SNS NETWORK TECHNOLOGY BERHAD

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Open to apply: 27/07/2022
Close to apply: 18/08/2022
Balloting: 22/08/2022
Listing date: 02/09/2022

Share Capital
Market cap: RM403.194 mil
Total Shares: 1,612.779 mil shares
 
Industry CARG (2018-2021)
Sales of ICT products: 1.64%
Value added of ICT services: 5.25%
Competitors comparison (net profit)
SNS: 3.2%
IBM Malaysia S/B: 14.13%
Machines S/B (Apple): 4.33%
others: -19.56% to 4.33% 

Business (FYE 2022)
- Sale of ICT product comprising hardware, devices and related peripherals, as well as the provision of ICT services and solutions. (2022: 98.9%)
- Provision of device repair and related services, as well as sale of broadband services.

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.P/E: 11.21 @ RM0.0223
4.ROE(Pro Forma III): 20.06%
5.ROE: 38.61%(FYE2022), 37.05%(FYE2021), 17.96%(FYE2020), 25.52%(FYE2019)
6.NA after IPO: RM0.011
7.Total debt to current asset after IPO: 0.766 (Debt: 185.805mil, Non-Current Asset: 122.348mil, Current asset: 242.490mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Jan 6mths amended typo): RM1,112.008 mil (Eps: 0.022),PAT: 3.2%
2021 (FYE 31Jan): RM721.469 mil (Eps: 0.0150),PAT: 3.2%
2020 (FYE 31Jan): RM675.282 mil (Eps: 0.0050),PAT: 1.2%
2019 (FYE 31Jan): RM594.140 mil (Eps: 0.0060),PAT: 1.5%
 
Major customer (2021)
Fan Technology International Ltd: 11.3%
Ecart Services Malaysia S/B: 4.4%
Shopee Mobile Malaysia: 4.0%
Pembangunan Leasing Corporation S/B: 2.8%
Pejabat Setiausaha Kerajaan Negeri Johor: 2.1%
***total 24.6%

Major Sharesholders
Ko Yun Hung: 32.2%
Pah Wai Onn: 32.2%
Siow Wei Ming: 7.3%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM3.186 mil
key management remuneration: RM2.2mil - RM2.350 mil
total (max): RM5.536 mil or 5.89% 
 
Use of funds
1. Expansion of DaaS subscription- based service: 34.1%
2. Set-up new retail stores: 2.5%
3. Construction of regional Hub: 19.8%
4. Marketing activities for JOI: 1.7%
5. Repayment of bank borrowings: 22%
6. General working capital: 14.5%
7. Listing Expenses: 5.1%

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 bit high risk business. But take consider into the grow record of business effort, it also possible to have continue growth in futures. Kindly refer to above SWOT analysis for more info.  

*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.

UMEDIC GROUP BERHAD

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Open to apply: 06/07/2022
Close to apply: 13/07/2022
Balloting: 18/07/2022
Listing date: 26/07/2022

Share Capital
Market cap: RM119.651 mil
Total Shares: 373.910 mil shares
 
Industry CARG (2016-2020)
Msia Healthcare expenditure CARG: 6.7% 
Competitors Comparison (PAT margin%)
UMC group:14.9%
Insan Damai S/B: 5.7%
Schiller Asia Pacific S/B: 6.5%
Stryker Corporation S/B: 3.3%
Teepham Medical S/B: 3.7%

Business (FYE 2021)
-Marketing and distribution of various branded medical devices and consumables & after-sales service for all products.
-Developing, manufacturing and marketing of our medical consumables
Revenue by Geo
Msia: 88.29%
Others countries: 11.71%

