The Rock ‘n’ Roll Las Vegas half marathon once again took place on the Strip this past weekend without any noticeable issues. As a precaution, Resorts World Las Vegas checked out its hotel rooms which face the Strip before the race started on Sunday. The move was a “safety measure” requested by Metro Police, the […]
Grand Theft Auto: The Trilogy has gotten its first patch in nearly three months, which seeks to improve the three games' overall stability and visuals.
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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: 28/02/2022 Close to apply: 08/03/2022 Balloting: 11/03/2022 Listing date: 22/03/2022
Share Capital Market Cap: RM mil (will based on final instutional price for cal) Total Shares: 1,857,954,837 shares
Industry Competitor Farm fresh: PE34.6, PAT margin 6.7% (est without the tax penalty PAT 13.4%) Nestle: PE55.76, PAT margin 10.21% Dlady: PE8.39, PAT margin 6.67%
Business (2021) Farming, manufacturing, and distribution of various dairy product and plant based product. Malaysia: 84.6% (revenue) Australia: 11.5% Singapore: 3.8% Brunei: 0.1%
Fundamental 1.Market: Main Market 2.Price: RM1.35 (if instutional price is lower, then retail price will refund the difference) 3.P/E: 34.6 (EPS:0.039, prospecture book assume without the tax penalty) 4.ROE(Pro Forma III): 8.7% (FPE2021) 5.ROE: 13.62%(FYE2021), 17.38%(FYE2020), 16.8%(FYE2019) 6.NA after IPO: RM0.31 7.Total debt to current asset after IPO: 0.7676 (Debt: 404.579mil, Non-Current Asset: 445.904mil, Current asset: 527.087mil) 8.Dividend policy: 24% PAT dividend policy.
Past Financial Performance (Revenue, Earning Per shares, PAT%) 2021 (FPE Sep): RM257.187 mil (Eps: 0.031),PAT:19.2% 2021 (FYE 31Mar): RM490.498 mil (Eps: 0.022),PAT:6.7% 2020 (FYE 31Mar): RM303.067 mil (Eps: 0.021),PAT:11.3% 2019 (FYE 31Mar): RM178.227 mil (Eps: 0.026),PAT:15.4%
Directors & Key Management Remuneration for FYE2022 (from gross profit 2021) Total director remuneration: RM2.588mil key management remuneration: RM3.5mil - 3.75mil total (max): RM6.338mil or 4.50%
Use of fund 1.New manufacturing hub, dairy farm, & integrated processing facilities: 46.5% 2.Expansion production faiciliy in Australia: 19.9% 3.Regional expansin outside of Malaysia: 13.3% 4. Working capital: 13.6% 5. Listing expenses: 6.7%
Highlight 1. Use 79.7% IPO fund to expand business (will increase production > increase revenue) 24mths to completed. 2. Expand Autralia production. 3. Expand to Southeast Asia region within 24 months. 4. UPM facilitiy commence operations in March 2022.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Is a good IPO but with a bit expensive offering price.
*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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