AGX GROUP BERHAD

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Open to apply: 16 Jan 2024
Close to apply: 23 Jan 2024
Balloting: 26 Jan 2024
Listing date: 07 Feb 2024

Share Capital
Market cap: RM151.503 mil
Total Shares: 432.866 mil shares

Industry (CAGR 2018-2022)
Malaysia external trade activities: 11.5%
The Philippines external trade activities: 3.3%
Korea external trade activities: 3.1%
Singapore external trade activities: 6.3%
Industry competitors comparison (net profit%)
1. AGX Group: 5.8%
2. Harbour: 17.4% (PE3.7)
3. Trimode: 8.4% (PE15.85)
4. Swift: 7.6% (PE8.53)
5. Others Listed companies in Malaysia: -13.5% to 6.1%
6. Other Listed companies in the Philippines: -39.3% to -3.6%
7. Other Listed companies in Korea, Myammar, Singapore: -47.3% to 7.1%

Business (FPE 2023)
Third-party logistics service provider. 
Revenue by Segments
1. Sea freight forwarding: 36.76%
2. Air frieght forwarding: 17.11%
3. Aerospace logistics: 37.06%
4. Warehousing and other 3PL services: 5.68%
5. Road freight transportation: 3.39%
Revenue by Geographic market
1. Malysia: 16.43%
2. Philippines: 41.67%
3. Korea: 7.74%
4. Myanmar: 4.97%
5. Singapore: 10.48%
6. others: 18.71%

Fundamental
1.Market: Ace Market
2.Price: RM0.35
3.Forecast P/E: 12.68 (latest 12 month, EPS RM0.0276)
4.ROE(Pro forma III):  15.17%
5.ROE: 22.82%(FPE2023),29.87%(FYE2022), 15.14%(FYE2021), 18.53%(FYE2020),
6.Net asset: RM0.18
7.Total debt to current asset: 0.071 (Debt: 6.682mil, Non-Current Asset: 19.488mil, Current asset: 93.751mil)
8.Dividend policy:  30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FPE 31Aug, 8mths): RM122.228 mil (Eps: 0.0172), PAT: 6.09%
2022 (FYE 31Dec): RM234.429 mil (Eps: 0.0313), PAT: 5.78%
2021 (FYE 31Dec): RM193.372 mil (Eps: 0.0137),PAT: 3.07%
2020 (FYE 31Dec): RM122.507 mil (Eps: 0.0013),PAT: 0.46%

Major customer (FPE 2023) 
1.Airasia Group: 27.37%
2.Kukdo Chemical Co.,Ltd: 7.16%
3.Autoliv Cebu Safety Manufacturing Inc: 3.49%
4.Moog Controls Corporation: 3.29%
5.Customer Group B: 2.83%
***total 44.15%

Major Sharesholders 
1. Dato’ Ponnudorai A/L Periasamy: 11.54%
2. Jayasielan A/L Gopal: 11.54%
3. Penu Mark: 17.6%
4. Neo Lip Pheng, Peter: 17.6% 
5. Maximino Baylen Gulmayo, Jr.: 4.97%

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income 2022)
Total director remuneration: RM3.413 mil
key management remuneration: RM1.5 mil – RM1.65 mil
total (max): RM5.063 mil or 10.04%

Use of funds 
1.Business expansion: 25.8%
2.Repayment of bank borrowings: 12.2%
3.Working capital: 48.7%
4.Estimated listing expenses: 13.3%

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

*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.

WENTEL ENGINEERING HOLDINGS BERHAD

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Open to apply: 15 Jan 2024
Close to apply: 22 Jan 2024
Balloting: 24 Jan 2024
Listing date: 06 Feb 2024

Share Capital

Market cap: RM299 mil

Total Shares: 1.150 bil shares

Industry (CAGR 2018-2022)

GDP of fabricated metal product industry: 1.0%

Sales value from machining, and treatment and coating of metals in Malaysia: 8.9%

GDP of machinery and equipment industry: 4.3%

Sales value of domestically manufactured machinery and equipment: 7.2%

Export value of machinery, equipment and parts: 11.7%

Industry competitors comparison (net profit%)

1. Wentel: 17.4%

2. MACE Instrumentation S/B : 13.4% (JHM: 28.09)

3. UWC: 19.8 % (PE126)

4. Dufu: 22% (PE50.45)

5. SFPtech: 37.3% (PE55.82)

6. CPETech: 20.9% (PE63.74)

6. Grand Venture Technology S/B: 19.2% (SGX: PE18.93)

7. Others: -2.8% to 14.6%

Business (FPE 2023)

Fabrication of semifinished metal products, fabrication of metal parts and assembly of finished products.

