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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: 28/10/2024
Close to apply: 15/11/2024
Balloting: 19/11/2024
Listing date: 29/11/2024
Close to apply: 15/11/2024
Balloting: 19/11/2024
Listing date: 29/11/2024
Share Capital
Market cap: RM107.5 mil
Total Shares: 430 mil shares
1st day listing tradable shares: 154.6 mil shares
Industry CARG
(i) 2018-2022
GDP of wholesale and retail trade, food and beverage and accommodation services in Sarawak: 1.9816%
Distribution of food, beverage and discretionary products in Sarawak: 1.9814%
(ii) 2019-2022
Average gross household income by district in Sarawak: 2.7%
Composition of monthly household expenditure in Sarawak: 4.4%
Industry competitors comparison (net profit%)
1. Supreme: 4.6%
2. Spritzer Berhad: 10.1% (not suitable for comparison purpose)
3. SDS Group Berhad: 10.0% (not suitable for comparison purpose)
4. Farm Fresh: 7.8% (not suitable for comparison purpose)
5. Others: -30.2% to 5.0%
Business (FYE 2024)
Distribution of third-party brands as well as our own brands of Frozen and Chilled Food Products, Ambient F&B Products and Non-F&B Products.
Revenue by Segment
Frozen and Chilled Food Products: 88.42%
Ambient F&B Products: 11.50%
Non-F&B Products: 0.08%
Revenue by Geo
Malaysia (Sarawak): 97.99%
Malaysia (Sabah): 0.41%
Mynmar: 1.6%
Fundamental
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 11.90
4.ROE(Pro forma III): 10.3%
5.ROE: 11.76% (FPE2024), 10.49%(FYE2023), 9.93%(FYE2022), 9.86%(FYE2021)
6.Net asset: nil
7.Total debt to current asset: 0.478 (Debt: 47.347mil, Non-Current Asset: 52.889mil, Current asset: 99.096mil)
8.Dividend policy: Didn’t have formal dividend policy.
9. Shariah status: Shariah
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FPE 30Apr, 7mths): RM132.695 mil (Eps: 0.0146), PAT: 4.74%
2023 (FYE 30Sep): RM199.643 mil (Eps: 0.0214), PAT: 4.62%
2022 (FYE 30Sep): RM209.953 mil (Eps: 0.0190), PAT: 3.89%
2021 (FYE 30Sep): RM187.502 mil (Eps: 0.0178), PAT: 4.08%
***Our reviewer refuse to follow Prospectus book using EPS @ 120mil shares (pg 301).
***Above suggested EPS based on 430 mil shares.
Major customer (2024)
1. Unaco Group: 7.64%
2. Emart Group: 5.39%
3. Group A: 2.69%
4. MFM Resources Sdn Bhd: 2.6%
5. Supreme Food Supply (Bintulu) Sdn Bhd: 2.35%
***total 20.67%
Major Sharesholders
1. BNDM: 34.05% (direct)
2. Dato Richard Wee: 0.49% (direct), 34.24% (indirect)
3. Lim Ah Ted: 21.98% (direct)
4. Ting Ing Thai : 4.6% (direct)
5. Tan Chiew Ting: 6.28% (direct)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income FYE2023)
Total director remuneration: RM1.561 mil
key management remuneration: RM1.90 mil – RM2.25 mil
total (max): RM3.811 mil or 15.97%
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 with low grow rate business.
*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.