Aneka Jaringan Holding Berhad

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Open to apply: 01/10/2020
Close to apply: 09/10/2020
Listing date: 20/10/2020

Share Capital
Market Cap: RM177.5 mil
Total Shares: 538.1mil shares (Public apply: 26.906mil, Company Insider/Miti/Private Placement/other: 112.984mil)

Industry
Construction Industry
Competitor (Net Profit Margin%)
Econpile: 3.8%
Pintaras Jaya: 8.3%
Sunway Geotechnics: 3.0%
Ikhmas Jaya: Loss making

Business
Foundation and basement constructions. 

Fundamental
Market: Ace Market
Price: RM0.33 (EPS:0.0343)
P/E: PE9.62
ROE(Pro Forma III): 13.2 
ROE: 24.1(2019), 22.9(2018), 14.8(2017)
Cash & fixed deposit after IPO: RM0.0728 per shares
NA after IPO: RM0.24
Total debt to current asset after IPO: 0.577 (Debt: 82.852mil, Non-Current Asset: 73.811mil, Current asset: 143.559mil)
Dividend policy: No fixed dividend policy.

Past Financial Performance (Revenue, EPS)
2020 (9-mth): RM104.226 mil (EPS: 0.161)
2019: RM221.172 mil (EPS: 0.0343)
2018: RM266.872 mil (EPS: 0.0249)
2017: RM171.153 mil (EPS: 0.0118)

Net Profit Margin
2020: 8.85%
2019: 9.10%
2018: 5.55%
2017: 5.00%

After IPO Sharesholding
Dato'Ir.Tan Gim Foo:0.06%
Pang Tse Fui:18.50%
Chong Ngit Sooi:18.50%
Loke Kien Tuck:18.50%
Dato' Noraini binti Abdul Rahman:0.06%
Wee Kee Hong:0.06%

Directors Remuneration for FYE2021 (from gross profit 2019)
Dato'Ir.Tan Gim Foo:RM54k

Pang Tse Fui:RM434k
Chong Ngit Sooi:RM434k
Loke Kien Tuck:RM434k
Dato' Noraini binti Abdul Rahman:RM46k
Wee Kee Hong:RM49k
Total director remuneration from PBT: RM1.451mil or 3.71%

Key Management Remuneration  for FYE2021 (from gross profit 2019)
Ooi Chong Pin: RM300k-350k
Steven Koh: RM350k-400k
Tham Kai How: RM150k-300k
Tung Sin Thian: RM250k-300k
Ngoi Tong King: RM250k-300k
key management remuneration from PBT: RM1.3mil-1.65mil or 4.21%

Use of fund
Purchase of new rotary drilling rigs and crawler crane: 37.48%
Repayment bank borrowing: 52.56%
Listing Expenses: 9.96%

Good thing is:
1. PE is not too high & ROE have double digit.
2. Debt is not too high.

The bad things:
1. 52.56% IPO fund use to repayment of debt.
2. Industry competitor & Aneka net profit didn't more than 10%
3. No fixed dividend policy.
4. Key management & Director remuneration total almost 8% of the total gross profit. 

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
52.56% use to pay company debt is totally not acceptable. Not attractive, and is not the good timing for investment in construction 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.

Southern Cable Group Berhad

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Open to apply: 29/09/2020
Close to apply: 06/10/2020
Listing date: 16/10/2020

Share Capital

Market Cap: RM272 mil

Total Shares: 800mil shares (Public apply: 40mil, Company Insider/Miti/Private Placement/other: 169.348mil)

Industry

Manufacturing of cable & wires

Competitor (Gross Profit Margin%)

Sarawak Cable: 4.5% (loss making)
Olympic Cable: 15.6%  
Sindutch cable: n/a, (loss making)
Pan-international: 11.7% 
Tai Sin Electric: 4.5% (loss making)

Business
Manufacturing of cable & wires for power distribution.
- Power cabless & wires (e.g. cable on the power tower on road site)
- Communications cables & wires (e.g. LAN wires for internet)
- Control and Instrumentation cables & wires (industry use cable, 

Fundamental
Market: Ace Market
Price: RM0.34 (EPS:0.0357)
P/E: PE7.04
ROE (Pro Forma III): 7.21 
ROE:  16.22 (2019), 17.79 (2018), 15.00 (2017), 13.74 (2016)
Cash & fixed deposit after IPO: RM per shares
NA after IPO: RM0.32
Total debt to current asset after IPO: 0.53  (Debt: 209.553mil, Non-Current Asset: 70.040mil, Current asset: 
393.25mil)
Dividend policy: 15% PAT dividend policy.

