EVERGREEN MAX CASH CAPITAL BERHAD

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Open to apply: 29 August 2023
Close to apply: 12 September 2023
Balloting: 15 September 2023
Listing date: 26 September 2023

Share Capital
Market cap: RM267.5766 mil
Total Shares: 1.1149 bil shares

Industry CARG
Pawnbroking industry size in Malaysia CAGR (2017-2022): 5.2%
Industry competitors comparison (net profit%)
1. EMCC group: 30.56% (PE13.3)
2. PPjack: 14.46% (PE49)
3. Others (Sdn Bhd): -5.8% to 56.36%

Business (FYE 2023)
1. Pawnbroking services (Revenue: 30.3%)
- Monthly interest based on pawn loan.
- Administrative fee
2. Gold and luxury product retail and trading (Revenue: 69.2%)
- One-off sales.
3. Pawnbroking consultancy and IT solutions. (Revenue: 0.5%)
- Monthly consultation fee.
- Monthly IT solutions fee. 

Fundamental
1.Market: Ace Market
2.Price: RM0.24
3.Forecast P/E: 13.3 (FYE2022, EPS RM0.018)
4.ROE(FPE2023):  11.12%
5.ROE: 5.1%(FPE2022), 11.06%(FYE2021), 8.3%(FYE2020),1.17%(FYE2019)
6.Net asset: RM0.17
7.Total debt to current asset: 0.394  (Debt: 69.246mil, Non-Current Asset: 26.428mil, Current asset: 175.866mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30 Apr, 4mth): RM35.956 (Eps: 0.004), PAT: 13.7%
2022 (FYE 31Dec): RM67.173 mil (Eps: 0.0180), PAT: 29.8%
2021 (FYE 31Dec): RM60.903 mil (Eps: 0.0110),PAT: 19.6%
2020 (FYE 31Dec): RM24.426 mil (Eps: 0.0060),PAT: 25.9%
2019 (FYE 31Dec): RM14.802 mil (Eps: 0.0010),PAT: 5.4%

Major customer (2023)
1. Nexigold Jewellery Sdn Bhd: 22.6%
2. Gold Bullion Precious Metal Sdn Bhd: 33.3%
***total 55.9%

Major Sharesholders
1. Tirai Anggerik: 55.6% (direct)
2. Dato’ Low Kok Chuan : 55.6% (Indirect)
3. Datin Tea Guat Ngo : 55.6% (Indirect)
4. Low Kok Hu: 55.6% (indirect)
5. Tee Kian Heng: 3.3% (indirect)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM0.969 mil
key management remuneration: RM0.50 mil – RM0.65 mil
total (max): RM1.619 mil or 6.91%

Use of funds
1. Expansion of pawnshops: 31.1%
2. Cash capital for our pawnbroking business: 46.7%
3. Repayment of bank borrowings: 6.2%
4. Working capital: 8%
5. Estimated listing expenses: 7.2%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment, and also come with high grow return opportunities. 

*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.

MERCURY SECURITIES GROUP 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: 28 August 2023 
Close to apply: 05 September 2023
Balloting: 08 September 2023
Listing date: 19 September 2023

Share Capital
Market cap: RM223.250 mil
Total Shares: 893 mil shares

Industry CARG
1. Total trading value (2018-2022) : -4.0%
2. Total trading volume (2018-2022): 3.2%
3. Fund raised via equity fundraising (2018-2022):  29.80%
Industry competitors comparison (net profit%)
Mercury Group: 40.7%
M & A Securities S/B: 37.0%
Inter-Pacific Securities S/B: 32.3%
UOB Kay Hian Securities (M) S/B: 27.80%
Others:  -39% to 24.6%

Business (FYE 2023)
Investment holding company and through our Subsidiaries, we are principally engaged in the stockbroking, corporate finance advisory and other related businesses as well as provision of nominee and custodian services.
Segment
1. Stockbroking Segment: 79.47%
2. Corporate Finance Segment: 20.53%
3. Related Activities