Revenue Segments

1. Fabrication of semifinished metal product: 75.56%

2. Fabrication of metal parts: 16.66%

3. Assembly of finished products: 7.78%

Revenue by Geo

1. Malaysia: 69.02%

2. Singapore: 30.48%

3. US: 0.50%

Fundamental

1.Market: Ace Market

2.Price: RM0.26

3.Forecast P/E: 18.51 (latest 12 month, EPS RM0.01405)

4.ROE(Pro forma II):  9%

5.ROE: 23.16%(FPE2022), 18.45%(FYE2021), 5.38%(FYE2020),

6.Net asset: RM0.14

7.Total debt to current asset: 0.1038  (Debt: 13.737mil, Non-Current Asset: 45.244mil, Current asset: 132.393mil)

8.Dividend policy: doesn’t have any formal dividend policy.

9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 

2023 (FPE 30Sep, 9mths): RM72.129 mil (Eps: 0.0096), PAT: 15.25%

2022 (FYE 31Dec): RM117.540 mil (Eps: 0.0178), PAT: 17.42%

2021 (FYE 31Dec): RM89.854 mil (Eps: 0.0119),PAT: 15.25%

2020 (FYE 31Dec): RM64.759 mil (Eps: 0.0031),PAT: 5.53%

Major customer (FPE 2023) 

1. Rapiscan Group: 34.79%

2. Customer E Group: 31.36%

3. Makino Asia Pte Ltd: 17.25%

4. Customer D Group: 5.87%

5. Customer B Group: 4.57%

***total 92.84%

Major Sharesholders 

1. Wong Kim Fatt: 37.07% (direct)

2. Ban Kim Wah: 13.25% (direct)

3. Loo Sok Ching: 0.6% (direct)

4. WCSB: 16.56% (indirect)

5. Tai Yuan Heng: 4.77% (direct)

Directors & Key Management Remuneration for FYE2023 

(from Revenue & other income 2022)

Total director remuneration: RM0.952 mil

key management remuneration: RM1.054 mil – RM1.25 mil

total (max): RM2.202 mil or 7.06%

Use of funds 

1.Part finance the construction of 2 blocks factory & 2 blocks workers’ hostel: 56.31%  

2.Part finance the purchase of new machinery and equipment: 35.24%

3.Estimated listing expenses: 8.45%

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.

HE 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: 12 JAN 2024
Close to apply: 18 JAN 2024
Balloting: 22 JAN 2024
Listing date: 30 JAN 2024

Share Capital
Market cap: RM123.2 mil
Total Shares: 440 mil shares

Industry CARG
Value of Construction Work Completed for Non-Residential Buildings: -2.5%
Value of Construction Work Completed for Electrical Installation: 14.2%
Number of Applications for New Electrical Installations: 4.3%
Number of Applications for Existing Electrical Installations: 3.8%
Competitors comparison (PAT%)
1. HE Group: 5.7% (PE12.9)
2. LWE Engineering S/B: 10.6%
3. Hong Hin Electrical S/B: 
4. CBH Engineering S/B: 8.8%
5. PESTECH S/B: 4.1%
6. Kinergy Advancement Bhd: 1.5% (PE30.18)
7. Others: -0.4% to 7.2%

Business (FPE 2023)
Provision of power distribution system, other building systems and works, hook-up and retrofitting of electrical equipment and trading.
Revenue Segment
1. Power distribution: 66.54%
2. Other building system and works: 28.49%
3. Electrical equipment hook-up and retrofitting: 4.81%
4. Trading of electrical product: 0.16%

