Thong Guan is disposing of its entire F&B segment for RM60m cash to a major shareholder in a related party deal, allowing it to unlock value. Kenanga said the move will allow TGUAN to strengthen its focus on high-margin plastic products and expansion in Indonesia and is mostly strategic. The house said the deal is neutral given the valuation of 9x PER (being midway between 11x target PER for TGUAN and TGUAN current market traded PER of 6- 8x). As the sale is subject to shareholders' approval at an EGM, the Kenanga analysts have at this juncture not flowed through any changes into earnings forecasts and maintained TP of RM2.58 and OUTPERFORM call.
The group has announced a proposed disposal of its entire equity interest in Syarikat Thong Guan Trading SdnBhd
(STGT) including its subsidiaries for a total cash consideration of RM60m. The buyer, Foremost Equals Sdn Bhd (FESB), is a major shareholder of TGUAN with a 37.03% direct stake. This transaction is classified as a related-party transaction under Bursa Malaysia's Main Market Listing Requirements due to overlapping interests. Notably, key directors and shareholders of TGUAN, including Dato' Ang Poon Chuan, Dato' Ang Poon Khim, and Datuk Ang Poon Seong, hold significant direct and indirect interests in FESB. An independent adviser has been engaged to ensure fairness and transparency for non-interested shareholders.
The transaction involves a total cash consideration of RM60m, with an upfront deposit of RM6m upon signing the share sale agreement (SSA) and the balance of RM54m payable upon completion. Expected to be completed is in 1QCY25, the sale is subject to shareholder and regulatory approvals. The cash settlement eliminates uncertainties associated with deferred
payments and enhances the financial certainty for TGUAN.The disposal consideration of RM60m was evaluated by FHMH Corporate Advisory, which adopted two valuation methodologies:
At RM60m, the price lies within the RVA range and represents a 46.95% premium over the RNAV. Additionally, the disposal is priced at 9.39x STGT's trailing price-to-earnings (PE) ratio, below the average PE of 13x for listed food and beverage peers. The pricing appears fair and reasonable, considering STGT's modest revenue contribution of 5.24% and profit after tax (PAT) contribution of 6.97% to the group in FY23.
Thong Guan正在关联交易中以6000万令吉的现金将其整个餐饮板块出售给大股东，使其能够释放价值。Kenanga说，此举将使TGUAN能够加强对高利润塑料产品和在印度尼西亚扩张的关注，这主要是战略性的。该公司表示，鉴于估值为9倍（介于TGUAN的11倍目标市盈率和TGUAN当前市场交易的6至8倍之间），该交易是中性的。由于此次出售须经股东在股东大会上批准，Kenanga分析师目前尚未对收益预测进行任何变动，并维持2.58令吉的目标和跑赢大盘的看涨期权。
该集团宣布提议出售其在Syarikat Thong Guan Trading SDNbHD的全部股权。
(STGT) 包括其子公司，总现金对价为6000万令吉。买家Forest Equals Sdn Bhd（FESB）是TGUAN的主要股东，直接持有37.03％的股份。由于利益重叠，根据马来西亚证券交易所的主要市场上市要求，该交易被归类为关联方交易。值得注意的是，TGUAN的主要董事和股东，包括拿督安潘川、拿督安潘欣和拿督安潘成在FeSB中持有重要的直接和间接权益。已聘请了一位独立顾问，以确保非利益股东的公平性和透明度。
该交易涉及总现金对价为6000万令吉，在签署股票销售协议（SSA）时预付600万令吉的预付款，5400万令吉的余额在完成时支付。预计将在 1QCY25 中完成，此次出售尚待股东和监管部门的批准。现金结算消除了与延期相关的不确定性
支付并增强TGUAN的财务确定性。6000万令吉的出售对价由FHMH Corporate Advisory进行了评估，该公司采用了两种估值方法：
价格为6000万令吉，处于RVA区间内，比RNAV高出46.95％。此外，此次出售的定价为STGT尾随市盈率（PE）的9.39倍，低于上市食品和饮料同行13倍的平均市盈率。考虑到STGT在23财年对该集团的收入贡献为5.24％，税后利润（PAT）为6.97％，定价似乎公平合理。
