SIK CHEONG BERHAD

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Open to apply: 19 Jul 2024
Close to apply: 30 Jul 2024
Balloting: 02 Aug 2024
Listing date: 13 Aug 2024

Share Capital
Market cap: RM71.82 mil
Total Shares: 266 mil shares

Industry CARG 
RBD palm olein oil repackaging industry size in Malaysia 2018-2023(e): 40.6%
RBD palm olein oil repackaging industry size in Malaysia 2024(f)-2026(f): 20.9%
Industry competitors comparison (net profit%)
1. Sik Cheong Group: 8%
2. CI Holdings Berhad: 3.1%
3. Continental Edible Oil Industries Sdn Bhd: 3.9%
4. Bukit Seribu Holdings Sdn Bhd: 3.6%
5. Others:  losses to 2.6%

Business (FYE 2024) 
1. Investment holding
2. Repackaging, marketing and distribution of edible oil and other food products
3. Distribution of lamp oil and other trading products.
Revenue by Segment
1. Wholesalers: 41.82%
2. Retailers: 31.28%
3. Food manufacturers: 15.07%
4. Hotel, restaurant and catering operators: 11.83% 
Revenue by Geo
1. Selangor: 58.37%
2. KL : 39.29%
3. Others: 2.34%

Fundamental 
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 11.35
4.ROE(Pro Forma): 15.70%
5.ROE: 24.07%(FYE2024), 30.20%(FYE2023), 16.35%(FYE2022), 11.08%(FYE2021)
6.Net asset: RM0.12
7.Total debt to current asset: 0.23  (Debt: 5.53mil, Non-Current Asset: 21.845mil, Current asset: 23.998mil)
8.Dividend policy: Didn’t have dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2024 (FPE 31Mar): RM79.583 mil (Eps: 0.0238), PAT: 7.95%
2023 (FYE 31Mar): RM78.236 mil (Eps: 0.0227), PAT: 7.71%
2022 (FYE 31Mar): RM59.742 mil (Eps: 0.0123), PAT: 5.46%
2021 (FYE 31Mar): RM42.574 mil (Eps: 0.0070), PAT: 4.35%

Major customer (FYE 2024)  
1. Sri Ternak Group of companies: 5.86%
2. Low Seat Hoong group of companies: 5.64%
3. TCRS Restaurants Sdn Bhd: 3.36%
4. NSK group of companies: 2.68%
5. Kitarasa Sdn Bhd: 2.26%
***total 19.8%

Major Sharesholders 
1. Wong Hing Ngiap: 33.07% (direct)
2. Wong Hin Loong: 33.07% (direct)

Directors & Key Management Remuneration for FYE2025 
(from Revenue & other income FYE2024)
Total director remuneration: RM0.963 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM1.763 mil or 13.85%

Use of funds 
1. Expansion of packaging facility: 7.18mil, 40.29%
2. Purchase of new delivery trucks: 0.89mil,  5.00%
3. Working capital: 5.95mil, 33.39%
4. Estimated listing expenses: 3.8mil, 21.32%

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

*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.

KUCINGKO BERHAD

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***Disclaimer***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 June 2024
Close to apply: 12 July 2024
Balloting: 16 July 2024
Listing date: 26 July 2024

Share Capital
Market cap: RM150 mil
Total Shares: 500 mil shares

Industry CARG 
Revenue of the Broadcasting (except internet) Industry in the US (2019-2023): 1.9%
Revenue of the Broadcasting Industry* in Canada (2018-2022) : -2.6%
Gross Value Added of Programming and Broadcasting Activities* in France (2017-2021): -0.71%
Income of the Broadcasting (except internet) Industry in Australia (2018-2022): -3.7%
Income of the Internet Publishing and Broadcasting Industry in Australia: 13.7%
Industry competitors comparison (net profit%)
1. Kucingko Group: 29.7%
2. Anima Vitae Point S/B: 18.8%
3. Lemon Sky Animation S/B: 18.3%
4. Others: -15.7% to 1.4%