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 16.88 (forecast, EPS 0.01481, didn’t use PE in prospectuses book)
4.ROE(Pro Forma III): 3.12%
5.ROE: 14.01%(FPE2022), 19.57%(FYE2021), 14.75%(FYE2020), 6.96%(FYE2019)
6.Net asset: RM0.182
7.Total debt to current asset: 0.099 (Debt: 15.045mil, Non-Current Asset: 25.603mil, Current asset: 151.939mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Apr, 6 mths): RM11.439 mil (Eps: 0.0057), PAT: 44.38%
2022 (FYE 31Oct): RM31.333 mil (Eps: 0.01822), PAT: 69.59%
2021 (FYE 31Oct): RM40.169 mil (Eps: 0.01355),PAT: 47.16%
2020 (FYE 31Oct): RM36.303 mil (Eps: 0.01366),PAT: 50.44%
2019 (FYE 31Oct): RM22.211 mil (Eps: 0.00695),PAT: 43.92%

Major customer (2023) 
1. Ace Credit (M) Sdn Bhd: 5.61%
2. Public Mutual Berhad: 4.49%
3. Individual: 3.85%
4. Evergreen Max Cash Capital Berhad: 2.89%
5. Pembinaan Azam Jaya Sdn Bhd: 2.88% 
***total 19.72%

Major Sharesholders
1. Chew Sing Guan: 37.08% (direct)
2. Enrogetz: 29.08% (direct)
3. Dato’ A. Rahman Bin Safar: 8.24% (direct)
4. Faizal Bin Mat Zuki: 29.08% (indirect)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM0.465 mil
key management remuneration: RM1.35 mil – RM1.65 mil
total (max): RM2.115 mil or 9.7%

Use of funds
1. Margin financing facility services: 68.39%
2. Digitalisation programme and marketing activities: 7.33%
3. Working capital: 11.80%
4. Estimated listing expenses: 12.48%

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 profitable business model, but might not suitable for long term holding. 
 
*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.
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GLOSTREXT BERHAD

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Open to apply: 27 July 2023
Close to apply: 02 Aug 2023
Balloting: 4 Aug 2023
Listing date: 15 Aug 2023

Share Capital
Market cap: RM77.33779 mil
Total Shares: 407.041 mil shares

Industry CARG
The geotechnical instrumentation and testing industry size (Singapore), 2017 – 2021: 5.76%
The geotechnical instrumentation and testing industry size (Malaysia), 2017 – 2021: -ve%
Industry competitors comparison (PAT%)
Glostrext Group: 19.04% (FYE2023) 
Ryobi Geotechnique International Pte Ltd: 20.01%
Element Geotechnical Testing (S) Pte Ltd: 24.77%
Aps Asia Pda Enterprise Pte Ltd: 19.04%
Others: -4.67% to 17.9%

Business (FYE 2023) 
Geotechnical instrumentation service provider. 
- customer type: Piling companies & construction companies. 
1. Pile instrumentation and static load test: 80.9%
2. Structural and ground instrumentation and monitoring services: 17.23%
3. Others: 1.87%
Revenue by Geo (FYE2023)
1. Singapore: 64.33%
2. Malaysia: 35.01%
3. Cambodia: 0.66%

Fundamental
1.Market: Ace Market
2.Price: RM0.19
3.Forecast P/E: 22.35 @ EPS0.0085 (adjusted EPS) 
4.ROE(Pro Forma II): 9.8% 
5.ROE: 11.68%(FYE2023), 24.36%(FYE2022), 9.45%(FYE2021), 18.64%(FYE2020)
6.Net asset: RM0.13
7.Total debt to current asset IPO: 0.227 (Debt: 7.866mil, Non-Current Asset: 25.233mil, Current asset: 34.654mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 31Mar): RM21.616 mil (Eps: 0.0101),PAT: 19.04% 
2022 (FYE 31Mar): RM26.574 mil (Eps: 0.0166),PAT: 27.61%
2021 (FYE 31Mar): RM16.966 mil (Eps: 0.0055),PAT: 14.12%
2020 (FYE 31Mar): RM23.963 mil (Eps: 0.0100),PAT: 18.47%

