UMEDIC GROUP BERHAD

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Open to apply: 06/07/2022
Close to apply: 13/07/2022
Balloting: 18/07/2022
Listing date: 26/07/2022

Share Capital
Market cap: RM119.651 mil
Total Shares: 373.910 mil shares
 
Industry CARG (2016-2020)
Msia Healthcare expenditure CARG: 6.7% 
Competitors Comparison (PAT margin%)
UMC group:14.9%
Insan Damai S/B: 5.7%
Schiller Asia Pacific S/B: 6.5%
Stryker Corporation S/B: 3.3%
Teepham Medical S/B: 3.7%

Business (FYE 2021)
-Marketing and distribution of various branded medical devices and consumables & after-sales service for all products.
-Developing, manufacturing and marketing of our medical consumables
Revenue by Geo
Msia: 88.29%
Others countries: 11.71%

Fundamental
1.Market: Ace Market
2.Price: RM0.32
3.P/E: 13.11 @ RM0.0122
4.ROE(Pro Forma III): 9.22% (ProForma)
5.ROE: 32.32%(FYE2021), 36.47%(FYE2020), 24.99%(FYE2019)
6.NA after IPO: RM0.019
7.Total debt to current asset after IPO: 0.457 (Debt: 19.590mil, Non-Current Asset: 26.337mil, Current asset: 42.856mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Jan 6mths): RM36.855 mil (Eps: 0.0122),PAT: 12.41%
2021 (FYE 31Jul): RM34.116 mil (Eps: 0.0136),PAT: 14.91%
2020 (FYE 31Jul): RM23.676 mil (Eps: 0.0065),PAT: 10.22%
2019 (FYE 31Jul): RM16.422 mil (Eps: 0.0035),PAT: 8.03%
 
Major customer (2021)
1. Customer K: 8.47%
2. Customer A: 6.50%
3. Customer H: 4.99%
4. Customer L: 3.73%
5. Customer M: 3.61%
***total 27.3%

Major Sharesholders
UMediC Capital: 51.44% (direct)
Dato' Ng Chai Eng: 51.52% (indirect)
Lim Taw Seong: 51.44% (indirect)
Lau Chee Kheong: 51.44% 

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM0.406 mil
key management remuneration: RM0.756 mil - RM1.050 mil
total (max): RM1.456 mil or 11.59%  
 
Use of fund
1. Construction of new factory building (30mths): 11.25%
2. Setting up new marketing & distribution offices (36mths): 21.86%
3. Repayment bank borrowing: 28.93%
4. Working capital: 27.84%
5. Listing Expenses: 10.12%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is slightly better compare to other normal IPO. Kindly refer to the SWOT chart.  

*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.

UNIQUE FIRE HOLDINGS BERHAD

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Open to apply: 29/06/2022
Close to apply: 22/07/2022
Balloting: 03/08/2022
Listing date: 05/08/2022

Share Capital
Market cap: RM104 mil
Total Shares: 400 mil shares
 
Industry CARG (2017-2019)
Import value of fire extinguishers: -2.8%
Export value of fire extinguishers: -1.4%
Import value of fire extinguisher parts: -6.7%
Export value of fire extinguisher parts: 27.7%
Competitors Comparison (Net profit margin%) 
Unique Fire Group: 8.4%
FITTERS Diversified Bhd: -4%
Steel Recon Industries S/B: 11.8%
Eversafe Extinguisher S/B: -6.2%
VIC Engineering S/B: 16.5%
Fire Fighter Group: 16.3%

Business (FYE 2021)
-Assembly, manufacture and distribution of active fire protection systems, equipment and accessories. 
-Distribution of custom graphics designed fire extinguishers, and other active fire protection systems, equipment and accessories and related services.