Business (FYE 2023)
2D animation production services. 
Revenue by Geo
1. North America: 73.92%
2. Europe: 24.17%
3. Asia Pacific: 1.91%

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.Forecast P/E: PE17.95
4.ROE(Pro forma III): 18.13
5.ROE: 46.59% (FYE2023), 50.54%(FYE2022), 44.59%(FYE2021), 24.41%(FYE2020)
6.Net asset: RM0.09
7.Total debt to current asset: 0.43  (Debt: 6.362mil, Non-Current Asset: 4.383mil, Current asset: 14.582mil)
8.Dividend policy: 40% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2023 (FYE 31Dec): RM28.159 mil (Eps: 0.0167), PAT: 29.68%
2022 (FYE 31Dec): RM23.485 mil (Eps: 0.0160), PAT: 33.97%
2021 (FYE 31Dec): RM17.675 mil (Eps: 0.0130), PAT: 36.68%
2020 (FYE 31Dec): RM14.923 mil (Eps: 0.0074), PAT: 24.64%

Major customer (FYE 2023)  
1. Customer B Group: 33.95%
2. Customer H Group: 32.97%
3. Customer J: 13.46%
4. Customer A Group: 7.32%
5. Customer G Group: 5.77%
***total 93.47%

Major Sharesholders 
1. Cat Ching: 34.58% (direct)
2. See Chin Joo: 34.58% (indirect)
3. Ooi Kok Hong: 34.58% (indirect)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income 2023)
Total director remuneration: RM1.042 mil
key management remuneration: RM0.25 mil – RM0.35 mil
total (max): RM1.392 mil or 4.84%

Use of funds 
1. Capacity expansion: 17.767 mil, 59.22%
2. USA sales office: 4.377 mil, 14.59%
3. Working capital: 4.256 mil, 14.19%
4. Estimated listing expenses: 3.6mil, 12.00%

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. 

*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.

EPB GROUP BERHAD

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Open to apply: 27 June 2024
Close to apply: 31 July 2024
Balloting: 08 Aug 2024
Listing date: 23 Aug 2024

Share Capital 
Market cap:  RM208.32 mil
Total Shares: 372 mil shares

Industry CARG
Historical Market Size and Growth Forecast for the F&B Processing Machinery Industry in Malaysia, 2024-2028: 10.4%
Industry competitors comparison (net profit%)
1. EPB Group: 11.7%
2. Highpack Machinery Sdn Bhd: 10.2%
3. NRS Process Systems Sdn Bhd: 9.3%
4. Kimah Industrial Supplies (M) Sdn Bhd: 7.9%
5. Others: -34.3% to 7.7%

Business (FYE 2023) 
One-stop provider of food processing and packaging machinery solutions. 
Design, customisation, fabrication, integration and automation of production lines for food manufacturing and processing companies, based on customers’ needs.
Revenue by Segment
1. Food processing and packaging machinery solution: 82.33%
2. Tradng of cellulose casings: 11.92%
3. Manufacturing and trading of flexible packaging materials: 5.75%
Revenue by Geo
Malaysia:  30.35%
Indonesia: 25.81%
Philippines: 35.77%
Others: 8.07% 

Fundamental 
1.Market: Ace Market
2.Price: RM0.56
3.Forecast P/E: PE14.62
4.ROE(Pro forma III):  16.3%
5.ROE: 26.06% (FYE2023), 28.93%(FYE2022), 39.75%(FYE2021), 26.75%(FYE2020)
6.Net asset: 0.25
7.Total debt to current asset: 0.22 (Debt: 21.546mil, Non-Current Asset: 16.696mil, Current asset: 96.516mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM122.116 mil (Eps: 0.0383), PAT: 11.68%
2022 (FYE 31Dec): RM89.114 mil (Eps: 0.0330), PAT: 13.78% 
2021 (FYE 31Dec): RM75.717 mil (Eps: 0.0321), PAT: 15.75%
2020 (FYE 31Dec): RM61.689 mil (Eps: 0.0169), PAT: 10.21%