Past Financial Performance (Revenue, EPS)
2020 (FPE June): RM241.086 mil (EPS: 0.0114)
2019: RM656.687 mil (EPS: 0.0357)
2018: RM683.199 mil (EPS: 0.0328)
2017: RM595.694 mil (EPS: 0.0227)
2016: RM470.656 mil (EPS: 0.0177)
*EPS in prospectus using EPS before dilutes, EPS here amend diluted based on 800mil shares.  

Net Profit Margin
2020: 3.79%
2019: 4.35%
2018: 3.84%
2017: 3.05%
2016: 3.01%

After IPO Sharesholding
Rizvi Bin Abdul Halim: 0.05%
Tung Eng Hai: 35.69%
Wong Meng Kee: 36.55%
Wong Kar Wai: 0.05%
Daphne Choy Gaik Choo: 0.05%
Eugene Lee Cheng Hoe: 0.05%

Directors Remuneration for FYE2020 (from gross profit 2019)
Rizvi Bin Abdul Halim: RM42k
Tung Eng Hai: RM1.583 mil 
Wong Meng Kee: RM0.409 mil
Wong Kar Wai: RM42k 
Daphne Choy Gaik Choo: RM42k 
Eugene Lee Cheng Hoe: RM42k
Total director remuneration from PBT: RM2.16mil or 3.21%

Key Management Remuneration  for FYE2020 (from gross profit 2019)
Ooi In Keong: RM350k-400k
Song Swee Kim: RM300k-350k
Zen Azhar Bin Shuib: RM250k-300k
key management remuneration from PBT: RM900k-1.05mil or 1.56%

Use of fund
Capital expenditure: 42.15%
Repayment bank borrowing: 12.91%
Working capital: 38.62%
Listing Expenses: 6.32%

Good thing is:
1. Product is continue have demand for development. 
2. PE7.04 consider discounted from countery PE. (PE low for reason)
3. Have fixed dividend policy. 

The bad things:
1. Cable & wire industry is not having good profit. Event their competitor also suffer low net profit margin & loss making. 
2.  Revenue is dropping & 5 years net profit margin never above 10%.
3. IPO fund 38.62% use to pay debt. 
4. ROE is dropping past 3 years.

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
Not attractive, and investment might difficult to growth. 

*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.

Samaiden Group Berhad

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Open to apply: 29/09/2020
Close to apply: 05/10/2020
Listing date: 15/10/2020

Share Capital
Market Cap: RM100.8 mil
Total Shares: 210mil shares (Public apply: 10.5mil, Company Insider/Miti/Private Placement/other: 50.655mil)

Industry
Renewable Energy (Solar & Biogas)
-Renewable Energy demand rising globally
-Solar panel cost getting cheaper & getting more commons (costing effectiveness)

Competitor (net Profit Margin%)
Scatec Solar: 36.6%
Solarvest: 9.9% (PE39.18)
Samaiden: 9.5%
Panasonic Life Solutions: 2.1%
El Power: 6.4%

Business
Existing: Enginneering, procurement, construction & commisonning services for Solar PV system. 
Futures: Own operate Biogas Plant (Bachok, Kelantan) & PV Power Plant (Sungai Petani, Kedah).
Market: Malaysia (Mainly), Vietnam (futures expend)

Fundamental
Market: Ace Market
Price: RM0.48 (EPS:0.0345)
P/E: PE13.91
ROE (Pro Forma III): 17.01
ROE: 49.23 (2020), 101.01 (2019), 65.93 (2018), 90.27 (2017)
Cash & fixed deposit after IPO: RM0.165 per shares
NA after IPO: RM0.20
Total debt to current asset after IPO: 0.299 (Debt: 17.355mil, Non-Current Asset: 1.539mil, Current asset: 58.116mil)
Dividend policy: No fix dividend policy.

