郑荣信：城市建设守护者开门红

在现代城市的建设中，高楼大厦、立交桥、隧道等壮观的基础设施似乎已经成为了常态。我们对所处于的高楼大厦习以为常，甚至理所当然。殊不知，我们时常忽略了一个重要的事实：城市的地下同样承载著巨大角色。

多年前，两起引起广泛关注的事故，新加坡尼科尔大道坍塌（Nicoll Highway，2004年）事件以及美国佛罗里达州的建筑物倒塌事件（2021年），再次提醒我们，在城市的混凝土丛林下隐藏著不可忽视的风险。而这正是地质勘测和检测的重要性所在，它们不仅是预防灾难的关键，也是确保重要资产的安全性。

2004年邻国新加坡的尼科尔大道坍塌事件共造成4人罹难，3人受伤。这如同一记警钟，用失去的生命深刻地指出了在城市发展浪潮中，对地下地质情况的轻忽和忽视可能引发的灾难，更让人意识到了地质勘测的不可或缺。另外，发生于2021年美国佛罗里达州的建筑物坍塌事件也再次点燃了人们对于地质条件的关注，因为地基的稳定与安全直接影响到城市建筑的稳固性。

因此，地质仪器监测是预防灾难的关键环节。它通过安装各种传感器和仪器来实时监测地下土壤、岩石、水位等地质条件的变化。这些仪器可以帮助工程师和地质专家了解地下环境的性质和变化，以便更好地规划和管理建筑项目、基础设施工程以及其他地质相关的活动。通过实时监测，可以及早发现潜在地质风险，以及在必要时采取适当的措施确保工程的安全和可持续。

所以，本周二在大马交易所创业板迎来的岩土仪器服务公司Glostrext，其不仅可视为城市建设的一部分，更是城市建设的守护者。该公司以创新和科技为驱动力，不断寻求解决方案，以减低人命伤亡的风险。通过运用先进的材料和技术，他们为建筑项目提供了稳固的基础，使其能够经受住时间的考验。

在不断变化的地质条件下，做为一家岩土仪器和技术服务的公司，Glostrext适应性和创造力，将使他们能够迅速应对潜在的风险，确保项目的安全和可持续性。这是一个拥有美好前景的行业，也使该公司获得投资者超额认购174倍，更在首日上市时股价一度高涨242％，取得开门红。

技术专家领导

无论如何，要研究一家公司是否适合投资，最重要的定性因素是其管理层和他们的执行能力。该公司的董事经理李善楷博士毕业于国内顶尖大学马大，也从马大获得博士学位。这打破了一般人所谓“读多书只会留在象牙塔做学问”的固有想法。相反，李博士学以致用，极力实践于帮助守护城市里的基础建设。

李善楷在该领域的实战经验超过30年，可谓技术专家（technocrat）。此外，他也曾参与国内的大型基建项目，其中最为人所知的是吉隆坡双峰塔。

该公司倡导的自动化（automation）地基勘测技术和系统，也被称为WiNA（Wireless network automation）系统。这种技术在开始时被认为非传统，但正是李善楷对土壤的深刻理解，让他们找到了解决方案，不仅节省了成本，还提高了稳定性。这种创新的精神不仅体现了李善楷的技术洞察力，更表现了其领导团队寻求突破的魄力。

自动化的好处可以减低建筑工程对人力资源的依赖，从而提高效率和工地安全。另一方面，也可提高透明度。举例而言，在没有使用自动化勘测系统时，建筑公司需要不断派人实地采集数据。有了自动化系统，建筑公司可以通过无线网络实时地读取数据，有必要时才派员采取行动。同时，也可通过远程监控系统实时调整工程，确保工程顺利进行。

值得强调的是，从营收的地理位置分布看，该公司超过64%的营收来自新加坡，35%来自本地市场，还有一小部分来自柬埔寨。在行业层面，新加坡近5年的复合增长率约为6%，远远超过本地市场的负增长率。随著马来西亚和新加坡两国政府机构对高楼项目和基础设施工程提供更多监管咨询报告（advisory note)，Glostrext有望从中获益，毕竟市场上有相关技术的供应商不多。

Glostrext除了提供打桩工程阶段所需的地质仪器监测，也为现有的大楼提供检测服务。换句话说，后者可为其提供经常性收入。不过，该公司也可能面临经济低迷时，基建项目放缓而对其服务需求降低的风险。

郑荣信《城市建设守护者开门红》英文版：Urban Guardian’s Strong Debut

In the construction of modern cities, impressive infrastructure such as skyscrapers, overpasses, and tunnels has become the norm. We have become accustomed to towering skyscrapers and even take them for granted. However, we often overlook a crucial fact: the underground of a city also plays a significant role.

