FEYTECH HOLDINGS BERHAD

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Open to apply: 02 May 2024
Close to apply: 08 May 2024
Balloting: 10 May 2024
Listing date: 21 May 2024

Share Capital 
Market cap: RM674.56 mil
Total Shares: 843.2 mil shares

Industry CARG 
Automotive cover industry size in Malaysia: 4.28%
Automotive seat industry size in Malaysia: 7.48%
Industry competitors comparison (Gross profit%)

1.Feytech: 41.1% (PE15.3)
2.Pecca: 31.2%  (PE22.37)
3.APM: 18.4% (PE9.21)
4.Toyota Boshoku UMW Sdn Bhd: 22.4%
5.Lear Automotive (Malaysia) Sdn Bhd: 26.7% (PE13.56, NYSE)
6.Others: 5.4% to 81.7%

Business (FYE 2023)
Manufacturing of automotive covers
1. Automotive seat covers: 45.3% 
2. Interior part covers: 16.3%
3. Sales of automotive seats: 38.4%
Revenue by Geo
Malaysia: 97%
Others: 3%

Fundamental 
1.Market: Main Market
2.Price: RM0.80
3.Forecast P/E: PE15.3
4.ROE(Pro forma III): 20.18%
5.ROE: 34.29% (FYE2023), 32.77%(FYE2022), 26.13%(FYE2021), 28.74%(FYE2020)
6.Net asset: RM0.26
7.Total debt to current asset: 0.305  (Debt: 73.221mil, Non-Current Asset: 50.614mil, Current asset: 240.051mil)
8.Dividend policy: 40% PAT dividend policy.
9. Shariah status: Shariah

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM211.223 mil (Eps: 0.052), PAT: 20.8%
2022 (FYE 31Dec): RM126.877 mil (Eps: 0.033), PAT: 21.7%
2021 (FYE 31Dec): RM85.179 mil (Eps: 0.023),PAT: 22.4%
2020 (FYE 31Dec): RM79.368 mil (Eps: 0.021),PAT: 22.8%

Major customer (2023) 
1.Mazda Malaysia: 39.7%
2.APM companies: 29.4%
3.Kia Malaysia: 22.5%
4.Adient companies: 2.5%
5.Ilusi Mantap Sdn Bhd: 1.7%
***total 95.80%

Major Sharesholders 
1.Tan Sun Sun: 35% (direct)
2.Go Yoong Chang: 26.7% (direct)
3.Connie Go: 8.3% (direct)
Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM2.930 mil
key management remuneration: RM0.85 mil – RM0.95 mil
total (max): RM3.88 mil or 4.8%

Use of funds 
1.Acquisition of land: 10.4%
2.Construction of new corporate office with new manufacturing plant and warehouse: 18.9%
3.Construction of new Kulim Plant 2: 16.8%
4.Purchase of new machineries: 2.6%
5.Working capital: 45.5%
6.Estimated listing expenses: 7.0%

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

KAWAN RENERGY BERHAD

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Open to apply: 24 Apr 2024 
Close to apply: 14 May 2024
Balloting: 17 May 2024
Listing date: 29 May 2024

Share Capital 
Market cap: RM165 mil
Total Shares: 550 mil shares
First day listing tradable shares: 155.5mil shares

Industry CARG
Industrial process equipment industry size (Malaysia), 2020 – 2023: 14.63%
Oleochemical industry size (Malaysia), 2020 – 2023: 13.98%
Electricity generation and consumption (Malaysia), 2020 – 2023: 4.09%
Oil and gas industry size (Malaysia), 2020 – 2023(p): 1.48%
Food and beverage manufacturing industry size (Malaysia), 2020 – 2023: .7.07%
Industry competitors comparison (net profit%)
1.Kawan Group: 13.50% 
2.Ngeam Engineering Works Sdn. Bhd. : 13.71%
3.Amalgamated Metal Corporation (M) Sdn. Bhd: 11.33%
4.Yuen Fee (Wan Soon) Engineering Sdn. Bhd.: 13.09%
5.Wasco Process Engineering Sdn Bhd: 8.1% (PE10.4)
6.Others: 0.33% to 3.19%