Revenue by Geo
Malaysia: 98.8%
Others: 1.20%

Fundamental
1.Market: Ace Market
2.Price: RM0.26
3.P/E: 19.55 @ RM0.0133 (writer opinion reject prospectures book pg30 use EPS 0.019 @ PE13.68)
4.ROE(Pro Forma III): 8.01% (ProForma)
5.ROE: 10.52%(FYE2021), 13.22%(FYE2020), 18.04%(FYE2019)
6.NA after IPO: RM0.08
7.Total debt to current asset after IPO: 0.366 (Debt: 26.823mil, Non-Current Asset: 26.916mil, Current asset: 73.292mil)
8.Dividend policy: didn't have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Dec 9mths): RM53.871 mil (Eps: 0.0110),PAT: 8.19%
2021 (FYE 31Mar): RM63.444 mil (Eps: 0.0133),PAT: 8.39%
2020 (FYE 31Mar): RM76.194 mil (Eps: 0.0187),PAT: 9.82%
2019 (FYE 31Mar): RM79.699 mil (Eps: 0.0249),PAT: 12.48%
 
Major customer (2021)
1. Central Industrial Services & Supplier: 2.71%
2. Nelton Enginnering S/B: 2.61%
3. Trimax Engineering S?B: 2.59%
4. Fedapi S/B: 2.43%
5. Kejuruteraan Cekap Selaju S/B: 2.36%
***total 12.70%

Major Sharesholders
UGSB: 63% (direct)
Liew Sen Hoi: 67% (indirect)
Lim Show Ching: 4.56% (indirect)
 
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2021)
Total director remuneration: RM1.599 mil
key management remuneration: RM0.95 mil - RM1.20 mil
total (max): RM2.799 mil or 16.77%  
 
Use of fund
1. Expansion of manufacturing facilities: 11.48%
2. Expansion of geographic coverage: 27.55%
3. Expansion of operational capabilities: 24.34%
4. Working capital: 21.01%
5. 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 not a attractive IPO. 

*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.

ECOSCIENCE INTERNATIONAL BERHAD

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Open to apply: 21/06/2022
Close to apply: 01/07/2022
Balloting: 06/07/2022
Listing date: 18/07/2022

Share Capital
Market cap: RM102 mil
Total Shares: 340 mil shares
 
Industry CARG
2017-2021 Palm Oil GDP CARG Msia: -2.4%
2016-2019 Palm Oil Production in Gabon: 183.3%
2017-2021 Production of Crude Palm Oil in Indonesia: 7.2%
Competitor Comparison (Net profit margin%)
Ecoscience Group: 5.3% (PE12.5)
CBIP: 15.2% (PE7.24)
MBL: 5.6% ((PE6.01)
Econmetall: 11.5% (PE3.77)
PMT Industries S/B: 9.6%
SEB: 2.8% (PE7.86%)
Others: -455.1% to 6.5%

Business (FYE 2021)
A one-stop solution provider for the construction of palm oil mills and supporting facilities and fabrication of equipment.
-Construction of plants (18.4%) and facilities (37.9%)
-Fabrication of equipment (21.6%)
-Supply of materials and equipment (21%)
-Others activities(1.1%)

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.P/E:  12.5 @ RM0.024
4.ROE(Pro Forma III): 9.92% (ProForma)
5.ROE: 13.63%(FYE2021), 12.54%(FYE2020), 25.29%(FYE2019), 7.58%(FYE2018)
6.NA after IPO: RM0.24
7.Total debt to current asset after IPO: 0.53 (Debt: 62.248mil, Non-Current Asset: 26.933mil, Current asset: 116.631mil)
8.Dividend policy: 20% PAT dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FYE 31Dec): RM153.163 mil (Eps: 0.0240),PAT: 5.3%
2020 (FYE 31Dec): RM153.693 mil (Eps: 0.0190),PAT: 4.2%
2019 (FYE 31Dec): RM170.928 mil (Eps: 0.0370),PAT: 7.3%
2018 (FYE 31Dec): RM113.627 mil (Eps: 0.0230),PAT: 6.8%
 
Major customer (2021)
1. Olam Group: 38.2%
2. KLK Group: 16.9%
3. Customer A: 9.6%
4. Palm Tech Engineering Contruction: 7.3%
5. PT Kapuas Maju Jaya: 6.8%
***total 78.8%