Fundamental
1.Market: Ace Market
2.Price: RM0.28
3.Forecast P/E: 12.90 (estimated latest 12 month, EPS RM0.0217)
4.ROE(Proforma III): 16.61%
5.ROE: 38.8%(FPE2022), 32.5%(FYE2021), 18.69%(FYE2020).
6.Net asset: RM0.10
7.Total debt to current asset: 0.732 (Debt: 87.464 mil, Non-Current Asset: 6.867mil, Current asset: 119.471mil)
8.Dividend policy: didn't have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31Aug, 8mth): RM138.577 mil (Eps: 0.0165), PAT: 5.24%
2022 (FYE 31Dec): RM107.573 mil (Eps: 0.0140), PAT: 5.73%
2021 (FYE 31Dec): RM100.461 mil (Eps: 0.0094), PAT: 4.12%
2020 (FYE 31Dec): RM31.388 mil (Eps: 0.0039), PAT: 5.41%

Order Book 
FYE2023: 22.993mil 
FYE2024: 188.916mil
Trade receivable vs revenue
2020: 33.3%
2021: 37.73%
2022: 39.6%
2023: 45.76%

Major customer (2023)
1. Customer A: 42.11%
2. Zalam Corporation Sdn Bhd: 31.95%
3. Customer C: 9.25%
4. Exyte Malaysia Sdn Bhd: 6.45%
5. Xeonics Co., Ltd: 4.59%
***total 94.35%

Major Sharesholders
1. Haw Chee Seng: 20.42% (direct)
2. Eng Choon Leong: 14.8% (direct)
3. Hexatech Energy Consolidated Sdn Bhd: 24.6% (direct)
4. Yong Chong Cheang: 24.6% (indirect)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM0.884 mil
key management remuneration: RM0.85mil – RM1.1mil
total (max): RM1.984 mil or 13.22 %

Use of funds
1. Business expansion: 15%
2. Capital expenditure: 7.19%
3. Working capital: 62.19%
4.Estimated 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 reasonable price and but risk level is a bit high. 

*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.

KJTS 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: 05 Jan 2024

Close to apply: 11 Jan 2024

Balloting: 16 Jan 2024

Listing date: 26 Jan 2024

Share Capital

Market cap: nil (will need refer final institutional price)

Total Shares: 688 mil shares

Industry CARG (2018-22)

Value of Construction Work Completed for Electrical Installation in Malaysia: 14.2%

Value of Construction Work Completed for Plumbing, Heat and Air-conditioning Installation in Malaysia: 17.3%

Operating Revenue of Cleaning Activities in Singapore (2017-21): 0.2% 

Industry competitors comparison (PAT%)

KJTS Group: 7.6% (PE26)

UEM Edgenta Bhd: 1.8% (PE16.79)

GFM Services Bhd: 13.0% (PE8.65)

Widad Group Bhd: -3.8% (Losses)

Gas District Cooling (M) S/B: 15.3%

Others: -12.3% to 6.4%

Business (FPE 2023)  

Providing building support services comprising cooling energy, cleaning and FM services

Revenue by Segments

1. Cooling energy: 50.21%

2. Cleaning services: 39.12%

3. Facilities management: 10.67%

Fundamental

1.Market: Ace Market

2.Price: RM0.27 (will follow final institutional price)

3.Forecast P/E: 26.04 (forecast FPE2023, EPS RM0.01037)

4.ROE(Pro Forma III): 6.56%

5.ROE: 14.08%(FPE2023), 19.84%(FYE2022), 20.84%(FYE2021), 24.07%(FYE2020)

6.Net asset: 0.14

7.Total debt to current asset: 0.319 (Debt: 38.497mil, Non-Current Asset: 16.978mil, Current asset: 120.805mil)

8.Dividend policy: 20% PAT dividend policy.

