INFOMINA BERHAD

Open to apply: 01/11/2022
Close to apply: 11/11/2022
Balloting: 16/11/2022
Listing date: 25/11/2022

Share Capital
Market cap: RM240.5 mil
Total Shares: 601.250mil shares
 
Industry CARG
Enterprise IT services industry in Malaysia: 2%
Competitors PAT%
Censof: 18.1%
Dagang Net Technologies Sdn Bhd: -38.3%
Dataprp: -30.6%
Dsonic: 7.5%
Excel Force: 32.6%
HTPadu: -6.1%
Iris: 1.6%
Msniaga: 2.3%
Myeg: 43.9%
N2N: 17.6%
Omesti: -2.9%
Scicom: 11.9%
 
Business (FYE 2022)
Design and implementation of technology application and infrastructure solutions that support the fundamental business operations.
Design and delivery of technology infrastructure solutions: 50.3%
Technology infrastructure operations, maintenance and support services: 49.7%
Revenue by Geo
Msia: 57.4%
Thailand: 16.2%
Philippines: 21.1%
Others: 5.3%

Fundamental
1.Market: Ace Market
2.Price: RM0.40
3.P/E: 14.08 @ RM0.0284 (using difference EPS, pls refer reason on financial performance part)
4.ROE(Pro Forma III): 24.13%
5.ROE: 57.60%(FYE2022), 54.69%(FYE2021), 32.27%(FYE2020), 60.62%(FYE2019)
6.NA after IPO: RM0.12
7.Total debt to current asset after IPO: 0.68 (Debt: 128.173mil, Non-Current Asset: 11.502mil, Current asset: 187.457mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31May): RM201.063 mil (Eps: 0.0284),PAT: 8.5%
2021 (FYE 31May): RM105.224 mil (Eps: 0.0137),PAT: 7.8%
2020 (FYE 31May): RM81.616 mil (Eps: 0.0056),PAT: 4.1%
2019 (FYE 31May): RM66.006 mil (Eps: 0.0114),PAT: 10.5%
*EPS in prospecture book pg206 not use enlarged 601.250mil shares, EPS above using manual count on enlarged 601.250mil shares after IPO. 

Order Book
2023: RM160.3
2024: RM72.1
2025: RM58.2
2026: RM42.2
2027: RM13.4

Major customer (2022)
1. Customer K: 24.5%
2. Customer J: 23.3%
3. The Siam Commercial Bank: 10%
4. Customer P: 9.7%
5. Customer H: 7.5%
***total 75%

Major Sharesholders
Infomina Holdings: 55.4% (Direct)
Yee Chee Meng: 6.3% (Direct)
Lim Leong Ping @ Raymond Lim: 5.9% (Direct)
Nasimah Binti Mohd Zain: 55.4% (Indirect)
Mohd Hoshairy Bin Alias: 55.4% (Indirect)
Tan Siang Pin: 5.2%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM3.434mil
key management remuneration: RM3.35 mil - RM3.55mil
total (max): RM6.984 mil or 16.67% 

Use of funds
1. R&D: 23.4%
2. Regional expansion: 17%
3. Branding, marketing & promotional activities: 2.7%
4. Working capital: 43%
5. Listing Expenses: 13.9%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a high grow company but also come with high risk on their over top 5 customer focus & also their financial statement healthy performance. Investor invest in this stock need to always monitor their company QR & more monitor the risk involved.