Business (FYE 2023) 
Engineering solutions provider (Design, fabrication, installation and/or commissioning solutions)
1. Industrial process equipment: 49.2%
2. Process plants: 28.2%
3. Renewable energy and co-generation plants: 22.4%
4. Others: 0.2%

Fundamental 
1.Market: Ace Market
2.Price: RM0.30
3.Forecast P/E: 12.4
4.ROE(Proformal IV):  18.03%
5.ROE:24.89%(FYE2023) , 31.52%(FYE2022), 17.69%(FYE2021), 12.63%(FYE2020)
6.Net asset: 0.13
7.Total debt to current asset: 0.767  (Debt: 48.358mil, Non-Current Asset: 22.344mil, Current asset: 99.809mil)
8.Dividend policy: doesn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Oct): RM98.379 mil (Eps: 0.0240), PAT: 13.5%
2022 (FYE 31Oct): RM139.184 mil (Eps: 0.0260), PAT: 10.2%
2021 (FYE 31Oct): RM64.041 mil (Eps: 0.0130), PAT: 10.7%
2020 (FYE 31Oct): RM48.823 mil (Eps: 0.008), PAT: 9.1%

Major customer (2023) 
1.Ramatex Textiles Industrial Sdn Bhd: 16.3%
2.Oiltek Sdn Berhad: 14.4%
3.Oleon Group: 13.9%
4.Munzing Malaysia Sdn Bhd: 11.7%
5.Eyvap Sabun Malaysia Sdn Bhd: 4.4%
***total 60.7%

Major Sharesholders 
1.Lim Thou Lai: 70.5%
2.Chong Hon Choong: 1.2%
3.Heng Siew Aun: 2.0%
Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM0.748 mil
key management remuneration: RM0.35 mil – RM0.55 mil
total (max): RM1.298 mil or 5.41%

Use of funds 
1.Working capital: 45.5%
2.Investment into a new 2MW power plant: 15.1%
3.Improvement of Bercham Plant output: 7.6%
4.Purchase of additional machinery: 1.5%
5.Repayment of bank borrowings: 18.2%
6.Estimated listing expenses: 12.1%

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

FARM PRICE HOLDINGS BERHAD

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Open to apply: 24 Apr 2024 

Close to apply: 30 Apr 2024

Balloting: 03 May 2024

Listing date: 14 May 2024

Share Capital 

Market cap: RM108 mil

Total Shares: 450 mil shares

Industry CARG 

Malaysia’s consumption of fresh vegetables 2018-2022: 12.5%

Malaysia’s monthly household expenditure of vegetables 2016-2022: 1.2% 

Singapore’s supply of fresh vegetables 2018-2022: -4.7% 

Industry competitors comparison (net profit%)

1. Farm Price: 7.6%

2. Lian Hoe Huat Enterprise (M) S/B: 5.4%

3. Keongco Malaysia S/B: 4.2%

4. YFC Trading (M) S/B: 2.2%

5. Others: 0.5% to 1.7%

Business (FYE 2023) 

Wholesales distribution of fresh vegetable and F&B products, groceries, retailing. 

Business revenue by segment

1. Fresh vegetables: 77.61%

2. F&B product and other groceries: 16.01%

3. Retailling Segment: 6.38%

Revenue by Geo

1. Malaysia: 74.54%

2. Singapore: 25.46%

Fundamental  

1.Market: Ace Market

2.Price: RM0.24

3.Forecast P/E: 12.44

4.ROE(Pro forma III):  18.47

5.ROE: 29.86%(FPE2022), 28.04%(FYE2021), 35.83%(FYE2020)

6.Net asset: 0.14

7.Total debt to current asset: 0.524 (Debt: 23.763mil, Non-Current Asset: 25.544mil, Current asset: 45.344mil)

8.Dividend policy: doesn’ have formal dividend policy.

