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Available to apply: December 29, 2022
Effective date: June 1, 2023
Voting: October 1, 2023
Listing Date: 18/01/2023
share capital
Market capitalization: RM159.12mil
Total number of shares: 468 million shares
Industry CARG (2017-2021)
Global semiconductor sales CAGR: 7.8%
Global Optoelectronics Sales: 5.7%
Global solar cell and module production: 23.2%
Global Semiconductor Equipment Sales: 16%
Industry Competitor Comparison (Net Profit %)
TTVHB: 17.6% (PE15.19)
Vitrox: 24.9% (PE36.44)
Penta: 22.7% (PE39.33)
MI: 16% (PE18)
Genetech: 26% (PE21.69)
AT: -163.7% (PE-0.59)
Aim Flex: 6.2% (PE15.15)
Vis dynamics: 20.1% (PE9.71)
MMSV: 21.7% (PE13.3)
QES: 14.5% (PE20.87)
Business (FY2021)
Development and manufacture of machine vision equipment and provision of related products and services.
(Product Applications: Use in Optoelectronics, Solar Cells, Discrete Components, ICs, and Vision-Guided Robotic Devices)
Revenue by region
Malaysia: 24.42%
China: 73.45%
Other: 2.13%
Basic
1. Market: Ace Market
2. Price: RM0.34
3.Price Earnings Ratio: 15.19 @ RM0.0224
4. ROE (Pro Forma III): 12.45%
5.ROE: 17.99% (FY2022), 15.88% (FY2021), 41.05% (FY2020), -10.11% (FY2019)
6. Net Worth: RM0.18
7.Total liabilities to current assets after IPO: 0.32 (Liabilities: 23.244 million, non-current assets: 35.224 million, current assets: 72.111 million)
8. Dividend Policy: There is no official dividend policy.
9. Sharia Status: Yes
Historical financial performance (revenue, earnings per share, PAT%)
2022 (FPE 30 June, 6 months): RM27.358 mil (EPS: 0.0112), PAT: 19.00%
2021 (FYE 31Dec): RM47.264 mil (Eps: 0.0180), PAT: 17.64%
2020 (FYE 31Dec): RM24.927mil (Eps: 0.0039), PAT: 6.08%
2019 (FYE 31Dec): RM20.660 mil (Eps: -0.0092), PAT: -20.91%
*** EPS here uses Cal based on 468M shares (Prospectus uses 385M shares, pg15)
Operating cash flow vs PBT
2022: -15.73%
2021: 27.6%
2020: 271%
2019: -92.37%
Major Customers (2022)
1. Shenzhen Bright Semi Technology Co., Ltd./China: 43.1%
2. Customer B/China: 20.52%
3. Opto/Malaysia: 13.76%
4. Shanghai Xingyin Electronic Technology Co. Ltd./China: 5.56%
5. Customer Group A/ China and Malaysia: 5.55%
***Total 88.49%
Major shareholder
Goon Koon Inn: 21.51% (Direct)
Wong Yi Ho: 21.51% (Direct)
Jenny Tan Yanli: 2.48% (direct)
Tan Oon Pheng: 2.48% (direct)
MTDC (100% subsidiary of Khazanah): 23.47% (direct)
2022 Director and Key Management Compensation (From 2021 Earnings and Other Income)
Total Director Compensation: RM1.522mil
Key management fee: RM0.904mil – RM1.10mil
Total (Maximum): RM2.622mil or 13.32%
Use of funds
1. Repayment of bank loans: 20.88%
2. R&D expenses: 27.85%
3. Marketing activities: 2.96%
4. Required working capital: 37.17%
5. Listing Fee: 11.14%
Overall, it’s an IPO in the Sunrise industry. However, the semiconductor industry is a cyclical industry, and the current situation is that semiconductors have turned into an oversupply, and after the oversupply turns into a shortage, the industry will recover.
* Evaluation is an individual’s opinion and opinion to the last.With a new quarter, perceptions and forecasts change
Result announcement.Readers should take their own risks and do their homework to follow up quarterly
The result of adjusting the company’s fundamental value projections.