Years ago, two widely publicized incidents, the Nicoll Highway collapse in Singapore (2004) and the building collapse in Florida, USA (2021), served as reminders that beneath the concrete jungle of a city lies hidden risks that should not be ignored. These incidents highlighted the negligence and oversight of underground geological conditions in urban development, emphasizing the indispensable role of geotechnical surveys and testing. Furthermore, the Florida building collapse in 2021 reignited concerns about geological conditions, as the stability and safety of foundations directly impact the stability of urban structures.

Therefore, geotechnical instrument monitoring becomes a critical aspect of disaster prevention. By installing various sensors and instruments, it enables real-time monitoring of changes in underground geological conditions, including soil, rock, and water levels. These instruments assist engineers and geologists in understanding the nature and variations of the underground environment, aiding better planning and management of construction projects, infrastructure works, and other geologically related activities. Real-time monitoring allows for the early detection of potential geological risks and the implementation of necessary measures to ensure the safety and sustainability of projects.

Hence, the newly listed IPO on Malaysia's exchange's ACE Market, Glostrext, a geotechnical instrument services company, can be seen as not only a part of urban development but also its guardian. Driven by innovation and technology, the company consistently seeks solutions to mitigate the risks to human life. Through the application of advanced materials and techniques, they provide a solid foundation for construction projects that can withstand the test of time.

Amidst ever-changing geological conditions, as a geotechnical instrument and technology services company, Glostrext's adaptability and creativity enable swift responses to potential risks, ensuring project safety and sustainability. This industry holds promising prospects, evident in the company's remarkable oversubscription of 174 times by investors and an impressive 242% stock price surge on its debut, marking a strong start.

Experienced Technocrat Leadership

When evaluating a company's suitability for investment, one of the most crucial qualitative factors is its management team and their execution capabilities. From the information disclosed in the prospectus, the company's Managing Director, Ir Dr Lee Sieng Kai, graduated from the prestigious Universiti Malaya (UM) and obtained his doctoral degree from the same institution. This breaks the stereotype that an abundance of academic knowledge confines individuals to an ivory tower. On the contrary, Ir Dr Lee applied his education practically to contribute to safeguarding the foundational construction of our cities. 

With over 30 years of practical experience in the field, he is truly a technocrat. Additionally, he has been involved in significant domestic infrastructure projects, most notably the Petronas Twin Towers in Kuala Lumpur.

The company advocates for its automation-based foundation survey technology and system, known as the Wireless Network Automation (WiNA) system. Initially considered unconventional, this technology's success is owed to Ir Dr Lee's deep understanding of soil, allowing them to find solutions that not only save costs but also enhance stability. This innovative spirit not only showcases Dr. Lee's technical insights but also demonstrates his leadership team's courage to seek breakthroughs.

Automation benefits construction projects by reducing dependence on human resources, enhancing efficiency, and ensuring site safety. Moreover, it enhances transparency. Without an automated survey system, construction companies need to send personnel for on-site data collection. With automation, companies can retrieve real-time data through wireless networks, dispatching personnel only when necessary. Simultaneously, real-time monitoring allows adjustments to projects, ensuring their smooth progress.

Notably, over 64% of the company's revenue comes from Singapore, with 35% from the local market and a small portion from Cambodia. Industry-wise, Singapore's compound annual growth rate of around 6% in the past five years far surpasses the local market's negative growth rate. As both the Malaysian and Singaporean governments provide more regulatory advisory notes for high-rise projects and infrastructure works, Glostrext is poised to benefit from this trend, given the limited suppliers with relevant technology in the market.

In addition to providing geological instrument monitoring for piling construction stages, Glostrext also offers testing services for existing buildings. In other words, the latter could provide recurring income. However, the company may face the risk of reduced demand during economic downturns when infrastructure projects slow down.