9. Shariah status: Yes

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

2024 (FYE 31Dec): RM114.199 mil (Eps: 0.0193), PAT: 7.62%

2022 (FYE 31Dec): RM94.376 mil (Eps: 0.0106), PAT: 5.03%

2021 (FYE 31Dec): RM81.966 mil (Eps: 0.0069), PAT: 3.80%

2020 (FYE 31Dec): RM73.540 mil (Eps: 0.0064), PAT: 3.89%

Major customer (2023) 

1.TF vegetable: 5.42%

2.LTE Vegetable: 4.03%

3.Compass: 3.94%

4.Farm direct 4u (S) Pte Ltd: 3.79%

5.Nyuk Sheng Plantation Sdn Bhd: 2.86%

***total 20.04%

Major Sharesholders 

1.Dr. Tiong Lee Chian: 62.58% (indirect)

2.Liew Tsuey Er: 67.42% (indirect)

3.TLC Consolidation: 60% (direct)

Directors & Key Management Remuneration for FYE2023  

(from Revenue & other income 2022)

Total director remuneration: RM1.034 mil

key management remuneration: RM0.30 mil – RM0.50 mil

total (max): RM1.534 mil or 6.65%

Use of funds 

1.Construction of new facilities on Lot 55359: 26.41%

2.Purchase of machinery, equipment and logistics fleet: 8.17%

3.Planned regional distribution and procurement centre: 6.54%

4.Working capital: 43.22%

5.Estimated listing expenses: 15.93%

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% business. The weakness of this type of business is, with a small increase of cost will cause the company QR to report losses, hence will effect shares price heavily.  

*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.

SIN-KUNG LOGISTICS BERHAD

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Open to apply: 18 Apr 2024 
Close to apply: 02 May 2024
Balloting: 06 May 2024
Listing date: 15 May 2024

Share Capital 
Market cap: RM156 mil
Total Shares: 1.2 bil shares

Industry CARG
(***based on manual calculated CARG in percentage, actual figure might differ)
Total air cargo handled (Malaysia), 2018 – 2023: -0.6264%
Total container throughput (Malaysia), 2018 – 2023: 3.084%
External trade (Malaysia), 2018 – 2023: 7.026%
GDP from manufacturing sector (Malaysia), 2018 – 2023: 3.7643%
Industry competitors comparison (net profit%)
1. Sin-Kung Group: 12.33%
2. MasKargo Logistics Sdn Bhd: 8.5%
3. Transocean Holdings Bhd: 6.09%  (PE254.48)
4. Harbour-Link Group Bhd: 17.39% (PE3.78)
5. Tri-Mode System (M) Berhad: 8.4% (PE15.43)
6. Swift Haulage Berhad: 7.65% (PE9.28)
7. Others: -13.28% to 5.78% 

Business (FYE 2023) 
Integrated logistics service provider principally involved in the provision of trucking services with a focus on airport-to-airport road feeder services. 
Revenue by segments
1. Trucking services (airport-to-airport road feeder services): 52%
2. Trucking services (Point-to-trucking services): 20.3%
3. Container haulage services: 9.5%
4. Warehousing and distribution services: 15.7%
5. Other logistic-related services: 2.5%
Revenue by Goe
1. Malaysia: 54.1%
2. Singapore: 27.3%
3. Others countries: 18.6%

Fundamental 
1.Market: Ace Market
2.Price: RM0.13
3.Forecast P/E: 26 (FYE2023, EPS RM0.005)
4.ROE(Pro forma III): 7.64%
5.ROE: 22.91%(FPE2022), 34.64%(FYE2021), 33.87%(FYE2020)
6.Net asset: 0.01
7.Total debt to current asset: 4.298 (Debt: 126.525mil, Non-Current Asset: 180.905mil, Current asset: 29.435mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM51.984 mil (Eps: 0.0050), PAT: 12.3%
2022 (FYE 31Dec): RM56.743 mil (Eps: 0.0100), PAT: 21.8%
2021 (FYE 31Dec): RM52.256 mil (Eps: 0.0120),PAT: 27.8%
2020 (FYE 31Dec): RM43.071 mil (Eps: 0.0080),PAT: 21.8%

