LEFORM BERHAD

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Open to apply: 26/10/2022
Close to apply: 11/11/2022
Balloting: 15/11/2022
Listing date: 22/11/2022

Share Capital
Market cap: RM340 mil
Total Shares: 1.481bil shares
 
Industry CARG
Malaysia steel manufacturing sales value (2018-2021): CAGR5.4%
Competitors historical PAT% range & current PE.
ChooBee: -0.3% to 20.3%, PE2.27
Astino: 4.1% to 11%, PE4.58
ATTA: -0.27% to 17.7%, PE84.38
Engtex: -0.1% to 6.5%, PE9.27
LSteel: -5.5% to 11.4%, PE3.95
LeonFB: 0.9% to 15.3% ,PE1.56
Melewar: -10.2% to 4.7% ,PE2.25
Prestar: 1.2% to 17.7%,PE1.82
Tashin: 0.2% to 16.1%  ,PE2.44

Business (FYE 2022)
Manufacturing of and trading in steel products. 
Revenue by Geo:
M'sia: 98.4%
Others: 1.6%

Fundamental
1.Market: Ace Market
2.Price: RM0.23
3.P/E: 14.4 @ RM0.016
4.ROE(Pro Forma III): 9.73%
5.ROE: 26.74%(FYE2021), 5.68%(FYE2020), -%(FYE2019)
6.NA after IPO: RM0.17
7.Total debt to current asset after IPO: 0.696 (Debt:261.109mil, Non-Current Asset: 136.017mil, Current asset: 374.917mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah status: yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jun): RM213,671 mil (Eps: 0.008),PAT: 5.7%
2021 (FYE 31Dec): RM373,974 mil (Eps: 0.030),PAT: 12.1%
2020 (FYE 31Dec): RM354,714 mil (Eps: 0.004),PAT: 2.0%
2019 (FYE 31Dec): RM344,581 mil (Eps: -0.001),PAT: -0.5%
 
Major customer (2022)
1. Noblelift Malaysia Sdn Bhd: 13.3%
2. Pipeworks Sdn Bhd: 7.6%
3. Tai Hoe Hardware Sdn Bhd: 4.3%
4. Metro Supplies Marketing S/B: 3.0%
5. Machmar Industries S/B: 2.8%
***total 29.00%

Major Sharesholders
1. Law Kok Thye: 51% (indirect)
2. Tianwen Holdings: 51% (Direct)

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2022)
Total director remuneration: RM3.215mil
key management remuneration: RM0.7 mil - 0.9mil
total (max): RM4.115 mil or 8.11% 

Use of funds
1. Construction of new headquarters, warehouse storage facility and workers’ accommodation: 42%
2. Repayment of bank borrowings: 20.1%
3. Working capital: 30.6% 
5. Listing Expenses: 7.3%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall this IPO is not suitable to low risk investor, as the commodities fluctuation will cause big effect to the company net profit in future. 

*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.

BETAMEK BERHAD

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Open to apply: 28/09/2022
Close to apply: 07/10/2022
Balloting: 12/10/2022
Listing date: 26/10/2022

Share Capital
Market cap: RM225mil
Total Shares: 450mil shares
 
Industry CARG
2019-2021 industry CAGR: 3.8%
Competitors PAT%
Ataims: -0.5%
VS industry Berhad: 6%
EG Industries Berhad: 1.3%
Delloyd Electronics (M) Sdn Bhd: 10.7%
Others: loss to 9.6%

Business (FYE 2022)
Automotive electronics manufacturing services. 
Revenue: 95% (Perodua - main customer)

Fundamental
1.Market: Ace Market
2.Price: RM0.50
3.P/E: 16.7 @ RM0.03
4.ROE(Pro Forma III): 10.88%
5.ROE: 14.41%(FYE2022), 14.03%(FYE2021), 13.46%(FYE2020), 29.85%(FYE2019)
6.NA after IPO: RM0.28
7.Total debt to current asset after IPO: 0.37 (Debt:37.779mil, Non-Current Asset: 60.555mil, Current asset: 101.007mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: Shariah compliant.

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Mar): RM133.051 mil (Eps: 0.030),PAT: 10.1%
2021 (FYE 31Mar): RM129.869 mil (Eps: 0.027),PAT: 9.4%
2020 (FYE 31Mar): RM130.732 mil (Eps: 0.024),PAT: 8.3%
2019 (FYE 31Mar): RM126.542 mil (Eps: 0.051),PAT: 18.1%
 
Major customer (2022)
1. Perodua manufacturing: 51.4%
2. Perodua Global Manufacturing: 37.6%
3. Perodua Sales: 6%
4. HIL Industries: 1.9%
5. Sipro Plastic: 1.6%
***total 98.5%

Major Sharesholders
Iskandar Holdings: 72% (Direct)
Mirzan Bin Mahathir: 72% (Indirect)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM0.962mil
key management remuneration: RM1.156 mil - 1.450mil
total (max): RM2.412 mil or 9.83% 

Use of funds
1. R&D - new product development: 20.7%
2. To expand R&D office space, raw material storage and ancillary facilities: 19.3%
3. Purchase of new process equipment: 8.9%
4. Working capital requirement: 11.4%
5. Repayment bank borrowing: 29.6%
6. Listing Expenses: 10.1%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Refer to above SWOT analysis. Overall is a high risky business model as over focus on single customer (Perodua, 95% of company revenue). Sumore their industry itself is very competitive industry. 

*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.

