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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: 30/05/2022
Close to apply: 09/06/2022
Balloting: 14/06/2022
Listing date: 23/06/2022
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%
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.
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%
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%
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)
Ng Sheau Chyn: 72.98% (indirect)
Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM0.712 mil
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%
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)
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.