Order Book  
2024: 44.288 mil 

Major customer (2023) 
1. Customer B: 25.78%
2. Customer C: 9.59%
3. PT DagSap Endura Eatore: 7.50%
4. Customer D: 6.60%
5. PT. Wonokoyo Jaya Corporindo: 4.32% 
***total 53.79%

Major Sharesholders
1. Yeoh Chee Min: 38.98% (direct)
2. Liew Meng Hooi: 13.23% (direct)
3. Ooi Kim Kew: 14.99% (direct) 

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM1.829 mil
key management remuneration: RM2.10 mil – RM2.50 mil
total (max): RM4.329 mil or 10.7%

Use of funds 
1. Acquisition of land: 13mil, 32.43%
2. Construction of factory: 10.5mil, 26.2%
3. Purchase of machinery: 1.1mil, 2.74%
4. Repayment  of bank borrowings: 3mil, 7.49%
5. Working capital: 8.479 mil, 21.16%
6. Estimated listing expenses: 4mil, 9.98%

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

Quarter 2: Invest Group Performance Update

Congratulation to all group members ya. 

T&C to join Invest Group
1. Understand that all material in the Whatsapp Invest Group 2 or 3 is only opinion sharing.  
2. Members in group have to take their own risk. 
3. Memberships fee is not refundable. 
4. Admin is not take any responsible on member investment decision. 
5. Member have to do their own study & own analysis.
6. Memberships fees RM369.00 per year. 

Some detail on the Invest group
1. stock pick based on fundamental (sometime will use technical stock pick)
2. one year might less than 10 pick. 
4. is not a training class.

5. some counter that need to hold quite longer term.
6. No any other phone number is authorize, other than this admin number 013-2820766 

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!!!

WELL CHIP GROUP BERHAD

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

Open to apply: 26 June 2024
Close to apply: 10 July 2024
Balloting: 12 July 2024
Listing date: 23 July 2024

Share Capital
Market cap: RM690mil
Total Shares: 600 mil shares

Industry CARG
Historical Size (Revenue) for Pawnbroking Industry in Malaysia 2020-2023:  19.3%
Growth Forecast for the Pawnbroking Industry in M’sia, 2024-2028: 11.4%
Industry competitors comparison (net profit%)
1. Well Chip: 17.3% (PE19.54)
2. EMCC: 16.2% (PE29.53)
3. PPjack: 18.3% (PE35.87)

Business (FYE 2023) 
Pawnbroking services and business of retail and trading of jewellery and gold.
Revenue segment
1. Pawnbroking services
- Interest income: 35.8%
- Administrative fees: 0.1%
2. Retail and trading of jewellery and gold
- Retail sales of jewellery and gold : 10.6%
- Sales of scrap gold: 53.5%

Fundamental
1.Market: Main Market
2.Price: RM1.15
3.Forecast P/E: 19.54
4.ROE(Pro Forma III): 9.6%
5.ROE: 17.37% (FYE2023), 14.64%(FYE2022), 15.80%(FYE2021), 25.51%(FYE2020)
6.Net asset: 0.61
7.Total debt to current asset: 0.46 (Debt: 292.449mil, Non-Current Asset: 30.494mil, Current asset: 629.632mil)
8.Dividend policy: 35% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM203.675 mil (Eps: 0.059), PAT: 17.3%
2022 (FYE 31Dec): RM158.125 mil (Eps: 0.042), PAT: 15.9%
2021 (FYE 31Dec): RM101.881 mil (Eps: 0.040),PAT: 23.3%
2020 (FYE 31Dec): RM121.840 mil (Eps: 0.056),PAT: 27.6%

