy profit after tax.

Financial Ratio
Trade receivable: 4.65 days
Trade Payable: 63.37 days
Inventory turnover: 191.84 days

Past Financial Proformance (Revenue, EPS)
2019 (9mths): RM138.195 mil (EPS: 0.0352)
2018: RM184.474 mil (EPS: 0.0722)
2017: RM171.919 mil (EPS: 0.0381)
2016: RM159.902 mil (EPS: 0.0424)

Net Profit Margin
2019: 18.0%
2018: 19.6%
2017: 17.8%
2016: 16.9%

After IPO Sharesholding
Dato' Simon (indirect): 71.89%
Datin Mina (indirect): 74.89%
Darly Foong: 3%
Molly Fong: 0.02%
Tengku Zatashah: 0.01%

Directors Remuneration for FYE2019 (from gross profit 2018)
Dato' Simon: RM60k
Datin Mina: RM0.693 mil
Darly Foong: -
Molly Fong: RM0.866 mil
Dato' Maznah: RM90k
Tengku Zatashah: RM80k
Total director remuneration from gross profit: RM1.789 mil or 1.43%

Key Management Remuration  for FYE2019 (from gross profit 2018)
Jesse Siew: 500k-550k
Mae Chan: 400k-450k
Cang Yang: 400k-450k
Meng Leong: 250k-300k
Lily-Hue Nguyen: 800k-850k
Julie Wong: 300k-350k
key management remuneration from gross profit: RM2.650-2.950 mil or 2.13-2.37 %

Use of fund
Capital Expenditure: RM34.50 mil (68.5%)
Working Capital: RM3.80 mil (7.5%)
New Business development: RM5.7 mil (11.3%)
Listing expenses: RM6.37 mil (18.75%)

Industry CAGR%
Msia 2013-2018: 6.2% CARG on CPC (Cosmestics Personal Care)
Msia 2018-2023: 8.0% (forecast)
Vietnam 2013-2018: 12%
Vietnam 2018-2023: 11.6% (forecast)
*2002-2018 income per capital CAGR urban 14.8%, CAGR rural 16.1%
*Increase of female spending power.
*Increase of internet, mobile business & e-commerce.
*Growing of acceptance of natural products.
*Vietnam CPC (cosmetics personal care) CAGR 12% 2013-2018

Conclusions
Good thing is:
1. PE13 & ROE24% is attractive.
2. Every year net profit more than 15%
3. Revenue is increasing.
4. Director remuration & management fee is acceptable.
5. Cosmetics Personal Care market/industry expanding every year.
6. IPO fund is to expand into new business NATURA (also own by The Body Shop and Aesop brands).

The bad things:
1. Total debt is higher then current asset & cash per shares after IPO is low.
2. Net asset per shares RM0.17 & the group have Intangible asset 52.9mil (equal 29.3% of total asset).
3. Liting expenses 18.75% from IPO fund is too high (market average is around 11%-13%).

Conclusions
Is a attractive business. Increase of female spending power in Msia, Vietnam, & Combodia will continue to increase the growth of Comestics Personal Care industry. The business have intention to pay out 30% PAT as dividend, it should be an attractive dividend holding counter. This IPO is now perfer, because having Intangible asset 29.3% (normal acceptable level is less than 15%).

IPO Price: RM0.68
Good time: RM0.75 (PE16)
Bad time: RM0.42 (PE9)

*Valuation only valid until new quarter result release. Reader should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.