Major customer (2023) 
1. Customer A: 16.9%
2. Customer C: 12.7%
3. Customer F: 9.8%
4. Customer D: 5.8%
5. Customer G: 5.8%
***total 51.0%

Major Sharesholders 
1. Lille Management: 29.8% (direct)
2. Alan Ong Lay Wooi: 29.8% (direct)
3. Angelina Ong Lay Shee: 14.9% (direct)
4. Adeline Ong Lay Suen: 29.8% (indirect)
5. Ameline Ong Lay Ling: 29.8% (indirect)
6. Alex Ong Lay Ming: 29.8% (indirect)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM2.061 mil
key management remuneration: RM0.90 mil – RM1.10 mil
total (max): RM3.161 mil or 13.15%

Use of funds 
1. Expansion of warehouse & distribution services: 38.6%
2. Repayment of bank borrowings: 37%
3. Purchase of commercial vehicles: 7.7%
4. Working capital: 4.0%
5. Estimated listing expenses: 12.7%

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.

MKH OIL PALM (EAST KALIMANTAN) BERHAD

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Open to apply: 29 March 2024
Close to apply: 16 April 2024
Balloting: 19 April 2024
Listing date: 30 April 2024

Share Capital
Market cap: RM634.626 mil
Total Shares: 1.02359 bil shares

Industry CARG
Consumption of CPO (Indonesia), 2020 - 2023(e) : 5.70%
Exports CPO (Indonesia), 2020 – 2023: 0.2%
Consumption of CPKO (Indonesia), 2020 - 2023(e): 5.17%
exports of CPKO (Indonesia), 2020 - 2023(e): -3.51%
Industry competitors comparison (net profit%)
1. MKHOP Group: 9.2% (PE20.3)
2. Anglo-Eastern Plantations Plc: 21.37% (PE7.02)
3. PT Austindo Nusantara Jaya Tbk: 7.86% (PE53.27)
4. PT Teladan Prima Agro Tbk: 15.89% (PE10.31)
5. R.E.A. Holdings plc: 15.75% 
6. Kencana Agri Limited: 1.72%
7. NPC Resources Berhad: 0.27% (PE22.56)
8. PT Jaya Agra Wattie Tbk: -31.07% (losses)
9. PT Gozco Plantations Tbk: 13.67% (PE6.24)
10. Global Palm Resources Holdings Limited: 12.81%
11. PT Andira Agro Tbk: -0.9%  (losses)

Business (FYE 2023) 
Cultivation of oil palm and production and sale of CPO (Crude Palm Oil) and PK (Palm Kernel).
Segment
1. CPO: 91.7%
2. PK: 8.3%

Fundamental 
1. Market: Main Market
2. Price: RM0.62
3. Forecast P/E: 20.3 (FYE2023, EPS RM0.031)
4. ROE(Pro Forma ):  5.55%
5. ROE: 9.96% (FYE2023) ,21.41%(FPE2022), 36.64%(FYE2021), 14.98%(FYE2020)
6. Net asset: RM0.55
7. Total debt to current asset: 0.4396 (Debt: 67.802mil, Non-Current Asset: 476.762mil, Current asset: 154.228mil)
8. Dividend policy: 50% PAT dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 30Sep): RM337.981 mil (Eps: 0.0310), PAT: 9.20%
2022 (FYE 30Sep): RM315.817 mil (Eps: 0.0590), PAT: 19.0%
2021 (FYE 30Sep): RM306.611 mil (Eps: 0.0760),PAT: 25.3%
2020 (FYE 30Sep): RM282.324 mil (Eps: 0.0180),PAT: 6.6%

