Coraza Integrated Technology Berhad

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***Important***Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision

Open to apply: 22/12/2021
Close to apply: 06/01/2022
Balloting: 10/01/2022
Listing date: 20/01/2022

Share Capital
Market Cap: RM119.932 mil
Total Shares: 428.331mil shares
 
Industry Competitor PAT
Coraza: 9.6% (PE19)
Alpha: -7.7%
Frencken: 6.1% (PE18, SGX Mrk)
Kobay: 17.2% (PE60)
Synturn: 17.4% 
UWC: 26.4% (PE68)

Business (2021)
Sheet metal fabrication, Percision machining, & sub-modular assembly. 
Semicoductor: 56.5%
Instrumentation: 17.9%
Life science & medical devices: 18.7%
Aerospace, telecommunication and E&E: 6.9%

Revenue by Geo (2021)
M'sia: 61.9%
S'pore: 28.3%
USA: 7.8%
Others: 0.4%
Euro: 1.6%

Fundamental
1.Market: Ace Market
2.Price: RM0.28
3.P/E: 19 (EPS:0.0147)
4.ROE(Pro Forma III): 16.97% (forecast using 6mth FPE2021)
5.ROE: 27.4%(FYE2020), 12.2%(FYE2019), 14%(FYE2018)
6.NA after IPO: RM0.15
7.Total debt to current asset after IPO: 0.969(Debt: 44.952 mil, Non-Current Asset: 62.337 mil, Current asset: 46.386 mil)
8.Dividend policy: no formal dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (6mths): RM43.195 mil (Eps:0.0126),PAT: 12.5%
2020: RM83.686 mil (Eps:0.0147),PAT: 7.5%
2019: RM58.594 mil (Eps:0.0080),PAT: 5.8%
2018: RM56.023 mil (Eps:0.0081),PAT: 6.2%

After IPO Sharesholding
Paul Heng Weng Seng: 48.3%
Liew Sow Ying: 19.3%
Lim Teik Hoe: 19.3% (indirect)

Directors & Key Management Remuneration for FYE2022 (from gross profit 2020)
Total director remuneration: RM0.73 mil
key management remuneration: RM0.6mil - 0.85mil
total (max): RM1.58 mil or 7.4%  
 
Use of fund
Purchase of new machinery: 47%
Construction of factory: 19.5%
Implementation of ERP system: 3.6%
Extension of existing buidling: 4.6%
Repayment of bank borrowings: 13.9%
Listing expenses: 11.4%

Highlight
1. New factory will increase 25% capicity (estimated completed by Dec2023). 

Good thing is:
1. Semiconductor industry on growing stage, PE19 is acceptable. 
2. ROE still above 15%.
3. Revenue growing for past 3 years. 
4. Director & key management remuneration is not high. 
5. IPO for expand business capacity. 
 
The bad things:
1. The company having concentration risk on 2 customer (66%-77% trade receivable from 2018-2021).
2. Director averaging above age 60. 
3. Competitor in same industry have better performance. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is still a discount IPO compare to their competitor that get high PE in same industry. After IPO should able to back to acceptable PE30 & above. 

*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.

SWIFT HAULAGE BERHAD

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Open to apply: 30/11/2021
Close to apply: 07/12/2021
Price determination date: 08/12/2021
Balloting: 09/12/2021
Listing date: 21/12/2021

Share Capital
Market Cap: RM916.5 mil
Total Shares: 889.8045mil shares
***Issue price RM1.03 (final price will finalise after institution offer completed)

Industry Competitor PE
Tasco: PE14
Freight Management:PE13.8
CJCen: PE50.46
Tnlogis: PE24.92
Xinhwa: PE19.34

Business (2021)
Integrated logistics services: Container haulage, land transportion, freight forwarding, warehousing & container depot. 
Other services: 3S for commercial vehicles, general insurance agency, E-commerce retailing. 

