MST GOLF GROUP BERHAD

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Open to apply: 28 June 2023
Close to apply: 07 July 2023
Balloting: 11 July 2023
Listing date: 20 July 2023

Share Capital
Market cap: RM664.903mil
Total Shares: 820,868,600 shares

Industry CARG (2018-2022)
Malaysia’s import value of golf equipment: 2.5% (total growth)
Malaysia’s export value of golf equipment: 1.9% (total growth)
Singapore’s import value of golf equipment: 19.4% (total growth)
Singapore’s export value of golf equipment: 12.6% (total growth)
Industry competitors comparison (net profit%)
MST Golf Group: 9.7%
Winston’s S/B: 16.7%
RGT Technology S/B: 11.3%
Desa Golf House S/B: 8.1%
Pan-West Pte Ltd: 4.4%
Vin Sporting House S/B: 3.0%
Leonian Singapore Pte Ltd: 2.1%
Golfsmart (M) S/B: 1.0%
SKT Ventures S/B: -1.9%

Business (FYE 2022)
Retailer and wholesaler of golf equipment comprising golf clubs, golf balls and accessories and golf apparel in Malaysia and Singapore. 
Revenue by Geo (FYE2022)
Malaysia: 66.30%
Singapore: 22.96%
Others: 10.74%

Fundamental
1.Market: Main Market
2.Price: RM0.81
3.P/E: 25 (EPS 0.0325 @ FYE2022)
4.ROE(Pro Forma III): 13.32%
5.ROE: 30.34%(FYE2022), 45.42%(FYE2021), 35.78%(FYE2020), 41.85%(FYE2019)
6.Net asset: RM0.27
7.Total debt to current asset IPO:  0.689 (Debt: 150.614mil, Non-Current Asset: 159.577mil, Current asset: 218.572mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31 Dec): RM300.875 mil (Eps: 0.0325),PAT: 9.68%
2021 (FYE 31Dec): RM206.519 mil (Eps: 0.0219),PAT: 9.73%
2020 (FYE 31Dec): RM170.152 mil (Eps: 0.0157),PAT: 8.05%
2019 (FYE 31Dec): RM175.950 mil (Eps: 0.0114),PAT: 5.81%

Operating cashflow vs PBT
2022: 23.05%
2021: 27.10%
2020: 281.11%
2019: 65.88%

Major customer (2022)
Do not have any major customer contribute more than 5% of company revenue. 
***total -%

Major Sharesholders 
1. All Sportz: 52.14% (direct)
2. Ng Yap Sio: 7.11% (direct)
3. Low Kok Poh: 3.56% (direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income 2022)
Total director remuneration: RM3.535mil
key management remuneration: RM1.3mil – RM1.5mil
total (max): RM5.03mil or 3.89%

Use of funds 
1. Expansion in Malaysia and Singapore: 48.42%
2. Expansion into new geographical markets: 41.32%
3. Upgrade of digital technology facilities: 2.32%
4. Working capital requirements: 2.51%
5. Listing Expenses: 5.43%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall growth rating is 3.5 point because the industry itself having low CARG. Low industry CARG mean the market itself did not growth much, hence the growth of MST need to grab the market shares from competitor (instead of all competitor enjoy of expand of industry-cake size expand bigger concept). 

*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.

DC HEALTHCARE HOLDINGS BERHAD

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Open to apply: 27 Jun 2023
Close to apply: 05 July 2023
Balloting: 07 Jul 2023
Listing date: 17 Jul 2023

Share Capital
Market cap: RM249.075 mil
Total Shares: 996.3mil shares

Industry CARG
Historical Market Size (Revenue) and Growth Forecast for the Aesthetic Medicine Market in Malaysia
2019-2020: 39.5%
2020-2021: 22.7%
2021-2022e: 28.0%

Industry competitors comparison (PAT%)
1. DC Healthcare Group: 18.4%
2. O2 Klinik Group (19 Clinic): -200% to 34.6% 
3. Dr Ko Skin Specialist: 7.5%
4. Alunan Majujaya: 10.3%
5. Clinic RX: 2.7%
6. Ur Virtue: 5.6%

Business (FYE 2022)
provide aesthetic medical services specialising in Non-Invasive and Minimally Invasive procedures.
Business Segment (FYE2022)
1. Aesthetic services: 89.96%
2. General Medical Services: 10.04%