Major customer (FYE2023) 
1. Apical Group of Companies: 82.0%
2. PT Energi Unggul Persada: 13.8%
3. Golden Agri-Resources Group of Companies: 3.90%
4. PT Samudra Biru Cemerlang: 6.3%
***100.00%

Major Sharesholders 
1. MKH: 28.68% (direct)
2. Tan Sri Alex Chen: 66.61% (indirect)
3. Tan Sri Eddy Chen: 66.50% (indirect)
4. Datuk Chen Fook Wah: 66.38% (indirect)
5. Metro Kajang (oversea): 30.65% (direct)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RRM6.171 mil
Key management remuneration: RM1.00 mil – RM1.250 mil
total (max): RM7.421 mil or 8.07%

Use of funds 
1. Expansion of land banks for oil palm plantation: 30.8%
2. Capital expenditures for existing plantation lands: 7.3%
3. Setup of PK crushing facility: 6.6%
4. Refurbishment and/or upkeep of existing palm oil mill: 8.9%
5. Capital expenditures for refurbishment and construction of workers/staff housing quarters: 7.3%
6. Capital expenditures to expand coverage of electricity supply 7.3
7. Repayment of loan due to a related party: 22.0%
8. Working capital: 2.5%
9. Estimated listing expenses: 7.30%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall it should be categorized into low to mid growth potential of 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.

TOPMIX BERHAD

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Open to apply: 27 Mar 2024
Close to apply: 04 Apr 2024
Balloting: 08 Apr 2024
Listing date: 23 Apr 2024

Share Capital
Market cap: RM122.095 mil
Total Shares: 393.856 mil shares

Industry CARG
The surface decorative products market in Malaysiaa: 4.806%
Industry competitors comparison (net profit%)
1. Topmix: 13%
2. Polytec Laminates Sdn Bhd: 18.7%
3. Maica Corporation Sdn Bhd: 18.0%
4. Shimlen Sdn Bhd: 15.3%
4. ICA Innovation Sdn Bhd: 14.4%
5. Others: 0.4% to  13.2%% 

Business (FPE 2023) 
Marketing and sales of our own brands of surface decorative products. Also undertake the design of surface decorative products internally as well as in collaboration with third-party décor paper suppliers.
Product Revenue Segment 
1. HPL Product: 94.13%
2. Other surface decorative products: 5.33%
3. Kitchen and wardrobe accessories: 0.54%
***HPL : High pressure laminate (e.g. the surface layer of the compress wood)

Fundamental 
1. Market: Ace Market
2. Price: RM0.31
3. Forecast P/E: 15.88 (Forecass, EPS RM0.019525)
   *we disagree to follow Prospectus book pg 22 suggestion PE.
4. ROE(FPE2023):  12.77%
5. ROE: 28.33%(FYE2022), 20.48%(FYE2021), 13.34%(FYE2020)
6. Net asset: 0.15
7. Total debt to current asset: 0.5576  (Debt: 32.173mil, Non-Current Asset: 32.487mil, Current asset: 57.699mil)
8. Dividend policy: didn’t have formal dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2023 (FPE 30Sep): RM51.037 mil (Eps: 0.0141), PAT: 10.88%
2022 (FYE 31Dec): RM65.790 mil (Eps: 0.0217), PAT: 12.96%
2021 (FYE 31Dec): RM38.595 mil (Eps: 0.0112), PAT: 11.45%
2020 (FYE 31Dec): RM27.521 mil (Eps: 0.0060), PAT: 8.58%

Major customer (FPE 2023) 
1. Kai Cheong Hardware Trading Sdn Bhd: 8.90%
2. JBR Hardware & Trading Sdn Bhd: 6.50%
3. Ekia Furniture Accessories Sdn Bhd: 4.48%
4. Bao Leng Wood Veneer Plywood Sdn Bhd: 2.97%
5. Daiyon Marketing Sdn Bhd: 2.88%
***total 25.73%

Major Sharesholders  
1. Teo Quek Siang: 62.36% (indirect)
2. Tan Lee Hong: 66.64% (indirect)
3. J and T Resources: 55% (direct)

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2022)
Total director remuneration: RM1.776 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.576 mil or 10.969%

Use of funds 
1. Expansion into assembly of melamine faced chipboard (MFC) products: 20.74%
2. Business expansion, marketing and sales: 23.32%
3. General working capital: 44.24%
4. Estimated listing expenses: 11.70%

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 grow 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.

