Ramssol Group Berhad

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Open to apply: 22/06/2021
Close to apply: 29/06/2021
Balloting: 02/07/2021
Listing date: 13/07/2021

Share Capital
Market Cap: RM100.373 mil
Total Shares: 223.0515 mil shares
Industry (Net Profit %)
Employee engagement platforms market, 2017-2020: CAGR 14.69%

Competitors compare (Profit before tax margin%)
Accenture PLC: PE33.8
Capgemini SE: PE28
HCL Technologies Limited: PE21.13
Infosys Limited: PE33
International Business Machines Corporation: PE24
Tech Mahindra Limited: PE21
Wipro Limited:PE28

Business
1. HCM: Human Capital Management (Consulting and implementation, Sale of software licences, Technical support and maintenance services).
2. IT staff augmentation services
3. HCM technology applications
Malaysia: 45.53%
Singapore: 11.37%
Thailand: 29.82%
Indonesia: 13.07%
Others: 0.21%

Fundamental
1.Market: Ace Market
2.Price: RM0.45 (EPS:RM0.034)
3.P/E: PE13.24
4.ROE(Pro Forma III): 32.22%
5.ROE: 103%(2020), -%(2019), 16.16%(2018), 2.95%(2017)
6.Cash & fixed deposit after IPO: 0.0509
7.NA after IPO: RM0.10
8.Total debt to current asset after IPO: 0.288 (Debt:6.922mil, Non-Current Asset: 4.594mil, Current asset: 24.049mil)
9.Dividend policy: No fixed dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2020: RM25.331 mil (Eps: 0.0340),PAT%: 29.74%
2019: RM15.439 mil (Eps: 0.0200),PAT%: 29.11%
2018: RM12.549 mil (Eps: 0.0007),PAT%: 1.41%
2017: RM6.808 mil (Eps: 0.0004),PAT%: 1.29%
*EPS 2020 & 2019 prospecture book pg234 might not correct. 

After IPO Sharesholding (Director)
Dato’ CM Vignaesvaran A/L Jeyandran: 0.11%
Tan Chee Seng: 33.26%
Lee Miew Lan: 17.84%
Liew Yu Hoe: 1.63%
Goh Keng Tat: 0.11%
Sim Seng Loong @ Tai Seng: 0.11%

Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM2.125 mil
key management remuneration: RM0.3 mil- 0.35mil
total (max): RM2.475 mil or 16.13%  

Use of fund
Business expansion into Philippines: 9.98%
Expansion of Feet’s and Lark in Southeast Asia: 25.30% 
R&D Research: 16.34%
Working capital: 30.13%
Listing expenses: 18.25%

Highlight
1. Expansion business into Philippines.
2. Expansion of Feet’s and Lark in Southeast Asia
3. Have successful experience in Msia, S'pore, Thailand & Indonesia. 

Good thing is:
1. PE13.24 is accepetable. 
2. Revenue from multiple country. 
3. IPO fund 81.75% use for business expansion.
4. Revenue is increase over the 4 years. 

The bad things:
1. ROE is not stable (ROE unable to use for estimationd). 
2. Trade receivable sudently increase to RM11.805mil in 2020 (not overdue yet).
3. 18.25% IPO fund use for listing expenses is over average lisiting expenses percentage.
4. Directors & top management remuneration is over 16% from the gross profit. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
This is a IPO company that seek for expansion. Reader have to aware on the unable of the ROE, & have to hold it for aim for growth. It consider high risk and also come with high return potential category come company. This is not a dividend / passive income generated company for investor at this moment. For more on risk vs business expand ratio can refer to below chart. 

*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.