Fundamental
1.Market: Ace Market
2.Price: RM0.32
3.P/E: 13.11 @ RM0.0122
4.ROE(Pro Forma III): 9.22% (ProForma)
5.ROE: 32.32%(FYE2021), 36.47%(FYE2020), 24.99%(FYE2019)
6.NA after IPO: RM0.019
7.Total debt to current asset after IPO: 0.457 (Debt: 19.590mil, Non-Current Asset: 26.337mil, Current asset: 42.856mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Jan 6mths): RM36.855 mil (Eps: 0.0122),PAT: 12.41%
2021 (FYE 31Jul): RM34.116 mil (Eps: 0.0136),PAT: 14.91%
2020 (FYE 31Jul): RM23.676 mil (Eps: 0.0065),PAT: 10.22%
2019 (FYE 31Jul): RM16.422 mil (Eps: 0.0035),PAT: 8.03%
 
Major customer (2021)
1. Customer K: 8.47%
2. Customer A: 6.50%
3. Customer H: 4.99%
4. Customer L: 3.73%
5. Customer M: 3.61%
***total 27.3%

Major Sharesholders
UMediC Capital: 51.44% (direct)
Dato' Ng Chai Eng: 51.52% (indirect)
Lim Taw Seong: 51.44% (indirect)
Lau Chee Kheong: 51.44% 

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM0.406 mil
key management remuneration: RM0.756 mil - RM1.050 mil
total (max): RM1.456 mil or 11.59%  
 
Use of fund
1. Construction of new factory building (30mths): 11.25%
2. Setting up new marketing & distribution offices (36mths): 21.86%
3. Repayment bank borrowing: 28.93%
4. Working capital: 27.84%
5. Listing Expenses: 10.12%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is slightly better compare to other normal IPO. Kindly refer to the SWOT 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.

UNIQUE FIRE HOLDINGS BERHAD

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Open to apply: 29/06/2022
Close to apply: 22/07/2022
Balloting: 03/08/2022
Listing date: 05/08/2022

Share Capital
Market cap: RM104 mil
Total Shares: 400 mil shares
 
Industry CARG (2017-2019)
Import value of fire extinguishers: -2.8%
Export value of fire extinguishers: -1.4%
Import value of fire extinguisher parts: -6.7%
Export value of fire extinguisher parts: 27.7%
Competitors Comparison (Net profit margin%) 
Unique Fire Group: 8.4%
FITTERS Diversified Bhd: -4%
Steel Recon Industries S/B: 11.8%
Eversafe Extinguisher S/B: -6.2%
VIC Engineering S/B: 16.5%
Fire Fighter Group: 16.3%

Business (FYE 2021)
-Assembly, manufacture and distribution of active fire protection systems, equipment and accessories. 
-Distribution of custom graphics designed fire extinguishers, and other active fire protection systems, equipment and accessories and related services.

Revenue by Geo
Malaysia: 98.8%
Others: 1.20%

Fundamental
1.Market: Ace Market
2.Price: RM0.26
3.P/E: 19.55 @ RM0.0133 (writer opinion reject prospectures book pg30 use EPS 0.019 @ PE13.68)
4.ROE(Pro Forma III): 8.01% (ProForma)
5.ROE: 10.52%(FYE2021), 13.22%(FYE2020), 18.04%(FYE2019)
6.NA after IPO: RM0.08
7.Total debt to current asset after IPO: 0.366 (Debt: 26.823mil, Non-Current Asset: 26.916mil, Current asset: 73.292mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Dec 9mths): RM53.871 mil (Eps: 0.0110),PAT: 8.19%
2021 (FYE 31Mar): RM63.444 mil (Eps: 0.0133),PAT: 8.39%
2020 (FYE 31Mar): RM76.194 mil (Eps: 0.0187),PAT: 9.82%
2019 (FYE 31Mar): RM79.699 mil (Eps: 0.0249),PAT: 12.48%
 
Major customer (2021)
1. Central Industrial Services & Supplier: 2.71%
2. Nelton Enginnering S/B: 2.61%
3. Trimax Engineering S?B: 2.59%
4. Fedapi S/B: 2.43%
5. Kejuruteraan Cekap Selaju S/B: 2.36%
***total 12.70%

Major Sharesholders
UGSB: 63% (direct)
Liew Sen Hoi: 67% (indirect)
Lim Show Ching: 4.56% (indirect)
 
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2021)
Total director remuneration: RM1.599 mil
key management remuneration: RM0.95 mil - RM1.20 mil
total (max): RM2.799 mil or 16.77%  
 
Use of fund
1. Expansion of manufacturing facilities: 11.48%
2. Expansion of geographic coverage: 27.55%
3. Expansion of operational capabilities: 24.34%
4. Working capital: 21.01%
5. Listing Expenses: 15.62%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is not a attractive IPO. 

