ZANTAT HOLDINGS BERHAD

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opinion and reader should take their own risk in investment decision.

Open to apply: 06 March 2024

Close to apply: 13 March 2024
Balloting: 18 March 2024
Listing date: 27 March 2024

Share Capital 
Market cap: RM70 mil

Total Shares: 280 mil shares

Industry CARG
Global Export Value of Calcium Carbonate 2018-2022: 5.4%
Export Volume of Calcium Carbonate in Malaysia 2018-22: -17.2%
Export Value of Calcium Carbonate in Malaysia 2018-22: -6.2%
Consumption Volume of Calcium Carbonate in Malaysia 2018-22: 3.7%

Industry competitors comparison (net profit%)
1. Zantat Group: 4.8%
2. Weng Fatt Calcium Industry S/B: 6.8%
3. Imerys Minerals Malaysia S/B: 3.5%
4. ICB Carbonate Technologies S/B: 3.0%
5. Zillion Freight S/B: 1.7%
6. Others: -75.9% to -0.1%

Business (FYE 2023)
Production of calcium carbonate namely GCC and CC dispersions. Product is mostly use in construction and non-construction-related applications.
Revenue by segment
Production of calcium carbonate and kaolin: 97.1%
Other business activities: 2.9%
Revenu by Geo
Malaysia: 31.9%
India : 59.5%
Others: 8.6%

Fundamental 
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 12.9
4.ROE(FPE2023):  10.04%
5.ROE: 9.44%(FPE2022), 11.83%(FYE2021), 10.98%(FYE2020)
6.Net asset: RM0.27
7.Total debt to current asset: 0.601  (Debt: 29.804mil, Non-Current Asset: 55.946mil, Current asset: 49.198mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FPE 30 Sep, 9mth): RM91.089 (Eps: 0.0200), PAT: 6.2%
2022 (FYE 31Dec): RM113.023 mil (Eps: 0.0190), PAT: 4.8%
2021 (FYE 31Dec): RM119.464 mil (Eps: 0.0230), PAT: 5.4

Major Sharesholders

1. CLHF Resources: 39.4% (direct)
2. Teh Ah Soon @ Teh Soon Tick: 6.6% (direct)
3. Chan Eng Hue: 5.9% (direct)
4. Chan Hup Ooi: 2.8% (direct)
5. Lee Mei Choon: 2.8% (direct)
6. Chan Bin Iuan: 2.8% (direct)
7. Chan Jee Chet: 2.8% (dire

Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2022)
Total director remuneration: RM2.867 mil
key management remuneration: RM0.3 mil – RM0.35 mil
total (max): RM3.217 mil or 6.12%

Use of funds
1.Upgrading of R&D facilities: 27.4%
2.Upgrading of Calrock Perak Plant’s infrastructure: 7.2%
3.Investment in high efficiency machine components and industrial automation: 9.6%
4.Repayment of bank borrowings: 24.2%
5.Working capital: 10.2%
6.Estimated listing expenses: 21.4%

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 PAT% industry. Low growth & low PAT% industry. 
 
*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.