Yenher Holdings Berhad

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Open to apply: 22/06/2021
Close to apply: 01/07/2021
Balloting: 05/07/2021
Listing date: 15/07/2021

Share Capital
Market Cap: RM177.384mil
Total Shares: 300mil shares

Industry (Net Profit %)
Production Value of Livestock in Malaysia (CAGR): 6.6%
Growth Forecast for the Animal Health and Nutrition Industry (CAGR 2021-25): 4.3%

Competitors compare (Profit before tax margin%)
Yenher: 14.6% (PE12.72)

Peterlabs: 6.8% (PE20.36)

AsiaVet: loss making

RhoneMa: 7.9% (PE17.16)

Danberg: 12%

Ritamix: 10.9% (PE23.49)

Sunzen: loss making

Business
Manufacturing and distribution of animal health and nutrition products.
Distribution: 44.26%
Manufacturing: 55.74%

Local market: 89.77%

Overseas market: 10.23%

Fundamental
1.Market: Main Market
2.Price: RM0.95 (EPS:RM0.0747)
3.P/E: PE12.72
4.ROE(Pro Forma III): 12.70%
5.ROE: 19.39%(2020), 18.73%(2019), 31.30%(2018), 22.09%(2017)
6.Cash & fixed deposit after IPO: 0.2144
7.NA after IPO: RM0.59
8.Total debt to current asset after IPO: 0.16 (Debt: 25.452mil, Non-Current Asset: 46.345mil, Current asset: 155.502mil)
9.Dividend policy: 40% PAT dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2020: RM202.635 mil (Eps: 0.0951),PAT%: 10.73%
2019: RM179.061 mil (Eps: 0.0838),PAT%: 15.07%
2018: RM181.109 mil (Eps: 0.1158),PAT%: 11.03%
2017: RM177.380 mil (Eps: 0.0808),PAT%: 11.05%

After IPO Sharesholding
CGH Holding: 45%
-Cheng Moon Tat: 7.5% direct, indirect 45%
-Cheng Mooh Kheng: 3.5% direct, indirect 45%
-Cheng Mooh Chye: 3.5% direct, indirect 45%

Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM7.483
key management remuneration: RM0.70mil-0.95mil
total (max): RM8.433mil or 16.09%  

Use of fund
Construction of new GMP-Compliant Manufacturing Plant: 50.64%
Purchase of new machinery & equipment: 15.85%
Working capital: 27.30%
Listing expenses: 6.21%

Highlight
1. Current manufacturing production utilisation rate at 100%. 
2. New Manufacturing plant increase produce
-Complete feed & formulated product: 353.75% (573 to 2600 tones)
-Biotech animal feed ingredients: 422.65% (287 to 1,500 tones)
3. New Manufacturing plant to be completed build fourth quarter of 2023.

4.  Expand to more oversea market.

Good thing is:
1. PE12.72 below average competitor PE. 
2. Debt is not high. 
3. Have fixed dividend policy. 
4. Revenue increase of 4 years.
5. Almost all IPO fund use to expand business. 
6. by 2023 production increase 300%-400%

The bad things:
1. Nett profit around 10%. 
2. Industry growing CAGR is low 4.3%
3. Director & top management remuneration taking aways 16.09% gross revenue. 
4. Three main director age above 52.

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Is a little bit discounted IPO. With the new manafucturing facilites (to be completed by 2023), we should able to see better  revenue grow in business. Business grwoth & risk refer to below chart.  

*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.

Nestcon Berhad

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Open to apply: 08/06/2021
Close to apply: 17/06/2021
Balloting: 21/06/2021
Listing date: 29/06/2021

Share Capital
Market Cap: RM180.270mil
Total Shares: 643.822mil shares

Industry (Net Profit %)
Growth forecast Construction Industry CAGR: 7.3%
Growth forecast Real Estate Construction market CAGR: 5.1%
Growth forecast Civil Englineering & Specialised CAGR: 9.1%

Competitors compare (Net profit margin%)
Nestron: 5.6% (PE12.61)
GDB: 9.3% (PE19.88)
Inta Bina: 4.6% (PE15.92)
MGB:2.8% (PE20.97)
Pesona Metro: 2.8% (loss making)
TCS: 10.7% (PE12.87)