*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.

ECOSCIENCE INTERNATIONAL BERHAD

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Open to apply: 21/06/2022
Close to apply: 01/07/2022
Balloting: 06/07/2022
Listing date: 18/07/2022

Share Capital
Market cap: RM102 mil
Total Shares: 340 mil shares
 
Industry CARG
2017-2021 Palm Oil GDP CARG Msia: -2.4%
2016-2019 Palm Oil Production in Gabon: 183.3%
2017-2021 Production of Crude Palm Oil in Indonesia: 7.2%
Competitor Comparison (Net profit margin%)
Ecoscience Group: 5.3% (PE12.5)
CBIP: 15.2% (PE7.24)
MBL: 5.6% ((PE6.01)
Econmetall: 11.5% (PE3.77)
PMT Industries S/B: 9.6%
SEB: 2.8% (PE7.86%)
Others: -455.1% to 6.5%

Business (FYE 2021)
A one-stop solution provider for the construction of palm oil mills and supporting facilities and fabrication of equipment.
-Construction of plants (18.4%) and facilities (37.9%)
-Fabrication of equipment (21.6%)
-Supply of materials and equipment (21%)
-Others activities(1.1%)

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.P/E:  12.5 @ RM0.024
4.ROE(Pro Forma III): 9.92% (ProForma)
5.ROE: 13.63%(FYE2021), 12.54%(FYE2020), 25.29%(FYE2019), 7.58%(FYE2018)
6.NA after IPO: RM0.24
7.Total debt to current asset after IPO: 0.53 (Debt: 62.248mil, Non-Current Asset: 26.933mil, Current asset: 116.631mil)
8.Dividend policy: 20% PAT dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FYE 31Dec): RM153.163 mil (Eps: 0.0240),PAT: 5.3%
2020 (FYE 31Dec): RM153.693 mil (Eps: 0.0190),PAT: 4.2%
2019 (FYE 31Dec): RM170.928 mil (Eps: 0.0370),PAT: 7.3%
2018 (FYE 31Dec): RM113.627 mil (Eps: 0.0230),PAT: 6.8%
 
Major customer (2021)
1. Olam Group: 38.2%
2. KLK Group: 16.9%
3. Customer A: 9.6%
4. Palm Tech Engineering Contruction: 7.3%
5. PT Kapuas Maju Jaya: 6.8%
***total 78.8%

Order Book
2022: RM70.139 mil
2023: RM29.452 mil
2024: RM7.367 mil

Major Sharesholders
Rajawali Wang (investment holding company): 45% (Direct)
Wong Choi Ong: 45% (indirect)
Pan Kum Wan: 48% (indirect)
Lim Siew Kuen: 4.7% (Direct)
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM4.896 mil
key management remuneration: RM2.20 mil - RM2.45 mil
total (max): RM7.346 mil or 26.98%  
 
Use of fund
1. Establishment of new fabrication facility and office in Indonesia: 20.3%
2. Expansion of environmental and energy efficiency business: 4.1%
3. Repayment bank borrowings: 28.4%
4. Listing Expenses: 15.4%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is not an attractive IPO. 

*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.

INFOLINE TEC GROUP BERHAD

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Open to apply: 20/06/2022
Close to apply: 28/06/2022
Balloting: 01/07/2022
Listing date: 13/07/2022

Share Capital
Market cap: RM116.233 mil
Total Shares: 363.229 mil shares
 
Industry & Competitor (PAT%)
CAGR (IT infrastructure industry size in Msia): 9% (2016-2021)
CAGR (IT infrastructure industry size in PRC): 18% (2016-2021)
CAGR (Cybersecurity Industry size in M'sia): 13.1% (2016-2021) 
CAGR (Cybersecurity Industry size in PRC): 18.2% (2016-2021)
Infoline Tec: 17.50%
Cloudpoint Solution S/B: 16.26%
Sarawak Information Systems S/B: 12.49%
others: -27.64% to 7.64%

