Bank of Israel, the Israeli Central Bank today announced they would use Ethereum blockchain technology for its CBDC pilot program, as reported by Bloomberg. The first trial for digital Shekel will be an internal pilot run as per the country’s financial daily Globes. The deputy governor of the Israeli central bank Andrew Abir said that
Venture Capital is a relatively small, yet highly impactful asset class. VC-backed firms comprise 63% of US market capitalization, even though only 0.31%...
Tron price traded below the $0.0500 zone before it started a decent recovery against the US Dollar. TRX price is now trading well below $0.0600 and the 55 simple moving average (4-hours). There is a connecting bearish trend line forming with resistance near $0.0580 on the 4-hours chart (data feed via Bitfinex). The pair could...
Ethernity Chain (ERN) has launched on the Binance Innovation Zone and is due to receive three trading pairs during the day. The community-oriented platform specializes in limited edition and verified Non-Fungible Tokens (NFTs), features which have increased its popularity in the crypto world. The listing of the token on the major trading platform, Binance, is […]
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Open to apply: 22/06/2021 Close to apply: 01/07/2021 Balloting: 05/07/2021 Listing date: 15/07/2021
Share Capital Market Cap: RM177.384mil Total Shares: 300mil shares
Industry (Net Profit %) Production Value of Livestock in Malaysia (CAGR): 6.6% Growth Forecast for the Animal Health and Nutrition Industry (CAGR 2021-25): 4.3%
Competitors compare (Profit before tax margin%) Yenher: 14.6% (PE12.72)
Peterlabs: 6.8% (PE20.36)
AsiaVet: loss making
RhoneMa: 7.9% (PE17.16)
Danberg: 12%
Ritamix: 10.9% (PE23.49)
Sunzen: loss making
Business Manufacturing and distribution of animal health and nutrition products. Distribution: 44.26% Manufacturing: 55.74%
Local market: 89.77%
Overseas market: 10.23%
Fundamental 1.Market: Main Market 2.Price: RM0.95 (EPS:RM0.0747) 3.P/E: PE12.72 4.ROE(Pro Forma III): 12.70% 5.ROE: 19.39%(2020), 18.73%(2019), 31.30%(2018), 22.09%(2017) 6.Cash & fixed deposit after IPO: 0.2144 7.NA after IPO: RM0.59 8.Total debt to current asset after IPO: 0.16 (Debt: 25.452mil, Non-Current Asset: 46.345mil, Current asset: 155.502mil) 9.Dividend policy: 40% PAT dividend policy.
Past Financial Performance (Revenue, Earning Per shares, PAT%) 2020: RM202.635 mil (Eps: 0.0951),PAT%: 10.73% 2019: RM179.061 mil (Eps: 0.0838),PAT%: 15.07% 2018: RM181.109 mil (Eps: 0.1158),PAT%: 11.03% 2017: RM177.380 mil (Eps: 0.0808),PAT%: 11.05%
Directors & Key Management Remuneration for FYE2021 (from gross profit 2020) Total director remuneration: RM7.483 key management remuneration: RM0.70mil-0.95mil total (max): RM8.433mil or 16.09%
Use of fund Construction of new GMP-Compliant Manufacturing Plant: 50.64% Purchase of new machinery & equipment: 15.85% Working capital: 27.30% Listing expenses: 6.21%
Highlight 1. Current manufacturing production utilisation rate at 100%. 2. New Manufacturing plant increase produce -Complete feed & formulated product: 353.75% (573 to 2600 tones) -Biotech animal feed ingredients: 422.65% (287 to 1,500 tones) 3. New Manufacturing plant to be completed build fourth quarter of 2023.
4. Expand to more oversea market.
Good thing is: 1. PE12.72 below average competitor PE. 2. Debt is not high. 3. Have fixed dividend policy. 4. Revenue increase of 4 years. 5. Almost all IPO fund use to expand business. 6. by 2023 production increase 300%-400%
The bad things: 1. Nett profit around 10%. 2. Industry growing CAGR is low 4.3% 3. Director & top management remuneration taking aways 16.09% gross revenue. 4. Three main director age above 52.
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision) Is a little bit discounted IPO. With the new manafucturing facilites (to be completed by 2023), we should able to see better revenue grow in business. Business grwoth & risk refer to below chart.
*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.
Bitcoin price extended its decline below the $30,000 support and tested $28,800 against the US Dollar. The price is now trading below the $35,000 zone and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near $34,000 on the 4-hours chart of the BTC/USD pair (data feed from...
The Bitcoin rollercoaster continues after the price dropped by a precipitous 14% from today’s high of $33,250 to reach as low as $28,600. After hitting this level, the cryptocurrency quickly rebounded back above $32,000 liquidating a huge amount of long then short positions. Yesterday, it seemed like the critical support of $31.7K was holding, however, […]