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Follow us on facebook: https://www.facebook.com/LCH-Trading-Signal-103388431222067/
***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.
Close to apply: 05 July 2023
Balloting: 07 Jul 2023
Listing date: 17 Jul 2023
Share Capital
Market cap: RM249.075 mil
Total Shares: 996.3mil shares
Industry CARG
Historical Market Size (Revenue) and Growth Forecast for the Aesthetic Medicine Market in Malaysia
2019-2020: 39.5%
2020-2021: 22.7%
2021-2022e: 28.0%
Industry competitors comparison (PAT%)
1. DC Healthcare Group: 18.4%
2. O2 Klinik Group (19 Clinic): -200% to 34.6%
3. Dr Ko Skin Specialist: 7.5%
4. Alunan Majujaya: 10.3%
5. Clinic RX: 2.7%
6. Ur Virtue: 5.6%
1. DC Healthcare Group: 18.4%
2. O2 Klinik Group (19 Clinic): -200% to 34.6%
3. Dr Ko Skin Specialist: 7.5%
4. Alunan Majujaya: 10.3%
5. Clinic RX: 2.7%
6. Ur Virtue: 5.6%
Business (FYE 2022)
provide aesthetic medical services specialising in Non-Invasive and Minimally Invasive procedures.
Business Segment (FYE2022)
1. Aesthetic services: 89.96%
2. General Medical Services: 10.04%
Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 26.04 @ EPS0.0096
4.ROE(Pro Forma III): 15.70%
5.ROE: 63.53%(FYE2022), 23.65%(FYE2021), 39.98%(FYE2020), 30.31%(FYE2019)
6.Net asset: RM0.19
7.Total debt to current asset IPO: 0.495 (Debt: 27.032mil, Non-Current Asset:33.239mil, Current asset: 54.655mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: -
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 31Dec): RM51.964 mil (Eps: 0.0096),PAT: 18.40%
2021 (FYE 31Dec): RM25.479 mil (Eps: 0.0046),PAT: 18.06%
2020 (FYE 31Dec): RM14.449 mil (Eps: 0.0019),PAT: 13.16%
2019 (FYE 31Dec): RM12.210 mil (Eps: 0.0012),PAT: 9.57%
Major Sharesholders
1. DCHG : 62.38% (Direct)
2. Dr. Chong Tze Sheng: 65.33% (indirect)
3. Dr. Lai Hgan Chee: 67.05%
Directors & Key Management Remuneration for FYE2023
(from Revenue & other income 2022)
Total director remuneration: RM2.952mil
key management remuneration: RM1.1mil – RM1.2mil
total (max): RM4.152 mil or 14.22%
Use of funds
1. Establishing new aesthetic medical clinics: 18.95%
2. Purchase of new medical machines and equipment: 26.35%
3. Repayment of borrowings: 12.52%
4. Working capital: 34.15%
6. Estimated listing expenses: 8.03%%
Overall is a very profitable business (Beauty industry). Just the offer price PE is also not cheap.
*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.