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***Disclaimer***Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision.
Open to apply: 29/04/2025
Close to apply: 07/05/2025
Balloting: 09/05/2025
Listing date: 23/05/2025
Share Capital
Market cap: RM6.96 bil
Total Shares: 5.747bil shares
1st day listing tradable shares: 1.361 bil shares
Industry CARG
1. Store-based Retail Sales Value in Malaysia 2016-2024e: 5.2%
2. Store-based Retail Sales Value in Malaysia 2024e-2029f: 6.0%
3. Market Size of the Dollar Store Retail Sector in Malaysia 2016-2024e: 19.6%
4. Market Size of the Dollar Store Retail Sector in Malaysia 2024e-2029f: 14.2%
Industry competitors comparison (Gross profit%)
1.Eco-Shop: 26.4%
2.North American Dollar Stores: 35.1%
3.Malaysian Home Improvement Group: 45.4%
4.Thai Home Centre & Specialty Retailers: 21.9%.
Other partial similar concept competitors
1. 99Speedmart: PE38.81
2. MRDIY: PE27.46
Business (FPE 2024)
Eco-Shop:
(i) Investment holding
(ii) Retailing of groceries, general consumer goods, wholesaler of rice, oil, flour, sugar and provision of transportation services
(iii) E-commerce and online business selling a variety of products.
Eco-Shop Plasticware
(i) Manufacturing, distribution, export, import, sale or dealing in plastic products for daily consumer use
Eco Shop E-Commerce:
(ii) Trading of computer hardware, software and peripherals
Revenue by Geo (Malaysia)
1. Central: 24.0%
2. East Coast: 24.6%
3. Northern: 20.3%
4. Southern: 21.5%
5. East Malaysia: 9.5%
Fundamental
1.Market: Main Market
2.Price: RM1.21 (will follow final institutional price)
3.Forecast P/E: 39.29
4.ROE(Pro forma II): 10.38%
5.ROE: 34.07% (FPE2024), 32.10%(FYE2024), 20.03%(FYE2023), 6.39%(FYE2022)
6.Net asset: 0.16
7.Total debt to current asset: 1.15 (Debt: 798.927mil, Non-Current Asset: 999.446mil, Current asset: 697.166mil)
8.Dividend policy: 40% to 60% of PAT dividend policy.
9. Shariah status: Yes
1. Central: 24.0%
2. East Coast: 24.6%
3. Northern: 20.3%
4. Southern: 21.5%
5. East Malaysia: 9.5%
Fundamental
1.Market: Main Market
2.Price: RM1.21 (will follow final institutional price)
3.Forecast P/E: 39.29
4.ROE(Pro forma II): 10.38%
5.ROE: 34.07% (FPE2024), 32.10%(FYE2024), 20.03%(FYE2023), 6.39%(FYE2022)
6.Net asset: 0.16
7.Total debt to current asset: 1.15 (Debt: 798.927mil, Non-Current Asset: 999.446mil, Current asset: 697.166mil)
8.Dividend policy: 40% to 60% of PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FPE 30Nov, 6mths): RM1.362 bil (Eps: 0.0162), PAT: 6.8%
2024 (FYE 31May): RM2.404 bil (Eps: 0.0308),PAT: 7.4%
2023 (FYE 31May): RM1.991 bil (Eps: 0.0183),PAT: 5.3%
2022 (FYE 31May): RM1.574 bil (Eps: 0.0047),PAT: 1.7%
***we didn’t follow Prospectus Pg.226, as diluted EPS didn’t use enlarged shares 5.747 bil shares
Major Customer
Nature of business is retail customer, didn’t have single large customer.
Major Sharesholders
1. Dato' Sri Lee Kar Whatt, aged 52: 73.1% (direct), 2% (indirect)
2. Agathis Montana Sdn Bhd (AMSB): 1.9% (direct)
3. Creador IV: 1.9% (indirect)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM3.42 mil
key management remuneration: RM1.45 mil – RM1.55 mil
total (max): RM4.97 mil or 0.78%
Use of funds
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is middle risk investment, and come with low-mid grow opportunities.
*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.
Overall is middle risk investment, and come with low-mid grow opportunities.
*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.