Business
Building segment: 57.9% (residential, commercial, industrial & other)
Civil engineering & infra: 42.1% (earthworks, roadworks, drainage & other)

Fundamental
1.Market: Ace Market
2.Price: RM0.28 (EPS:RM0.0222)
3.P/E: PE12.61
4.ROE(Pro Forma III): 12.58%
5.ROE: 19.80%(2020), 27.21%(2019), 23.93%(2018), 17.75%(2017)
6.Cash & fixed deposit after IPO: 0.15
7.NA after IPO: RM0.18
8.Total debt to current asset after IPO: 1.02 (Debt: 253.785mil, Non-Current Asset: 120.584mil, Current asset: 246.884mil)
9.Dividend policy: Does not have any formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares)
2020: RM344.479 mil (Eps: 0.0222)
2019: RM422.786 mil (Eps: 0.0227)
2018: RM217.764 mil (Eps: 0.0116)
2017: RM190.857 mil (Eps: 0.0085)

Order book
To be billed next 1-3 years: RM1.212 bil.
Net Profit Margin
2020: 4.2%
2019: 3.7%
2018: 4.5%
2017: 3.1%

After IPO Sharesholding
Mohd Noor Bin Setapa: 0.1%
Datuk Ir.Dr.Lim: 60%
Ong Yong Chuan: 10%
Lim Joo Seng: 0.3%
Nor Azzam bin Abdul Jalil: 0.1%
Yeoh Sheong Lee: 0.1%

Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM1.861 mil or 5.59%
key management remuneration: RM1.05 mil - 1.3mil or 3.15%-3.91%
total (max): RM3.161 mil or 9.50%  

Use of fund
Establish IBS facilitiy: 13.3%
Acquire machineries & equipment: 14.7%
Upgrade software and system: 2.2%
Repayment bank borrowings: 36.6%
Working capital: 24.3%
Listing expenses: 8.9%

Good thing is:
1. IPO price at average PE, not consider expensive.  
2. ROE have over 10%
3. Having enought order to sustain next 3 year revenue. 
4. IPO in low PE environment time.

The bad things:
1. Having low net profit after tax (less than 5%)
2. Did not have dividend formal policy.
3. Debt ratio is a bit high. 
4. Use 36.6% IPO fund to pay debt. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Is a normal IPO. Able to get other competitor that have better performance compare to this company. 

*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.

Pekat Group Berhad

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Open to apply: 02/06/2021
Close to apply: 10/06/2021
Balloting: 14/06/2021
Listing date: 23/06/2021

Share Capital
Market Cap: RM206.389mil
Total Shares: 644.968mil shares (Public apply: 32.248mil, Company Insider/Miti/Private Placement/other: 138.667mil)

Industry
Solar PV Installation CAGR: 50.3% (2015-2019)
Solar PV Module price: CAGR -21.1% (RM/W)
Competitors (PE)
Solarevst: 52.63 
Samaiden: 60.4

Business
1.Solar Division: Design, Supply & Installation of solar PV system and power plants.
2.ELP division: Supply and installation of ELP System.
3.Trading Division: Distribution of electrical products and accessories.

Fundamental
1.Market: Ace Market
2.Price: RM0.32 (EPS:RM0.021)
3.P/E: PE15.2
4.ROE(Pro Forma III): 13%
5.ROE: 21.3%(2020), 31.2%(2019), 29.5%(2018), 36.6%(2017)
6.Cash & fixed deposit after IPO: RM0.0586 per shares
7.NA after IPO: RM0.16
8.Total debt to current asset after IPO: 0.446 (Debt: 50.937mil, Non-Current Asset: 41.109mil, Current asset: 114.178mil)
9.Dividend policy: no formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares)
2020: RM125.562 mil (Eps: 0.0210)
2019: RM119.521 mil (Eps: 0.0230)
2018: RM120.129 mil (Eps: 0.0170)
2017: RM72.830 mil (Eps: 0.0150)