Past Financial Performance (Revenue, EPS)
2020: RM76.170 mil (EPS: 0.0345)
2019: RM68.301 mil (EPS: 0.0356)
2018: RM31.322 mil (EPS: 0.0153)
2017: RM6.530 mil (EPS: 0.0065)

Net Profit Margin
2020: 9.49%
2019: 10.95%
2018: 10.26%
2017: 20.89%

After IPO Sharesholding
Dato' Dr.Nadzri Bin Yahaya: 0.41% 
Ir.Chow Pui Hee: 35.57%
Fong Yeng Foon: 35.31%
Lim Poh Seong: 0.14%
Olivia Lim: 0.14%

Directors Remuneration for FYE2021 (from gross profit 2020)
Dato' Dr.Nadzri Bin Yahaya: RM62k

Ir.Chow Pui Hee: RM574k
Fong Yeng Foon: RM492k
Lim Poh Seong: RM50k
Olivia Lim: RM38k
Total director remuneration from PBT: RM1.216mil or 10.43%

Key Management Remuneration  for FYE2021 (from gross profit 2020)
Susie Chung Kim Lan: RM150k-200k
Mohd Makhzumi bin Ghazali: RM100k-150k
Ir.Kang Ching Yew: RM100k-150k
key management remuneration from PBT: RM350k-500k or 0.3%

Use of fund
Purchase of Corporate Office: 23.85%
Business expansion and marketing activities: 8.65%
Capital expenditure: 3.98%
Working capital: 52.62%
Listing Expenses: 10.90%

Good thing is:
1. Renewable Energy is in sunrise industry & demand is rising globally. 
2. Cost of solar panel is getting cheaper compare past few years (lower cost of purchase)
3. PE13 is at acceptable fair value.
4. Revenue growing for past 4 years.
5. IPO use for expand business. (futures will have recurring income on own operate plant in Kedah & Kelantan).

The bad things:
1. High competitor environment as entry of business is not high.
2. No fixed dividend policy.
3. Director remuration is 10.43% from 2020 gross profit. 
4. Listing is in Ace Market.
5. Net profit is around 10%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
Riding on the right trend of business grow is benefited the company. We will see growth of the 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.

Optimax Holdings Berhad

IPO Rating (2.0 /5.0 Stars)
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Open to apply: 15/07/2020
Close to apply: 04/08/2020
Listing date: 18/08/2020

Share Capital
Market Cap: RM46.944 mil
Total Shares: 270mil shares (Public apply: 13.5mil, Company Insider/Miti/Private Placement/other: 56.5mil)

Industry
Healthcare Industry - Eye Specialist

Competitor (Net Profit Margin)
Optimax (this IPO): 13.90%
Topvision Eye Specialist Bhd: 6.99%
ISEC healthcare Ltd: 16.88%

Business
Eye specialist services (13 specialist centres in M'sia)

Fundamental
Market: Ace Market
Price: RM0.30 (EPS:0.029)
P/E: PE10.34
ROE: 20.18 (IPO pro Forma III)
ROE:  20.18(2019), 12.34(2018), 44.58(2017), 28.84(2016)
Cash & fixed deposit after IPO: RM0.0477 per shares
NA after IPO: RM0.16
Total debt to current asset after IPO: 1.87 (Debt:35.327mil, Non-Current Asset: 59.766mil, Current asset: 18.854mil)
Dividend policy: No fix dividend policy.

Past Financial Performance (Revenue, EPS)
2019: RM62.619 mil (EPS: 0.0290)
2018: RM49.234 mil (EPS: 0.0165)
2017: RM36.015 mil (EPS: 0.0274)
2016: RM29.962 mil (EPS: 0.0120)

Net Profit Margin
2019: 13.96%
2018: 10.09%
2017: 20.49%
2016: 10.46%

After IPO Sharesholding
Dato' Tan Boon Hock: 31.8%
Sandy Tan: 0.38%
Michelle Tan: 0.38%
Dr.Stephen Chung: 5.69%
Dr.Chung Kay Leong: 3.73%

Directors Remuneration for FYE2021 (from gross profit 2019)
Tan Sri Datuk Dr.Ir. Ahmad Tajuddin bin Ali: RM120k
Dato' Tan Boon Hock: RM60k
Yap Ping Hong: RM66K
Yap Eng Gee: RM60K
Total director remuneration from PBT: RM0.306mil or 2.43%