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 26.04 @ EPS0.0096
4.ROE(Pro Forma III): 15.70% 
5.ROE: 63.53%(FYE2022), 23.65%(FYE2021), 39.98%(FYE2020), 30.31%(FYE2019)
6.Net asset: RM0.19
7.Total debt to current asset IPO: 0.495 (Debt: 27.032mil, Non-Current Asset:33.239mil, Current asset: 54.655mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Dec): RM51.964 mil (Eps: 0.0096),PAT: 18.40% 
2021 (FYE 31Dec): RM25.479 mil (Eps: 0.0046),PAT: 18.06%
2020 (FYE 31Dec): RM14.449 mil (Eps: 0.0019),PAT: 13.16%
2019 (FYE 31Dec): RM12.210 mil (Eps: 0.0012),PAT: 9.57%

Major Sharesholders
1. DCHG : 62.38% (Direct)
2. Dr. Chong Tze Sheng: 65.33% (indirect)
3. Dr. Lai Hgan Chee: 67.05%

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM2.952mil
key management remuneration: RM1.1mil – RM1.2mil
total (max): RM4.152 mil or 14.22%

Use of funds
1. Establishing new aesthetic medical clinics: 18.95%
2. Purchase of new medical machines and equipment: 26.35%
3. Repayment of borrowings: 12.52%
4. Working capital: 34.15%
6. Estimated listing expenses: 8.03%%

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 very profitable business (Beauty industry). Just the offer price PE is also not cheap.

*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.

DAYTHREE DIGITAL BERHAD

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Open to apply: 21 Jun 2023
Close to apply: 11 July 2023
Balloting: 14 Jul 2023
Listing date: 26 Jul 2023

Share Capital
Market cap: RM144 mil
Total Shares: 480 mil shares

Industry CARG
Estimated Market Size and Growth Forecast for the GBS Industry in Malaysia, 2020-2027: 6.3%
Industry competitors comparison (PAT%)
Daythree: 9.6%
Scicom: 11.9% (PE12.06)
Aegis BPO Malaysia S/B: 17.4%
TDCX (MY) S/B: 19.9%
Teleperformance Malaysia S/B: 12.1%
Others (6 company) : 7.5% to 11.4% 
Others (4 company): -62.17% to 2.2%

Business (FYE 2022)
GBS services provider (Gobal Business Services) focusing on CX lifecycle management services (customer experience) enabled by in-house developed digital tools. 
***for easy understanding, is a type outsourcing services company that focus on customer experience segment.
Customer Segment (FYE2022)
1.Energy & utilities: 48.9%
2.Telecommunications & media: 23.4%
3.Fintech & financial services: 15.4%
4.Construction: 3.8%
5.Others: 8.5%

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.Forecast P/E: 23.1 @ EPS0.013 
4.ROE(Pro Forma III): 11.01% 
5.ROE: 23.60%(FYE2022), 34.12%(FYE2021), 29.43%(FYE2020), 24.68%(FYE2019)
6.Net asset: RM0.12
7.Total debt to current asset IPO: 30.92 (Debt: 19.639mil, Non-Current Asset: 12.874mil, Current asset: 63.521mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Dec): RM65.105 mil (Eps: 0.013),PAT: 9.6% 
2021 (FYE 31Dec): RM58.133 mil (Eps: 0.020),PAT: 16.6%
2020 (FYE 31Dec): RM47.713 mil (Eps: 0.012),PAT: 11.8%
2019 (FYE 31Dec): RM37.463 mil (Eps: 0.008),PAT: 10.2%

Order Book/Contract
Currently have: 19 contract
 - Renewable: 1 contract
 - Non-renewable: 17 contract (RM66.7mil @ 5contract, 13contract by rendered)
 - FYE2022 expired & renewed: 1 contract  

Operating cashflow vs PBT
2022: 83.39%
2021: 65.12%
2020: 56.55%
2019: 70.74%

Major customer (2022)
Client G: 29.0% 
Client F: 19.9% 
Client E: 18.4% 
Client D: 10.3% 
Client A: 4.9%
***total 82.5%

Major Sharesholders
Dayspring Capital: 36% (direct)
Paul Raymond Raj A/L Davadass: 36% (indirect)
Cloud Marshal: 23.1%
BLM Holdings: 15.4% (direct)
Thanos capital: 23.1% (indirect)
Gan Jhia Jhia: 23.1% (indirect)
Leong Kok Cheng: 23.1% (indirect)
Lee King Loon: 23.1% (indirect)
Bernadine Lee Siew Ling: 15.4% (indirect)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM1.275mil
key management remuneration: RM0.90mil – RM1.15mil
total (max): RM2.425 mil or 14.79%

Use of funds
1. Office expansion: 21.4%
2. Recruit industry experts to capture growth opportunities: 9.1%
3. Capital expenditure in networking infrastructure, IT hardware and software: 9.1%
4. Branding, marketing and promotional activities: 4.5%
5. Working capital: 44.4%
6. Estimated listing expenses: 11.5%

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. Their IPO PE is a bit expensive, but the company is having fast growth performance. 

