Nov 13 2015, 12:17 PM
RHB TP: 0.24
Kim Teck Cheong (KTCC MK, NR)
Expanding Beyond The Land Below the Wind
IPO Note
Kim Teck Cheong Consolidated (KTC), a top-tier consumer packaged goods (CPG) distributor in East Malaysia, will be listed on Bursa Malaysia’s Ace Market on 25 Nov with a price of MYR0.15 which results in a market cap for KTC of MYR76.5m. We estimate the value of the stock at 60% higher or MYR0.24, based on a 12x 2016F P/E multiple. We estimate earnings to grow by a CAGR of 23% for FY15-18F, driven by potential revenue progress via geographical expansion and margin improvements from growth of its own brands.
Kim Teck Cheong Consolidated Bhd, Ktc 0180
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