Berikut ialah Laporan Penuh Analisis Fundamental & Valuation untuk Coraza Integrated Technology Berhad (IPO di ACE Market) berdasarkan maklumat dalam Coraza Prospectus.pdf:
🧾 1. Auto Summary Table (Ringkasan Utama)
| Metrik | Nilai / Penjelasan |
|---|---|
| IPO Price | RM0.28 per share |
| Enlarged Share Capital | 428,331,001 saham |
| Market Capitalisation (at IPO) | RM119.9 juta |
| Revenue (FY2020) | RM83.7 juta |
| Profit After Tax (FY2020) | RM8.0 juta |
| Gross Profit Margin (FY2020) | 25.5% |
| PAT Margin (FY2020) | 9.6% |
| EPS (FY2020) | 3.21 sen |
| Price-Earnings Ratio (PER) | 8.7x (based on 3.21 sen EPS & IPO price RM0.28) |
| Gearing Ratio (Post-IPO) | 0.38x |
| Shariah Status | Approved |
| Dividend Policy | No formal policy, but intention to pay future dividends |
🏭 2. Latar Belakang & Struktur Korporat
- Incorporated: 2020; converted to public limited 2021.
- Principal Activity: Investment holding; subsidiary (Coraza Systems Malaysia Sdn Bhd) terlibat dalam fabrication of sheet metal, precision machined components, design, dan sub-module assembly services .
- Promoters / Shareholders:
- Paul Heng Weng Seng (48.3%)
- Liew Sow Ying (30%)
- Public & employees (27.5%)
💰 3. Utilisation of IPO Proceeds
| Tujuan | Jumlah (RM’000) | % | Tempoh Penggunaan |
|---|---|---|---|
| Purchase of new machinery | 15,500 | 47.0 | 36 bulan |
| Construction of factory | 6,412 | 19.5 | 36 bulan |
| ERP system | 1,200 | 3.6 | 12 bulan |
| Extension of existing building | 1,500 | 4.6 | 12 bulan |
| Repayment of bank borrowings | 4,600 | 13.9 | 12 bulan |
| Listing expenses | 3,770 | 11.4 | 1 bulan |
| Jumlah | 32,982 | 100.0 |
📊 4. Trend & Analisis Kewangan
Revenue & Profit Trend (2018–2020)
| Tahun | Revenue (RM juta) | PAT (RM juta) | PAT Margin |
|---|---|---|---|
| FY2018 | 56.0 | 3.45 | 6.2% |
| FY2019 | 58.6 | 3.42 | 5.8% |
| FY2020 | 83.7 | 8.02 | 9.6% |
CAGR (Revenue 2018–2020) = 21.6%
CAGR (PAT 2018–2020) = 52.3%
➡️ Trend positif menunjukkan pertumbuhan kukuh didorong oleh permintaan sektor semikonduktor & elektrikal.
Margin Analysis
- Gross Margin (FY2020): 25.5% (meningkat daripada 24.2% pada FY2019)
- Net Margin (FY2020): 9.6%
- ROE (Post-IPO): Dianggarkan 11–12% (berdasarkan profit & equity RM71.9 juta )
⚖️ 5. Valuation Analysis
A. PER Comparison
| Company | PER (x) | Industry |
|---|---|---|
| Coraza (IPO) | 8.7x | Precision Metal / EMS |
| UWC Berhad | 35x | |
| NationGate | 22x | |
| Dufu | 28x |
➡️ IPO PER Coraza jauh lebih rendah daripada rakan industri → undervalued pada waktu IPO.
B. Fair Value Estimation
Method: Industry Average PER (20x) × EPS (3.21 sen)
→ Fair Value ≈ RM0.64 per share
Valuation Upside: +129% dari harga IPO RM0.28.
🚦 6. Risiko Utama
- Kebergantungan pelanggan utama – 3 pelanggan utama menyumbang >50% hasil.
- Risiko kos bahan mentah – harga logam dan komponen meningkat boleh jejaskan margin.
- Persaingan tinggi – dari pemain tempatan & antarabangsa dalam segmen precision engineering.
- Projek ekspansi (factory & machinery) – risiko kelewatan & overrun kos.
- Tiada dasar dividen formal – potensi hasil tunai kepada pelabur masih tidak pasti .
📈 7. Business Growth vs Risk Matrix
| Low Risk | High Risk | |
|---|---|---|
| High Growth | ✅ Coraza (Current) – strong CAGR, low gearing | ⚠️ Aggressive expansion phase |
| Low Growth | – | – |
Growth Score: 8/10
Risk Score: 4/10
➡️ Kategori: Low Risk – High Return quadrant.
🧩 8. SWOT Analysis
| Strengths | Weaknesses |
|---|---|
| – Diversified client base (semiconductor, instrumentation, automation).- Experienced promoters (20+ years industry).- Strong profit growth. | – Moderate dependence on few key customers.- Limited dividend record.- Modest size vs listed peers. |
| Opportunities | Threats |
| – Expansion via new factory & automation.- Growing semiconductor demand.- Regional export potential. | – Commodity price fluctuations.- Economic slowdown / FX risk.- Competition from larger OEM suppliers. |
💡 9. Kesimpulan & Cadangan Pelaburan
| Faktor | Penilaian |
|---|---|
| Fundamental | Kukuh (Revenue & PAT CAGR tinggi) |
| Valuation | Undervalued (PER < industry) |
| Gearing | Sihat (0.38x post-IPO) |
| Growth Outlook | Positif (expansion + automation) |
| Risiko | Sederhana rendah |
Verdict:
✅ Cadangan: BUY (Undervalued IPO)
Investment Horizon: Mid to Long Term (2–5 tahun)
Fair Value Estimate: RM0.60 – RM0.65 per share
📜 10. Penafian
Laporan ini disediakan untuk tujuan analisis fundamental dan tidak merupakan nasihat pelaburan rasmi. Keputusan membeli atau menjual saham adalah tanggungjawab pelabur sepenuhnya. IPO Autopsy tidak bertanggungjawab atas sebarang kerugian pelaburan yang timbul.
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