Order Book
2022: RM70.139 mil
2023: RM29.452 mil
2024: RM7.367 mil

Major Sharesholders
Rajawali Wang (investment holding company): 45% (Direct)
Wong Choi Ong: 45% (indirect)
Pan Kum Wan: 48% (indirect)
Lim Siew Kuen: 4.7% (Direct)
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM4.896 mil
key management remuneration: RM2.20 mil - RM2.45 mil
total (max): RM7.346 mil or 26.98%  
 
Use of fund
1. Establishment of new fabrication facility and office in Indonesia: 20.3%
2. Expansion of environmental and energy efficiency business: 4.1%
3. Repayment bank borrowings: 28.4%
4. Listing Expenses: 15.4%

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

*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.

INFOLINE TEC GROUP BERHAD

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Open to apply: 20/06/2022
Close to apply: 28/06/2022
Balloting: 01/07/2022
Listing date: 13/07/2022

Share Capital
Market cap: RM116.233 mil
Total Shares: 363.229 mil shares
 
Industry & Competitor (PAT%)
CAGR (IT infrastructure industry size in Msia): 9% (2016-2021)
CAGR (IT infrastructure industry size in PRC): 18% (2016-2021)
CAGR (Cybersecurity Industry size in M'sia): 13.1% (2016-2021) 
CAGR (Cybersecurity Industry size in PRC): 18.2% (2016-2021)
Infoline Tec: 17.50%
Cloudpoint Solution S/B: 16.26%
Sarawak Information Systems S/B: 12.49%
others: -27.64% to 7.64%

Business (FPE 2022)
Providing IT infrastructure solutions, cybersecurity solutions, managed IT and other IT services, and trading of ancillary hardware and software.
Revenue by Geo (2021)
Msia: 64.2%
PRC (China): 18.5%
Others: 17.3%

Fundamental
1.Market: Ace Market
2.Price: RM0.32
3.P/E: 15.2 @ 0.021
4.ROE(Pro Forma III): 25.06% (ProForma)
5.ROE: 43.52%(FYE2021), 71.5%(FYE2020), 84.19%(FYE2019), 72.3%(FYE2018)
6.NA after IPO: RM0.22
7.Total debt to current asset after IPO: 0.25 (Debt: 11.907mil, Non-Current Asset: 1.408mil, Current asset: 47.603mil)
8.Dividend policy: 30% PAT dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FYE 31Dec): RM44.586 mil (Eps: 0.0215),PAT: 17.50%
2020 (FYE 31Dec): RM43.815 mil (Eps: 0.0194),PAT: 16.10%
2019 (FYE 31Dec): RM31.058 mil (Eps: 0.0105),PAT: 12.20%
2018 (FYE 31Dec): RM18.838 mil (Eps: 0.0084),PAT: 16.10%
 
Major customer (2021)
1. Dell groups of companies: 54.7%
2. PT Netware Digital Media: 11.3%
3. Bank Pertanian Group of companies: 4.0%
4. Trianglo S/B: 3.7%
5. Noblecom Technology S/B: 2.6%
***total 76.3%

Major Sharesholders:
Choo Wei Chuen : 54.56%
Loo Wai Hong : 14.99%
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM2.047 mil
key management remuneration: RM0.45 mil - RM0.550 mil
total (max): RM2.597.24%  mil or 15.24%  
 
Use of fund
1. Setting up of technology centre and disaster recovery centre: 35.73%
2. Enchancement of NOC: 18.16%
3. Setting up of a SOC: 19.85%
4. Buiness expansion: 9.37%
4. Listing Expenses: 16.89%

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 fast growing industry IPO with high demand industry. Kindly refer to above Business growth chart & SWOT chart. 

*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.

