IPO Rating ( 1.75 out of 5.0 Stars)
حق چاپ@http://lchipo.blogspot.com/
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تاریخ
باز برای درخواست: 27/02/2020
نزدیک به درخواست: 06/03/2020
تاریخ درج: 18/03/2020
سرمایه
ارزش بازار: 84 میلیون رینگیت
Total Shares: 300mil shares (Public :15 mil, Company Insider/Miti/Private Placement: 43 mil)
کسب و کار
Distribution of electrical products and accessories.
Industrial User: 74.46%
Reseller: 25.54%
اساسی
بازار: آس مارکت
قیمت: RM0.28 (EPS: 0.0247)
P/E & ROE: PE11.34 (Prospectus book is) ROE13%
وجه نقد و سپرده ثابت پس از عرضه اولیه سهام: 0.05 رینگیت به ازای هر سهم
NA بعد از IPO: RM0.19
Total debt to current asset after IPO: 1.644 (Debt: 63.657 mil, Non-Current Asset: 38.712 mil, Current asset: 81.368mil)
سیاست سود تقسیمی: سیاست سود سهام ثابتی وجود ندارد.
نسبت مالی
مطالبات تجاری: 80 روز
تجارت قابل پرداخت: 103 روز
گردش موجودی: 105 روز
عملکرد مالی گذشته (درآمد، EPS)
2019 (until Nov): RM104.084 mil (EPS: 0.0237)
2019: RM134.373 میلیون (EPS: 0.0275)
2018: RM124.193 میلیون (EPS: 0.0173)
2017: RM114.509 میلیون (EPS: 0.0153)
حاشیه سود خالص
2019: 5.52٪
2018: 4.03٪
2017: 3.89٪
پس از سهامداری IPO
Ir. Tang Pee Tee @ Tan Chang Kim: 62.79%
Jin Siew Yen: 7.85%
Tan Yushan: 7.85%
پاداش مدیران برای FYE2021 (از سود ناخالص 2019)
Ir.Tang Pee Tee: RM0.502 mil
Tan Yushan: RM0.437 mil
Chai Poh Choo: RM0.218 mil
Yap Koon Roy: RM68k
Dr.Tee Chee Ghee: RM68k
Ir. Dr.Ng Kok Chiang: RM56k
کل پاداش مدیر از سود ناخالص: RM1.349 میلیون یا 6.07٪
بازپرداخت مدیریت کلید برای FYE2021 (از سود ناخالص 2019)
Ooi Gin Hui: RM250k-300k
Chong Su Yee: RM150k-200k
Lim Lee Hua: RM150k-200k
Low Swee Ching: RM150k-200k
Foong Kah Hong: RM150k-200k
key management remuneration from gross profit: RM0.85mil-RM1.1 mil or 3.83%-4.95%
استفاده از صندوق
New Sales Outlet: RM4.2 mil (25.86%)
New head office & distribution in Johor: RM2.5 mil (15.39%)
Purchase new trucks & upgrade IT system: RM2 mil (12.32%)
Working Capital: RM4.24 mil (26.11%)
هزینه های فهرست: RM3.3 میلیون (20.32%)
Industry CAGR%
Cables & wires CAGR: 0.4% (2015-2019)
Electrical Distribution, Protection, & Control Devices: 16.5% (2015-2019, *2019 drop -5.8%)
Lighting Equipment: -0.6% (2015-2019)
نتیجه گیری
چیز خوب این است:
1. PE11.34 & ROE13% is reasonable.
2. Set up new sales outlet & office will impove sales but will not have fast impact on revenue.
چیزهای بد:
1. Debt to currnet asset ratio is high.
2. No fix dividend policy.
3. Revenue grwoing around 8% per year, but after deduct inflation will have only little improvement.
3. Net profit margin is low than 10%.
4. Director fee is expensive.
5. CAGR% of their industry grow rate is not at healthy level.
6. Listing expenses 20.32% is too expensive.
7. Doesn’t explain more on how to improve business line with online sales, because business should not too depend on normal distribution method.
نتیجه گیری
Is not a attractive IPO. Unable to expect high grow in the company revenue in 1-2 year.
قیمت IPO: RM0.28
زمان خوب: RM0.32 (PE13)
زمان بد: RM0.19 (PE8)
*Valuation only valid until new quarter result release. Reader should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.
Source: http://lchipo.blogspot.com/2020/03/aco-group-berhad.html