9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)

2023 (FPE 30 July, 7mths): RM71.767 (Eps: 0.0062),PAT: 5.29%

2022 (FYE 31 Dec): RM94.438 mil (Eps: 0.0100),PAT: 7.58% 

2021 (FYE 31 Dec): RM85.285 mil (Eps: 0.0086),PAT: 7.01%

2020 (FYE 31 Dec): RM73.757 mil (Eps: 0.0078),PAT: 7.17%

Major customer (FPE 2023)

1. Bank Pembangunan Malaysia Berhad: 13.81%

2. Customer C: 10.36%

3. Micron Semiconductor (M) Sdn Bhd: 10.34%

4. Customer group A: 6.82%

5. Customer D: 4.69%

***total 46.02%

Major Sharesholders

1. Lee Kok Choon: 31.35%

2. Sheldon Wee Tah Poh: 31.35%

3. Yeow Boon Siang: 4.81%

Directors & Key Management Remuneration for FYE2023

(from Revenue & other income 2022)

Total director remuneration: RM1.874mil

key management remuneration: RM0.95mil – RM1.150mil

total (max): RM3.024 mil or 13.3%

Use of funds

1. Expansion of cooling energy segment: 68.66%

2. Expansion of offices in Malaysia, Thailand and Singapore: 7.64%

3. Working capital: 13.79%

4. Defraying the listing expenses: 9.91%

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

Overall is a low PAT% 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.

MASTER TEC 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 Dec 2023
Close to apply: 18 Jan 2024
Balloting: 22 Jan 2024
Listing date: 29 Jan 2024

Share Capital
Market cap: RM397.8 mil
Total Shares: 1.020 bil shares

Industry CARG (2023-2040)
Major Infrastructure Projects Undertaken, or in the Pipeline, in Malaysia: RM181.6 bil
Industry competitors comparison (PAT%)
MTG Group: 5.4%
SCGBHD: 1.7% (PE15.94)
Central Cables Berhad: 5.9%
Hi-Essence Cable Sdn Bhd: 4.3%
Olympic Cable Company Sdn Bhd: 2.9%
Power Cables Malaysia Sdn Bhd: 4.3%
Sindutch Cable Manufacturer Sdn Bhd: Losses
Tai Sin Electric Cables (Malaysia) Sdn Bhd: 2.8%
Tonn Cable Sdn Bhd: 1.6%

Business (FYE 2022) 
Manufacturing and distribution of power cables, control and instrumentation cables, and other related products, and the trading of power cables, fibre optic cables, and other related products.
Revenue by Geo
Malaysia: 94.85%
Others Asean country: 5.15% 

Fundamental
1.Market: Ace Market
2.Price: RM0.39
3.Forecast P/E:  16.96 @ (forecast FPE2023, EPS RM0.023)
4.ROE(Pro Forma III): 17.22%
5.ROE:  22.68%(FYE2022),  7.24%(FYE2021), 7.17%(FYE2020)
6.Net asset: 0.1552
7.Total debt to current asset: 0.61 (Debt: 112.950mil, Non-Current Asset: 86.231mil, Current asset: 185.01mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30 Jun, 6mths): RM138.039 (Eps: 0.0134),PAT: 9.88%
2022 (FYE 31 Dec): RM362.685 mil (Eps: 0.0192),PAT: 5.39% 
2021 (FYE 31 Dec): RM275.875 mil (Eps: 0.0054),PAT: 2.01%
2020 (FYE 31 Dec): RM162.313 mil (Eps: 0.0052),PAT: 3.24%
*Prospectuses book pg224 using EPS diluted 861.9 mil shares, here rejected use this version, writer use 1.020 bil shares as diluted EPS.

Major customer (FPE 2023)
1. TNB Group: 35.97%
2. Pen Power Sdn Bhd: 11.74%
3. SEB Group: 7.45%
4. Oon Brothers Eectrical Trading Co Sdn Bhd: 3.19%
5. Incomtec Consolidated Sdn Bhd: 2.40%
***total 60.75%

Major Sharesholders
1. Dato’  Lau Kim San: 55% (indirect)
2. MTPC: 55% (direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM2.935mil
key management remuneration: RM0.4mil – RM0.6mil
total (max): RM3.535 mil or 10.06%

Use of funds
1. Construction of new MV power cable manufacturing plants: 27.22%
2. Purchase of new machineries and equipment: 39.55%
3. General working capital: 26.42%
4. Defray fees and expenses relating to the Proposals: 6.81%

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 low PAT% 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.