SUNVIEW GROUP BERHAD

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Open to apply: 23/09/2022
Close to apply: 30/09/2022
Balloting: 04/10/2022
Listing date: 17/10/2022

Share Capital
Market cap: RM135.720 mil
Total Shares: 468mil shares
 
Industry CARG
Global solar installation CAGR 2017-2021: 21.3%
Msia Solar PV Installed CAGR 2017-2021: 45.9%
Crystalline Silicon Module Price CAGR: RM/W 16.4%
-Msia Gov committed to use renewable resources: 2025 (31%), 2035 (40%).   
-In 2021 Msia renewable energy installed: 23%
Competitors PAT%
Solarvest: 4.2% (PE45.16)
Pekat: 3.9% (PE24.10)
Sunview: 9% (PE15.27)
Samaiden: 11% (PE24.07)
El Power Technologies Sdn Bhd: 3.9%

 
Business (FYE 2022)
EPCC of Solar PV facilities: 75.73%
Construction & Installation Solar PV facilities: 8.85%
Associated services & products: 11.9%
Solar power generation & supply: 3.52%

Fundamental
1.Market: Ace Market
2.Price: RM0.29
3.P/E: 15.27 @ RM0.019
4.ROE(Pro Forma III): 9.88%
5.ROE: 16.24%(FYE2022), 51.76%(FYE2021), 48.14%(FYE2020), -%(FYE2019)
6.NA after IPO: RM0.19
7.Total debt to current asset after IPO: 0.51 (Debt:92.975mil, Non-Current Asset: 56.462mil, Current asset: 182.895mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: - 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Mar): RM99.263 mil (Eps: 0.0190),PAT: 8.95%
2021 (FYE 31Mar): RM43.330 mil (Eps: 0.0124),PAT: 13.36%
2020 (FYE 31Mar): RM26.375 mil (Eps: 0.0054),PAT: 9.59%
2019 (FYE 31Mar): RM5.651 mil (Eps: -0.0015),PAT: -%
 
Major customer (2022)
Customer A: 14.01%
Adil Bestari Sdn Bhd: 12.97%
GV Bumi Sandakan Sdn Bhd: 10.83%
Sinohydro Corporation Sdn Bhd: 8.6%
Malakoff Radiance Sdn Bhd:5.59%
***total 52.00%

Major Sharesholders
NEC: 35.70% (Direct)
Ong Hang Ping: 35.7% (indirect)
Chow Kian Hung: 35.7% (indirect)
Stellar One: 5.71%
Basil Power: 11.59%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.068mil
key management remuneration: RM0.200 mil - 0.250mil
total (max): RM2.318 mil or 11.39% 

Use of funds
1. Business expansion: 4.88%
2. Capital expenditure: 5.42%
3. Working capital: 58.72%
4. Repayment of bank borrowings: 20.46%
5. Listing Expenses: 10.52%

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 good IPO with discounted price compare to it competitors in same industry. 

*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.

COSMOS TECHNOLOGY INTERNATIONAL BERHAD

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Open to apply: 14/09/2022
Close to apply: 22/09/2022
Balloting: 27/09/2022
Listing date: 06/10/2022

Share Capital
Market cap: RM89.775 mil
Total Shares: 256.501mil shares
 
Industry CARG
Industry CARG is not enough information for analysis.
Competitor Comparison (PAT %)
Cosmos: 11.8%
Cergas Proses S/B: 3.2%
Delta Ferdana S/B: -4.2%
Mimtech Technology S/B: 4.0%
Premier water services S/B: 9.5%
SVS Engineering S/B: 9.7%
S.Kian Seng S/B: 31.0%

Business (FYE 2022)
Distribution and instrumentation services of fluid control products and manufacturing of fabricated metal products for industrial applications used in the water, wastewater and oil and/or gas industries. 

Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.P/E: 15,51 @ RM0.0226
4.ROE(Pro Forma III): 12.14%
5.ROE: 21.80%(FYE2022), 26.91%(FYE2021), 8.03%(FYE2020), 45.97%(FYE2019)
6.NA after IPO: RM0.16
7.Total debt to current asset after IPO: 0.3895 (Debt:17.809mil, Non-Current Asset: 19.755mil, Current asset: 45.718mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: - 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Apr): RM49.120 mil (Eps: 0.0226),PAT: 11.78%
2021 (FYE 30Apr): RM33.723 mil (Eps: 0.0218),PAT: 16.57%
2020 (FYE 30Apr): RM25.189 mil (Eps: 0.0047),PAT: 4.84%
2019 (FYE 30Apr): RM44.078 mil (Eps: 0.0206),PAT: 11.98%
 
Major customer (2022)
1. NOV (Malaysia) Sdn Bhd: 18.01%
2. National Oilwell Varco Inc: 15.63%
3. NOV Process & Flow Technologies Malaysia Sdn Bhd: 15.50%
4. Air Selangor: 9.84%
5. M8 Machinery Sdn Bhd: 7.90%
***total 66.88%

Major Sharesholders
Dato'Chong: 40.5% (direct)
MSM" 27% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.0095mil
key management remuneration: RM0.300 mil - 0.60mil
total (max): RM1.6095 mil or 11.79% 

Use of funds
1. Acquisition of new building: 44.56%
2. Purchase of new machineries: 15.59%
3. Repayment of bank borrowing: 6.68%
4. Working capital: 19.80%
3. Listing Expenses: 13.37%

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

Overall, a bit risky investment business.  The demand of the business product is very specific segment.  The company business also not easy to grow faster like other 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.

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.