Today is the last date of application.
Wish myself good luck.
IPO EVERGREEN
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1. Business Overview
EVERGREEN MAX CASH CAPITAL BERHAD is principally involved in the provision of pawnbroking services. In addition, they are also involved in the business of retail and trading of gold and luxury products as well as provision of pawnbroking consultancy services and IT solutions to third-party pawnbrokers. The business segments include, (i) Pawnbroking Services (50% of Revenue), (ii) Gold and Luxury Products Retail and Trading (49% of Revenue) and (iii) Pawnbroking consultancy and IT solutions (1% of Revenue)
2. Key risks
o Ability to maintain, renew pawnbroking license and changes in pawnbroking regulatory requirements
o Ability to utilise cash capital to operate and grow
o Ability to hit target earnings
o Volatility of gold prices
o Exposure to unlawful and suspicious transactions
o Dependency on key management personnel
3. Utilisation of proceeds
Total amount raised: RM64.2m. 31.1% and 46.7% will be allocated to expansion of Pawnshops and Cash capital for pawnbroking business, respectively.
4. Key stats
Historical and Current PE
Mkt Cap: RM267.6m
PAT 2022 FYE: RM20.1m
Historical PE: 13.3x (based on FY22)
T12M PAT: RM20.6m
Current PE: 13x (based on T12M)
Peer comparison: PPJACK P/E: 49.1x
IPO: RM0.24
Based on PPJACK 49x, we think there are some upside to EMCC, and may trade around RM0.37 zone based on 20x.
Source : M+ Analyst
Open to apply: 29 August 2023
Close to apply: 12 September 2023
Balloting: 15 September 2023
Listing date: 26 September 2023
Balloting normally is Thurday but this one is in Friday, so my money will Float/stuck in weekend and I will lost some interest. Kanasai.