*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.

SKYWORLD DEVELOPMENT BERHAD

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Open to apply: 20 June 2023
Close to apply: 27 June 2023
Balloting: 30 June 2023
Listing date: 10 July 2023

Share Capital
Market cap: RM800 mil
Total Shares: 1,000,000,000 shares

Industry CARG
Residential Property Transactions in KL, volume (CAGR2018-2022): 4.7%
Commercial Property Transactions in KL, volume (CAGR2018-2022): 4.0%
Overhang of High.rise Residential Properties in KL, volume (CAGR2018-2022): 5.4%
Overhang of Hlgh.rise Commercial Properties in KL, volume (CAGR2017-2021): 34.7%
Industry competitors comparison (net profit%)
Skyworld: 13.2% (forecast PE8.99)
IJM: 20.1% (PE35.26)
SP Setia Bhd: 8.2%  (PE:7.1)
Sunway Bhd: 14.5% (PE11.79)
Matrix: 22.5% (PE8.64)
Ecowld: 7.7% (PE15.71)
Simeprop: 11.4%(PE9.73)

Others: -43.6% to 31.2%

Business (FPE 2023)
Urban property developer focusing on the development (principle market KL)
-Residential and commercial (FPE2023: 60.52%)
-affordable properties (FPE2023: 39.39%)
Others
-Management services
-Construction
-E-commerce platform

Fundamental
1.Market: Main Market
2.Price: RM0.80
3.Forecast P/E: 8.99 (if full conversion of ICPS)
4.ROE(Pro Forma III): 12.52%
5.ROE:  22.42%(FPE2022), 17.55%(FYE2021), 21.93%(FYE2020)
6.Net asset: RM0.71
7.Total debt to current asset IPO (proforma): 1.08 (Debt: 754.531mil, Non-Current Asset: 772.970mil, Current asset: 695.867mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31Dec, 9 mth): RM615.461 mil (Eps: 0.0858), PAT: 14.86%
2022 (FYE 31Mar): RM790.437 mil (Eps: 0.1043), PAT: 13.19%
2021 (FYE 31Mar): RM488.797 mil (Eps: 0.0633), PAT: 12.95%
2020 (FYE 31Mar): RM523.860 mil (Eps: 0.0652), PAT: 12.46%

Major customer (2022)
Did not have major customer. 

Major Sharesholders
Datuk Seri Ng Thien Phing: 41.48%
Datuk Lam Soo Keong @ Low Soo Keong: 10.07%
Lee Chee Seng: 4.72%
Zafidi Bin Mohamad: 3.73%

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RM6.110 mil
key management remuneration: RM1.190 mil – RM1.340 mil
total (max): RM7.45 mil or 2.98%

Use of funds
Acquisition of land for development: 60.10%
Working capital for project development: 21.15%
Repayment of bank borrowings: 12.02%
Estimated listing expenses: 6.73%
 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall, property market still not encourage in coming 2-3 years. The industry itself might effect the company future performance. 

*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.

SYNERGY HOUSE BERHAD

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Open to apply: 12 May 2023
Close to apply: 18 May 2023
Balloting: 22 May 2023
Listing date: 01 June 2023

Share Capital
Market cap: RM215 mil
Total Shares: 500 mil shares

Industry CARG (2019-2022)
1. Malaysia's furniture export: 7.63%
2. Malaysia's wood-based home furniture export: 7.13%
Industry competitors comparison (PAT%)
Synergy Group: 8.56% (PE12.93)
1. Homeriz: 16.85% (PE6.53)
2. Ecomate: 12.08% (PE38.75)
3. Pohuat: 11.95% (PE4.79)
4. Mobilia: 11.46% (PE10.41)
5. Others: -3.43% to 10.52%

Business (FYE 2022)
1. Sell Ready-to-assemble furniture to online retailers B2B & B2C sales model.
2. Focus on the design, development and sale of RTA home furniture (do not manafucture, outsource all manufacturing works)
3. B2B salme model are branded under third party brand, B2C can either own brand & third party brand. 
Revenue by Geo
1. UK: 42.4%
2. United Arab Emirates: 11.62%
3. USA: 39.01%
4. Others: 1.63%
5. Malaysia: 5.34% 

