UNIQUE FIRE HOLDINGS BERHAD

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Open to apply: 29/06/2022
Close to apply: 22/07/2022
Balloting: 03/08/2022
Listing date: 05/08/2022

Share Capital
Market cap: RM104 mil
Total Shares: 400 mil shares
 
Industry CARG (2017-2019)
Import value of fire extinguishers: -2.8%
Export value of fire extinguishers: -1.4%
Import value of fire extinguisher parts: -6.7%
Export value of fire extinguisher parts: 27.7%
Competitors Comparison (Net profit margin%) 
Unique Fire Group: 8.4%
FITTERS Diversified Bhd: -4%
Steel Recon Industries S/B: 11.8%
Eversafe Extinguisher S/B: -6.2%
VIC Engineering S/B: 16.5%
Fire Fighter Group: 16.3%

Business (FYE 2021)
-Assembly, manufacture and distribution of active fire protection systems, equipment and accessories. 
-Distribution of custom graphics designed fire extinguishers, and other active fire protection systems, equipment and accessories and related services.

Revenue by Geo
Malaysia: 98.8%
Others: 1.20%

Fundamental
1.Market: Ace Market
2.Price: RM0.26
3.P/E: 19.55 @ RM0.0133 (writer opinion reject prospectures book pg30 use EPS 0.019 @ PE13.68)
4.ROE(Pro Forma III): 8.01% (ProForma)
5.ROE: 10.52%(FYE2021), 13.22%(FYE2020), 18.04%(FYE2019)
6.NA after IPO: RM0.08
7.Total debt to current asset after IPO: 0.366 (Debt: 26.823mil, Non-Current Asset: 26.916mil, Current asset: 73.292mil)
8.Dividend policy: didn’t have formal dividend policy. 

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 31Dec 9mths): RM53.871 mil (Eps: 0.0110),PAT: 8.19%
2021 (FYE 31Mar): RM63.444 mil (Eps: 0.0133),PAT: 8.39%
2020 (FYE 31Mar): RM76.194 mil (Eps: 0.0187),PAT: 9.82%
2019 (FYE 31Mar): RM79.699 mil (Eps: 0.0249),PAT: 12.48%
 
Major customer (2021)
1. Central Industrial Services & Supplier: 2.71%
2. Nelton Enginnering S/B: 2.61%
3. Trimax Engineering S?B: 2.59%
4. Fedapi S/B: 2.43%
5. Kejuruteraan Cekap Selaju S/B: 2.36%
***total 12.70%

Major Sharesholders
UGSB: 63% (direct)
Liew Sen Hoi: 67% (indirect)
Lim Show Ching: 4.56% (indirect)
 
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2021)
Total director remuneration: RM1.599 mil
key management remuneration: RM0.95 mil – RM1.20 mil
total (max): RM2.799 mil or 16.77%  
 
Use of fund
1. Expansion of manufacturing facilities: 11.48%
2. Expansion of geographic coverage: 27.55%
3. Expansion of operational capabilities: 24.34%
4. Working capital: 21.01%
5. Listing Expenses: 15.62%

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

*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.