Order Book/Contract
Currently have: RM8.935mil

Operating cashflow vs PBT
2023: 15.41%
2022: 114%
2021: 113%
2020: 98.68%

Major customer (FYE 2023)
1. Asia Piling Co Pte Ltd: 13.83%
2. TPW Engineering Pte Ltd: 11.11%
3. CS Bored Pile System Pte Ltd: 8.79%
4. Econpile (M) Sdn Bhd: 7.11%
5. Aneka Jaringan Sdn Bhd: 4.89%
***total 45.73%

Major Sharesholders
Ir Dr Lee Sieng Kai: 45.63% (direct)
Tan Ah Huat: 18.41% (direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2023)
Total director remuneration: RM1.127mil

key management remuneration: RM1.40 mil – RM1.550 mil
total (max): RM2.677 mil or 23.91%

Use of funds 
1. Business expansion and working capital: 58.23%
2. Research and development: 8.95%
3. Repayment of bank borrowings: 16.41%
4. Estimated listing expenses: 16.41%

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 low grow 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.

MYMBN 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: 30 June 2023
Close to apply: 10 Jul 2023
Balloting: 13 July 2023
Listing date: 25 July 2023

Share Capital
Market cap: RM81.060 mil
Total Shares: 386,000,000 shares

Industry CARG
Historical Market Size (In Terms of Export Value) and Growth Forecast for the EBN Industry in Malaysia, 2022-2027f: 34%
Industry competitors comparison (net profit%)
1. MYMBN: 6.28%
2. Dama Dingji: 0.9%
3. Ming Feng: 9.9%
4. Rickson: 1.9% 

Business (FYE 2022)
Processing and sale of EBN (Edible bird’s nests), RUCEBN (Raw unclean edible bird’s nest)
Revenue by Geo
China: 98.55%
Malaysia: 1.45%

Fundamental
1.Market: Ace Market
2.Price: RM0.21
3.Forecast P/E: PE18.75 (FYE2022 EPS0.0112)
4.ROE(Pro Forma III): 13.22%
5.ROE:  28.61%(FPE2022), 62.41%(FYE2021), 79.01%(FYE2020), 22%(FYE2019)
6.Net asset: RM0.0847
7.Total debt to current asset: 0.194 (Debt: 6.115mil, Non-Current Asset: 7.235mil, Current asset: 31.569mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Dec): RM68.871 mil (Eps: 0.0112), PAT: 6.28%
2021 (FYE 31Dec): RM91.556 mil (Eps: 0.0174),PAT: 7.35%
2020 (FYE 31Dec): RM44.408 mil (Eps: 0.0083),PAT: 7.22%
2019 (FYE 31Dec): RM11.897 mil (Eps: 0.00048),PAT: 1.57%
*EPS calculate using 386,000,000 shares

Operating cashflow vs PBT
2022: 37.99%
2021: 108%
2020: -ve
2019: -ve

Trade Receivable vs Revenue
2022: 4.33%
2021: 0.067%
2020: 16.69%
2019: 6.5%

Major customer (FYE2022)
1.Southeast Edible Bird Nest Capital (Xiamen) Industrial Development Co., Ltd: 64.37%
2.Southeast Edible Bird Nest Capital Biotechnology Co., Ltd: 14.01%
3.Jipintang Health Industry Co., Ltd.: 10.97%
4.Yue Xiang (Zhejiang) Food Co., Ltd: 5.87%
5.China-Malaysia Jinguyan (Guangxi)Biotechnology Co., Ltd.: 2.07%
***total 97.29%

Major Sharesholders
1.Lavernt Chen: 33.58% (direct)
2.Lee Wei Kong: 11.19% (direct)
3.Liw Chong Liong: 11.19% (direct)
4.MLCL Construction: 11.19% (direct)
5.Gentle Rainbow: 7.46% (direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income FYE2023 revenue forecast)
Total director remuneration: RM0.718 mil
key management remuneration: RM50k – RM0.25 mil
total (max): RM0.968 mil or 9.72%

