IPO درجہ بندی (2.25 ستاروں میں سے 5.0)
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تاریخ
درخواست دینے کے لیے کھلا ہے: 30/09/2019
اپلائی کرنے کے لیے بند ہے: 11/11/2019
فہرست سازی کی تاریخ: 26/11/2019
دارالحکومت اشتراک کریں
مارکیٹ کیپ: RM136.718 ملین
Total Shares: 390.623 mil shares (IPO 19.531 mil, Company Insider/Miti/Private Placement 79.297 mil)
بزنس
Design & Sale of solar energy sevices (EPCC services), Operations & Maintenance of solar energy services , and Operate Solar Plant.
EPCC Services: 94.7%
Operations & Maintenance: 0.16%
Solar PV plant: 5.12%
بنیادی
مارکیٹ: اککا بازار
Price: RM0.35 (eps: RM0.028)
P/E & ROE: PE12.5, ROE17.43%
IPO کے بعد کیش اور فکسڈ ڈپازٹ: RM0.1145 فی حصص
IPO کے بعد NA: RM0.16
Total debt to current asset after IPO: 0.56 (Debt: 51.111 mil, Non-Current Asset: 23.644 mil, Current asset: 91.273 mil)
Dividend policy: No formal dividend policy.
مالی تناسب
تجارت قابل وصول: 71 دن
قابل ادائیگی تجارت: 54 دن
انوینٹری کا کاروبار: 7 دن
ماضی کی مالیاتی کارکردگی (آمدنی، EPS)
2019: RM112.201 mil (EPS: 0.028)
2018: RM45.069 mil (EPS: 0.021)
2017: RM39.009 mil (EPS: 0.017)
2016: RM35.286 mil (EPS: 0.011)
خالص منافع کا مارجن
2019: 9.9٪
2018: 18.3٪
2017: 16.7٪
2016: 11.8٪
IPO شیئر ہولڈنگ کے بعد
Lim Chin Siu: 41.1% (indirect)
Tan Chyi Boon: 41.1% (indirect)
Chiau Haw Choon 33.6% (indirect)
Director & Key Managemen Remuneration for FYE2019 (from gross profit 2018)
Dato’ Che Halin: RM66k
Lim Chin Siu: RM490k
Tan Chyi Boon: RM463k
Chiau Haw Choon: RM42k
Chang Kong Foo: RM42k
Fong Shin Ni: RM42k
Total director & key management remuneration from gross profit: RM1.145mil or 5.1%
فنڈ کا استعمال
کاروبار کی توسیع: 8.7%
سرمایہ خرچ: 11.5%
ورکنگ کیپٹل: 55.5%
Repayment Debt: 14.5%
فہرست سازی کے اخراجات: 9.8%
Competitors (PE & ROE)
Solarvest: PE12.5 ROE17.43% GP9.9%
Cypark: PE8.76, ROE10.49%
Tekseng: Loss making
Gading Kencana: loss making
Helios PV: GP23.9%
Mattan: GP1.3%
Plus Solar: GP12.4%
Industry Analysis (Forecast)
Green energy is very clearly futures trend of energy. Solar is in sunrise industry with a lot competitors.
نتیجہ
اچھی بات یہ ہے:
1. Co-founder Owners is young.
2. PE12.5 still acceptable, but a bit high in same industry & ROE17.43% is healthy.
3. Debt ratio is healthy.
4. پچھلے 4 سالوں سے بڑھ رہی آمدنی۔
5. In sunrise industry.
بری چیزیں:
1. Net profit margin slowing down.
2. No clear dividend policy.
3. Director remuration is over 3% of gross revenue.
4. قرض کی ادائیگی کے لیے 14.5% IPO فنڈ استعمال کریں۔
5. Many competitors not making good profit in same industry.
6. Listing on Ace market.
7. Revenue highly depend on EPCC segment.
نتیجہ
Green energy is a must in futures. However they are facing large competitors environment in same industry.
Will consider is an average IPO.
IPO قیمت: RM0.35
اچھا وقت: RM0.38 (PE13.5)
برا وقت: RM0.17 (PE6)
Source: http://lchipo.blogspot.com/2019/10/solarvest-holdings-berhad.html
