IPO Series - Topvision Eye Specialist Berhad 明亮眼科

Fgure 1: IPO timetable of Topvision Eye Specialist Berhad
-Will be listed on the ACE Board (from LEAP Market)

Info of IPO
Enlarged no. of shares upon listing: 309.81 million
IPO price: RM0.33
Market capitalization: RM102.23 million
Estimated funds to raise from Public Issue:  RM17.89 million
PE ratio = 21.21x (based on FY2023)
 

Figure 2: Business model of Topvision Eye Specialist Berhad
Source: Topvision Eye Specialist Berhad IPO prospectus

Figure 3: Utilization of proceeds of Topvision Eye Specialist Berhad
Source: Topvision Eye Specialist Berhad IPO prospectus

Dividend Policy
-The group does not have any fixed dividend policy

Figure 5: Major customers and suppliers of Topvision Eye Specialist Berhad in FPE2024
Source: Topvision Eye Specialist Berhad IPO prospectus
 

Figure 6: Profit & Loss statement of Topvision Eye Specialist Berhad

Figure 7: Financial position of Topvision Eye Specialist Berhad

Figure 8: Industry players

Source: Topvision Eye Specialist Berhad IPO prospectus

Figure 9: Number of cases of eye diseases

Source: Topvision Eye Specialist Berhad IPO prospectus

Financial overview, industry market, and personal opinion
-According to the given data from Profit & Loss Statement, the highest PAT was recorded in FY2021, RM5.11 million with 16.21PAT margin. In the remaining FY from FY2022 to FPE 2024, the PAT margin ranged between 11.23% - 12.31%. The group’s financial position is healthy, with the total liabilities less than the total equity in FPE2024.
-The medical eye care industry in Malaysia is expected to grow at a CAGR of 10%, from 2025 to 2028 based on the independent market research report. Coherently, the number of registered cataract and daycare cataract surgeries was recorded to grow exponentially from 2010 – to 2018 by the statistics provided by the Ministry of Health (MOH).
-The current PE ratio is still lesser than the given industry player, with only 21.21x as compared to Optimax Holdings Berhad, 28.36x in FY2023.

Disclaimer: The above content is not an investment advisory service and does not purport to tell or suggest which securities or stocks customers should buy or sell for themselves. It should not be assumed that the methods, techniques, or indicators presented above will be profitable or will not result in losses. You should not rely solely on information when making any investment. Rather, you should use the information only as a starting point for doing additional independent research to allow you to form your own opinion regarding investments.
 

By: Jshen Ng