Net Profit Margin
2020: 10.8%
2019: 12.4%
2018: 9.2%
2017: 13.0%

Order book
2021: RM117.2 mil
2022: RM24.8 mil
2023: RM11.5 mil

After IPO Sharesholding
Chin Soo Mau: 34.9%
Tai Yee Chee: 10.4%
Wee Chek Aik: 8.6%
Hextar (Stock code 5151): 19.6%

Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM2.548 mil or 6.68%
key management remuneration: RM0.90 mil - 1.05mil or 2.36%- 2.75%
total (max): RM3.598 mil or 9.4%  

Use of fund
Contrusction of new head office and operation facilities: 40.6%
Working capital: 28.6%
Repayment of bank borrowings: 22.5%
Listing expenses: 8.3%

Good thing is:
1. PE15 is a fair value. 
2. Sunrise industry (clean energy demand increase, lower solar PV module price). 
3. Competitor from same industry with high PE (over 50). 
4. Revenue increase over 4 years.

The bad things:
1. Use 22.5% of IPO fund to pay debt.  
2. Drop in ROE%
3. No formal dividend policy. 
4. Director & management remuneration near to 10%. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Consider a an attractive IPO. The offer price of IPO RM0.32 (PE15) much lower compare to same industry competitor. Overall business activities is on sunrise industry & the industry expected to continue growth globally.  

*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.

Tuju Setia Berhad

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Open to apply: 26/04/2021
Close to apply: 05/05/2021
Listing date: 19/05/2021

Share Capital
Market Cap: RM221.780mil
Total Shares: 316.828mil shares (Public apply: 15.842mil, Company Insider/Miti/Private Placement/other: 91.683mil)

Industry (Net Profit %)
Building construction for Residential & Non-residential buidling. 
Tuju Setia: 6.4% (average 4 year 3.81%)
WCT: -10.8%
Suncon: 4.7%
Kerjaya: 11.2%
Vizione: -2.2%
GDB: 6.8%
Inta bina: 2.9%
TCS: 6.7%
Gagasan Nadi Cergas: 5.4%

Rimbaco: 3.4%

Business
M'sia: 100%

Fundamental
1.Market: Main Market
2.Price: RM0.70 (EPS:RM0.0513)
3.P/E: PE13.65
4.ROE(Pro Forma III): 16.5%
5.ROE: 30%(2020), 35%(2019), 31%(2018), 33%(2017)
6.Cash & fixed deposit after IPO: RM0.2458 per shares
7.NA after IPO: RM0.31
8.Total debt to current asset after IPO: 0.66 (Debt: 135.120mil, Non-Current Asset: 31.077mil, Current asset: 202.352mil)
9.Dividend policy: PAT 25% dividend policy.

Past Financial Performance (Revenue, Earning Per shares)
2020: RM255.768 mil (Eps: 0.0636)
2019: RM421.635 mil (Eps: 0.0369)
2018: RM327.794 mil (Eps: 0.0281)
2017: RM292.385 mil (Eps: 0.0230)

Net Profit Margin
2020: 6.36%
2019: 3.69%
2018: 2.71%
2017: 2.5%

Order book
2021: RM21.914 mil
2022: RM174.353 mil
2023: RM388.437 mil
2024: RM365.53 mil

After IPO Sharesholding
Wee Eng Kong: 44.37%
Dato' Wee Beng Aun: 21.86%
Wee Beng Chuan: 0.16%
Datin Seri Raihanah: 0.08%
Loo Ming Chee: 0.08%
Nor Adha bin Yahya: 0.08%

Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM2.084 mil or 8.96%
key management remuneration: RM1.45 mil - 1.7mil or 6.23%-7.30%
total (max): RM3.784 mil or 16.27%  

Use of fund
Capital Expenditure (Machines/equitment/Software): 42.86%
Capital Expenditure (Land/storage facilities): 14.28%
Working capital: 33.93%
Listing expenses: 8.93%

Good thing is:
1. PE13.65 is not too high & have good ROE.  
2. Still have some order book to sustain revenue until 2024. 
3. Have clear dividend policy. 
4. Most IPO fund to expand business activities. 

