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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: 30/10/2025
Close to apply: 07/11/2025
Balloting: 11/11/2025
Listing date: 19/11/2025
Close to apply: 07/11/2025
Balloting: 11/11/2025
Listing date: 19/11/2025
Share Capital
Market cap: RM571.33 mil
Total Shares: 1.843 bil shares
1st day listing tradable shares: 914.643 mil shares
Industry CARG
1. Market Size of the Zoological Parks, Museums and Other Amusement and Cultural Activities in Malaysia:
(i) 2019- 2024: 0.3%
(ii) 2024-2029f: 9.7%
2. Market Size of the Aquariums in Malaysia, 2019–2024 : 4.2%
3. International Visitors Spending, Malaysia:
(i) 2019- 2024: 3.5%
(ii) 2024-2029f: 5.2%
4 Consumer Spending Per Capita on Recreation and Culture, Thailand:
(i) 2019- 2024: -0.6%
(ii) 2024-2029f: 3.7%
5. International Visitors Spending, Thailand:
(i) 2019- 2024: -2.6%
(ii) 2024-2029f: 7.5%
Industry competitors comparison (net profit%)
- Insufficient data for financial comparison on same industry players.
Business (FPE 2025)
Operations and development own aquaria, and design, development and maintenance of new or third-party aquaria.
Revenue by segment
1. Ticketing sales: 82.6%
2. Retail sales: 15.0%
3. Miscellaneous sales: 2.2%
4. Design and build: 0.2%
Revenue by Geo
1. Malaysia: 74.6%
2. Thailand: 25.4%
Fundamental
1.Market: Ace Market
2.Price: RM0.31
3.Forecast P/E: 15.66
4.ROE(Pro forma): 14.71%
5.ROE: 41.06%(FYE2024), 26.35%(FYE2023), 25.98%(FYE2022), losses (FYE2021)
6.Net asset per shares: 0.12
7.Total debt to current asset: 0.84 (Debt: 128.665mil, Non-Current Asset: 189.911 mil, Current asset: 152.603mil)
8.Dividend policy: PAT 30% dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2025 (FPE 30Jun, 6 mths): RM51.894 mil (Eps: 0.00853), PAT: 30.3%
2024 (FYE 31Dec): RM104.299 mil (Eps: 0.0198), PAT: 34.9%
2023 (FYE 31Dec): RM95.812 mil (Eps: 0.0183), PAT: 34.1%
2022 (FYE 31Dec): RM71.898 mil (Eps: 0.0126), PAT: 33.6%
2021 (FYE 31Dec): RM24.746 mil (Eps: -0.0140), PAT: -93.4%
Major customer (FPE2025)
1. Klook group of companies: 11.7%
2. GlobalTix Pte Ltd: 6.2%
3. Kkday Services Malaysia Sdn Bhd: 2.7%
4. Ctrip International Travel Malaysia Sdn Bhd: 2.0%
5. Pegas Select (Thailand) Co. Ltd: 1.6%
***total 24.2%
Major Sharesholders
1. Dato’ Simon (Dato’ Foong Choong Heng), Aged 71: 50.3% (indirect)
2. Feliz Natur Sdn Bhd: 5.3% (direct), 41.2% (indirect)
3. Vestmap: 41.2% (direct)
4. Versatrad Agencies: 3.8% (direct)
5. Aquawalk Holdings Limited: 5.2% (direct)
6. Anna Marie O’Boyle: 5.2% (indirect)
7. Datin Mina (Datin Cheah Kim Choo), Aged 65: 50.3% (indirect)
8. Daryl Foong Chuen Hoe, Aged 39: <0.1% (direct)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income FYE2024)
Total director remuneration: RM3.012 mil
key management remuneration: RM1.1 mil – RM1.2 mil
total (max): RM4.212 mil or 7.09%
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 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.