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IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025

Northern Solar IPO 讲解
1)YouTube
IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025
Figure 1: IPO timetable of Northern Solar Holdings Berhad
-Will be listed on the ACE Board

Info of IPO
Enlarged no. of shares upon listing:  395.6 million
IPO price: RM0.63
Market capitalization: RM249.22 million
Estimated funds to raise from Public Issue:  RM42.36 million
PE ratio = 24.70x (based on FY2024)
IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025
Figure 2: Business model of Northern Solar Holdings Berhad
Source: Northern Solar Holdings Berhad IPO prospectus
IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025
Figure 3: Utilization of proceeds of Northern Solar Holdings Berhad
Source: Northern Solar Holdings Berhad IPO prospectus

Dividend Policy
-The group does not have a fixed dividend policy
IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025
IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025
Figure 5: Major customers and suppliers of Northern Solar Holdings Berhad in FYE2024
Source: Northern Solar Holdings Berhad IPO prospectus
IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025
Fiigure 6: Profit & Loss statement of Northern Solar Holdings Berhad
IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025
Figure 7: Financial position of Northern Solar Holdings Berhad
IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025
Figure 8: Installed capacity for solar PV systems and facilities in Malaysia from 2019 to 2022
Source: Northern Solar Holdings Berhad IPO prospectus
IPO Series - Northern Solar Holdings Berhad 北方太阳能控股 #2025
Figure 9: Selected industry players
Source: Northern Solar Holdings Berhad IPO prospectus
Financial overview, industry market, and personal opinion
-The group has demonstrated strong financial growth from FYE2022 to FYE2024, with an exponential growth of 80.12% annually in terms of its PAT. However, the optimum PAT margin of 18.50% was recorded in FYE2025, compared to FYE2022, FYE2023, and FYE2024 with only 13.97%, 13.69%, and 12.94%, respectively.
-The demand for solar photovoltaics is poised to an exponential projection, which translated to a CAGR of 29.3% for the installed capacity for solar PV systems and facilities in Malaysia from 2019 to 2022. The growth is supported by many national plans such as NEP, NETR, Solaris, etc.
-The installation of solar PV systems and facilities is the approach to increase, tighten, and enhance the score of ESG, depending on the standards of each country. However, including microeconomic factors are also significant in evaluating any solar-related company. 
By: Jshen Ng
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