Key Management Remuneration  for FYE2021 (from gross profit 2019)
Sandy Tan: RM550k-600k
Michelle Tan: RM250k-300k
Dr.Stephen Chung: RM400k-450k
Dr.Chuah Kay Leong: RM1.050-1.10mil
Dr.Lam Hee Hong: RM650k-700k
Pang Woei Yaw: RM50k-100k
Ang Chian Yen: RM100k-150k
key management remuneration from PBT: RM3.4 mil or 27%

Use of fund
Capital Expenditure: 49.31%
Repayment borrowing: 16.76%
Working Capital: 16.79%
Listing Expenses: 17.14%

Good thing is:
1. PE10.34 consider fair price.
2. ROE is above 20%
3. Over past 4 years, revenue increasing, & net profit margin above 10%.
4. Healthcare industry will continue to sustain as long as there is needs for the services.

The bad things:
1. Sandy Tan (CEO) appointed on board at Dec 2019 (Time too short for varify management quality).
2. In term of Market size, is not the biggest.
3. 16.76% IPO fund use to pay debt.
4. 49.31% capital expenditure use to upgrade Seremban clinic into ambulatory center (add 1 ambulatory to become 12 ambulatory in M'sia, growth impart might not very big).

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion)
The industry itself will continue grow as eye disease should be increase (Human daily activity on phone,PC).
Unable to verify the potential of business expand as unable to verify management quality & futures direction.

*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.

TCS Group Holdings Berhad

IPO Rating (1.75/5.0 Stars)
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Date
Open to apply: 29/06/2020
Close to apply: 10/07/2020
Listing date: 23/07/2020

Share Capital
Market Cap: RM46.944 mil
Total Shares:  mil shares (Public apply:10.8 mil, Company Insider/Miti/Private Placement/other: 97.2mil)

Industry
Property & construction segment have been in slow growth phase in Malaysia for this few years. However it still cannot category as sunset industry. I will be in temporary sleeping mode for industry growth.
**CAGR posted in Prospectus book using forecase 2019-2024, we decided do not take this as reference as it did not reflect true CAGR 5 year average of previous year result.

Competitor (Profit before tax margin)
TCS: 6.1% (PE5.75)
Gagasan: 15.2% (PE9.31)
GDB: 11.7% (PE12.92)
Inta Bina: 7.2% (PE5.9)

Business
Construction services for buildings, infrastructure, civil and structural works in Malaysia.

Fundamental
Market: Ace Market
Price: RM0.23 (EPS:0.04)
P/E: PE5.75
ROE: 26.5 (IPO pro Forma III)
ROE:  26.5 (2019),  16.6 (2018), 10.5(2017), 8.6 (2016)
Cash & fixed deposit after IPO: RM0.0899 per shares
NA after IPO: RM0.16
Total debt to current asset after IPO: 0.86 (Debt:119.484 mil, Non-Current Asset: 39.607mil, Current asset: 138.962mil)
Dividend policy: No fix dividend policy.

Past Financial Performance (Revenue, EPS)
2019: RM358.424 mil (EPS: 0.0435)
2018: RM146.266 mil (EPS: 0.0269)
2017: RM71.718 mil (EPS: 0.0172)
2016: RM103.628 mil (EPS: 0.0141)

Net Profit Margin
2019: 4.37%
2018: 6.71%
2017: 8.63%
2016: 4.91%

After IPO Sharesholding
Dato' Ir Tee Chai Seng: 59.07%
Datin Koh Ah Nee: 10.42%

Directors Remuneration for FYE2021 (from gross profit 2019)
Dato' Ir Tee Chai Seng: RM1.004 mil
Datin Koh Ah Nee: RM367k
Tan Sri Dato' Sri Izzuddin bin Dali: RM75k
Dato' Seri Ir Mohamad Othman Bin Zainal Azim: RM63k
Ooi Guan Hoe: RM63k
Total director remuneration from gross profit: RM1.572 mil or 4.17%

Key Management Remuration  for FYE2021 (from gross profit 2019)
Ooi Kee An: RM200k-250k
Yap Choo Cheng: RM200k-250k
Liew Kok Yoong:  RM100k-150k
Ho Chee Woei: RM150k-200k
Koo Yoke Ping: RM50k-100k
Ng Lee Foong: RM50k-100k
key management remuneration from gross profit: RM1.05 mil or 2.78%

Use of fund
Purchase of new construction machinery and equipment: 62.80%
Working capital: 20.29%
Listing Expenses: 16.91%

Good thing is:
1. Low PE, ROE26.5
2. ROE increase over pass few years.
3. Use 83.09% IPO fund to expand business.
4. Revenue have growth for pass 4 year.
5. Low interest environment will encourage property industry.

