FARMIERA BERHAD

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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: 21/10/2025
Close to apply: 30/10/2025
Balloting: 03/11/2025
Listing date: 12/11/2025

Share Capital    
Market cap: RM112.50 mil
Total Shares:  450 mil shares
1st day listing tradable shares: 117 mil shares 

Industry CARG     
1. Production of Chicken Meat, 2018 – 2023: -0.29%
2. Export of Chicken Meat, 2018 – 2023: -6.7%
3. Import of Chicken Meat, 2018 – 2023: 27.26%

Industry competitors comparison (net profit%)
1. Farmiera: 1.2%
2. Kee Song Agriculture (M) Sdn Bhd: 11.1%
3. PWF Corporation Berhad: 5.6%
4. Leong Hup International Berhad: 6.8%
5. CAB Cakaran Corporation Berhad: 4.1%
6. Others: losses to 2.7%

Business (FPE 2025)    
Poultry farming and poultry processing activities.
Revenue by segment
1. Self-operated farms: 15.71%
2. Contract farms: 33.21%
3. Trading of live broilers: 1.34%
4. Lukut Processing Plan: 25.71%
5. Ipoh Processing Plant: 24.03% 

Fundamental   
1.Market: Ace Market   
2.Price: RM0.25
3.Forecast P/E: 16.03
4.ROE(Pro forma):  10.3%
5.ROE: 14.70% (FPE2025), 12.24%(FYE2024), 12.84%(FYE2023),  26.18%(FYE2022), 6.02%(FYE2021)
6.Net asset per shares: 0.20
7.Total debt to current asset: 1.55  (Debt: 156.173mil, Non-Current Asset: 143.556mil, Current asset: 100.640mil)
8.Dividend policy: didn’t have formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)   
2024 (FPE 30Jun, 6mths): RM310.835 mil (Eps: 0.0114), PAT: 1.46%
2024 (FYE 31Dec): RM561.065 mil (Eps: 0.0156), PAT: 1.25%
2023 (FYE 31Dec): RM535.848 mil (Eps: 0.0121), PAT: 1.20%
2022 (FYE 31Dec): RM422.624 mil (Eps: 0.0164), PAT: 1.90%
2021 (FYE 31Dec): RM261.968 mil (Eps: 0.0028), PAT: 0.59%

Major customer (FPE 2025)       
1. Segi Marine Enterprise Sdn Bhd: 15.45%
2. Customer A: 6.03%
3. Customer B: 5.53%
4. My Hero Hypermarket Sdn Bhd: 5.19%
5. Rawang Processing (M) Sdn Bhd: 3.92%
***total 36.12%

Major Sharesholders  
1. AJSB: 74% (direct)
2. HSS Global: 74% (indirect)
3. Keystone Capital: 74% (indirect)
4. Hong How Seng, Aged 48: 74% (indirect)
5. Tan Kok Cheong, Aged 50: 74% (indirect)

Directors & Key Management Remuneration for FYE2025     
(from Revenue & other income FYE2024)
Total director remuneration: RM1.932 mil
key management remuneration: RM1.0 mil – RM1.10 mil
total (max): RM3.032 mil or 4.23%

Use of funds

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment, and also come with low 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.