Revenue by Geo (2021)
Msia: 93.8%
Thailand: 2.8%
other countries: 3.4%

Fundamental
1.Market: Main Market
2.Price: RM1.03 (final price determined 08/12/2021)
3.P/E: 21.5 (EPS: 0.048)
4.ROE(Pro Forma III): 8.89% (forecast using 5mth FPE2021)
5.ROE: 9.8%(FYE2020), 9.45%(FYE2019), 12.17%(FYE2018)
6.Cash & fixed deposit after IPO: 0.0155
7.NA after IPO: RM0.35
8.Total debt to current asset after IPO: 3.1 (Debt: 0.751 bil, Non-Current Asset: 1.093 bil, Current asset: 0.235 bil)
9.Dividend policy: PAT 30% dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (5mths): RM248.533 mil (Eps: 0.025),PAT: 9.0%
2020: RM555.838 mil (Eps: 0.047),PAT: 7.6%
2019: RM610.201 mil (Eps: 0.041),PAT: 6.1%
2018: RM496.979 mil (Eps: 0.046),PAT: 8.3%
***EPS is base on comprehesiove income divided 899.8045 mil shares (Diluted EPS in prospectures book didn't use enlarged shares after IPO). 

After IPO Sharesholding
Loo Yong Hui: 35.87% (indirect)
Dato' Haji Md Yusof: 35.87% (indirect)
Loo Hooi Keat: 35.87% (indirect)

Directors & Key Management Remuneration for FYE2022 (from gross profit 2020)
Total director remuneration: RM2.996 mil
key management remuneration: RM6 mil- 6.45 mil
total (max): RM9.446 mil or 5.09%  

Use of fund
Constuction of new warehouse: 17.6% (currently have 6 warehouse)
Puchase of land: 25.7% (currently have 2.381 mil sq haulage yards)
Purchase of 30 prime movers: 7.4% (currently have 966 Prime mover, 5402 trailers)
Repayment bank borrowings: 43.1%
Listing expenses: 6.2%

Highlight
1. New warehouse in Port Klang (estimated complete build 2nd quarter 2022). 
2. Acquisition of cold-chain logistics companies (3rd quarter 2022).

Good thing is:
1. Director & key management remuneration below 10%. 

2. The company business is almost near to life necessity and economic necessity industry. 
 
The bad things:
1. PE21.5 is above market average PE. 
2. ROE below 15%
3. Debt to current asset ratio is too high. 
4. Revenue did not growth much 2018-2021. 
5. PAT% margin is less than 10%, & averege industry competiror PAT also not over 10% PAT (profit after tax margin)
6. 43.1% IPO use to repayment of bank borrowing. 
7. Swift have 6 warehouse, expand 1 new warehouse highly chance will not double their revenue in 5 year. 

8. Purchase of 30 prime mover is small percentage of the total vehicle they have. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is an expensive IPO. The industry profit after tax margin for the company averagely is below 10 (Swift PAT:  7.6%). Company IPO PE is a bit higher then the industry average. 

*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.

Aurelius Technologies Berhad

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Open to apply: 29/11/2021

Close to apply: 03/12/2021
Price determination date: 6/12/2021
Balloting: 07/12/2021
Listing date: 16/12/2021

Share Capital
Market Cap: RM182.847 mil
Total Shares: 358.180 mil shares
***Issue price RM1.36 (final price will finalise after institution offer completed)

Industry  CAGR (2016-2020) in Malaaysia
Semiconductors: 18.5%
Electronic transistors: -0.4%
Integrated circuits: 3.7%

Business (Revenue in 2021)
Manufacturing of semiconductor product, EMS services 
Communications and IoT products: 83.5% 
Electronic devices: 13.8%
Semiconductor components: 2.7%