The bad things:
1. Compare to other competitor, profit margin not high & net profit margin less than 10%.
2. Direcrtor fee have a bit expensive.
3. Listing Expenses is expensive.
4. Unable to know the true industry CAGR for past 5 years.
5. No fixed dividend policy.

Conclusions (Blogger is not wrote any recommedation & suggestion. All is personal opinion)
The industry of their business is on sleeping mode. As property & construction is growing slow in Malaysia for past few years. We still have many other good opportunities to allocate properly our capital for investment.

IPO Price: RM0.23
Good time: RM0.32 (PE8)
Bad time: RM0.16 (PE4)

*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.

Ocean Vantage Holdings Berhad

IPO Rating ( 1.5/5.0 Stars)
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Date
Open to apply: 30/06/2020
Close to apply: 09/07/2020
Listing date: 22/07/2020

Share Capital
Market Cap: RM106.860 mil
Total Shares: 411 mil shares (Public apply: 20.55mil, Company Insider/Miti/Private Placement: 102.570mil)

Industry
Industry CAGR%: 5.1% (Offshore Oilfield Services Industry Siza in M'sia 2010-2018)

Business
Upstream Oilfield Services(Eploration & Production) & Downstream (Refining)                   
-EPC & project management                   
-Supply of manpower                             
-Supply of materials, tools, & equipment
-Provision of drilling rig charter services

Fundamental
Market: Ace Market
Price: RM0.26 (EPS:0.0168)
P/E: PE15.48
ROE: 20.44 (IPO pro Forma III)
ROE: 20.44 (2019), 15.28 (2018), 8.92 (2017), 8.01 (2016)
Cash & fixed deposit after IPO: RM0.0541 per shares
NA after IPO: RM0.08
Total debt to current asset after IPO: 0.31 (Debt: 6.955mil, Non-Current Asset: 18.564mil, Current asset: 22.237mil)
Dividend policy: No fix dividend policy.

Past Financial Performance (Revenue, EPS)
2019: RM58,284 mil (EPS: 0.0168)
2018: RM30,492 mil (EPS: 0.0126)
2017: RM24,009 mil (EPS: 0.0073)
2016: RM17,645 mil (EPS: 0.0066)

Net Profit Margin
2019: 11.87%
2018: 16.97%
2017: 12.58%
2016: 15.36%

After IPO Sharesholding
Kenny Ronald Ngalin: 35.8%
Martin Philip King Ik Piau: 26.2%
Yau Kah Tak: 8%

Directors Remuneration for FYE2021 (from gross profit 2019)
Nor Azzam Bin Abdul Jalil: RM48k
Kenny Ronald Ngalin: RM336k
Martin Philip King Ik Piau: RM342k
Yau Kah Tak: RM336k
Tham Choi Kuen: RM30k
Iiham Fadilah Binti Sunhaji: RM30k
Reza-Rizvy Bin Ahmad Rony Assim: RM24k
Total director remuneration from gross profit: RM1.146 mil or 7.75%

Key Management Remuration  for FYE2021 (from gross profit 2019)
Chang Vun Lung: RM250k-300k
Thomas Jalong:  RM150k-200k
key management remuneration from gross profit: RM1.436mil or 6.95%

Use of fund
Broadening our range of support services: 15.14%
Capital expenditure for downstream O&G: 40.20%
Working capital: 30.62%
Listing Expenses: 14.04%

Good thing is:
1. PE15.48 consider at fair level.
2. ROE increasing over past 4 year.
3. Revenue increasig over past 4 years.
4. 85.96% IPO fund use to expand business.
5. Low debt company.

The bad things:
1. Industry CAGR 5.1% from 2010-2018, if we factor in inflation, basically is no growth industry CAGR. Oil & gas industry is more to sunset industry, as world is heading to green energy.
2. Net profit did not have good improvement.
3. Director fee is a bit expensive in percentage due to low gross profit.
4. No formal dividend policy.

Conclusions
The company is in challenging environment Industry CAGR 5.1% for 8 years, if we factor in inflation mean there is a negative growth industry. External factor will limit their growth in futures & the world is moving toward green energy. If the company continue stay in same industry, it might not suitable for long term investment.