Business (FPE 2022)
Providing IT infrastructure solutions, cybersecurity solutions, managed IT and other IT services, and trading of ancillary hardware and software.
Revenue by Geo (2021)
Msia: 64.2%
PRC (China): 18.5%
Others: 17.3%

Fundamental
1.Market: Ace Market
2.Price: RM0.32
3.P/E: 15.2 @ 0.021
4.ROE(Pro Forma III): 25.06% (ProForma)
5.ROE: 43.52%(FYE2021), 71.5%(FYE2020), 84.19%(FYE2019), 72.3%(FYE2018)
6.NA after IPO: RM0.22
7.Total debt to current asset after IPO: 0.25 (Debt: 11.907mil, Non-Current Asset: 1.408mil, Current asset: 47.603mil)
8.Dividend policy: 30% PAT dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FYE 31Dec): RM44.586 mil (Eps: 0.0215),PAT: 17.50%
2020 (FYE 31Dec): RM43.815 mil (Eps: 0.0194),PAT: 16.10%
2019 (FYE 31Dec): RM31.058 mil (Eps: 0.0105),PAT: 12.20%
2018 (FYE 31Dec): RM18.838 mil (Eps: 0.0084),PAT: 16.10%
 
Major customer (2021)
1. Dell groups of companies: 54.7%
2. PT Netware Digital Media: 11.3%
3. Bank Pertanian Group of companies: 4.0%
4. Trianglo S/B: 3.7%
5. Noblecom Technology S/B: 2.6%
***total 76.3%

Major Sharesholders:
Choo Wei Chuen : 54.56%
Loo Wai Hong : 14.99%
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM2.047 mil
key management remuneration: RM0.45 mil - RM0.550 mil
total (max): RM2.597.24%  mil or 15.24%  
 
Use of fund
1. Setting up of technology centre and disaster recovery centre: 35.73%
2. Enchancement of NOC: 18.16%
3. Setting up of a SOC: 19.85%
4. Buiness expansion: 9.37%
4. Listing Expenses: 16.89%

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 fast growing industry IPO with high demand industry. Kindly refer to above Business growth chart & SWOT 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.

ORGABIO HOLDINGS BERHAD

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Open to apply: 15/06/2022
Close to apply: 21/06/2022
Balloting: 24/06/2022
Listing date: 05/07/2022

Share Capital
Market cap: RM76.839 mil
Total Shares: 247.868 mil shares
 
Industry & Competitor (PAT%)
Coffee, tea, milk and cocoa beverage industry size, 2018 – 2021 CAGR: 7.73%
Orgabio: 12.94%
Ori Bionature (M) S/B: 17.58%
AIM Food Manufacturing S/B: 11.46%
Others:-4.48% to 7.68%
 
Business (FPE 2022)
Instant beverage premix manufacturing services to third party brand owners and manufacturing, sales and marketing of house brand instant beverage premixes.
Revenue by Geo
M'sia: 78.10% 
Papua New Guinea: 11.34%
S'pore: 2.04%
China: 3.84%
Trinidad and Tobago: 3.44%
Others: 1.24%

Fundamental
1.Market: Ace Market
2.Price: RM0.31
3.P/E: 10.06 @ EPS0.0308
4.ROE(Pro Forma III): 11.43% (ProForma)
5.ROE: 36.79%(FYE2021), 37.25%(FYE2020), 15.61%(FYE2019), 45%(FYE2018)
6.NA after IPO: RM0.19
7.Total debt to current asset after IPO: 0.75 (Debt: 24.771mil, Non-Current Asset: 39.306mil, Current asset: 32.812mil)
8.Dividend policy: No any formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Dec, 6mths): RM34.843 mil (Eps: 0.0109),PAT: 7.77%
2021 (FYE 30Jun): RM59.072 mil (Eps: 0.0308),PAT: 12.94%
2020 (FYE 30Jun): RM39.373 mil (Eps: 0.0227),PAT: 14.31%
2019 (FYE 30Jun): RM31.696 mil (Eps: 0.0091),PAT: 7.14%
2018 (FYE 30Jun): RM32.670 mil (Eps: 0.0222),PAT: 16.85%
 