KEYFIELD INTERNATIONAL BERHAD

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Open to apply: 26 Mar 2024
Close to apply: 03 Apr 2024
Balloting: 05 Apr 2024
Listing date: 22 Apr 2024

Share Capital
Market cap: RM720mil
Total Shares: 800 mil shares

Industry CARG
Accommodation work boat chartering market size in Malaysia (2017-2023e): 6.4% 
Industry competitors comparison (PAT%)
1.Keyfield Group: 27.1%
2.Alam Maritim (M) Sdn Bhd: 33.32%
3.Carimin Marine Services Sdn Bhd: 16.43%
4.DESB Marine Services Sdn Bhd: 12.11%
5.Perdana Petroleum Berhad: 6.72%
6.Icon Ship Management Sdn Bhd: Losses
7.Khas Jejaka Sdn Bhd: 6.3%
8.Petra Resources Sdn Bhd: losses
9.Petra Marine Sdn Bhd: 9.72%
10.Sapura Energy Berhad: losses

Business (FPE 2023)
Chartering of own & third party accommodation vessels and provision of related onboard services such as accommodation, catering, housekeeping, laundry and medical support services; and
Business Segments
1.Own vessels: 67.5%
2.Third party vessels: 32.5%

Fundamental
1.Market: Main Market
2.Price: RM0.90
3.Forecast P/E: 8.7
4.ROE(FPE2023): 18.85%
5.ROE: 25.86%(FYE2022), 12.40%(FYE2021), 10.44%(FYE2020)
6.Net asset: 0.63
7.Total debt to current asset: 1.08 (Debt: 186.888mil, Non-Current Asset: 527.372mil, Current asset: 172.357mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Sep, 9mths): RM310.918 (Eps: 0.104), PAT: 27.1%
2022 (FYE 31Dec): RM236.204 mil (Eps: 0.0610), PAT: 21.10%
2021 (FYE 31Dec): RM139.756 mil (Eps: 0.0220),PAT: 12.90%
2020 (FYE 31Dec): RM75.231 mil (Eps: 0.0170),PAT: 18.00%

Major customer (FPE2023)
1.PCSB: 57.7%
2.Petra Resources Sdn Bhd: 7.7%
3.Malaysia Deepwater Production Contractors Sdn Bhd: 7.5%
4.Helms Geomarine Sdn Bhd: 4.3%
5.Perdana Nautika Sdn Bhd: 3.1%
***total 80.3%

Major Sharesholders 
1.Darren Kee: 22.3% (direct)
2.Kate Ooi: 22.3% (indirect)
3.Mohd Erwan: 6.9% (direct)
4.MEAM Holdings: 3.2% (direct)
5.Lavin Group: 26.1% (direct)
6.Veritas Aman: 5.3% (direct)
7.OM Ceria: 3.2% (direct)
8.Calvin Lau Chuen Yien: 26.1% (indirect)
9.Ikhlas Bin Kamarudin: 5.3% (indirect)
10.Tunku Azlan Bin Tunku Aziz: 3.2% (indirect)

Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RM3.601 mil
key management remuneration: RM1.10 mil – RM1.25 mil
total (max): RM4.851 mil or 5.42%

Use of funds
1.Redemption of Keyfield CRNCPS: 32.7%
2.Repayment of bank borrowings: 1.6%
3.Settlement of balance purchase consideration for Blooming Wisdom: 34.6%
4.Settlement of balance purchase consideration for Helms 1: 18.6%
5.Working capital: 7.7%
6.Estimated listing expenses: 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, oil & gas industry might become sunset industry in future. 

*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.