Fundamental
1.Market: Ace Market
2.Price: RM0.43
3.Forecast P/E: 12.93 @ RM0.0332
4.ROE(Pro Forma III): 21.46% 
5.ROE: 35.87% (FYE2022), 41.88%(FYE2021), 59.96%(FYE2020), 58.94%(FYE2019)
6.Net asset: RM0.28
7.Total debt to current asset IPO: 0.766 (Debt:74.595 mil, Non-Current Asset: 54.733mil, Current asset: 97.323mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Dec): RM194.093 mil (Eps: 0.0332),PAT: 8.56% 
2021 (FYE 31Dec): RM184.292 mil (Eps: 0.0288),PAT: 7.81%
2020 (FYE 31Dec): RM122.891 mil (Eps: 0.0242),PAT: 9.85%
2019 (FYE 31Dec): RM111.482 mil (Eps: 0.0218),PAT: 9.77%

Operating cashflow vs PBT
2022: 83.49%
2021: 49.01%
2020: 30.18%
2019: 75.17%

Major customer (2022)
1. Customer C Group: 19.33%
2. Hillsdale Furniture, LLC: 17.97%
3. Shop Direct Home Shopping Limited: 16.71%
4. RNA Resources Group Limited: 11.42%
5. Studio Retail Limited: 8.13%
***total 73.56%

Major Sharesholders
Tan Eu Tah: 74% (Indirect)
Teh Yee Luen: 74% (Indirect)
SH Holdings: 74% (Direct)

Directors & Key Management Remuneration for FYE2023 (vs 2022 GP)
Total director remuneration: RM1.886 mil
key management remuneration: RM0.65mil – RM0.75mil
total (max): RM2.636 mil or 5.69%

Use of funds
Purchase of inventories (E-commerce fulfilment centres in Muar): 29.07%
Purchase of racking system and forklifts: 4.36%
E-commerce advertising and promotions: 2.91%
Repayment of borrowings: 29.07%
Working capital: 22.38% 
Estimated listing expenses: 12.21%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is expensive IPO, as IPO PE still above the industry PE. 

*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.

CLOUDPOINT TECHOLOGY BERHAD

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Open to apply: 9 May 2023
Close to apply: 15 May 2023
Balloting: 18 May 2023
Listing date: 29 May 2023

Share Capital
Market cap: RM202.008 mil
Total Shares: 531.6 mil shares

Industry CARG (2017-2022)
Networking solutions industry size in Malaysia: 23.1%
Cybersecurity solutions industry size in Malaysia: 13.8%
Industry competitors comparison (PAT%)
Cloudpoint: 14.5% (PE14.5)
Infoline: 16.6% (PE32)
Sarawak Information Systems Sdn Bhd: 15.2%
Bridgenet Solutions Sdn Bhd: 7.9%
NTT Malaysia Solutions Sdn Bhd: 7.5%
Mesiniaga Berhad: 2.3% (PE12.91)
Others companies: 0.3% to 6.3% (pg154)
Dataprep Holdings Berhad: Losses

Business (FYE 2022)
IT solutions comprising enterprise and data centre networking, and cybersecurity solutions as well as professional IT services.
Provide services to companies in the financial services, insurance, telecommunications industries and other technology service providers

Fundamental
1.Market: Ace Market
2.Price: RM0.38
3.Forecast P/E: 15.38  @ RM0.0247
4.ROE(Pro Forma III): 63.24% 
5.ROE:  65.49%(FYE2021), 39.01%(FYE2020), 31.05%(FYE2019)
6.Net asset: RM0.27
7.Total debt to current asset IPO: 0.48 (Debt: 45.782mil, Non-Current Asset: 9.075mil, Current asset: 95.331mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Dec): RM90.595 mil (Eps: 0.0247),PAT: 14.5% 
2021 (FYE 31Dec): RM59.541 mil (Eps: 0.0193),PAT: 17.2%
2020 (FYE 31Dec): RM51.230 mil (Eps: 0.0157),PAT: 16.3%
2019 (FYE 31Dec): RM50.634 mil (Eps: 0.0123),PAT: 12.9%

Order Book
One-off project-based income model
2025: RM-
2024: RM9.739 mil
2023: RM32.073 mil
Recurring income model
2025: RM7.681mil
2024: RM8.950mil
2023: RM6.893 mil

