IPO Note: Well Chip Group To Raise Capital To Feed The Golden Goose
IPO Note: Well Chip Group To Raise Capital To Feed The Golden Goose
Well Chip Group Bhd (WCGB), as of the LPD, operates 23 pawnshops in Johor and it plans to open 5 new pawnshops in Johor and 2 new pawnshops in Melaka to increase market share in Johor and penetrate the market in Melaka.
沃尔奇智博股份有限公司（WCGB）目前在LPD中经营着23家典当行，计划在柔佛州开设5家新典当行，在马六甲州开设2家新典当行，以增加在柔佛州的市场份额并打入马六甲市场。
Furthermore, WCGB's future expansion strategy is to eventually increase market share in the other states.
此外，WCGB未来的扩张策略是最终在其他州增加市场份额。
Malacca Securities (MSSB), in an IPO note today said they believe WCGB's track record and expertise will be integrated into the new pawnshops, which should reduce operational risks and improve the group's revenue.
马六甲证券（MSSB）在今日的首次公开发行通知中表示，他们认为WCGB的业绩纪录和专业知识将被整合到新的当铺中，这应该可以降低运营风险并改善集团的收入。
MSSB also believes the current elevated inflationary pressure should continue to be a catalyst for sustained uptrend in gold prices. As a result, WCGB should see revenue improvements in the trading of gold & gold jewellery segment as WCGB will be able to sell the gold items at a marked-up value representing the difference between the increased prices to the prices during procurement.
MSSb同样认为，当前高企的通货膨胀压力应该继续成为黄金价格持续上涨的推动因素。因此，WCGb应该在黄金及黄金珠宝交易业务上看到收入的提高，因为WCGb将能够以标记的价值卖出黄金项链，代表采购价格与增加价格之间的差异。
MSSB cited that from 2024 to 2028, Protégé Associates estimates the pawnbroking industry is estimated to grow at a CAGR of 11.4%, underpinned by demand for immediate access to funds and demand from the unserved population.
MSSb引用Protégé联合伙伴估计，从2024年到2028年，当铺业预计将以11.4%的CAGR增长，这得益于对立即获取资金的需求以及未得到服务的人口的需求。
Conventional loans require strict requirements namely credit scores which may prevent capable customers from securing loans. This trend is expected to continue due to the uncertain Economic conditions ahead which bodes well for pawnbrokers.
传统贷款需要严格的要求，即征信评分，这可能会阻止有能力的客户获得贷款。由于前景不明朗的经济形势，这一趋势预计将继续，这对当铺业者是好事。
Well Chip Group Bhd provides pawnbroking services, retails and trades new and pre owned jewellery and gold. MSSB likes the company on the back of its (i) expansion plans of the upcoming 7 new pawnshops in Johor (5) and Melaka (2), (ii) positive outlook on gold prices that bode well for the gold trading segment, and (iii) growing number of underserved customers.
WCGB提供当铺服务、销售和交易新旧珠宝和黄金。MSSb认为该公司受益于（i）即将在柔佛（5）和马六甲（2）开设7家新当铺的扩张计划，（ii）对黄金价格的积极前景，这对黄金交易业务是有益的，（iii）不断增长的未得到服务的客户数量。
WCGB's history traces back to 2006, where they started the pawnbroking services business and the first pawnshop was opening in 2007. The business has expanded to 23 pawnshops and 4 retail outlets as of LPD.
WCGB的历史可以追溯到2006年，当时他们开始从事当铺服务业务，第一家当铺于2007年开业。截至上市日，该业务已扩展到23家当铺和4家零售店。
For FY24-25f, MSSB projects the topline growth of 10% to RM224.0m and RM246.4m, respectively, supported by the growth from the planned expansion of the new pawnshops, and the positive outlook of gold prices. Meanwhile, MSSB projects the core PAT to expand 12.3-14.2% to RM41.6m and RM46.7m.
对于FY24-25f，MSSb预计营业收入将增长10%，分别为2,2400万和2,4640万马币，这受计划中新当铺的扩张和黄金价格积极前景的推动。与此同时，MSSb预计核心每股收益将扩张12.3-14.2%，分别为4160万和4670万马币。
MSSB derived a fair value of RM2.33 (upside of 103.1% against IPO price of RM1.15) is derived by pegging a P/E of 30x to the FY25f EPS of 7.8 sen. MSSB believes a forward P/E of 30x is justified as it is in line with the YTD average current P/E of the selected peers.
MSSb基于将30倍的市盈率PEG到FY25f的每股收益为7.8仙，得出了2.33令吉的公允价值（对IPO价格为1.15令吉的上涨103.1%）。MSSb认为，一个30倍的前市盈率是合理的，因为它与所选同行业的当前市盈率的年初至今平均值相符。