ORGABIO HOLDINGS BERHAD

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Open to apply: 15/06/2022
Close to apply: 21/06/2022
Balloting: 24/06/2022
Listing date: 05/07/2022

Share Capital
Market cap: RM76.839 mil
Total Shares: 247.868 mil shares
 
Industry & Competitor (PAT%)
Coffee, tea, milk and cocoa beverage industry size, 2018 – 2021 CAGR: 7.73%
Orgabio: 12.94%
Ori Bionature (M) S/B: 17.58%
AIM Food Manufacturing S/B: 11.46%
Others:-4.48% to 7.68%
 
Business (FPE 2022)
Instant beverage premix manufacturing services to third party brand owners and manufacturing, sales and marketing of house brand instant beverage premixes.
Revenue by Geo
M'sia: 78.10% 
Papua New Guinea: 11.34%
S'pore: 2.04%
China: 3.84%
Trinidad and Tobago: 3.44%
Others: 1.24%

Fundamental
1.Market: Ace Market
2.Price: RM0.31
3.P/E: 10.06 @ EPS0.0308
4.ROE(Pro Forma III): 11.43% (ProForma)
5.ROE: 36.79%(FYE2021), 37.25%(FYE2020), 15.61%(FYE2019), 45%(FYE2018)
6.NA after IPO: RM0.19
7.Total debt to current asset after IPO: 0.75 (Debt: 24.771mil, Non-Current Asset: 39.306mil, Current asset: 32.812mil)
8.Dividend policy: No any formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Dec, 6mths): RM34.843 mil (Eps: 0.0109),PAT: 7.77%
2021 (FYE 30Jun): RM59.072 mil (Eps: 0.0308),PAT: 12.94%
2020 (FYE 30Jun): RM39.373 mil (Eps: 0.0227),PAT: 14.31%
2019 (FYE 30Jun): RM31.696 mil (Eps: 0.0091),PAT: 7.14%
2018 (FYE 30Jun): RM32.670 mil (Eps: 0.0222),PAT: 16.85%
 
Factory ulilisation rate
2022: 73.58%
2021: 84.26%
2020: 70.44%
2019: 70.04%
2018: 83.18% 

Major customer (2021)
1. TDC Avenue Sdn Bhd: 45.31%
2. Hai-O Enterprise Bhd: 19.28%
3. Lotuss Stores (M) S/B: 2.83%
4. Amway (M) S/B: 1.19%
5. Eonsave: 0.95% 

Total top 5 customer is 69.56% (2022)

Major Sharesholders:
Ean Yong & Sons: 61% (direct)
Hai-O: 10% (direct)
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM1.051 mil
key management remuneration: RM0.45 mil - RM0.0.60 mil
total (max): RM2.101 mil or 11.76%  
 
Use of fund
1. Contruction of new factory: 53.39%
2. Acquisition of machinery: 7.44%
3. Working capital: 27.15%
4. Listing Expenses: 12.02%

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 normal IPO. With the expand to build new factory should able to see increase of revenue after new factory start operate Aug 2023.

*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.

SENG FONG HOLDINGS BERHAD

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Open to apply: 14/06/2022
Close to apply: 24/06/2022
Balloting: 29/06/2022
Listing date: 07/07/2022

Share Capital
Market cap: RM389.220 mil
Total Shares: 518.960 mil shares
 
Industry & Competitor (PAT%)
Export volume of block rubber (Malaysia 2018-2021): 1.03-1.09 mil MTS 
Seng Fong Group: 4.51%
Tiong Huat Rubber: 4.27%
FGV rubber: -1.93%
Seng Hin Rubber: 1.62%
MARDEC Processing: -7.45%
Hock Hin Rubber: 0.52%
Others: -1.54% to 1.72%

Business (2021)
Processing of cup lump rubber into block rubber
Revenue by Geo
China: 46.5%
HK: 20.3%
S'pore: 31%
Taiwan: 0.8%
Others: 1.4%

Fundamental
1.Market: Main Market
2.Price: RM0.75
3.P/E: 11.2 @ EPS0.067
4.ROE(Pro Forma III): 22.99% (ProForma)
5.ROE: 39.41%(FYE2021), 16.8%(FYE2020), 14.5%(FYE2019)
6.NA after IPO: RM0.45
7.Total debt to current asset after IPO: 0.409 (Debt: 108.203mil, Non-Current Asset: 50.386mil, Current asset: 264.387mil)
8.Dividend policy: 50% PAT dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FPE 31Dec, 6mths): RM400.490 mil (Eps: 0.0350),PAT: 4.5%
2021 (FYE 30Jun): RM768.177 mil (Eps: 0.0670),PAT: 4.5%
2020 (FYE 30Jun): RM616.435 mil (Eps: 0.0260),PAT: 2.1%
2019 (FYE 30Jun): RM636.834 mil (Eps: 0.0280),PAT: 2.3%

