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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.
Close to apply: 27 Sep 2023
Balloting: 03 Oct 2023
Listing date: 12 Oct 2023
Share Capital
Market cap: RM200 mil
Total Shares: 800 mil shares
Market cap: RM200 mil
Total Shares: 800 mil shares
Industry CARG
Estimated Market Size and Growth Forecast for the Home Furnishing Retail Industry in Malaysia
Compound annual growth rate (“CAGR”) (2023-2027) (base year of 2022): 9.3%
Industry competitors comparison (net profit%)
1. SHG: 9.2%
2. Syarikat Yoong Onn Sdn Bhd: 11.4%
3. Courts (Malaysia) Sdn Bhd: 10.3%
4. Eastern Decorator Sdn Bhd: 8.6%
5. Others: -97.2% to 8%
Estimated Market Size and Growth Forecast for the Home Furnishing Retail Industry in Malaysia
Compound annual growth rate (“CAGR”) (2023-2027) (base year of 2022): 9.3%
Industry competitors comparison (net profit%)
1. SHG: 9.2%
2. Syarikat Yoong Onn Sdn Bhd: 11.4%
3. Courts (Malaysia) Sdn Bhd: 10.3%
4. Eastern Decorator Sdn Bhd: 8.6%
5. Others: -97.2% to 8%
Business (FYE 2023)
Involved in the retail of furniture, home décor and home living products via our retail channel (retail outlets) and online channel (ecommerce website).
Product Segments
Furniture: 53.5%
Home Décor: 21.80%
Home Living: 20.1%
Others: 4.6%
Involved in the retail of furniture, home décor and home living products via our retail channel (retail outlets) and online channel (ecommerce website).
Product Segments
Furniture: 53.5%
Home Décor: 21.80%
Home Living: 20.1%
Others: 4.6%
Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 12.5 (FYE2023 EPS: RM0.020)
4.ROE(Pro Forma III): 10.10%
5.ROE: 17.16%(FPE2022), 30.95%(FYE2021), 5.92%(FYE2020)
6.Net asset: RM0.05
7.Total debt to current asset: 0.205 (Debt: 30.625mil, Non-Current Asset: 39.535mil, Current asset: 149.307mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 12.5 (FYE2023 EPS: RM0.020)
4.ROE(Pro Forma III): 10.10%
5.ROE: 17.16%(FPE2022), 30.95%(FYE2021), 5.92%(FYE2020)
6.Net asset: RM0.05
7.Total debt to current asset: 0.205 (Debt: 30.625mil, Non-Current Asset: 39.535mil, Current asset: 149.307mil)
8.Dividend policy: No formal dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FYE 30Apr): RM174.474 mil (Eps: 0.020), PAT: 9.2%
2022 (FYE 30Apr): RM160.990 mil (Eps: 0.021), PAT: 10.4%
2021 (FYE 30Apr): RM208.073 mil (Eps: 0.039), PAT: 15%
2020 (FYE 30Apr) RM129.381 mil (Eps: 0.005), PAT: 3.2%
2023 (FYE 30Apr): RM174.474 mil (Eps: 0.020), PAT: 9.2%
2022 (FYE 30Apr): RM160.990 mil (Eps: 0.021), PAT: 10.4%
2021 (FYE 30Apr): RM208.073 mil (Eps: 0.039), PAT: 15%
2020 (FYE 30Apr) RM129.381 mil (Eps: 0.005), PAT: 3.2%
Major customer
Business model primarily is walk-in customers. Did not depend on major customer.
Major Sharesholders
1. Wong Choong Loong: 48.3% (Direct)
2. Lok Kok Khong: 15% (Direct)
3. Chin See Kew: 4.4% (Direct)
4. Wong Choong Lian: 4.3% (Direct)
1. Wong Choong Loong: 48.3% (Direct)
2. Lok Kok Khong: 15% (Direct)
3. Chin See Kew: 4.4% (Direct)
4. Wong Choong Lian: 4.3% (Direct)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2023)
Total director remuneration: RM3.140 mil
key management remuneration: RM0.90 mil – RM1.00 mil
total (max): RM4.140 mil or 4.35%
(from Revenue & other income 2023)
Total director remuneration: RM3.140 mil
key management remuneration: RM0.90 mil – RM1.00 mil
total (max): RM4.140 mil or 4.35%
Use of funds
1. Set-up new retail outlets (capital expenditure): 28.5%
2. Set-up new retail outlets (Start-up costs): 41.9%
3. Repayment of bank borrowings: 10%
4. Marketing activities: 3%
5. General working capital: 8%
6. Estimated listing expenses: 8.6%
1. Set-up new retail outlets (capital expenditure): 28.5%
2. Set-up new retail outlets (Start-up costs): 41.9%
3. Repayment of bank borrowings: 10%
4. Marketing activities: 3%
5. General working capital: 8%
6. Estimated listing expenses: 8.6%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Consider a normal IPO. Did not have see much advantage or special difference compare to other competitors.
*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.
Consider a normal IPO. Did not have see much advantage or special difference compare to other competitors.
*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/2023/09/ssf-home-group-berhad.html
