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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: 30/08/2022
Close to apply: 12/09/2022
Balloting: 15/09/2022
Listing date: 27/09/2022
Close to apply: 12/09/2022
Balloting: 15/09/2022
Listing date: 27/09/2022
Share Capital
Market cap: RM192.6072 mil
Total Shares: 535.020mil shares
Industry CARG (2016-2021)
Frozen seafood sales volume in Asia Pacific CAGR: 1.7%
Frozen seafood sales value in Asia Pacific CAGR: 5.7%
Frozen seafood sales volume in Midlle East CAGR: 0.8%
Frozen seafood sales value in Middle East CAGR: 5.6%
Competitor Comparison (PAT %)
PT Resources: 9.68%
Piau Kee Live & Frozen Seafoods Sdn Bhd: 7.6%
Mayfresh Frozen Sea Product S/B: 5.33%
FisherGold S/B: -0.72%
Aiki Century Sdn Bhd: -10.77%
Market cap: RM192.6072 mil
Total Shares: 535.020mil shares
Industry CARG (2016-2021)
Frozen seafood sales volume in Asia Pacific CAGR: 1.7%
Frozen seafood sales value in Asia Pacific CAGR: 5.7%
Frozen seafood sales volume in Midlle East CAGR: 0.8%
Frozen seafood sales value in Middle East CAGR: 5.6%
Competitor Comparison (PAT %)
PT Resources: 9.68%
Piau Kee Live & Frozen Seafoods Sdn Bhd: 7.6%
Mayfresh Frozen Sea Product S/B: 5.33%
FisherGold S/B: -0.72%
Aiki Century Sdn Bhd: -10.77%
Business (FYE 2022)
Processing and trading of frozen seafood products, and trading of other products.
1. Frozen seafood (Wholesales): 83.4%
2. Frozen seafood (Retail): 8.7%
3. Retail trading of other products: 7.9%
Revenue by Geo
Msia: 42.8%
China: 44.2%
Saudi Arabia: 12.2%
others: 0.8%
Processing and trading of frozen seafood products, and trading of other products.
1. Frozen seafood (Wholesales): 83.4%
2. Frozen seafood (Retail): 8.7%
3. Retail trading of other products: 7.9%
Revenue by Geo
Msia: 42.8%
China: 44.2%
Saudi Arabia: 12.2%
others: 0.8%
Fundamental
1.Market: Ace Market
2.Price: RM0.36
3.P/E: 9.23 @ RM0.039 (we don't accept prospecture book pg19 use EPS before diluted to calculate PE).
4.ROE(Pro Forma III): 17.87%
5.ROE: 28.79%(FYE2022), 30.74%(FYE2021), 33.9%(FYE2020), 51.92%(FYE2019)
6.NA after IPO: RM0.22
7.Total debt to current asset after IPO: 0.5065 (Debt: 65.3267mil, Non-Current Asset: 54.4986mil, Current asset: 128.9688mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah starus: -
1.Market: Ace Market
2.Price: RM0.36
3.P/E: 9.23 @ RM0.039 (we don't accept prospecture book pg19 use EPS before diluted to calculate PE).
4.ROE(Pro Forma III): 17.87%
5.ROE: 28.79%(FYE2022), 30.74%(FYE2021), 33.9%(FYE2020), 51.92%(FYE2019)
6.NA after IPO: RM0.22
7.Total debt to current asset after IPO: 0.5065 (Debt: 65.3267mil, Non-Current Asset: 54.4986mil, Current asset: 128.9688mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah starus: -
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Apr): RM349.144 mil (Eps: 0.039),PAT: 6.0%
2021 (FYE 30Apr): RM186.447 mil (Eps: 0.030),PAT: 8.6%
2020 (FYE 30Apr): RM161.310 mil (Eps: 0.023),PAT: 7.6%
2019 (FYE 30Apr): RM116.396 mil (Eps: 0.028),PAT: 13.1%
Major customer (2022)
Fuzhou Ding Sheng Yuan Trade Co., Ltd: 15.4%
Fujian Jia He Yuan Aquatic Product Co., Ltd: 13.1%
KBT Food Supply Sdn Bhd: 10.7%
Fitkar For International Trading: 7.4%
China National Township: 6.6%
***total 53.2%
2022 (FPE 30Apr): RM349.144 mil (Eps: 0.039),PAT: 6.0%
2021 (FYE 30Apr): RM186.447 mil (Eps: 0.030),PAT: 8.6%
2020 (FYE 30Apr): RM161.310 mil (Eps: 0.023),PAT: 7.6%
2019 (FYE 30Apr): RM116.396 mil (Eps: 0.028),PAT: 13.1%
Major customer (2022)
Fuzhou Ding Sheng Yuan Trade Co., Ltd: 15.4%
Fujian Jia He Yuan Aquatic Product Co., Ltd: 13.1%
KBT Food Supply Sdn Bhd: 10.7%
Fitkar For International Trading: 7.4%
China National Township: 6.6%
***total 53.2%
Major Sharesholders
Heng Chang Hooi: 71%
Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM0.643573 mil
key management remuneration: RM0.300 mil - 0.450mil
total (max): RM1.094 mil or 2.83%
Use of funds
1. Capital expenditure for new cold storage warehouse: 36.3%
2. Working capital: 55.9%
3. Listing Expenses: 7.8%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a attractive IPO. The company is growing fast, however the industry they involve is low PAT margin profit, this part will limit the company growing opportunities in PAT% margin.
Overall is a attractive IPO. The company is growing fast, however the industry they involve is low PAT margin profit, this part will limit the company growing opportunities in PAT% margin.
*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.