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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: 18/06/2025
Close to apply: 30/06/2025
Balloting: 03/07/2025
Listing date: 11/07/2025
Close to apply: 30/06/2025
Balloting: 03/07/2025
Listing date: 11/07/2025
Share Capital
Market cap: RM210 mil
Total Shares: 840 mil shares
1st day listing tradable shares: 218.40 mil shares
Industry CARG
1. Processed F&B products industry size, 2020-2024: 12.76%
2. Premix spices and premade pastes industry size, 2020-2024: 9.80%
3. Instant noodles and dried noodles industry size, 2020-2024: 10.09%
4. Canned abalone industry size, 2020-2024: 3.85%
5. Snack products industry size, 2020-2024: 15.14%
Industry PAT%
1. Premix spices and premade pastes: losses to 11.78%
2. Instant noodles and dried noodles: 0.15% to 7.42%
3. Canned abalone: losses to 7.72%
Industry competitors comparison (net profit%)
1. A1 AKK Group : 12.37%
2. Synergic Circle Sdn Bhd: 11.78%
3. Mamee-Double Decker (M) Sdn Bhd: 7.42%
4. GHS Food Industries Sdn Bhd: 6.68%
5. Guan Huat Seng (Heng Kee) Sdn Bhd: 7.72%
6. Lee Fah Mee Sdn Bhd: 6.56%
7. Kepala Batas Bihun Sdn Bhd: 5.77%
Business (FPE 2025)
Malaysian processed F&B company, over 38 years. Manufacturing, marketing, supply and/or distribution of processed F&B products under the Group’s in-house brands and third-party brands, as well as provision of contract manufacturing and sourcing services of processed F&B products to third party brand owners
Revenue by Segment
1. Sale of in-house branded products: 85.90%
2. Sale of third-party branded products: 11.12%
3. Provision of contract manufacturing and sourcing services of processed F&B products: 2.98%
Revenue by Geo
1. Malaysia: 78.85%
2. Others: 21.15%
Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 17.73
4.ROE(Pro forma): 14.68%
5.ROE: 22.27% (FPE2025), 33.08 %(FYE2024), 34.85%(FYE2023), 52.49%(FYE2022)
6.Net asset per shares: 0.07
7.Total debt to current asset: 0.485 (Debt: 34.369mil, Non-Current Asset: 24.350mil, Current asset: 70.926mil)
8.Dividend policy: 40% PAT dividend policy.
9. Shariah status: yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FPE 31Jan, 7mths): RM56.693 mil (Eps: 0.0065), PAT: 9.66%
2024 (FYE 30Jun): RM96.083 mil (Eps: 0.0141), PAT: 12.37%
2023 (FYE 30Jun): RM95.105 mil (Eps: 0.0140), PAT: 12.41%
2022 (FYE 30Jun): RM84.769 mil (Eps: 0.0183), PAT: 18.15%
In-house factory utilisation rate
1. Premix spices : 82.51%
2. Premade pastes: 53.21%
3. Premix beverage: 43.33%
Major customer (FPE 2025)
1. Naspac Marketing Pte Ltd: 12.56%
2. L H Sales & Distributor Marketing Sdn Bhd: 8.67%
3. Moh Heng Company Sdn Bhd: 7.93%
4. 99 Speed Mart Sdn Bhd: 6.53%
5. NSK Trade City Sdn Bhd: 5.97%
***total 41.66%
Major Sharesholders
1. Koh Ah Kuan, Aged 63: 74% (indirect)
2. Lim Sok Huey, Aged 62: 74% (indirect)
3. Koh Lian Jie, Aged 36: -
4. Koh Chung Jie, Aged 32: -
5. AKMSB : 74% (direct)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM2.178 mil
key management remuneration: RM0.65 mil – RM0.75 mil
total (max): RM2.928 mil or 6.57%
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 low-middle risk investment, and also come with low grow return 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.