The bad things:
1. Company having high payable in liabilties. Grearing including payable is 2.49 in 2020. 
2. Overall 4 year revenue almost no increase. 
3. Major sharesholder age 60 & 63 (need more study on succession plan, & abilities of get new project). 
4. RM13.3mil (70%) of working capital from IPO fund to pay subcontractor services (payable in liabilities RM104mil). 
5. Net profit margin didn't exceed 10%.
6. Director & key management fees exceeded 10% of company gross profit. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Consider a normal IPO. Construction of buidling activities might need to take another few year in Malaysia to see better growth. Please refer below 3 year revenue & risk reward estimation. 
 

*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.

Volcano Berhad

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Open to apply: 16/03/2021
Close to apply: 24/03/2021
Listing date: 06/04/2021

Share Capital
Market Cap: RM57.75mil
Total Shares: 165mil shares, Esos 49.5mil (Public apply: 8.25mil, Company Insider/Miti/Private Placement/other: 51.75mil)

Industry
Volcano: 28.82%
Nameplate Competitor (GP margin)
Chiyoda Integrco.(M) Sdn Bhd: 28.52%
Flexi Components Sdn Bhd: 39.91%
Sanwa Screen (M) Sdn Bhd: 42.43%
Plastic injection moulded Competitor (GP Margin)
Saha-Union: 13.5%
Srithai Superware: 8.64%
SNC former: 10.39%

Business
Manufacturing of nameplates, Plastic injection moulded.
M'sia: 4.17%
S'pore: 43.98%
Thailand: 44.11%
others: 7.74%

Fundamental
1.Market: Ace Market
2.Price: RM0.35 (EPS:RM0.205)
3.P/E: PE17 (based on EPS 0.205, we not accept IPO prospecture using EPS 0.0232 to cal PE)
4.ROE(Pro Forma III): 3.78%
5.ROE: 4.19%(2020), 11.18%(2019), 12.38%(2018)
6.Cash & fixed deposit after IPO: RM0.12 per shares
7.NA after IPO: RM0.408
8.Total debt to current asset after IPO: 0.1567 (Debt: 7.032mil, Non-Current Asset: 29.544mil, Current asset: 44.86mil)
9.Dividend policy: PAT 30% dividend policy.

Past Financial Performance (Revenue, Earning Per shares)
2020: RM52.527 mil (EPS:0.0205)
2019: RM55.892 mil (EPS:0.0290)
2018: RM58.649 mil (EPS:0.0412)

Net Profit Margin
2020: 28.82%
2019: 30.65%
2018: 32.35%

After IPO Sharesholding
Datuk Ch'ng Huat Seng: 16.97% 
Gan Yew Thiam: 12.73%
Dato' Wong Tze Peng: 14.85%
Yeap Guan Seng: 6.36%
Khoo Boo Wui: 12.73%

Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM3.104 mil or 20.5%
key management remuneration: RM0.153mil - 0.3mil or 1.01%-1.98%
total (max): RM3.404mil or 22.48%  

Use of fund
Purchase of machineries & equipment: 63.43%
Listing Expenses: 36.57%

Good thing is:
1. Purchase of 6 unit laser cutting machines will increase 33.33% nameplate production. 
2. Purchase 5 unit of platic injection moulded will increase 15.56% capacity of production. 
2. Have 30% PAT dividend policy. 
3. Net profit is above 28% for past 3 years. 

