IPO 评级（1.75 星，满分 5.0 星）
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日期
开放申请：27/02/2020
截止申请：06/03/2020
上市日期：18/03/2020
股本
市值：84亿令吉
Total Shares: 300mil shares (Public :15 mil, Company Insider/Miti/Private Placement: 43 mil)
企业
Distribution of electrical products and accessories.
Industrial User: 74.46%
Reseller: 25.54%
基本
市场：王牌市场
价格：RM0.28 (EPS:0.0247)
P/E & ROE：PE11.34（招股说明书是）ROE13%
首次公开募股后的现金和定期存款：每股 RM0.05
IPO后不适用：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)
股利政策：无固定股利政策。
财务比率
应收账款：80 天
应付账款：103 天
库存周转：105天
过去的财务业绩（收入、每股收益）
2019 (until Nov): RM104.084 mil (EPS: 0.0237)
2019 年：134.373 万令吉（每股收益：0.0275）
2018 年：124.193 万令吉（每股收益：0.0173）
2017 年：114.509 万令吉（每股收益：0.0153）
净利润率
2019：5.52％
2018：4.03％
2017：3.89％
上市后增持
Ir. Tang Pee Tee @ Tan Chang Kim: 62.79%
Jin Siew Yen: 7.85%
Tan Yushan: 7.85%
2021 财年的董事薪酬（来自 2019 年的毛利润）
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
来自毛利的董事薪酬总额：1.349万6.07令吉或XNUMX%
2021 财年主要管理层薪酬（来自 2019 年毛利润）
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%
资金用途
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%)
营运资金：4.24万令吉（26.11%）
上市费用：3.3万令吉（20.32%）
行业复合年增长率%
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)
结论
好事是：
1. PE11.34 & ROE13% is reasonable.
2. Set up new sales outlet & office will impove sales but will not have fast impact on revenue.
坏事：
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.
结论
Is not a attractive IPO. Unable to expect high grow in the company revenue in 1-2 year.
IPO价格：RM0.28
美好时光：RM0.32 (PE13)
糟糕的时间：RM0.19 (PE8)
*估值仅在新季度业绩发布之前有效。读者应该做好自己的功课，跟踪每个季度的业绩，以调整公司基本价值的预测。
Source: http://lchipo.blogspot.com/2020/03/aco-group-berhad.html
