Solarvest Holdings Berhad

IPO-vurdering (2.25 av 5.0 stjerner)

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Dato
Åpent for å søke: 30/09/2019
Lukk for å søke: 11
Oppføringsdato: 26

Aksjekapital
Markedsverdi: RM136.718 mil
Totalt antall aksjer: 390.623 millioner aksjer (IPO 19.531 millioner, Company Insider/Miti/Privat plassering 79.297 millioner)

Virksomhet
Design & Sale of solar energy sevices (EPCC services), Operations & Maintenance of solar energy services , and Operate Solar Plant.
EPCC Services: 94.7%
Operations & Maintenance: 0.16%
Solar PV plant: 5.12%

Fundamental
Marked: Ace Market
Pris: RM0.35 (eps: RM0.028)
P/E & ROE: PE12.5, ROE17.43 %
Kontanter og fast innskudd etter børsnotering: RM0.1145 per aksje
NA etter børsnotering: RM0.16
Total gjeld til omløpsmidler etter børsnotering: 0.56 (gjeld: 51.111 millioner, anleggsmidler: 23.644 millioner, omløpsmidler: 91.273 millioner)
Utbyttepolitikk: Ingen formell utbyttepolitikk.


Økonomisk forhold
Kundefordring: 71 dager
Leverandørbetaling: 54 dager
Lageromsetning: 7 dager


Tidligere økonomiske resultater (inntekter, EPS)
2019: RM112.201 mil (EPS: 0.028)
2018: RM45.069 mil (EPS: 0.021)
2017: RM39.009 mil (EPS: 0.017)
2016: RM35.286 mil (EPS: 0.011)


Nettofortjenestemargin
2019: 9.9%
2018: 18.3%
2017: 16.7%
2016: 11.8%


Etter børsnotering
Lim Chin Siu: 41.1% (indirect)
Tan Chyi Boon: 41.1% (indirect)
Chiau Haw Choon 33.6% (indirect)


Direktør og nøkkelledere Godtgjørelse for FYE2019 (fra bruttoresultat 2018)
Dato’ Che Halin: RM66k
Lim Chin Siu: RM490k
Tan Chyi Boon: RM463k
Chiau Haw Choon: RM42k
Chang Kong Foo: RM42k
Fong Shin Ni: RM42k
Total director & key management remuneration from gross profit: RM1.145mil or 5.1%


Bruk av fond
Bedriftsutvidelse: 8.7 %
Investeringer: 11.5 %
Arbeidskapital: 55.5%
Repayment Debt: 14.5%
Noteringskostnader: 9.8%


Konkurrenter (PE & ROE)
Solarvest: PE12.5 ROE17.43% GP9.9%
Cypark: PE8.76, ROE10.49%
Tekseng: Loss making
Gading Kencana: loss making
Helios PV: GP23.9%
Mattan: GP1.3%
Plus Solar: GP12.4%


Industry Analysis (Forecast)
Green energy is very clearly futures trend of energy. Solar is in sunrise industry with a lot competitors.

Konklusjoner
Bra er:
1. Co-founder Owners is young.
2. PE12.5 still acceptable, but a bit high in same industry & ROE17.43% is healthy.
3. Debt ratio is healthy.
4. Inntektene har økt de siste 4 årene.
5. In sunrise industry.

De dårlige tingene:
1. Net profit margin slowing down.
2. No clear dividend policy.
3. Director remuration is over 3% of gross revenue.
4. Bruk 14.5 % børsnoteringsfond til å betale gjeld.
5. Many competitors not making good profit in same industry.
6. Listing on Ace market.
7. Revenue highly depend on EPCC segment.

Konklusjoner
Green energy is a must in futures. However they are facing large competitors environment in same industry.
Will consider is an average IPO.

Børsnoteringspris: RM0.35
God tid: RM0.38 (PE13.5)
Dårlig tid: RM0.17 (PE6)

Source: http://lchipo.blogspot.com/2019/10/solarvest-holdings-berhad.html