Major customer (FYE 2023)
(Retail and trading of jewellery and gold segment)
1. Pavilion Wee Bullion Sdn. Bhd: 28.3%
2. TTT Bullion (M) Sdn. Bhd: 21.7%
3. Go Capital Growth Sdn. Bhd: 3.4%
***total 53.4%

Major Sharesholders 
1. Yeah Hiang Nam: 65.5% (indirect)
2. Tan Hong Yee: 65.5% (indirect)
3. Ng Hooi Lang : 0.9% (direct)
4. Tang Soo Yen : 0.8% (direct)
5. VYN Holdings: 50.7% (direct)
6. ValueMax Group Limited: 65.5% (indirect)
7. Yeah Holdings: 65.5% (indirect)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM1.1235 mil
key management remuneration: RM0.35 mil – RM0.40 mil
total (max): RM1.5235 mil or 1.97%

Use of funds (MYR)
1. Cash capital for our existing 23 pawnshops: 124.3mil, 72%
2. Expansion of pawnshops: 40mil, 23.2%
3. Estimated listing expenses: 8.2 mil, 4.8%

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.

BWYS 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: 18 June 2024
Close to apply: 05 July 2024
Balloting: 11 July 2024
Listing date: 22 July 2024

Share Capital  
Market cap: RM225.547 mil
Total Shares: 1.025 bil shares

Industry CARG
Sales Value of Fabricated Metal Products 2019-2023 : 2.7% 
Sales Value of Metal Roofing Sheets: 5.4%
Sales Value of Trusses: -7.1%
Sales Value of Equipment for Scaffolding, Shuttering, Propping and Pit-propping of Iron or Steel: -18.4%
Sales Value of the Manufacturing Industry 2019-2023 (Constructions, manufacturing) : -.1.9% & 6.7%
Industry competitors comparison (net profit%)
1. BWYS Group: 7.2% (PE12.94)
2. Ajiya Bhd: 18.3% (recent PE in losses)
3. SKB Shutters Corporation Berhad: 13.4% (PE6.05)
4. Astino Bhd: 4.6% (PE8.29)
5. Others: -9.9% to 19.7%

Business (FYE 2023)
Manufacturing of sheet metal products and supply of scaffoldings
Revenue segments
1. Manufacture of sheet metal products: 73%
2. Supply of scaffoldings : 24.9%
3. Trading of steel materials and steel related products: 2.1%

Fundamental  
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 12.94 (FYE2023, EPS RM0.017)
4.ROE(Pro forma II):  8.5%
5.ROE: 11.34% (FYE2023), 19.81%(FYE2022),  23.37%(FYE2021), 3.97%(FYE2020)
6.Net asset: 0.02
7.Total debt to current asset: 0.78  (Debt: 178.098mil, Non-Current Asset: 158.122mil, Current asset: 227.568mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM246.078 mil (Eps: 0.0170), PAT: 7.2%
2022 (FYE 31Dec): RM236.231 mil (Eps: 0.0230), PAT: 10.0%
2021 (FYE 31Dec): RM222.435 mil (Eps: 0.0240),PAT: 11.2%
2020 (FYE 31Dec): RM130.864 mil (Eps: 0.0030),PAT: 2.5%

Impairment Losses 
1. 2020: 1.8% (RM0.6mil)
2. 2021: 7.6% (RM2.9 mil) 
3. 2022: 2.7% (RM1.1 mil)
4. 2023: 2.4% (RM1.3mil)

Major customer (FYE2023)  
1. Inspec Engineering Systems Sdn Bhd : 4.7%
2. United Material Handling Inc: 4.1%
3. Yes Group: 1.9%
4. SKS Builders Trading Sdn Bhd: 1.7%
5. China Communication Construction (ECRL) Sdn Bhd: 1.5%
***total 13.9%

Major Sharesholders  
1. Kang Beng Hai: 65.20% (direct)

