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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: 19 Jul 2024
Close to apply: 30 Jul 2024
Balloting: 02 Aug 2024
Listing date: 13 Aug 2024
Close to apply: 30 Jul 2024
Balloting: 02 Aug 2024
Listing date: 13 Aug 2024
Share Capital
Market cap: RM71.82 mil
Total Shares: 266 mil shares
Market cap: RM71.82 mil
Total Shares: 266 mil shares
Industry CARG
RBD palm olein oil repackaging industry size in Malaysia 2018-2023(e): 40.6%
RBD palm olein oil repackaging industry size in Malaysia 2024(f)-2026(f): 20.9%
Industry competitors comparison (net profit%)
1. Sik Cheong Group: 8%
2. CI Holdings Berhad: 3.1%
3. Continental Edible Oil Industries Sdn Bhd: 3.9%
4. Bukit Seribu Holdings Sdn Bhd: 3.6%
5. Others: losses to 2.6%
Business (FYE 2024)
1. Investment holding
2. Repackaging, marketing and distribution of edible oil and other food products
3. Distribution of lamp oil and other trading products.
Revenue by Segment
1. Wholesalers: 41.82%
2. Retailers: 31.28%
3. Food manufacturers: 15.07%
4. Hotel, restaurant and catering operators: 11.83%
Revenue by Geo
1. Selangor: 58.37%
2. KL : 39.29%
3. Others: 2.34%
1. Investment holding
2. Repackaging, marketing and distribution of edible oil and other food products
3. Distribution of lamp oil and other trading products.
Revenue by Segment
1. Wholesalers: 41.82%
2. Retailers: 31.28%
3. Food manufacturers: 15.07%
4. Hotel, restaurant and catering operators: 11.83%
Revenue by Geo
1. Selangor: 58.37%
2. KL : 39.29%
3. Others: 2.34%
Fundamental
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 11.35
4.ROE(Pro Forma): 15.70%
5.ROE: 24.07%(FYE2024), 30.20%(FYE2023), 16.35%(FYE2022), 11.08%(FYE2021)
6.Net asset: RM0.12
7.Total debt to current asset: 0.23 (Debt: 5.53mil, Non-Current Asset: 21.845mil, Current asset: 23.998mil)
8.Dividend policy: Didn’t have dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FPE 31Mar): RM79.583 mil (Eps: 0.0238), PAT: 7.95%
2023 (FYE 31Mar): RM78.236 mil (Eps: 0.0227), PAT: 7.71%
2022 (FYE 31Mar): RM59.742 mil (Eps: 0.0123), PAT: 5.46%
2021 (FYE 31Mar): RM42.574 mil (Eps: 0.0070), PAT: 4.35%
Major customer (FYE 2024)
1. Sri Ternak Group of companies: 5.86%
2. Low Seat Hoong group of companies: 5.64%
3. TCRS Restaurants Sdn Bhd: 3.36%
4. NSK group of companies: 2.68%
5. Kitarasa Sdn Bhd: 2.26%
***total 19.8%
Major Sharesholders
1. Wong Hing Ngiap: 33.07% (direct)
2. Wong Hin Loong: 33.07% (direct)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income FYE2024)
Total director remuneration: RM0.963 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM1.763 mil or 13.85%
Use of funds
1. Expansion of packaging facility: 7.18mil, 40.29%
2. Purchase of new delivery trucks: 0.89mil, 5.00%
3. Working capital: 5.95mil, 33.39%
4. Estimated listing expenses: 3.8mil, 21.32%
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 to middle risk and low to middle risk grow company.
*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.