Major customer (2021)
1. R1 International Pte Ltd : 29.3%
2. Jiangsu General Science Technology Co., Ltd: 21.7%
3. Shandong Xinghongyuan Tyre Co.Ltd: 15.2%
4. Westwater Group: 14.1%
5. Wanli Groupp: 10.7%
total top 5 customer is 91% (2021)

Major Sharesholders:
Sumber Panji: 59.3% (Direct)
Er Hock Lai: 59.3% (Indirect)
Er Tak Bin: (Direct)
 
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM3.374 mil
key management remuneration: RM0.60 mil - RM0.80 mil
total (max): RM4.174 mil or 0.565%  
 
Use of fund
1. Working capital: 28.9%
2. Repayment bank borrowing: 55.6%
3. Install of Biomass system: 9.2%
6. Listing Expenses: 6.3%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is not a good IPO. More info refer to the SWOT analysis above. 

*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.

YX Precious Metals BERHAD

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Open to apply: 30/05/2022
Close to apply: 09/06/2022
Balloting: 14/06/2022
Listing date: 23/06/2022

Share Capital
Market cap: RM104.202 mil
Total Shares:  372.150 mil shares
 
Industry & Competitor (PAT% & PE)
CAGR 2017-2021: 9.6% (pg 163 prospecture book)
YXPM Group: 2.7% (PAT%)
Poh Kong Jewellery Manufacturer S/B: 2.0%
Babib Jewellery Manufacturer S/B: 2.3%
MJ Jewellery S/B: 7.3%
others: -1.2% to 4.8% 
 
Business (2021)
Wholesaling, design and manufacturing of gold jewellery
Revenue by Geo
Msia: 97.58%
Others: 2.42%

Fundamental
1.Market: Ace Market
2.Price: RM0.28
3.P/E: 14.66 @ EPS0.0191
4.ROE(Pro Forma III): 8.17% (ProForma)
5.ROE: 12%(FYE2021), 18%(FYE2020), 11%(FYE2019), -3.5%(FYE2018)
6.NA after IPO: RM0.234
7.Total debt to current asset after IPO: 0.21 (Debt: 20.672mil, Non-Current Asset: 9.551mil, Current asset: 98.082mil)
8.Dividend policy: Did not have fixed dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2021 (FYE 31Dec): RM258.079 mil (Eps: 0.0191),PAT: 2.68%
2020 (FYE 31Dec): RM170.171 mil (Eps: 0.0252),PAT: 5.33%
2019 (FYE 31Dec): RM143.863 mil (Eps: 0.0131),PAT: 3.36%
2018 (FYE 31Dec): RM136.708 mil (Eps: -0.0037),PAT: -1.00%

Major customer (2021)
1.Muhaimin Jewels & Gems Sdn Bhd: 3.72%
2.Kedai Emas Kaya Sdn Bhd: 2.29%
3.Alpha Gold Jewels Sdn Bhd: 3.31%
4.S.M.P. Meenal Jewellers: 2.76%
5.Tomei Group: 2.73%

Major Sharesholders:
Ng Sheau Chyn: 72.98% (indirect)

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM0.712 mil

key management remuneration: RM0.35 mil - RM0.550 mil
total (max): RM1.262 mil or 8.80%  
 
Use of fund
1. Purchase of new machinery & equipment: 14.08%
2. Expansion & upgrading operation facilities: 7.99%
3. Working capital: 66.73%
6. Lisiting expenses: 11.20%

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 red ocean industry business. Able to see the company intention to expand their business. The company might already understand they are not easy to increase revenue & PAT%, the company put focus on increase operation efficiency & expand hollow gold jewerelly (lighter in weight & less expensive to increase customers affortabilities)

*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.