Factory ulilisation rate
2022: 73.58%
2021: 84.26%
2020: 70.44%
2019: 70.04%
2018: 83.18% 

Major customer (2021)
1. TDC Avenue Sdn Bhd: 45.31%
2. Hai-O Enterprise Bhd: 19.28%
3. Lotuss Stores (M) S/B: 2.83%
4. Amway (M) S/B: 1.19%
5. Eonsave: 0.95% 

Total top 5 customer is 69.56% (2022)

Major Sharesholders:
Ean Yong & Sons: 61% (direct)
Hai-O: 10% (direct)
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM1.051 mil
key management remuneration: RM0.45 mil - RM0.0.60 mil
total (max): RM2.101 mil or 11.76%  
 
Use of fund
1. Contruction of new factory: 53.39%
2. Acquisition of machinery: 7.44%
3. Working capital: 27.15%
4. Listing Expenses: 12.02%

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 normal IPO. With the expand to build new factory should able to see increase of revenue after new factory start operate Aug 2023.

*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.

SENG FONG HOLDINGS BERHAD

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Open to apply: 14/06/2022
Close to apply: 24/06/2022
Balloting: 29/06/2022
Listing date: 07/07/2022

Share Capital
Market cap: RM389.220 mil
Total Shares: 518.960 mil shares
 
Industry & Competitor (PAT%)
Export volume of block rubber (Malaysia 2018-2021): 1.03-1.09 mil MTS 
Seng Fong Group: 4.51%
Tiong Huat Rubber: 4.27%
FGV rubber: -1.93%
Seng Hin Rubber: 1.62%
MARDEC Processing: -7.45%
Hock Hin Rubber: 0.52%
Others: -1.54% to 1.72%

Business (2021)
Processing of cup lump rubber into block rubber
Revenue by Geo
China: 46.5%
HK: 20.3%
S'pore: 31%
Taiwan: 0.8%
Others: 1.4%

Fundamental
1.Market: Main Market
2.Price: RM0.75
3.P/E: 11.2 @ EPS0.067
4.ROE(Pro Forma III): 22.99% (ProForma)
5.ROE: 39.41%(FYE2021), 16.8%(FYE2020), 14.5%(FYE2019)
6.NA after IPO: RM0.45
7.Total debt to current asset after IPO: 0.409 (Debt: 108.203mil, Non-Current Asset: 50.386mil, Current asset: 264.387mil)
8.Dividend policy: 50% PAT dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FPE 31Dec, 6mths): RM400.490 mil (Eps: 0.0350),PAT: 4.5%
2021 (FYE 30Jun): RM768.177 mil (Eps: 0.0670),PAT: 4.5%
2020 (FYE 30Jun): RM616.435 mil (Eps: 0.0260),PAT: 2.1%
2019 (FYE 30Jun): RM636.834 mil (Eps: 0.0280),PAT: 2.3%

Major customer (2021)
1. R1 International Pte Ltd : 29.3%
2. Jiangsu General Science Technology Co., Ltd: 21.7%
3. Shandong Xinghongyuan Tyre Co.Ltd: 15.2%
4. Westwater Group: 14.1%
5. Wanli Groupp: 10.7%
total top 5 customer is 91% (2021)

Major Sharesholders:
Sumber Panji: 59.3% (Direct)
Er Hock Lai: 59.3% (Indirect)
Er Tak Bin: (Direct)
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM3.374 mil
key management remuneration: RM0.60 mil - RM0.80 mil
total (max): RM4.174 mil or 0.565%  
 
Use of fund
1. Working capital: 28.9%
2. Repayment bank borrowing: 55.6%
3. Install of Biomass system: 9.2%
6. Listing Expenses: 6.3%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is not a good IPO. More info refer to the SWOT analysis 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.