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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: 28/11/2024
Close to apply: 05/12/2024
Balloting: 09/12/2024
Listing date: 18/12/2024
Close to apply: 05/12/2024
Balloting: 09/12/2024
Listing date: 18/12/2024
Share Capital
Market cap: RM263.9296 mil
Total Shares: 977.5171 mil shares
Industry CARG
Revenue of Selected Segments of the Fashion Industry in Malaysia (RM Million)
a. Accessories: 3.9%
b. Women’s Footwear: 6.3%
c. Women’s handbags: 4.1%
Industry competitors comparison (net profit%)
1. Carlo Rino: 18.4%
2. Vinnci Ladies’s Specialties Centre Sdn Bhd: 18.2%
3. Shiranoe Sdn Bhd: 9.0%
4. Miroza Leather (M) Sdn Bhd: 8.7%
5. F J Benjamin (M) Sdn Bhd: 7.2%
6. Others : 0.1% to 7.0%
Business (FYE 2024)
Designing, promoting, marketing, distributing and retailing of women’s handbags, footwear and accessories.
Revenue by Product Group
Women’s handbag: 58.82%
Women’s Footwear: 21.33%
Women’s accessories: 19.85%
Others: -
Fundamental
1.Market: Ace Market
2.Price: RM0.27
3.Forecast P/E: 13.67
4.ROE(Pro forma): 12.73%
5.ROE: 23.81%(FYE2023), 24.6%(FYE2022), 5.52%(FYE2021)
6.Net asset: 0.16
7.Total debt to current asset: 0.32 (Debt: 38.420mil, Non-Current Asset: 70.237mil, Current asset: 119.838mil)
8.Dividend policy: 30% PAT dividend policy.
9. Shariah status: Yes
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2024 (FYE 30Jun): RM104.845mil (Eps: 0.0197), PAT: 18.41%
2023 (FYE 30Jun): RM113.534mil (Eps: 0.0244), PAT: 21.01%
2022 (FYE 30Jun): RM101.787mil (Eps: 0.0227), PAT: 21.84%
2021 (FYE 30Jun): RM76.460mil (Eps: 0.0041), PAT: 5.21%
Major customer
Retail business. Business nature didn’t have single large customer.
Major Sharesholders
1. Dato’ Sri Chiang Fong Yee: 26.29%(direct)
2. Chiang Sang Sem: 5.53% (direct), 36.66% (Indirect)
3. Bonia Holdings Sdn Bhd: 20.75% (direct)
4. Freeway Team Sdn Bhd: 11.36% (direct)
Directors & Key Management Remuneration for FYE2025
(from Revenue & other income 2024)
Total director remuneration: RM1.565 mil
key management remuneration: RM0.65 mil – RM0.80 mil
total (max): RM2.365 mil or 3.59%
Use of fund
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, and also come with low-middle grow return opportunities.
*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.
Overall is middle risk investment, and also come with low-middle grow return opportunities.
*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.