Directors & Key Management Remuneration for FYE2024  
(from Revenue & other income 2023)
Total director remuneration: RM2.325 mil
key management remuneration: RM1.30 mil – RM1.45mil
total (max): RM3.775 mil or 7.45%

Use of funds (MYR) 
1. Construction of New Penang Factory: 22.840 mil, 40.4%
2. Purchase of new machinery and equipment: 7.716 mil, 13.7%
3. Implementation of new ERP system, production and inventory management systems: 10.831 mil, 19.2%
4. Repayment of bank borrowings: 4 mil, 7.1%
5. Working Capital: 5.5 mil, 9.8%
6. Estimated listing expenses: 5.5 mil, 9.8%

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, as debt level is quite high & it will effected business PAT 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.

OCEAN FRESH 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 Jun 2024
Close to apply: 20 Jun 2024
Balloting: 24 Jun 2024
Listing date: 04 Jul 2024

Share Capital
Market cap: RM58.84 mil
Total Shares: 210.146 mil shares

Industry CARG
1. Frozen seafood sales volume in Asia Pacific 2017-2023: 3.5%
Frozen seafood sales value in Asia Pacific 2017-2023: 6.7%
Global dried seafood sales value: 3.6%
Dried seafood sales value in Asia Pacific: 2017-2023(e): 3.8%
Seafood processing industry size in Malaysia 2015-20223: 9.7%
Industry competitors comparison (net profit%)
1. Ocean Fresh Berhad: 4.4%
2. PTRB:7.3%
3. Mayfresh Frozen Sea Products Sdn Bhd: 4.0%
4. Kuching Frozen Food Co Sdn Bhd: 3.1%
5. Others: losses to 2.6%

Business (FYE 2023)
1.Processing and trading of frozen seafood products: 97.61%
2.Provision of frozen seafood processing services: 2.39%
Revenue by Geo
1. Malaysia: 17.21%
2. Oversea: 82.79%

Fundamental 
1.Market: Ace Market
2.Price: RM0.28
3.P/E: 8.47 
4.ROE(Pro forma III): 12.33% 
5.ROE: 15.32%(FYE2023), 14.52%(FYE2022), 13.18%(FYE2021), 9.44%(FYE2020)
6.Net asset: RM0.27
7.Total debt to current asset: 0.2766 (Debt: 17.692mil, Non-Current Asset: 10.060mil, Current asset: 63.970mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 31Dec): RM159.454 mil (Eps: 0.0331), PAT: 4.36%
2022 (FYE 31Dec): RM156.330 mil (Eps: 0.0267), PAT: 3.58%
2021 (FYE 31Dec): RM158.469 mil (Eps: 0.0193), PAT: 2.56%
2020 (FYE 31Dec): RM94.055 mil (Eps: 0.0118), PAT: 2.64%

Major customer (FYE2023)
1. Customer F: 13.63%
2. Customer D: 8.47%
3. Customer I: 6.12%
4. Customer J: 3.90%
5. Customer K: 2.66%
***total 34.78%

Major Sharesholders 
1. Siang Hai Yong: 5.85% (direct)
2. Kee Wan Chum: 0.1% (direct)
3. Treasure Gain: 24.67% (direct)
4. Untung Besar: 16.49% (direct)
5. Sierra Mode: 6.61% (direct)
6. Dato’ Sri Chia Hooi Huak 6.51% (direct)
7. Law Chee Kheong : 4.55% (direct)
8. Heah Theare Haw: 4.06% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM0.714 mil
key management remuneration: RM0.40 mil – RM0.55 mil
total (max): RM1.264 mil or 6.0%

Use of funds
1. Capital expenditure for a new cold storage facility: RM8.0 mil, 57.09%
2. Working capital: RM2.514 mil, 17.94%
3. Estimated listing expenses: RM3.5mil, 24.97%
***total RM14.014mil

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

Overall is low PAT% industry. Business still will have chances to continue grow. 

*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.