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,Strong demand seen for natural rubber products

PETALING JAYA: Seng Fong Holdings Bhd (SFHB), en route to listing on the Main Market of Bursa Malaysia on July 7, is expected to benefit from the demand for tyres in the replacement market in line with the growth in the sales of vehicles.

The company is also natural rubber processor and supplier of standard Malaysian rubber grade and premium block rubber.

TA Research, in its report yesterday, said synthetic rubber could not replicate the distinct properties of natural rubber and that global demand for the latter is set to rise.

Based on its initial public offering (IPO) price of 75 sen a share, SFHB is valued at 10.4 times and 9.9 times in the current year and 2023 price earnings ratio (PER), respectively.

With no direct listed comparable peer in Malaysia, TA Research has benchmarked SFHB with its regional peers.

It has pegged a price to earnings multiple of 11.6 times for 2023 earnings per share, representing a 20% discount to its regional peers’ market cap weighted average PER of 14.6 times.

It valued SFHB at 88 sen a share.

SFHB’s products are mainly sold to customers abroad with export sales contributing nearly all of its revenue in the past three financial years respectively. China is its main export destination.

The group is expected to register a net profit growth of between 4.3% and 6.5% for financial years 2022 to 2024, with net profit growing by between RM36.6mil and RM40.6mil during that period.

“The earnings will be driven by a higher production capacity and average selling price. A dividend policy will see the group distribute at least 50% of its net profit to shareholders,”said the research house.

On a proforma basis, the balance sheet is expected to improve from a net debt position of RM130.7mil as at April 30, (net gearing level of 1.2 times) to RM69.7mil (net gearing level of 0.4 time), post listing with the utilisation of IPO proceeds.

SFHB was unlikely to experience any material impact from the volatility of rubber prices as the group is able to pass the increase in cost on to its customers.

Among the risk factors cited by TA Reseach are the overdependence on its five major customers which contributed 91% to revenue, foreign exchange risk, price volatility and availability of raw materials.

Going forward, SFHB planned to increase the total annual capacity by 16.9% to 166,000 tonnes by FY23.

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