ACO Grup Berhad

Peringkat IPO (1.75 dari 5.0 Bintang)

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Tanggal
Terbuka untuk melamar: 27/02/2020
Tutup untuk melamar: 06/03/2020
Tanggal daftar: 18/03/2020

Modal Saham
Kapitalisasi Pasar: RM84 juta
Total Shares: 300mil shares (Public :15 mil, Company Insider/Miti/Private Placement: 43 mil)

Bisnis
Distribution of electrical products and accessories.
Industrial User: 74.46%
Reseller: 25.54%

Mendasar
Pasar: Pasar Ace
Harga: RM0.28 (EPS:0.0247)
P/E & ROE: PE11.34 (Buku Prospektus) ROE13%
Tunai & setoran tetap setelah IPO: RM0.05 per saham
NA setelah 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)
Kebijakan dividen: Tidak ada kebijakan dividen yang pasti.

Rasio Keuangan
Piutang usaha: 80 hari
Hutang Dagang: 103 hari
Perputaran persediaan: 105 hari

Kinerja Keuangan Masa Lalu (Pendapatan, EPS)
2019 (until Nov): RM104.084 mil (EPS: 0.0237)
2019: RM134.373 juta (EPS: 0.0275)
2018: RM124.193 juta (EPS: 0.0173)
2017: RM114.509 juta (EPS: 0.0153)

Margin Laba Bersih
2019: 5.52%
2018: 4.03%
2017: 3.89%

Setelah IPO Kepemilikan Saham
Ir. Tang Pee Tee @ Tan Chang Kim: 62.79%
Jin Siew Yen: 7.85%
Tan Yushan: 7.85%

Remunerasi Direksi untuk FYE2021 (dari laba kotor 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
Total remunerasi direktur dari laba kotor: RM1.349 juta atau 6.07%

Remurasi Manajemen Kunci Tahun Fiskal 2021 (dari laba kotor 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%

penggunaan dana
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%)
Modal Kerja: RM4.24 juta (26.11%)
Biaya pencatatan: RM3.3 juta (20.32%)

CAGR% Industri
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)

Kesimpulan
Hal yang baik adalah:
1. PE11.34 & ROE13% is reasonable.
2. Set up new sales outlet & office will impove sales but will not have fast impact on revenue.

Hal-hal buruk:
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.


Kesimpulan
Is not a attractive IPO. Unable to expect high grow in the company revenue in 1-2 year.

Harga IPO: RM0.28
Waktu yang baik: RM0.32 (PE13)
Waktu buruk: RM0.19 (PE8)

*Penilaian hanya berlaku hingga hasil kuartal baru dirilis. Pembaca harus mengerjakan pekerjaan rumahnya sendiri untuk menindaklanjuti hasil setiap kuartal untuk menyesuaikan perkiraan nilai fundamental perusahaan.

Source: http://lchipo.blogspot.com/2020/03/aco-group-berhad.html