PT RESOURCES HOLDINGS BERHAD

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Open to apply: 30/08/2022
Close to apply: 12/09/2022
Balloting: 15/09/2022
Listing date: 27/09/2022

Share Capital
Market cap: RM192.6072 mil
Total Shares: 535.020mil shares
 
Industry CARG (2016-2021)
Frozen seafood sales volume in Asia Pacific CAGR: 1.7%
Frozen seafood sales value in Asia Pacific CAGR: 5.7%
Frozen seafood sales volume in Midlle East CAGR: 0.8%
Frozen seafood sales value in Middle East CAGR: 5.6%
Competitor Comparison (PAT %)
PT Resources: 9.68%
Piau Kee Live & Frozen Seafoods Sdn Bhd: 7.6%
Mayfresh Frozen Sea Product S/B: 5.33%
FisherGold S/B: -0.72%
Aiki Century Sdn Bhd: -10.77% 

Business (FYE 2022)
Processing and trading of frozen seafood products, and trading of other products.
1. Frozen seafood (Wholesales): 83.4%
2. Frozen seafood (Retail): 8.7%
3. Retail trading of other products: 7.9%
Revenue by Geo
Msia: 42.8%
China: 44.2%
Saudi Arabia: 12.2%
others: 0.8%

Fundamental
1.Market: Ace Market
2.Price: RM0.36
3.P/E: 9.23 @ RM0.039 (we don't accept prospecture book pg19 use EPS before diluted to calculate PE). 
4.ROE(Pro Forma III): 17.87%
5.ROE: 28.79%(FYE2022), 30.74%(FYE2021), 33.9%(FYE2020), 51.92%(FYE2019)
6.NA after IPO: RM0.22
7.Total debt to current asset after IPO: 0.5065 (Debt: 65.3267mil, Non-Current Asset: 54.4986mil, Current asset: 128.9688mil)
8.Dividend policy: 20% PAT dividend policy. 
9. Shariah starus: - 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Apr): RM349.144 mil (Eps: 0.039),PAT: 6.0%
2021 (FYE 30Apr): RM186.447 mil (Eps: 0.030),PAT: 8.6%
2020 (FYE 30Apr): RM161.310 mil (Eps: 0.023),PAT: 7.6%
2019 (FYE 30Apr): RM116.396 mil (Eps: 0.028),PAT: 13.1%
 
Major customer (2022)
Fuzhou Ding Sheng Yuan Trade Co., Ltd: 15.4%
Fujian Jia He Yuan Aquatic Product Co., Ltd: 13.1%
KBT Food Supply Sdn Bhd: 10.7%
Fitkar For International Trading: 7.4%
China National Township: 6.6%
***total 53.2%

Major Sharesholders
Heng Chang Hooi: 71%
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM0.643573 mil
key management remuneration: RM0.300 mil - 0.450mil
total (max): RM1.094 mil or 2.83% 

Use of funds
1. Capital expenditure for new cold storage warehouse: 36.3%
2. Working capital: 55.9%
3. Listing Expenses: 7.8%

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 attractive IPO. The company is growing fast, however the industry they involve is low PAT margin profit, this part will limit the company growing opportunities in PAT% margin. 

*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.

AME REIT

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Open to apply: 17/08/2022
Close to apply: 24/08/2022
Balloting: 01/09/2022
Listing date: 20/09/2022

Share Capital
Market cap: RM mil 
Total Shares: 520 mil units
 
Industry CARG (2016-2021)
Msia Indutry properties rental income CAGR: 11.59% (data from 
Competitors distribution yield
Alsreit: 4.74% (PE104.48, below IPO price RM1.00)
Atrium: 6.5% (PE17.39, above IPO price @ IPO RM1.02)
Axreit: 4.89% (PE14.16, above IPO price @ RM1.25)
AME reit: 5.67% (PE19.33, yield estimated @ pg28) 

Business (FYE 2022)
Reit Structure: At least 75% total asset must invested in real estate to generate recurrent rental income. 
Financial Limitation: Maximum allow up to 50% for financing.
31 Industrial Properties (Freehold)
3 Industrial-Related Properties (Freehold)
Occupancy Rate: 100%

Fundamental
1.Market: Main Market
2.Price: RM1.15 (refund will make if final institutional price lower than RM1.15)
3.P/E: 19.33 @ RM0.0595 (pg28)
4.ROE(Pro Forma III): 5.23%
5.NA after IPO: RM0.99
6.Total debt to current asset after IPO: 0.369 (Debt: 47.5mil, Non-Current Asset: 557mil, Current asset: 17.549mil)
7.Dividend policy: 90% of nett income distribute quartely basic. 
8.Syariah Status: Yes (Islamic Reit)

