Established in 1997, the company is a contractor focusing on the provision of refurbishment services and serves as the principal contractor for a number of private property projects in Hong Kong and Macau. The main items of the collection are (I) renovation projects; and (ii) alteration and addition projects. The general contractor shall undertake overall responsibilities in all aspects of project management, coordination and implementation, and cooperate closely with customers and their contractors (including project management, quantity measurement and construction). The company employs subcontractors from different industries to carry out projects that are usually labor-intensive or require specific skills, thus enabling the company to focus on the development of core strength. According to industry reports, in 2015, the company ranked second in the renovation service industry in Hong Kong, accounting for about 2.78% of the market share.
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The company is in charge of
(1) the company has rich business experience. According to industry reports, in 2015, the company ranked second in the renovation service industry in Hong Kong, with a market share of about 2.78%. (2) the collection has participated in a number of different types of renovation and alteration and addition projects in the private sector, including offices, clubs, hotels, restaurants, restaurants and bars, shops, property stores and industrial properties.
Based on years of experience in related projects, the company develops project investment, negotiation and negotiation strategies to meet the requirements of specific projects. (3) since December 2012 and December 2012, the company has passed the certification of ISO 9001 (quantity Management), ISO 14001 (Environmental Management) and OHSAS18001 (Occupational Health and Safety) respectively.
Overview of the industry
In 2015, the total value of Hong Kong's renovation services industry accounted for about 9.8% of the total construction projects undertaken by Hong Kong's total contractors. The total value of Hong Kong's renovation service industry increased from about HK $14300 in 2001 to about HK $21900 in 2015, representing a complex annual growth rate of 11.3%. The increase in the total value of the industry was mainly due to an increase in sales transactions in the residential property sector, high rental records in office, commercial and industrial property, and an increase in the number of new development offices in the past five years. It is expected that the total value of Hong Kong's renovation service industry will continue to grow from about HK $24400 in 2016 to about HK $37400 in 2020, with a complex annual growth rate of 11.3%. This is due to the continued construction of new offices and the increasing demand for sex jobs in Hong Kong.
The estimated average contractor for each renovation project in Hong Kong increased from about HK $2555 million in 2012 to about HK $3.64 million in 2015.
The annual growth rate was 12.5%, mainly due to the continuous rise in raw material costs and labor costs over the past few years. It is expected that the estimated average contract cost per renovation project in Hong Kong will increase from about HK $3730 million in 2016 to about HK $4.11 million in 2020.
Profit ability and duty number
Based on the historical records of the past three years, the revenue of the collection company has increased from HK $456.8 million in 2014 to HK $661.1 in 2016, with a compound annual growth rate of 20.3%. The annual growth rate has increased from HK $146,000 million in 2014 to HK $283 million in 2016, with a compound annual growth rate of 39.2%. Since 2011, bazaar has been providing refurbishment services to customers, a Hong Kong restaurant and gaming operator with a history of more than 130 years. It is the largest customer for each year ended 31 March 2014 and 2016, and the second largest for the year ended 31 March 2015, with a total of 13 projects completed. During the previous period, the company completed a total of 41 projects for the five major customers.
Collection purpose
HK $5.62 million (based on HK $0.40 per share) from this collection will be used for the following purposes: about 90.8% will be used to accelerate the growth of the pool and to undertake more and larger renovation and alteration projects in Hong Kong and Macau. The company will use the proceeds from the sale of shares allocated to cover the start-up costs of related projects, which will include a number of project warranty, material costs, subcontracting and performance guarantee collateral; about 9.2% will be used for general business purposes, including the company's staff costs, rent, costs and compliance.
Valuation
The historical price-to-earnings ratio of IBI Group from HK$0.35 to 0.45 is 9.9-12.7 times, and the price-to-earnings ratio is about 2.5-2.65 times. 3893.HK, which launched its initial public offering at the beginning of this month, is the supplier of indoor planning solutions. The company's IPO is based on a historical price-to-earnings ratio of 10.1 to 15.1 times and a price-to-market ratio of about 2.57 to 2.76 times. The IPO response is also strong, mainly because it has little to do with its concentration model. In addition, compared with the same industry which has been listed for some time, 1568.HK and 1683.HK, which are listed for some time, have a historical price-to-earnings ratio of 17.5x and 23.4x, respectively, and a price-to-earnings ratio of 6.3x and 5.0x, respectively, reflecting that the IPO valuation of IBI Group is still stable and reasonable. We predict that as the financial situation of the IBI Group stock market is relatively small, the demand of investors for the stock market must be greater than the supply, and the basic factors are not too bad. with the support of various positive factors, it is expected that the stock will have an ideal increase on the first day of trading, and we can make an investment investment in the stock market.
Negative factor
(1) the company's interest rate is relatively thin, while the collective business is sensitive to the company's selling costs and any adverse activities related to the contract and the innovative service market in Hong Kong and Macau; (2) income from the top five customers accounts for a significant portion of the company's total income. Failure to maintain a relationship with them or to obtain new obligations may have an impact on business, business conditions and business transactions; (3) most of the company's revenue comes from non-routine agreements granted through franchise investment, the success of the transaction project is successful. (4) as the company provides refurbishment services to Hong Kong and Macau customers to meet their business needs, the customer service strategy and performance of these areas will have a bearing on the activities of the collection.