TSA 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: 27 Dec 2023
Close to apply: 17 Jan 2024

Balloting: 19 Jan 2024
Listing date: 02 Feb 2024

Share Capital
Market cap: RM170.115 mil
Total Shares: 309.3 mil shares

Industry CARG
Import value of rolled products (2018-22): 0.4%
Import volume of rolled products (2018-21): -8.1%
Export value of rolled products (2018-22):  -1.1%
Export volume of rolled products (2018-21): -10.0%
Industry competitors comparison (net profit%)
TSA Group: 11.4% 
Pantech: 14.3% (PE6.83%)
Prestar Precision Tube: losses
KSSC: 0.9%
Hanwa Steel Centre: losses
Kanzen Tetsu:2.8%
Sin Lian Tat Hardware S/B: 3.9%
Supreme Steelmakers: 10.3%
Taik Bee Hardware: 3%
Hoto Stainless Steel: losses

Business (FPE 2023)
Distribution and supply of ferrous and non-ferrous metal and other industrial hardware products, and manufacturing and processing of stainless steel pipes and other metal products.
Business Segments
1. Trading: 62.7%
2. Manufacturing: 30.0%
3. Processing: 7.3% 

Fundamental
1.Market: Ace Market
2.Price: RM0.55
3.Forecast P/E: 18.15 (FPE2023, forecast EPS RM0.03)
4.ROE(FPE2023):   11.94%
5.ROE: 27.08%(FPE2022), 31.29%(FYE2021), 4.16%(FYE2020)
6.Net asset: RM0.02
7.Total debt to current asset: 0.476  (Debt: 96.646mil, Non-Current Asset: 57.583mil, Current asset: 212.783mil)
8.Dividend policy: didn’t have any formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 31Aug): RM220.339 mil (Eps: 0.0202), PAT: 4.8%
2022 (FYE 31Dec): RM357.271 mil (Eps: 0.0797), PAT: 11.4%
2021 (FYE 31Dec): RM302.693 mil (Eps: 0.0789),PAT: 13.3%
2020 (FYE 31Dec): RM234.628 mil (Eps: 0.0098),PAT: 2.2%

Major customer (FPE2023)
1.Customer G: 3.2%
2.Customer F: 1.5%
3.Customer B: 1.2%
4.Customer H: 1.1%
5.Kamaphuli Shoe Ind. Ltd: 0.9%
***total 7.9%

Major Sharesholders 
1.Barisan Jutawan: 8.9% (Direct)
2.KVC Properties: 37.6% (Direct)
3.Chen Khai Voon : 37.6% (indirect)
4.Chew Kuan FahL 18.8% (Direct)
5.Chew Yik Wai: 6.0% (Direct)
6.Ng Kim Liang: 3.7% (Direct)

Directors & Key Management Remuneration for FYE2023 
(from Revenue & other income FPE2023)
Total director remuneration: RM2.2326 mil
key management remuneration: RM0.90 mil – RM1.15 mil
Total (max): RM3.3826 mil or 4.24%

Use of funds
1.Capital expenditure (Semenyih Manufacturing Premises): 12%
2.Working capital: 29%
3.Repayment of bank borrowings: 47%
4.Estimated listing expenses: 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 high risk investment. 

*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.

Mark to the end 2023 with continue another good year result

Is come to year end, along the years, our suggestion some is gain some is loss, as long as overall is gain.  Congratulation to all group members. 

Here we would like to announce another rules of group. For all members, once decided to quit group, will NOT ALLOW to re-join back our group ya. 

Invest group 3 still open for registration (for year 2024), @ 013-2820766 for registration

And REMEMBER, we never personal message / never advertise /  never call any member to offer any type of trading signal & no training class.  ALL member joint us is they have to personally come to contract us. If you received any call/ message is all SCAM!!!

Again congratulation to all members, here is few example for us to remember back this good year 2023.