Use of funds 
1.Purchase of the New Facility to expand processing capacity: 13.63%
2.Renovation and fit out works of the New Facility: 15.55%
3.Setting-up of three (3) bird’s nests collection centres in East Malaysia: 8.16%
4.Expansion into the processing and sale of RCEBN: 6.07%
5.Purchase of raw bird’s nests for RUCEBN: 32.07%
6.Working capital: 9.94%
7.Estimated listing expenses: 14.58%

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 unique business / industry. The business might have grow opportunities, but the industry it self might contain a lot of regulation risk & unstable income.  

*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.

KGW GROUP 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: 30 June 2023
Close to apply: 18 Jul 2023
Balloting: 21 July 2023
Listing date: 01 Aug 2023

Share Capital
Market cap: RM101.388 mil
Total Shares: 482,798,567 shares

Industry CARG
Growth Forecast of the Logistics Industry in Malaysia: 7.1% (forecast 2023-2027)
Industry competitors comparison (net profit%)
1.KGW Group: 7.1% (PE19.44)
2.FM Global: 4.3% (PE6.74)
3.Harbour-Link: 19.8%  (PE:2.48)
4.Infinity Logistics: 10.1%
5.See Hup: Losses
6.Transocean: 6.1% (PE83.33)
7.Forward Freight services S/B : 2.5%
8.Tri-Mode: 8.4% (PE11.51)
9.Worldgate Global: -9.7%
10.Dimerco Express: 3.4%
11.Interway Transport S/B: -3.3% 

Business (FYE 2022)
1.Logistics services
- ocean freight services, air freight services and freight forwarding services
2.Warehousing and distribution of healthcare-related products and devices
Revenue by Geo
1.Malaysia: 4.12%
2.North America: 71.84%
3.Others: 24.04%

Fundamental
1.Market: Ace Market
2.Price: RM0.21
3.Forecast P/E: PE19.44 (forecast FYE2023 EPS 0.0108)
4.ROE(Pro Forma III): nil%
5.ROE:  57.46%(FPE2022), 133.58%(FYE2021), 59.88%(FYE2020), 23.94%(FYE2019)
6.Net asset: RM0.12
7.Total debt to current asset: 0.8658 (Debt: 31.815mil, Non-Current Asset: 23.499mil, Current asset: 36.746mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE Q1): RM18.041 mil (Eps: 0.0027), PAT: 7.10%
2022 (FYE 31Dec): RM229.695 (Eps: 0.0338), PAT: 7.11%
2021 (FYE 31Dec): RM195.419 mil (Eps: 0.0326),PAT: 8.06%
2020 (FYE 31Dec): RM63.525 mil (Eps: 0.0045),PAT: 3.43%
2019 (FYE 31Dec): RM43.379 mil (Eps: 0.0007),PAT: 0.80%

Operating cashflow vs PBT
2022: 82.20%
2021: 97.93%
2020: 7.89%
2019: 158.88%

Trade Receivable vs Revenue
2022: 3.5%
2021: 10.65%
2020: 12.82%
2019: 11.90%

Major customer (FYE2022)
1.Rierden Chemical & Trading Company: 12.10%
2.PMB Silicon Sdn Bhd: 10.07%
3.Camel Energy Inc: 5.93%
4.CNC Cabinetry Inc: 4.33%
5.Interstate Batteries: 3.27%
***total 35.70%

Major Sharesholders
1.Dato’ Roger Wong: 61.05%
2.Cheok Hui Yen: 6.98%
3.Chow Enn Jie: 3.96%

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income FYE2023 revenue forecast)
Total director remuneration: RM1.465 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.265 mil or 14.64%

Use of funds
1.Renovation of the Target Property: 11.95%
2.Repayment of bank borrowing: 59.78%
3.Working capital: 4.36%
4.Estimated listing expenses: 23.91%

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 after they release quarter result Q1 2023 effected the company rating.

*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.

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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***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: 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.