ACO Group Berhad

Ocena IPO (1.75 od 5.0 zvezdic)

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Datum
Odprto za prijavo: 27. 02. 2020
Konec prijave: 06
Datum objave: 18

Osnovni kapital
Tržna kapitalizacija: 84 milijonov RM
Total Shares: 300mil shares (Public :15 mil, Company Insider/Miti/Private Placement: 43 mil)

ŽELITE POSTATI PARTNER
Distribution of electrical products and accessories.
Industrial User: 74.46%
Reseller: 25.54%

Temeljni
Trg: Ace Market
Cena: 0.28 RM (EPS: 0.0247)
P/E & ROE: PE11.34 (Prospectus book is) ROE13%
Gotovina in vezani depozit po IPO: 0.05 RM na delnico
NA po IPO: RM0.19
Total debt to current asset after IPO: 1.644 (Debt: 63.657 mil, Non-Current Asset: 38.712 mil, Current asset: 81.368mil)
Politika dividend: Politika dividend ni fiksna.

Finančno razmerje
Terjatev do kupca: 80 dni
Obveznost do trgovanja: 103 dni
Obrat zalog: 105 dni

Pretekla finančna uspešnost (prihodek, EPS)
2019 (until Nov): RM104.084 mil (EPS: 0.0237)
2019: 134.373 milijona RM (EPS: 0.0275)
2018: 124.193 milijona RM (EPS: 0.0173)
2017: 114.509 milijona RM (EPS: 0.0153)

Marža čistega dobička
2019: 5.52%
2018: 4.03%
2017: 3.89%

Po IPO Delničarstvo
Ir. Tang Pee Tee @ Tan Chang Kim: 62.79%
Jin Siew Yen: 7.85%
Tan Yushan: 7.85%

Prejemki direktorjev za poslovno leto 2021 (od bruto dobička 2019)
Ir.Tang Pee Tee: RM0.502 mil
Tan Yushan: RM0.437 mil
Chai Poh Choo: RM0.218 mil
Yap Koon Roy: RM68k
Dr.Tee Chee Ghee: RM68k
Ir. Dr.Ng Kok Chiang: RM56k
Skupni prejemki direktorja iz bruto dobička: 1.349 milijona RM ali 6.07 %

Prejemki ključnega vodstva za poslovno leto 2021 (od bruto dobička 2019)
Ooi Gin Hui: RM250k-300k
Chong Su Yee: RM150k-200k
Lim Lee Hua: RM150k-200k
Low Swee Ching: RM150k-200k
Foong Kah Hong: RM150k-200k
key management remuneration from gross profit: RM0.85mil-RM1.1 mil or 3.83%-4.95%

Uporaba sklada
New Sales Outlet: RM4.2 mil (25.86%)
New head office & distribution in Johor: RM2.5 mil (15.39%)
Purchase new trucks & upgrade IT system: RM2 mil (12.32%)
Working Capital: RM4.24 mil (26.11%)
Listing expenses: RM3.3 mil (20.32%)

% CAGR v industriji
Cables & wires CAGR: 0.4% (2015-2019)
Electrical Distribution, Protection, & Control Devices: 16.5% (2015-2019, *2019 drop -5.8%)
Lighting Equipment: -0.6% (2015-2019)

Sklepi
Dobra stvar je:
1. PE11.34 & ROE13% is reasonable.
2. Set up new sales outlet & office will impove sales but will not have fast impact on revenue.

Slabe stvari:
1. Debt to currnet asset ratio is high.
2. No fix dividend policy.
3. Revenue grwoing around 8% per year, but after deduct inflation will have only little improvement.
3. Net profit margin is low than 10%.
4. Director fee is expensive.
5. CAGR% of their industry grow rate is not at healthy level.
6. Listing expenses 20.32% is too expensive.
7. Doesn’t explain more on how to improve business line with online sales, because business should not too depend on normal distribution method.


Sklepi
Is not a attractive IPO. Unable to expect high grow in the company revenue in 1-2 year.

IPO cena: 0.28 RM
Dober čas: 0.32 RM (13 PE)
Slab čas: 0.19 RM (PE8)

*Valuation only valid until new quarter result release. Reader should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.

Source: http://lchipo.blogspot.com/2020/03/aco-group-berhad.html