Operating cashflow vs PBT
2022: 49.40%
2021: 24.17%
2020: 57.05%
2019: 77.08%

Major customer (2022)
Customer G: 35.3% (financial services industry)
Customer D: 28.5% (financial services industry)
Customer B: 8,3% (financial services industry)
Customer F: 7.8% (telecommunication industry)
Customer H: 3.4% (financial services industry)
***total 83.3%

Major Sharesholders
Era Jasakita: 52% (direct)
Choong Wai Hoong: 8.1% (direct), 52% (indirect)
Yew Choong Cheong: 8.1% (direct), 52% (indirect)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM1.869mil
key management remuneration: RM0.75mil – RM0.85mil
total (max): RM2.719 mil or 11%

Use of funds
Business expansion: 32.9%
Relocation of corporate office: 19.3%
Working capital requirements: 39.1%
Estimated listing expenses: 8.7%

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 discount value. 

*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.

EDELTEQ HOLDINGS BERHAD

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Open to apply: 09 May 2023
Close to apply: 17 May 2023
Balloting: 19 May 2023
Listing date: 30 May 2023

Share Capital
Market cap: RM127.808 mil
Total Shares: 532.535 mil shares

Industry CARG (2017-2021)
Semiconductor sales, Global, 2017-2022(e): 7.07%
IC Assembly and Test segment, Global, 2017-2022(e): 7.17%
Design and assembly of IC BIBs and supply of PCBs (PAT%)
Edelteq: 25.42%
KESP Sdn Bhd: losses (-27.16%)
Trio-Tech (M) Sdn Bhd: -3.31%
EDA Malaysia Industries Sdn Bhd: 2.27%
JAC Engineering Sdn Bhd: 0.74%
Design, development and assembly of ATE and factory automation (PAT%)
Vitrox: 26.2% (PE40)
Penta: 23.5% (PE40)
Greatech: 23.42% (PE41)
Mi: 16.91% (PE19)
QES: 11.39% (PE17)
Aemulues:17.06% (PE69)
Vis: 32.11% (PE15)
MMSV: 18.54% (14)

Business (FYE 2022)
1. Design and assembly of IC (integrated circuit) burn-in boards and supply of PCBs (ETSB and ETMSB): 52.2%
2. Supply and refurbishment of IC assembly and test consumables (ETSB): 19.46%
3. Design, development and assembly of ATE and factory automation (EVSB): 24.71%
4. Trading of operating supplies, spare parts and tools for IC assembly and testing(CESB and DTSB): 3.63%

Revenue by Geo
Malaysia: 77.61%
Overseas: 22.39%

Fundamental
1.Market: Ace Market
2.Price: RM0.24
3.P/E: 23.53 @ RM0.0102
4.ROE(Pro Forma III): 13.28%
5.ROE: 28.52%(FYE2022), 59.56%(FYE2021), 45.78%(FYE2020), 9.65%(FYE2019)
6.Net asset: RM0.08
7.Total debt to current asset after IPO: 0.26 (Debt: 7.167mil, Non-Current Asset: 20.899mil, Current asset: 27.228mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Dec): RM24.360 mil (Eps: 0.0102),PAT: 22.33%
2021 (FYE 31Dec): RM23.950 mil (Eps: 0.0169),PAT: 37.62%
2020 (FYE 31Dec): RM16.685 mil (Eps: 0.0075),PAT: 23.88%
2019 (FYE 31Dec): RM12.374 mil (Eps: 0.0010),PAT: 4.46%

Operating cashflow vs PBT
2022: 57.13%
2021: 54.98%
2020: 86.02%
2019: 52.02%

Major customer (2023)
1. Infineon Technologies (Malaysia) Sdn Bhd: 37.28%
2. Customer A: 18.34% 
3. Comapany X: 11.07%
4. Customer D: 9.13%
5. Skyworks Global Pte Ltd: 6.61%
***total 82.43%

Major Sharesholders
1. Chin Yong Keong: 44.05%
2. Khong Chee Seong: 20.08%
3. Chin Yuen Fong: 8.72%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.297mil
key management remuneration: RM1.40mil - RM1.65mil
total (max): RM2.947mil or 25.4%

Use of funds
1. Construction of Proposed Batu Kawan Factory: 15.33%
2. Repayment of bank borrowings (Proposed Batu Kawan Factory): 42.71%
3. R&D: 12.90%
4. Working capital: 14.06%
5. Listing Expenses: 15.00%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall, not a discount IPO. However the company is have potential for growing in futures. 

*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.