MalaccaSecurities ascribe a fair value of RM0.53 (upside of 39.5% against IPO price of RM0.38) for SDCG. Our valuation is derived by pegging a forward P/E of 27x to the FY25f EPS of 1.95 sen. We believe the forward P/E of 27x is fair, given the average P/E of the closest peers (Fig #7) stood at 27.2x.
In FY23, SDCG’s revenue surged to RM26.6 million, up from RM14.7 million in FY20, achieving a Compound Annual Growth Rate (CAGR) of 21.9%.
Revenue is projected to grow at 5.3–16.9%, reaching RM28.0–35.5 million for FY24–26f. Core net profit is expected to rise by 8.4–19.2%, reaching RM6.9–8.9 million.
SDCG has more than 10 ongoing projects in BMS and solar thermal systems, with contract values totalling RM47.1m. The unbilled order book stands at RM16.5m for FY24 and RM6.1m for FY25, providing earnings visibility in the near term
another ipo hidden gem, SDGC are mainly involved in maintenance of Building Management Systems (BMS), solar thermal systems, and energy-saving services
so far they have 10 ongoing projects in BMS and solar thermal systems, with contract values totalling RM47.1m. The unbilled order book stands at RM16.5m for FY24 and RM6.1m for FY25, revenue & profit for futures years should be stable
FYI, as a subcontractor, SDCG is tasked with installing hybrid solar thermal hot water systems and retrofitting fluorescent lighting with LED lighting to boost energy efficiency
SDCG is riding with data center theme too. As reducing energy costs and ensuring a stable power supply becomes increasingly important, SDCG is able to benefit from the growing number of data centers with its expertise in BMS and chiller maintenance
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New IPO: Building management systems (BMS), solar thermal systems and energy-saving services provider, Solar District Cooling Bhd aims to list on the Ace Market!
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DreamKaiser
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Posted by DreamKaiser > 2 weeks ago | Report Abuse
Whoa! Another chance for the Kaiser to get the game going, ha ha ha.
Well then, guys. Get your ammo ready for battle soon.