Revenue by Geo (2021)
Msia: 32.6%
Americas: 46.1%
Europe: 7.5%
Asia: 13.8%

Major Customer by revenue
Customer A: 29.8%, US (Communication devices)
Customer B: 20.2%, US (Communication devices)
Customer C: 23.8%, UK (Communication IoT devices)
Customer D: 9.8%, singapore & US (telematic instrumentation devices)
Customer E: 4.9%, German subsidairy to Cus B (Comunication devices) 
Customer F: New cus for expansion, China (IoT comunication product)

Fundamental
1.Market: Main Market
2.Price: RM1.36 (final price determined 6/12/2021)
3.P/E: 32.4 (EPS: 0.042)
4.ROE(Pro Forma III): 11.79% (forecast using 3mth FPE2022)
5.ROE: 17.95%(FYE2021), 32.62%(FYE2020), 27.33%(FYE2019)
6.Cash & fixed deposit after IPO: 0.143
7.NA after IPO: RM0.54
8.Total debt to current asset after IPO: 0.62 (Debt: 170.442mil, Non-Current Asset: 102.898mil, Current asset: 271.246mil)
9.Dividend policy: PAT 20% dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (7mths): RM200.038 mil (Eps: 0.0369),PAT: 6.6%
2021: RM362.165 mil (Eps: 0.0421),PAT: 4.2%
2020: RM389.305 mil (Eps: 0.0659),PAT: 6.1%
2019: RM358.171 mil (Eps: 0.0667),PAT: 6.7%

Utilisation rate%
Jan 2019: 89%
Jan 2020: 91%
Jan 2021: 94%
Aug 2021: 93%

Unbilled orders
Nov 2021 - Jan 2022: RM164.064 mil
Feb 2022 - Apr 2022: RM85.276 mil
May 2022 - Nov 2023: RM233.335 mil

After IPO Sharesholding
Lee Chong Yeow (Age76) & Loh Hoch Chiang (Age56) : 71%. 

Directors & Key Management Remuneration for FYE2022 (from gross profit 2021)
Total director remuneration: RM1.3695 mil

key management remuneration: RM1.4 mil- 1.7 mil
total (max): RM3.0695 mil or  10.2%  

Use of fund
Machinery & equipment: 38.2%
Repayment borrowing: 28.2%
Working capital: 26.9%
Listing expenses: 6.7%

Highlight
1. Currently have 11 SMT production line. Plan to expand 2 line (2022) and 2 line (2023), annual capacity will increase 198.7%.
***Automated Assembly line. 
2. Development of lithium-ion battery pack system (expectd commerce 4th quarter 2022).

Good thing is:
1. Annual capacity will increase 198.7% after 2023.
2. Sunrise industry. 

The bad things:
1. PE32 quite high but is reasonable if capacity increase double in 2 years. 
2. EMS depend on award of contract from customer.
3. Over 90% trade receivable in USD, business revenue is highly sensitive for fluation of USD. 
4. Revenue did not increase for over 3 years. 
5. Director & key management remuneration quite high from the gross profit portion. 
6. Both major director ages is quite high. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a non-discount IPO. IPO PE32.4 is already price in the potential increase of the manufactury annual capacity.The future EPS will increase to reduce the PE back to normal (competitor at PE 15-25).

*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.

Ecomate Holdings Berhad

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Open to apply: 15/10/2021
Close to apply: 25/10/2021
Balloting: 28/10/2021
Listing date: 08/11/2021

Share Capital
Market Cap: RM115.5 mil
Total Shares: 350 mil shares

Industry  CAGR (2010-2020) & Competitor
M'sia Furniture production: CARG 3.8%
M'sia Furniture export: CARG 4.9%
Liihen: PE8.4 ROE15.79
Latitude: PE6.29 ROE9.31
Poh Huat: PE7.07 ROE13.55
Jaycorp: PE7.97 ROE15.48
SernKou: PE27.44 ROE15.78
SpringArt: PE16.93 ROE8.35

