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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.
Open to apply: 29 March 2024
Close to apply: 16 April 2024
Balloting: 19 April 2024
Listing date: 30 April 2024
Share Capital
Market cap: RM634.626 mil
Total Shares: 1.02359 bil shares
Industry CARG
Consumption of CPO (Indonesia), 2020 – 2023(e) : 5.70%
Exports CPO (Indonesia), 2020 – 2023: 0.2%
Consumption of CPKO (Indonesia), 2020 – 2023(e): 5.17%
exports of CPKO (Indonesia), 2020 – 2023(e): -3.51%
Industry competitors comparison (net profit%)
1. MKHOP Group: 9.2% (PE20.3)
2. Anglo-Eastern Plantations Plc: 21.37% (PE7.02)
3. PT Austindo Nusantara Jaya Tbk: 7.86% (PE53.27)
4. PT Teladan Prima Agro Tbk: 15.89% (PE10.31)
5. R.E.A. Holdings plc: 15.75%
6. Kencana Agri Limited: 1.72%
7. NPC Resources Berhad: 0.27% (PE22.56)
8. PT Jaya Agra Wattie Tbk: -31.07% (losses)
9. PT Gozco Plantations Tbk: 13.67% (PE6.24)
10. Global Palm Resources Holdings Limited: 12.81%
11. PT Andira Agro Tbk: -0.9% (losses)
Consumption of CPO (Indonesia), 2020 – 2023(e) : 5.70%
Exports CPO (Indonesia), 2020 – 2023: 0.2%
Consumption of CPKO (Indonesia), 2020 – 2023(e): 5.17%
exports of CPKO (Indonesia), 2020 – 2023(e): -3.51%
Industry competitors comparison (net profit%)
1. MKHOP Group: 9.2% (PE20.3)
2. Anglo-Eastern Plantations Plc: 21.37% (PE7.02)
3. PT Austindo Nusantara Jaya Tbk: 7.86% (PE53.27)
4. PT Teladan Prima Agro Tbk: 15.89% (PE10.31)
5. R.E.A. Holdings plc: 15.75%
6. Kencana Agri Limited: 1.72%
7. NPC Resources Berhad: 0.27% (PE22.56)
8. PT Jaya Agra Wattie Tbk: -31.07% (losses)
9. PT Gozco Plantations Tbk: 13.67% (PE6.24)
10. Global Palm Resources Holdings Limited: 12.81%
11. PT Andira Agro Tbk: -0.9% (losses)
Business (FYE 2023)
Cultivation of oil palm and production and sale of CPO (Crude Palm Oil) and PK (Palm Kernel).
Segment
1. CPO: 91.7%
2. PK: 8.3%
Cultivation of oil palm and production and sale of CPO (Crude Palm Oil) and PK (Palm Kernel).
Segment
1. CPO: 91.7%
2. PK: 8.3%
Fundamental
1. Market: Main Market
2. Price: RM0.62
3. Forecast P/E: 20.3 (FYE2023, EPS RM0.031)
4. ROE(Pro Forma ): 5.55%
5. ROE: 9.96% (FYE2023) ,21.41%(FPE2022), 36.64%(FYE2021), 14.98%(FYE2020)
6. Net asset: RM0.55
7. Total debt to current asset: 0.4396 (Debt: 67.802mil, Non-Current Asset: 476.762mil, Current asset: 154.228mil)
8. Dividend policy: 50% PAT dividend policy.
9. Shariah status: Yes
1. Market: Main Market
2. Price: RM0.62
3. Forecast P/E: 20.3 (FYE2023, EPS RM0.031)
4. ROE(Pro Forma ): 5.55%
5. ROE: 9.96% (FYE2023) ,21.41%(FPE2022), 36.64%(FYE2021), 14.98%(FYE2020)
6. Net asset: RM0.55
7. Total debt to current asset: 0.4396 (Debt: 67.802mil, Non-Current Asset: 476.762mil, Current asset: 154.228mil)
8. Dividend policy: 50% PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 30Sep): RM337.981 mil (Eps: 0.0310), PAT: 9.20%
2022 (FYE 30Sep): RM315.817 mil (Eps: 0.0590), PAT: 19.0%
2021 (FYE 30Sep): RM306.611 mil (Eps: 0.0760),PAT: 25.3%
2020 (FYE 30Sep): RM282.324 mil (Eps: 0.0180),PAT: 6.6%
2023 (FYE 30Sep): RM337.981 mil (Eps: 0.0310), PAT: 9.20%
2022 (FYE 30Sep): RM315.817 mil (Eps: 0.0590), PAT: 19.0%
2021 (FYE 30Sep): RM306.611 mil (Eps: 0.0760),PAT: 25.3%
2020 (FYE 30Sep): RM282.324 mil (Eps: 0.0180),PAT: 6.6%
Major customer (FYE2023)
1. Apical Group of Companies: 82.0%
2. PT Energi Unggul Persada: 13.8%
3. Golden Agri-Resources Group of Companies: 3.90%
4. PT Samudra Biru Cemerlang: 6.3%
***100.00%
1. Apical Group of Companies: 82.0%
2. PT Energi Unggul Persada: 13.8%
3. Golden Agri-Resources Group of Companies: 3.90%
4. PT Samudra Biru Cemerlang: 6.3%
***100.00%
Major Sharesholders
1. MKH: 28.68% (direct)
2. Tan Sri Alex Chen: 66.61% (indirect)
3. Tan Sri Eddy Chen: 66.50% (indirect)
4. Datuk Chen Fook Wah: 66.38% (indirect)
5. Metro Kajang (oversea): 30.65% (direct)
1. MKH: 28.68% (direct)
2. Tan Sri Alex Chen: 66.61% (indirect)
3. Tan Sri Eddy Chen: 66.50% (indirect)
4. Datuk Chen Fook Wah: 66.38% (indirect)
5. Metro Kajang (oversea): 30.65% (direct)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RRM6.171 mil
Key management remuneration: RM1.00 mil – RM1.250 mil
total (max): RM7.421 mil or 8.07%
(from Revenue & other income 2022)
Total director remuneration: RRM6.171 mil
Key management remuneration: RM1.00 mil – RM1.250 mil
total (max): RM7.421 mil or 8.07%
Use of funds
1. Expansion of land banks for oil palm plantation: 30.8%
2. Capital expenditures for existing plantation lands: 7.3%
3. Setup of PK crushing facility: 6.6%
4. Refurbishment and/or upkeep of existing palm oil mill: 8.9%
5. Capital expenditures for refurbishment and construction of workers/staff housing quarters: 7.3%
6. Capital expenditures to expand coverage of electricity supply 7.3
7. Repayment of loan due to a related party: 22.0%
8. Working capital: 2.5%
9. Estimated listing expenses: 7.30%
1. Expansion of land banks for oil palm plantation: 30.8%
2. Capital expenditures for existing plantation lands: 7.3%
3. Setup of PK crushing facility: 6.6%
4. Refurbishment and/or upkeep of existing palm oil mill: 8.9%
5. Capital expenditures for refurbishment and construction of workers/staff housing quarters: 7.3%
6. Capital expenditures to expand coverage of electricity supply 7.3
7. Repayment of loan due to a related party: 22.0%
8. Working capital: 2.5%
9. Estimated listing expenses: 7.30%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall it should be categorized into low to mid growth potential of company.
Overall it should be categorized into low to mid growth potential of company.
*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.
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- Source: http://lchipo.blogspot.com/2024/03/mkh-oil-palm-east-kalimantan-berhad.html