Highlights

IPO Malaysia

Author: kltrader   |   Latest post: Sun, 20 Oct 2019, 9:49 AM

 

IPO - Revenue Group Berhad (REVENUE)

Author:   |    Publish date:


 

Listing Detail:
Listing Sought: ACE Market
Issue Price: RM 0.37

Dates:
Offer Period Open: 11 Jun 2018
Offer Period Close: 16,713,600
Tentative listing date: 18 Jul 2018

Number of shares:
Public Issue: 55,712,000
Offer for Sale: 18,521,000
Private Placement: 50,140,800

Stock Code: REVENUE

Official Announcement

INITIAL PUBLIC OFFERING IN CONJUNCTION WITH THE LISTING OF REVENUE GROUP BERHAD ("RGB") ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD COMPRISING:

(I) PUBLIC ISSUE OF 55,712,000 NEW ORDINARY SHARES IN RGB ("SHARES") IN THE FOLLOWING MANNER:

- 11,142,400 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC;

-11,142,400 NEW SHARES AVAILABLE FOR APPLICATION BY ELIGIBLE DIRECTORS AND EMPLOYEES WHO HAVE CONTRIBUTED TO THE SUCCESS OF THE GROUP; AND

- 33,427,200 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS AND

(II) OFFER FOR SALE OF 16,713,600 EXISTING SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS

AT AN ISSUE/OFFER PRICE OF RM0.37 PER SHARE, PAYABLE IN FULL UPON APPLICATION.

Company Overview

Established in 2003, Revenue Harvest Sdn Bhd (621984-T) and subsidiaries are a group of companies focused on delivering complete and customisable payment solution. The company provides various services and integrated payment platforms for many businesses.

Address & Contact:

Wisma Revenue, No. 12, Jalan Udang Harimau 2, Kepong Business Park, 51200 Kuala Lumpur

Tel : +603 9212 0505
Fax: +603 6242 8785

Internship / New Business / Careers: hr@revenue.com.my
Customer Care: customercare@revpay.com.my

URL: http://www.revenue.com.my/

 

Share Capital
Market Cap: RM82.453 mil
Shares Issue to sell: 72.425 mil shares
Enlarged Issued Shares: 222.848 mil shares

Business
Cashless payment solution

Fundamental
Market: Ace Market
Price: RM0.37 (eps 6mth: RM0.0198)
P/E & ROE: PE9.34, ROE8.7%
Cash & fixed deposit after IPO: RM0.077 per shares
NA after IPO: RM0.0017
Total debt to current asset after IPO: 0.86 (Debt: 26.776  mil, Non-Current Asset: 33.754 mil, Current asset: 31.007 mil)
Dividend policy: -

Financial
Trade Receivable: 61.7 days
Trade payable: 78.7 days

Past Financial Proformance (Revenue, EPS)
FPE 2017: RM15.397 (eps 6mth: 0.0198)
2017: RM26.526 mil (eps: 0.0313)
2016: RM25.726 mil (eps: 0.0203)
2015: RM14.386 mil (eps: 0.0095)

RGB Net Profit Margin
FPE 2017: 21.8%
2017: 26.1%
2016: 17.5%
2015: 14.7%

Competitor PAT Margin %
RGB 26.1%
GHL 7.4%
Interbase 10.1%
IPAY88 21%
MOLPAY 16.9%

After IPO Sharesholding
Nor Azzam bin Abdul Jalil: 0.4%
Ng Chee Siong: 22.2%
Ng Shih Chiow: 21.5%
Ng shih Fang: 21.5%
Ooi Guan Hoe: 0.4%
Ng Chee Keong: 0.4%

Director Remuneration (from gross profit 2017)
Nor Azzam bin Abdul Jalil: RM66k
Ng Chee Siong: RM730k
Ng Shih Chiow: RM730k
Ng shih Fang: RM730k
Ooi Guan Hoe: RM48k
Ng Chee Keong: RM48k
Total director remuneration from gross profit: 14.94%

Use of fund
Capital Expenditure: 39.3%
Enchancement of recPay and expansion of IT team: 19.6%
Repayment Debt: 12.1%
Business expansion: 7.3%
Listing expenses: 13.1%

Conclusion
Good thing is:
1. In Sunrise industry, but in very competitive environment.
2. Revenue increasing over 3 year.
3. Directors are major sharesholders.

