PLYTEC HOLDING BERHAD

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opinion and reader should take their own risk in investment decision

Open to apply: 24 Oct 2023

Close to apply: 31 Oct 2023

Balloting: 02 Nov 2023

Listing date: 15 Nov 2023

Share Capital

Market cap: RM212.121 mil

Total Shares: 606.0606 mil shares

Industry CARG

Local Contractors in the Malaysian Construction Industry as at 26 December 2023 (G7 grade): 9.516

Industry competitors comparison (net profit%)

Plytec: 8.69%

Peri Formwork Malaysia Sdn Bhd: 13.07%

BIMTECH Solutions Sdn Bhd: 14.21%

Doka Formwork Malaysia Sdn Bhd: 12.09%

Engtex Sdn Berhad: 6.97%

Others: -63.80% to 9.73%

Business (FPE 2023)

Construction engineering solutions and services as well as trading and distribution of building materials.

Business Segment

CME solution: 33.78%

Trading and distribution of building materials: 59.96%

DDE Solution: 4.54%

PC solution: 1.72%

Fundamental

1.Market: Ace Market

2.Price: RM0.35

3.P/E: RM15.49

4.ROE(FPE2023): 5.48%

5.ROE: 16.38%(FYE2022), 14.97%(FYE2021), 11.66%(FYE2020), 14.56%(FYE2019)

6.Net asset: RM0.15

7.Total debt to current asset: 0.890 (Debt: 105.318mil, Non-Current Asset: 106.837mil, Current asset: 118.304mil)

8.Dividend policy: no formal dividend policy.

9. Shariah status: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)

2023 (FPE 31May, 5mth): RM62.581 mil (Eps: 0.0046), PAT: 4.54%

2022 (FYE 31Dec): RM158.091 mil (Eps: 0.0226), PAT: 8.69%

2021 (FYE 31Dec): RM112.712 mil (Eps: 0.0178), PAT: 9.62%

2020 (FYE 31Dec): RM113.792 mil (Eps: 0.0181), PAT: 6.30%

2019 (FYE 31Dec): RM190.111 mil (Eps: 0.0131), PAT: 4.16%

Major customer (FPE2023)

1.Siab Group of companies: 14.33%

2.Orangebeam Construction Sdn. Bhd: 9.10%

3.Eng Han Enginnering Sdn Bhd: 8.19%

4.Nestcon Builders Sdn Bhd.: 6.46%

5.Alphazen Contract Sdn Bhd: 4.02%

***total 42.10%

Major Sharesholders

1.Resilient Capital Holdings: 41.37% (direct)

2.Prestij Usaha: 32.63% (direct)

3.Yang Kian Lock: 74% (Indirect)

Directors & Key Management Remuneration for FYE2023

(from Revenue & other income 2022)

Total director remuneration: RM2.321 mil

key management remuneration: RM2.205 mil – RM2.250 mil

total (max): RM4.481 mil or 10.59%

Use of funds

1.Capital expenditure: 21.55%

2.Repayment of borrowings: 24.24%

3.Construction of factories and centralised labour quarters on the Olak Lempit Land: 21.01%

4.Purchase of software systems and hardware: 5.39%

5.Working capital: 17.03%

6.Estimated listing expenses: 10.78%

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

Overall is high risk industry in current situation.

*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.