FEYTECH HOLDINGS BERHAD

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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.

Open to apply: 02 May 2024
Close to apply: 08 May 2024
Balloting: 10 May 2024
Listing date: 21 May 2024

Share Capital 
Market cap: RM674.56 mil
Total Shares: 843.2 mil shares

Industry CARG 
Automotive cover industry size in Malaysia: 4.28%
Automotive seat industry size in Malaysia: 7.48%
Industry competitors comparison (Gross profit%)

1.Feytech: 41.1% (PE15.3)
2.Pecca: 31.2%  (PE22.37)
3.APM: 18.4% (PE9.21)
4.Toyota Boshoku UMW Sdn Bhd: 22.4%
5.Lear Automotive (Malaysia) Sdn Bhd: 26.7% (PE13.56, NYSE)
6.Others: 5.4% to 81.7%

Business (FYE 2023)
Manufacturing of automotive covers
1. Automotive seat covers: 45.3% 
2. Interior part covers: 16.3%
3. Sales of automotive seats: 38.4%
Revenue by Geo
Malaysia: 97%
Others: 3%

Fundamental 
1.Market: Main Market
2.Price: RM0.80
3.Forecast P/E: PE15.3
4.ROE(Pro forma III): 20.18%
5.ROE: 34.29% (FYE2023), 32.77%(FYE2022), 26.13%(FYE2021), 28.74%(FYE2020)
6.Net asset: RM0.26
7.Total debt to current asset: 0.305  (Debt: 73.221mil, Non-Current Asset: 50.614mil, Current asset: 240.051mil)
8.Dividend policy: 40% PAT dividend policy.
9. Shariah status: Shariah

Past Financial Performance (Revenue, Earning Per shares, PAT%) 
2023 (FYE 31Dec): RM211.223 mil (Eps: 0.052), PAT: 20.8%
2022 (FYE 31Dec): RM126.877 mil (Eps: 0.033), PAT: 21.7%
2021 (FYE 31Dec): RM85.179 mil (Eps: 0.023),PAT: 22.4%
2020 (FYE 31Dec): RM79.368 mil (Eps: 0.021),PAT: 22.8%

Major customer (2023) 
1.Mazda Malaysia: 39.7%
2.APM companies: 29.4%
3.Kia Malaysia: 22.5%
4.Adient companies: 2.5%
5.Ilusi Mantap Sdn Bhd: 1.7%
***total 95.80%

Major Sharesholders 
1.Tan Sun Sun: 35% (direct)
2.Go Yoong Chang: 26.7% (direct)
3.Connie Go: 8.3% (direct)
Directors & Key Management Remuneration for FYE2024 
(from Revenue & other income 2023)
Total director remuneration: RM2.930 mil
key management remuneration: RM0.85 mil – RM0.95 mil
total (max): RM3.88 mil or 4.8%

Use of funds 
1.Acquisition of land: 10.4%
2.Construction of new corporate office with new manufacturing plant and warehouse: 18.9%
3.Construction of new Kulim Plant 2: 16.8%
4.Purchase of new machineries: 2.6%
5.Working capital: 45.5%
6.Estimated listing expenses: 7.0%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is moderate risk IPO & good investment. 

*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.