Past Financial Performance (Revenue, Earning Per shares)
2022 (FPE 31Mar): RM35.236 mil (Eps: 0.0518)
2021 (FYE 31Mar): RM28.653 mil (Eps: 0.0377)
2020 (FYE 31Mar): RM26.870 mil (Eps: 0.0392)
 
Major Sharesholders
Lee Sai Boon: 51.3% (indirect)
Lee Chai: 51.3% (indirect)
Lim Yook Kim: 51.3% (indirect)
Kang Ah Chee: 51.3% (indirect)

Management Fees & Trustee's fees FYE2023 (compare to Rental income)
Management Fees: RM3.573 mil
Trustee's fee: RM0.175 mil
total (max): RM3.748 mil or 9.14% 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall the Reit is a bit expensive reit. After listing, might have chance to collect below IPO price. 

*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.

AGMO HOLDINGS BERHAD

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Open to apply: 01/08/2022
Close to apply: 08/08/2022
Balloting: 10/08/2022
Listing date: 18/08/2022

Share Capital
Market cap: RM84.500 mil
Total Shares: 325 mil shares
 
Industry CARG (2018-2021)
Malaysia Mobile & Web App development industry CARG growth: 24.09%
Singapore Mobile & Web App development industry CARG growth: 26.97%
Agmo Group market size in Malaysia: 3.21% (16.52mil over 514.21mil in 2021)
Competitors Comparision (PAT% margin)
Agmo: 40.8% (if without tax exemption status is 27%)
Ciro Solution S/B: 9.33%
Ingenious Lab S/B: 34.83%
The Mobile Life S/B: 13.78%
Lizard Apps Malaysian Development Centre S/B: 11.79%
Others: -2.81% to 10.12%

Business (FYE 2022)
1. Development of mobile and web applications
2. Provision of digital platform-based services
3. Provision of subscription, hosting, technical support and maintenance services

Revenue by Geo
M'sia:87.5%
S'pore: 8.2%
Sri Lanka: 3.9%
Others: 0.4%

Fundamental
1.Market: Ace Market
2.Price: RM0.26
3.P/E: 12.62 @ RM0.0206 
4.ROE(Pro Forma III): 23.54%
5.ROE: 60.52%(FYE2022), 54.14%(FYE2021),26.58%(FYE2020), 34.38%(FYE2019)
6.NA after IPO: RM0.09
7.Total debt to current asset after IPO: 0.102 (Debt: 2.856mil, Non-Current Asset: 3.603mil, Current asset: 27.878mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Mar): RM16.525 mil (Eps: 0.0167, after shares consolidate EPS is 0.207),PAT: 40.5%
2021 (FYE 31Mar): RM9.040 mil (Eps: 0.0100),PAT: 44.3%
2020 (FYE 31Mar): RM6.214 mil (Eps: 0.0062),PAT: 40.2%
2019 (FYE 31Mar): RM5.435 mil (Eps: 0.0060),PAT: 44.4%
 
Major customer (2021)
Heydoc International S/B: 13.7%
Company A: 12.1%
Pos Malaysia Berhad: 7.4%
Petroliam Nasional Berhad: 3.6%
GFK Retail and Technology Malaysia S/B: 3/2%
***total 40%%

Major Sharesholders
Tan Aik Keong: 19.4%
Low Kang Wen: 7.2%
Tham Chin Seng: 6.6%
Agmoian S/B: 7.4%
Myeg: 25.8%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM 0.545mil
key management remuneration: RM0.400mil - 0.500RMmil
total (max): RM1.045 mil or 14.16% 
 
Use of funds
1. R&D Team: 15.6%
2. Sales, Marketing & Business development team: 11.1%
3. Techinical support & maintainance services: 16.1%
4. Training & development centre: 11.5%
5. Regional expansion to Singapore: 3.1%
6. Expansion of mobile & web application development & digital platform-based services: 26.8%
7. Setting up new office: 1.4%
8. Listing Expenses: 14.4%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a attractive IPO. Company involve in sunrise industry & have good past performance. However investor need to take note on the company Pioneer status of MSC for tax exemption will expired on 10 Dec 2022, which will effect the company net profit.

*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.

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.