Business (Revenue in 2021)
Design & produce living room furniture, bedroom furniture, & others. 
M'sia: 45.2%
Asia: 19.2%
Europe: 11.2%
North America: 14.9%
Australasia: 9.5%

Fundamental
1.Market: Ace Market
2.Price: RM0.33
3.P/E: 13.56 (EPS: 0.243)
4.ROE(Pro Forma III): 33.3% (forecast using 3mth FPE2022)
5.ROE: 71%(FYE2021), 68.8%(FYE2020), 148%(FYE2019)
6.Cash & fixed deposit after IPO: 0.066
7.NA after IPO: RM0.08
8.Total debt to current asset after IPO: 0.6929 (Debt: 29.133mil, Non-Current Asset: 15.879mil, Current asset: 42.048mil)
9.Dividend policy: doest not have formal dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022: (3mths): RM18.794 mil (Eps: 0.0069),PAT%: 12.8%
2021: RM56.342 mil (Eps: 0.0243),PAT%: 15.1%
2020: RM42.398 mil (Eps: 0.0166),PAT%: 12.3%
2019: RM24.141 mil (Eps: 0.0095),PAT%: 13.8%
***FYE 2021 (is Mar2020-Feb2021)
***FPE 2022 (Mar2021-May2021)

After IPO Sharesholding
Jason Koh Jian Hui: 33.1%
Koh Cheng Huat: 33.1%

Directors & Key Management Remuneration for FYE2022 (from gross profit 2021)

Total director remuneration: RM1.128 mil
key management remuneration: RM0.5 mil- 0.75 mil
total (max): RM1.878 mil or  10.6%  

Use of fund
Machinery & equipment: 37.1%
Factory & hostel contrustion: 12.4%
Purchase of raw material: 32.6%
Listing expenses: 17.9%

Highlight
1. Factory A: Currently have 4 production line & want to increase 1 production line. 
2. Muar Furniture Park: New factory 3 production line (Q4,2022 expected to be commerce).
3. Co-founder Age: Jason Koh(Aged 29), Koh Cheng Huat (Aged 44).
4. Incorporation in 2016: expand rapidly & take 5 year to listing in 2021

Good thing is:
1. ROE is above 30%
2. Revenue is double compare past 3 year. 
3. 82.1% IPO fund use to expand business. 
4. Both co-founder still below Age 50 (abilities to continue lead business to expand)

The bad things:
1. Selling PE is high compare to other competitor.
2. Concentration of customer base 39.8% (from 4 major customers).
3. Highly dependent on co-founder Jason Koh & Koh Cheng Huat to success & growth in business since 2016.

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Is a good IPO. Quite impressive because incorporate 2016 and IPO within 5years. The weakness is IPO price is expensive compare to average market PE. In consider of the additional production line PE13.56 still acceptable. 

*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.

CEKD Berhad

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Open to apply: 06/09/2021
Close to apply: 17/09/2021
Balloting: 21/09/2021
Listing date: 29/09/2021

Share Capital
Market Cap: RM93.395 mil
Total Shares: 194.573 mil shares

Industry  CAGR
CAGR 2020-2025: 3.2% (forecast) 
Competitors compare (Net profit margin%)
CEKD: 30.2%
Kentway: 0.3%
Marbach: 18.1%
Shanyu: 20.2%
Yip Lian: 11.2%

Business
Manufacturer of die-cutting moulds & trading of related consumables, tools and accessories. 
Malaysia: 85.6% (2020 revenue)
Other countries: 14.4% (2020 revenue)