The bad things:
1. PE17 is a bit expensive. 
2. For past 3 years, ROE is dropping. 
3. Revenue did not grow for past 3 years. 
4. Director remuneration is too expensive, 20.5% from the gross profit in 2020 pay for director remuneration. 
5. Listing expenses 36.57% from IPO fund is too expensive. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
With the additional machineries will increase the capacity of the company. However the company still some risk like over past 3 year revenue did not grow. Please refer below chart to view the company Business expension potential & risk rating. 

*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.

Flexidynamic Holdings Berhad

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Open to apply: 09/03/2021
Close to apply: 16/03/2021
Listing date: 30/03/2021

Share Capital
Market Cap: RM56.778mil
Total Shares:  283mil shares (Public apply: 14.1 mil, Company Insider/Miti/Private Placement/other: 61.036mil)

Industry (Revenue)
Flexidynamic: RM31.31mil
Polydamic Group Bhd: RM11.78mil
Ripcol Industries S/B: RM17.2mil
Business
Design, engineering, installation, & commissioning of glove chlorination system.
M'sia: 86.28%
Vietnam: 4.38%
Thailand: 8.74%
Indonesia: 0.07%
Sri Lanka 0.53%

Fundamental
1.Market: Ace Market
2.Price: RM0.20 (EPS:RM0.0162)
3.P/E: PE12.35
4.ROE(Pro Forma III): 10.1%
5.ROE: 21.4%(2019), 24.8%(2018), 33%(2017)
6.Cash & fixed deposit after IPO: RM0.059 per shares
7.NA after IPO: RM0.12
8.Total debt to current asset after IPO: 0.708 (Debt: 31.832mil, Non-Current Asset: 21.998mil, Current asset: 44.976mil)
9.Dividend policy: Did not have formal dividend policy.

Past Financial Performance (Revenue, Earning Per shares)
2022: ***Remaining order book to be billed 2022 RM17.48mil
2021: ***order book to be billed Dec 2021 RM62.3mil
2020 (9mths): RM35.007 mil (EPS:0.0095)
2019: RM49.839 mil (EPS:0.0162)
2018: RM48.322 mil (EPS:0.0151)
2017: RM29.902 mil (EPS:0.0155) 

Net Profit Margin
2020 (9mths): 7.62%
2019: 9.22%
2018: 9.14%
2017: 14.79%

After IPO Sharesholding
Tan Kong Leong: 41.53%
Liew Heng Wei: 18.74%
Phitchaya Arsangku: 2.21%

Directors & Key Management Remuneration for FYE2021 (from gross profit 2019)
Total director remuneration: RM1.168mil or 8.37%
key management remuneration: RM0.4mil- 0.5mil or 2.87%-3.58%
total (max): RM1.668mil or 11.95%  

Use of fund
Repayment bank borrowing: 42.40% (purchase of 2 new factories 2019)
Renovation of new factories: 2.80%
Aquisition of machinery and equitment: 10.83%
Working capital: 24.03%
Listing Expenses: 19.94%

Good thing is:
1. Revenue increasing over 3 years. 
2. Debt ratio not too dangerous level. 

3. Two purchased new factories, estimated renovation completed by Aug-Sep 2021, 
4. Major customer Hartalega, contribute to Flexidyamic  revenue 2017-2020 (range 31.78%-40.91%).

The bad things:
1. Director fees & key managemnent remuneration already cost 11.95% from the company gross profit. 
2. Net profit percentage dropping since 2017.
3. No fixed dividend policy. 
4. ROE continue to fall over 3 years. 
5. Industry player for top 2 & top 3 revenue RM17mil & RM11mil, showing this industry is not generate high revenue (possible less demand of the project needed). 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
2020 is the high demand for glove, however did not see large improvement in net margin. The company secure RM62mil order book to be billed in 2021. We should see revenue able double at 2021 due to one off high demand order book due to the pandemic. After 2021, business revenue should back to normal phase. For business growth vs risk table please refer as below chart. 

*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.