MINOX INTERNATIONAL GROUP BERHAD - Plato AiStream V2.1

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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.

Open to apply: 20 Sep 2023

Close to apply: 03 Oct 2023
Balloting: 06 Oct 2023
Listing date: 17 Oct 2023

Share Capital
Market cap: RM90 mil
Total Shares: 360 mil shares

Industry CARG (2023f-2027f)
Historical & Growth Forecast for the Sanitary Valves and Fittings Industry in Malaysia: 11.2%
Industry competitors comparison (net profit%)
Minox: 22.9%
PME: 26.2%
SRM: 12.6%
Others: 0.00% to 10.7%

Business (FPE 2023)
Distribution of stainless steel sanitary valves, tubes & fittings, installation components & equipment, rubber hoses under our “MINOX®” brand and other related products.
Revenue by Geo
Malaysia: 27%
Indonesia: 34.6%
Singapore: 25.9%
Thailand: 7.8%
Others: 4.7%

Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 10.68 (EPS 0.0234)
4.ROE(Pro Forma III): 14.33%
5.ROE: 20.85%(FYE2022), 19.89%(FYE2021), 10.25%(FYE2020), 23.20%(FYE2019)
6.Net asset: 0.06
7.Total debt to current asset: 0.55 (Debt: 35.530mil, Non-Current Asset: 43.262mil, Current asset: 64.154mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes.

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Apr, 4mths): RM16.429 mil (Eps: 0.005), PAT:11.3%
2022 (FYE 31Oct): RM45.020 mil (Eps: 0.029), PAT: 22.9%
2021 (FYE 31Oct): RM34.359 mil (Eps: 0.022),PAT: 23.0%
2020 (FYE 31Oct): RM38.804 mil (Eps: 0.010),PAT: 9.20%
2019 (FYE 31Oct): RM40.195 mil (Eps: 0.021),PAT: 18.7%

Major customer (FPE2023)
1. Tetra Pak Group: 17.8%
2. SiccaDania (SEA) Pte Ltd: 14%
3. GEA Group: 7.1%
4. PL Plus M&E Sdn Bhd: 3.3%
5. MST VN: 2.6%
***total 44.8%

Major Sharesholders
1. Cheong Chee Soon: 51.4% (direct)
2. Looi Poo Poo: 10.4% (direct)
3. Gamal Abdul Nashir: 4.9% (direct)

Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)

Total director remuneration: RM2.574 mil
key management remuneration: RM1.75 mil – RM2.0 mil
total (max): RM4.574 mil or 17.2%

Use of funds
1. Product development and deployment: 17.8%
2. Construction of Warehouse 4: 17.8%
3. Setting up a new warehouse in Singapore: 22.3%
4. Repayment of bank borrowings: 20%
5. General working capital: 7%
6. Estimated listing expenses: 15.1%

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 more to conventional business. The grow of business also more to conventional phase.

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.