اے سی او گروپ برہاد

IPO درجہ بندی (1.75 ستاروں میں سے 5.0)

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تاریخ
درخواست دینے کے لیے کھلا ہے: 27/02/2020
اپلائی کرنے کے لیے بند ہے: 06/03/2020
فہرست سازی کی تاریخ: 18/03/2020

دارالحکومت اشتراک کریں
مارکیٹ کیپ: RM84 ملین
Total Shares: 300mil shares (Public :15 mil, Company Insider/Miti/Private Placement: 43 mil)

بزنس
Distribution of electrical products and accessories.
Industrial User: 74.46%
Reseller: 25.54%

بنیادی
مارکیٹ: اککا بازار
قیمت: RM0.28 (EPS:0.0247)
P/E & ROE: PE11.34 (Prospectus book is) ROE13%
IPO کے بعد کیش اور فکسڈ ڈپازٹ: RM0.05 فی حصص
IPO کے بعد NA: 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)
ڈیویڈنڈ پالیسی: کوئی فکس ڈیویڈنڈ پالیسی نہیں۔

Financial Ratio
Trade receivable: 80 days
Trade Payable: 103 days
Inventory turnover: 105 days

ماضی کی مالیاتی کارکردگی (آمدنی، EPS)
2019 (until Nov): RM104.084 mil (EPS: 0.0237)
2019: RM134.373 mil (EPS: 0.0275)
2018: RM124.193 mil (EPS: 0.0173)
2017: RM114.509 mil (EPS: 0.0153)

خالص منافع کا مارجن
2019: 5.52٪
2018: 4.03٪
2017: 3.89٪

IPO شیئر ہولڈنگ کے بعد
Ir. Tang Pee Tee @ Tan Chang Kim: 62.79%
Jin Siew Yen: 7.85%
Tan Yushan: 7.85%

FYE2021 کے لیے ڈائریکٹرز کا معاوضہ (مجموعی منافع 2019 سے)
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
مجموعی منافع سے ڈائریکٹر کا کل معاوضہ: RM1.349 ملین یا 6.07%

FYE2021 کے لیے کلیدی انتظامی معاوضہ (مجموعی منافع 2019 سے)
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%

فنڈ کا استعمال
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%)

صنعت CAGR%
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)

نتیجہ
اچھی بات یہ ہے:
1. PE11.34 & ROE13% is reasonable.
2. Set up new sales outlet & office will impove sales but will not have fast impact on revenue.

بری چیزیں:
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.


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

IPO قیمت: RM0.28
اچھا وقت: RM0.32 (PE13)
برا وقت: RM0.19 (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