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.
沃爾奇智博股份有限公司（WCGB）目前在LPD中經營着23家典當行，計劃在柔佛州開設5家新典當行，在馬六甲州開設2家新典當行，以增加在柔佛州的市場份額並打入馬六甲市場。
Furthermore, WCGB's future expansion strategy is to eventually increase market share in the other states.
此外，WCGB未來的擴張策略是最終在其他州增加市場份額。
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.
馬六甲證券（MSSB）在今日的首次公開發行通知中表示，他們認爲WCGB的業績紀錄和專業知識將被整合到新的當鋪中，這應該可以降低運營風險並改善集團的收入。
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同樣認爲，當前高企的通貨膨脹壓力應該繼續成爲黃金價格持續上漲的推動因素。因此，WCGb應該在黃金及黃金珠寶交易業務上看到收入的提高，因爲WCGb將能夠以標記的價值賣出黃金項鍊，代表採購價格與增加價格之間的差異。
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聯合夥伴估計，從2024年到2028年，當鋪業預計將以11.4%的CAGR增長，這得益於對立即獲取資金的需求以及未得到服務的人口的需求。
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.
傳統貸款需要嚴格的要求，即徵信評分，這可能會阻止有能力的客戶獲得貸款。由於前景不明朗的經濟形勢，這一趨勢預計將繼續，這對當鋪業者是好事。
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提供當鋪服務、銷售和交易新舊珠寶和黃金。MSSb認爲該公司受益於（i）即將在柔佛（5）和馬六甲（2）開設7家新當鋪的擴張計劃，（ii）對黃金價格的積極前景，這對黃金交易業務是有益的，（iii）不斷增長的未得到服務的客戶數量。
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的歷史可以追溯到2006年，當時他們開始從事當鋪服務業務，第一家當鋪於2007年開業。截至上市日，該業務已擴展到23家當鋪和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.
對於FY24-25f，MSSb預計營業收入將增長10%，分別爲2,2400萬和2,4640萬馬幣，這受計劃中新當鋪的擴張和黃金價格積極前景的推動。與此同時，MSSb預計核心每股收益將擴張12.3-14.2%，分別爲4160萬和4670萬馬幣。
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基於將30倍的市盈率PEG到FY25f的每股收益爲7.8仙，得出了2.33令吉的公允價值（對IPO價格爲1.15令吉的上漲103.1%）。MSSb認爲，一個30倍的前市盈率是合理的，因爲它與所選同行業的當前市盈率的年初至今平均值相符。