📊 Laporan Penuh Analisis Fundamental & Valuation

Kee Ming Group Berhad (IPO ACE Market)

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1️⃣ AUTO SUMMARY TABLE

Metric	Nilai	Ulasan
Revenue CAGR (FY23–FY25)	~76.5%	Pertumbuhan sangat kukuh
PAT CAGR (FY23–FY25)	~257%	Lonjakan keuntungan signifikan
FY2025 Revenue	RM62.4 juta
FY2025 PAT	RM8.17 juta
GP Margin FY25	24.4%
PAT Margin FY25	13.1%
EPS IPO (Diluted)	2.5 sen
IPO Price	RM0.38
PER IPO	~15.2x
Adjusted PER (ex-listing cost)	~10.0x
Proforma NA per Share	RM0.15
Gearing (Post IPO)	~0.18x
Growth Score (1–10)	8/10
Risk Score (1–10)	6/10
Quadrant	Moderate Risk – High Growth

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2️⃣ Ringkasan Perniagaan

Kee Ming Group ialah syarikat pegangan pelaburan yang memiliki Kee Ming Electrical, terlibat dalam:

• M&E engineering services
• Maintenance & repair services

Mereka mempunyai ~13 tahun pengalaman dalam industri M&E Malaysia.

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3️⃣ Analisis Trend Kewangan

📈 Revenue & Profit Growth

Tahun	Revenue (RM’000)	PAT (RM’000)
FY2023	20,039	640
FY2024	39,055	6,047
FY2025	62,411	8,173
FPE Sept 2025	51,628	4,777

Sumber:

Pemerhatian:

• Revenue hampir 3x ganda dalam 2 tahun
• PAT melonjak lebih 12x dari FY23 ke FY25
• Margin meningkat drastik selepas FY23 (economies of scale + projek margin tinggi)

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📊 Margin Analysis

Tahun	GP Margin	PAT Margin
FY23	14.8%	3.2%
FY24	27.3%	15.5%
FY25	24.4%	13.1%

Margin kekal sihat >20% GP dan >10% PAT sejak FY24.

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4️⃣ Struktur Modal & Kewangan

🏦 Borrowings & Gearing

Total borrowings (Sept 2025): RM8.68 juta
Total equity: RM25.67 juta
Gearing ratio: 0.34x (pre-IPO)
Post IPO: ~0.18x

👉 Leverage rendah dan terkawal.

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5️⃣ Analisis IPO & Valuation

📌 IPO Details

• IPO Price: RM0.38
• Enlarged shares: 325 juta
• Market cap IPO ≈ RM123.5 juta
• Public issue: 66.6 juta shares
• Offer for sale: 16.25 juta shares

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📊 PER Analysis

Berdasarkan FY2025

• EPS = 2.5 sen
• PER = 15.2x

Berdasarkan Adjusted FY2026 (annualised)

• Adjusted PAT = RM12.2 juta
• EPS ≈ 3.8 sen
• PER ≈ 10x

👉 Ini menunjukkan IPO pricing lebih attractive jika earnings momentum dikekalkan.

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📐 Fair Value Estimation

Scenario 1 – Conservative (PER 12x)

EPS 3.8 sen × 12
= RM0.46

Scenario 2 – Industry Average (PER 15x)

= RM0.57

Scenario 3 – Growth Premium (PER 18x)

= RM0.68

🎯 Estimated Fair Value Range:

RM0.46 – RM0.60

IPO Price = RM0.38
👉 Discount to Fair Value ≈ 17% – 37%

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6️⃣ Industry Outlook

Industri M&E mendapat sokongan kuat daripada:

• Ledakan data centre Malaysia (RM144.4b approved investment)
• Pertumbuhan hartanah 2024 (+18% value YoY)
• Digitalisation & renewable energy

Outlook industri: Positif jangka sederhana – panjang

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7️⃣ SWOT Analysis

✅ Strength

• CAGR revenue & PAT tinggi
• Margin kukuh
• Gearing rendah
• Exposure kepada data centre & solar

⚠️ Weakness

• Bergantung kepada projek (lumpy revenue)
• Tiada dividend policy tetap
• 74.5% saham dikuasai promoter

🚀 Opportunity

• Expansion project team (RM1.7m allocation)
• Infrastruktur Johor & data centre boom

❗ Threat

• Harga copper & steel volatility
• Shortage tenaga kerja industri

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8️⃣ Business Growth vs Risk Matrix

Faktor	Skor (1–10)
Revenue Growth	9
Profit Growth	9
Margin Stability	8
Industry Outlook	8
Leverage Risk	3
Earnings Volatility	6
Governance Risk	6

📍 Kedudukan:

High Growth – Moderate Risk

Sesuai untuk:

• Pelabur growth
• Pelabur IPO listing gain
• Mid-term holding 1–3 tahun

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9️⃣ Kesimpulan Pelaburan

🎯 Investment Verdict: BUY (Moderate Conviction)

Rasional:

✔ Revenue & PAT CAGR sangat tinggi
✔ Adjusted PER hanya 10x
✔ Discount kepada fair value
✔ Industri sedang berkembang
✔ Balance sheet sihat

Risiko:

⚠ Project-based revenue volatility
⚠ Bergantung kepada kitaran pembinaan
⚠ Major shareholder control tinggi

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⏳ Strategi Pelaburan

Tempoh	Cadangan
Short term (listing gain)	Berpotensi jika oversubscribed
6–12 bulan	Attractive
1–3 tahun	Growth story masih valid

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