Fundamental
1.Market: Ace Market
2.Price: RM0.48
3.P/E: 15.5 (EPS: 0.031)
4.ROE(Pro Forma III): 18.03% (forecast using 7mth FPE)
5.ROE: 16.10%(2020), 27.72%(2019), 28.86%(2018)
6.Cash & fixed deposit after IPO: 0.069
7.NA after IPO: RM0.31
8.Total debt to current asset after IPO: 0.44 (Debt: 11.245mil, Non-Current Asset: 46.1mil, Current asset: 25.3mil)
9.Dividend policy: doest not have formal dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (7mths): RM17.705 mil (Eps: 0.0207),PAT%: 22.7%
2020: RM26.355 mil (Eps: 0.0310),PAT%: 22.9%
2019: RM28.363 mil (Eps: 0.0278),PAT%: 19.1%
2018: RM28.732 mil (Eps: 0.0350),PAT%: 25.4%

After IPO Sharesholding
Yap Tian Tion: 74% (indirect) 
Yap Kai Ning: 74% (indirect) 
Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM0.822 mil
key management remuneration: RM0.30 mil- 0.7mil
total (max): RM1.522 mil or  11.45%  

Use of fund
Acquisition of factory for Hotstar: 36.2%
Purchase of new machineries: 12.4%
Upgrade and development of computer softwares and server: 5.4%
Marketing activities: 6.2%
General working capital: 11%
Repayment of bank borrowing: 16.5%
Listing expenses: 12.3%

Highlight
1. Continue growth of Electrical & electronic manufacturing in ASEAN. 
2. Growth of paper and paper product industry.
3. Both factorys is to consolidate 3 old rented factory into new factory (1 by IPO fund, & 1 by financed through bank borrowings and/or internally generated funds.

Good thing is:
1. ROE is above 15%. 
2. Consolidate factory will increase efficientcy. 
3. Paper moulds and E&E industry both still is sunrise industry.

The bad things:
1. High competitor environment (M'sia have around 40 die-cutting moulds manufacturing.
2. Director & key management remuneration over 10% company gross profit. 
3. Use 16.5% IPO fund to repay bank borrowing. 
4. Factory consolidate did not represent add addional factory line to expand business. 
5. 2018-2020 revenue did not growth. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Average IPO. PE15.5 is just around fair PE. The attractive part in their business is the involved in produce steel related product for E&E industry which is the industry in growing.  

*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.

Haily Group Berhad

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Open to apply: 30/06/2021
Close to apply: 07/07/2021
Balloting: 12/07/2021
Listing date: 21/07/2021

Share Capital
Market Cap: RM61.929 mil
Total Shares: 178.32 mil shares

Industry  CAGR volume unit (Malaysia 2016-2020)
Residential : -1.5%
Commercial properties: -3.9%
Industrial properties: -4.0%

Competitors compare (Net profit margin%)
Haily: 6.3%
Kerjaya Prospek: 11.2%
AME Elite: 18.0%
GDB: 6.8%
others: -39.9% to 6.7%

Business
Construction is primarily involved in the building construction of residential and non-residential buildings.
Residential Buildings: 87.23%
Non-residential Buildings: 11.41%
Others: 1.36%

Fundamental
1.Market: Ace Market
2.Price: RM0.68
3.P/E: 11.6 (EPS: 0.0586)
4.ROE(Pro Forma III): 14.88%
5.ROE: 20.09%(2020), 20.18%(2019), 20.53%(2018), 33.04%（2017）
6.Cash & fixed deposit after IPO: 0.257
7.NA after IPO: RM0.39
8.Total debt to current asset after IPO: 0.56 (Debt: 84.821mil, Non-Current Asset: 6.052mil, Current asset: 148.959mil)
9.Dividend policy: 30% profit after tax dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2020: RM166.132 mil (Eps: 0.0586),PAT%: 5.86%
2019: RM157.918 mil (Eps: 0.0497),PAT%: 4.97%
2018: RM173.787 mil (Eps: 0.0474),PAT%: 4.74%
2017: RM121.832 mil (Eps: 0.0704),PAT%: 7.04% 

Order Book
2023: RM5.67mil
2022: RM124.23mil
2021: RM330.14mil

After IPO Sharesholding
See Tin Hai: 73.15% (indirect)
Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM2.144 mil
key management remuneration: RM0.4 mil- 0.5mil
total (max): RM2.644 mil or  9.62%  

Use of fund
Purchase of construction machinery, equipment, software, office equipment: 20.59%
Working capital: 29.41%
Repayment of bank borrowing: 34.31%
Listing expenses: 15.69%

Highlight
1. 2021 have RM330.14mil order book to be recognised. 
***doesn't other special item to be highlight. 