IPO Price: RM0.26
Good time: RM0.265 (PE16)
Bad time: RM0.135 (PE8)

*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.

Reservoir Link Energy Berhad

IPO Rating ( 1.75 out of 5.0 Stars)

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Date
Open to apply: 25/06/2020
Close to apply: 01/07/2020
Listing date: 15/07/2020

Share Capital
Market Cap: RM116.850 mil
Total Shares: 285 mil shares (Public apply: 14.25mil, Company Insider/Miti/Private Placement: 73.876mil)

Business
Specialise in providing well services. O&G well services (well leak repair, well perforation, well testing, wash and cement, Wireline, O&G production enchancement.
Geo: Malaysia 96.54%, Mauritania 3.46%, Vietnam 3.46%.

Fundamental
Market: Ace Market
Price: RM0.41 (EPS:0.034)
P/E: PE12.06
ROE: 19.16 (IPO pro Forma III)
ROE: 31.56 (2019), 18.31(2018), 1.76 (2017), -25.86 (2016)
Cash & fixed deposit after IPO: RM0.0382 per shares
NA after IPO: RM0.18
Total debt to current asset after IPO: 0.72 (Debt: 38.097mil, Non-Current Asset: 41.077mil, Current asset: 52.663mil)
Dividend policy: No fix dividend policy.

Past Financial Proformance (Revenue, EPS)
2019: RM80.031 mil (EPS: 0.034)
2018: RM45.091 mil (EPS: -0.0027)
2017: RM20.874 mil (EPS: 0.0025)
2016: RM9.578 mil (EPS:0.0018)

Net Profit Margin
2019: 12.09%
2018: 8.90%
2017: 1.51%
2016: -43.67%

After IPO Sharesholding
Datuk Tai Hee: 10.39%
Dato' Wan Hassan Bin Mohd Jamil: 36.84%
Thien Chiet Chai: 13.38%
Eric Lim Swee Khoon: 0.18%
Siti Zurina Binti Sabarudin: 0.18%
Elain Binti Lockman: 0.18%

Directors Remuneration for FYE2021 (from gross profit 2019)
Datuk Tai Hee: RM76k
Dato' Wan Hassan Bin Mohd Jamil: RM578k
Thien Chiet Chai: RM578k
Eric Lim Swee Khoon: RM76k
Siti Zurina Binti Sabarudin: RM76k
Elain Binti Lockman: RM76k
Total director remuneration from gross profit: RM1.460 mil or 7.06%

Key Management Remuration  for FYE2021 (from gross profit 2019)
Mad Haimi Bin Abu Hassan: RM418k
Ho Khee Jeem: RM332k
Anwaruddin Bin Saidu: RM292k
Alphonsus Chiu Ching Chuen: RM372k
key management remuneration from gross profit: RM1.436mil or 6.95%

Use of fund
Purchase of well testing equipment: 42.70%
Working capital: 21.01%
Repayment of bank borrowing: 21.35%
Listing Expenses: 14.94%

Industry CAGR%
Crude oil 2015-2019: -2%
Crude oil 2017-2019: -4.3%
Natural Gas 2015-2019: 1.9%
Natural Gas 2017-2019: -1.3%
Petronas Capital Investment (Msia) 2015-2019: -8.2%
Petronas Capital Investment (Msia) 2017-2019: -17.8%

Competitor
Deleum: PE7.66
Dialog: PE32.96
Uzma: PE5.6

Conclusions
Good thing is:
1. Over the past 4 years revenue continue to increase.
2. Have good track record of business award 2014-2020 (prospectuses page 70-72)
3. Cover all stage of an O&G well's lifecycles.

The bad things:
1. ROE is not stable over past 4 years.
2. Total debt to current asset ratio still acceptable but a bit high.
3. No fixed dividend policy.
4. Business mainly focus in Malaysia.
5. Director remuneration percentage from gross profit over 3%.
6. Repayment of bank borrowing using IPO fund 21.35%
7.Overall CAGR O&G industry is growing at negative rate.

Conclusions
The company is in challenging environment (O&G CAGR is in negative rate). External factor will limit their growth in futures & the world is moving toward green energy. If the company continue stay in same industry, it might not suitable for long term investment.

IPO Price: RM0.41
Good time: RM0.54 (PE16)
Bad time: RM0.27 (PE8)

*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.