TCS Group Holdings Berhad

IPO Rating (1.75/5.0 Stars)
Autoriõigus@http://lchipo.blogspot.com/
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kuupäev
Kandideerimine avatud: 29
Kandideerimine on lõppenud: 10
Noteerimise kuupäev: 23

Aktsiakapital
Turukapital: 46.944 miljonit RM
Total Shares:  mil shares (Public apply:10.8 mil, Company Insider/Miti/Private Placement/other: 97.2mil)

Tööstus
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)

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

Põhiline
Turg: Ace Market
Hind: 0.23 RM (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)
Sularaha ja fikseeritud tagatis pärast IPO-d: 0.0899 RM aktsia kohta
NA pärast IPO-d: RM0.16
Total debt to current asset after IPO: 0.86 (Debt:119.484 mil, Non-Current Asset: 39.607mil, Current asset: 138.962mil)
Dividendipoliitika: Fikseeritud dividendipoliitika puudub.


Varasemad finantstulemused (tulu, EPS)
2019: 358.424 miljonit RM (EPS: 0.0435)
2018: 146.266 miljonit RM (EPS: 0.0269)
2017: 71.718 miljonit RM (EPS: 0.0172)
2016: 103.628 miljonit RM (EPS: 0.0141)

Neto kasumimarginaal
2019: 4.37%
2018: 6.71%
2017: 8.63%
2016: 4.91%

Pärast IPO aktsiate omamist
Dato’ Ir Tee Chai Seng: 59.07%
Datin Koh Ah Nee: 10.42%


Juhatajate tasu 2021. aasta majandusaastal (2019. aasta brutokasumist)
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
Juhataja töötasu kokku brutokasumist: 1.572 miljonit RM ehk 4.17%

Võtmejuhtkonna tasu 2021. aasta majandusaastal (2019. aasta brutokasumist)
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%

Fondi kasutamine
Purchase of new construction machinery and equipment: 62.80%
Käibekapital: 20.29%
Noteerimiskulud: 16.91%

Hea asi on:
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.

Halvad asjad:
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. Fikseeritud dividendipoliitika puudub.

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 hind: 0.23 RM
Hea aeg: RM0.32 (PE8)
Halb aeg: RM0.16 (PE4)

* Hindamine on ainult isiklik arvamus ja seisukoht. Arusaam ja prognoos muutuvad uue kvartali tulemi avaldamisel. Lugeja võtab oma riski ja peaks tegema oma kodutöö, et jälgida iga kvartali tulemust, et kohandada ettevõtte fundamentaalse väärtuse prognoosi.

Source: http://lchipo.blogspot.com/2020/07/tcs-group-holdings-berhad.html