Good thing is:
1. PE11.6 is not consider too high. 
2. ROE still above 10%
3. Revenue increase from 2017 to 2020

The bad things:
1. PAT% is below 10%
2. Use 34.31% IPO fund to pay debt. 
3. Properties industry not going to high expand in 1-2 years. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Is a average IPO. Properties industry facing negative growth rate from 2016-2020, estimated should be continue to negative this year on lockdown continue. For 3years business growth prospect & risk score please 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.

CTOS Digital Berhad

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Open to apply: 30/06/2021

Close to apply: 06/07/2021
Balloting: 08/07/2021
Listing date: 19/07/2021

Share Capital
Market Cap: RM411.896 mil
Total Shares: 2,200 mil shares

Industry (Net Profit %)
M'sia 2016-2020 CAGR: 12.9%
M'sia 2016-2025E CAGR: 12.7%
ASEAN 2016-2020 CAGR: 12.8%
ASEAN 2016-2025E CAGR: 11.4%

Competitors compare (EBITDA%)
CTOS: 36.9%
Experian: 24%
CBM: 13.9%

Business
Credit bureaux in the ASEAN region
Malaysia: 94.8%
International B2B: 5.2%

Fundamental
1.Market: Main Market
2.Price: RM1.10
*Institutional price to be determined
*If final price less then RM1.10, balance will be refund. 
3.P/E: PE61.8 (EPS: 0.0178)
4.ROE(Pro Forma III): 13.18%
5.ROE: 32.81%(2020), 49.41%(2019), 49.40%(2018),
6.Cash & fixed deposit after IPO: 0.0264
7.NA after IPO: RM0.13
8.Total debt to current asset after IPO: 0.507 (Debt: 41.469mil, Non-Current Asset: 247.716mil, Current asset: 81.829mil)
9.Dividend policy: 60% profit after tax dividend policy. 
 
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2020: RM141.496 mil (Eps: 0.0178),PAT%: 27.9%
2019: RM129.141 mil (Eps: 0.0177),PAT%: 30.2%
2018: RM110.465 mil (Eps: 0.0135),PAT%: 26.8%

After IPO Sharesholding
Creador II: 40% (indirect)
Chung Tze Keong:4.5%
Chung Tze Wen: 4.5%

Directors & Key Management Remuneration for FYE2021 (from gross profit 2020)
Total director remuneration: RM1.909mil
key management remuneration: RM3.25mil- 3.5mil
total (max): RM5.409 mil or 4.45 %  

Use of fund
Repayment bank borrowing: 70.5%
Acquisition to be identified: 26.7%
Listing expenses: 2.8%

Highlight
1. Competitive advantage: limited number of player able to offer the full suite of digital solutions in Malaysia.
2. Market share in 2020 (Malaysia): 71.2%
3. Expand to Philippines (2020 acquired 51% CIBI)
4. Expand to Thailand (2020 acquired 20% BOL)

Good thing is:
1. High growth, high margin, Consistent ROE business. 
2. Less competitors.
3. Revenue continue on growing.
4. Expand to other ASEAN countries. 
5. Director & key management remuneration at acceptable category. 

The bad things:
1. High PE, at PE61.8
2. 70.5% IPO fund for repayment bank borrowing.

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Is a charging premium PE IPO, with PE61.8. If CTOS successful cases able to duplicate into other ASEAN countries, it will worth this price (if fail to duplicate their successful cases, investor need hold long period for return of capital). 
Futures 3 year estimation for business expansion & risk sorce, please 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.