The bad things:
1. Listing is on Ace market.
2. ROE% 8.7% is not attractive.
3. Director fee is 14.94% from gross profit, which is consider very expensive & it take big portion of company profit.
4. Use IPO fund 12.1% for debt repayment.
5. Debt to current asset is high 0.86.
6. No fix dividend policy.

 

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Labels: REVENUE

Related Stocks

Chart Stock Name Last Change Volume 
REVENUE 2.05 +0.04 (1.99%) 2,803,300 

  2 people like this.
 
mercurycks Yes, thumb up to you, you really did a good job.
12/06/2018 10:21 AM
allan88 Good analysis. Good job.
14/06/2018 5:46 PM
adamjacob Thanks for deep analysis.
15/06/2018 8:56 PM
roadtobillionaire share price = eps RM0.0198x PE9.34 = rm0.185,
but now issue price rm0.37 ?? your PE or eps put wrong ? or i count wrong?
20/06/2018 1:17 AM
actura don't think can apply..
20/06/2018 4:09 PM
RocketRider @roadtobillionaire

The eps given is for 6 month. So your calculation need to x2, am I right?
21/06/2018 1:43 AM
roadtobillionaire @RocketRider

Oh ya.. thanks forcorrection
21/06/2018 4:47 PM
necro 2016 net profit double from 2015
2017 54% from 2016

every ACE company that enter Bursa always like this...

TP if market optimisation high the company can achieve another 10% net profit growth per year until the 5th year its not wrong to have RM0.45 as target.

If the proceeds of IPO to buy much advance EDC or POS terminal & bring tech to third world country, Cambodia not bear fruit and stagnated company net profit at around RM 4-5Million market will put RM0.21 as TP.

IoT is sunrise industry & the penetration rate in our country still low with only around 30% of Malaysian using epayment or cashless vs 70% Malaysian that have social media.

Cashless is really big thing for the next 3 to 5 years with BNM as big hand force banks, big company,retailers and SME to adopt cashless payment vs conventional payment( cheques,draft, etc).
24/06/2018 1:03 AM
yau123 https://www.theedgemarkets.com/article/grab-says-open-opportunities-it-sees-digital-payment-consolidation
good news for RGB?
26/06/2018 7:16 PM
nooboob yesterday mahathir said something about going cashless to combat corruption. go? no go?
27/06/2018 12:08 PM
yau123 in my opinion, this company is good to invest because of improving techonlogies.... now everyone prefers to make cashless payment instead of bring cash to buy thing....
27/06/2018 5:08 PM
EJ0857 Anyone jump in tis IPO? Tomorrow last call.....
05/07/2018 1:09 PM
EJ0857 Anyone jump in tis IPO? Tomorrow last call......
05/07/2018 1:12 PM
AlibabaChiam Dont worry let it crash..I jump u jump..I love...u... ha ha...
05/07/2018 1:14 PM
AlibabaChiam we all need to die once.. jump or no jump same.. we need to survive.. lets do it
05/07/2018 1:17 PM
AlibabaChiam Dear..got a beautiful wife ...u know..?
my wife no also need cash u know..? ha ha..
05/07/2018 1:19 PM
AlibabaChiam Now dont buy stok...keep stok... many many people die already...Boss also die laa... ha ha
05/07/2018 1:23 PM
AlibabaChiam IPO..? before list make profit ..after listed rugi.. fukk..himm..the Boss not enough .
05/07/2018 1:25 PM
RICH MAN Yes lucky you posted it I sold all my revenue shares .I thank you.
29/07/2018 5:57 PM


 

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