Largest IPO in Seven Years: 99 Speed Mart Opens Subscription on August 15th
Largest IPO in Seven Years: 99 Speed Mart Opens Subscription on August 15th
August 15th – $99SMART (5326.MY)$ is set to launch an initial public offering (IPO), with the subscription period running from August 15th to August 23rd. The IPO is priced at RM1.65 per share, according to the official prospectus. The listing is scheduled for September 9th.
8月15日- $99SMART (5326.MY)$ 將要進行首次公開招股(IPO),認購期從8月15日至8月23日。根據官方招股說明,IPO的價格爲1.65馬幣每股。上市日期定於9月9日。
This IPO involves the issuance of up to 1,428 million ordinary shares, which includes an offer for sale of up to 1,028 million existing shares, referred to as 'Offer Shares'. Additionally, there is a public issue of 400 million new shares, known as 'Issue Shares'. Out of these shares, the company plans an institutional offering of up to 1,218 million shares to selected Malaysian investors at a price determined by bookbuilding, and a retail offering of 210 million shares to the company's directors, employees, contributors, and the public at a specified retail price.
本次IPO涉及發行多達142800萬股普通股,其中包括高達102800萬股現有股份的出售,稱爲「發售股份」。此外,還有40000萬股新股的公開發行,稱爲「發行股份」。其中,公司計劃向馬來西亞的特定投資者發行多達121800萬股的機構認購,價格由集資確定,以及向公司的董事、僱員、貢獻者和公衆以特定的零售價格發行21000萬股的零售認購。
![](https://uspost.moomoo.com/news-editor-imgs/20240815/public/17237046942452871962630.png)
Corporate Profile
公司概況
The company is principally an investment holding company with four wholly-owned subsidiaries. Through two of these subsidiaries, it operates the well-known "99 Speedmart" chain of mini-market outlets involved in the retailing of Fast-Moving Consumer Goods (FMCG) across Malaysia. The remaining two wholly-owned subsidiaries, namely Yiwu J-Jade Trading and Yiwu SM Import and Export, were recently incorporated in China for the purposes of investment holding and procuring merchandise for sale in their outlets, respectively. According to the IMR Report, the company is the largest mini-market player and a leading grocery retailer in Malaysia, holding a market share of 37.9% and 11.1% in 2022, respectively, based on the Group's revenue for the FYE 2022.
該公司主要是一個投資控股公司,擁有四家全資子公司。其中兩家子公司通過運營著名的「99 Speedmart」連鎖迷你市場零售快動消費品(FMCG)在馬來西亞廣泛開展業務。另外兩家全資子公司,分別是義烏傑誠貿易和義烏順脈進出口,最近在中國成立,其一個用於投資控股,另一個則用於採購銷售在其店面的商品。根據 IMR 報告,該公司是馬來西亞最大的迷你市場參與者和領先的雜貨零售商,在 2022財年基於集團營業收入,佔有 37.9% 和 11.1% 的市場份額。
Their outlets serve approximately 940,000 customers per day based on the number of sales transactions recorded in the FYE 2022, with an average sales transaction value per outlet per day of RM23.59. Their growth strategy revolves around implementing their expansion plan. From the FYE 2020 to FYE 2022, they opened an average of 230 new outlets per year (net of closures). As of the Last Practical Date (LPD), they operate 2,542 outlets across Malaysia. The Group maintains a rapid expansion trajectory, aiming to open approximately 250 outlets annually, with an immediate objective to reach a total of about 3,000 operating outlets nationwide by the end of 2025.
根據2022財年記錄的銷售交易次數顯示,他們的店鋪每天大約服務940,000名顧客,每個店鋪每天的平均銷售交易額爲RM23.59。他們的增長策略圍繞着實施擴張計劃展開。自2020財年至2022財年,他們每年平均開設230家新店(扣除關閉店鋪)。截至最近實際日期(LPD),他們在馬來西亞運營着2,542家店鋪。該集團保持着快速的擴張軌跡,旨在每年開設約250家店鋪,並有一個立即的目標,即到2025年底在全國範圍內達到總共約3,000家營運店鋪。
The map referenced illustrates the geographical distribution of their outlets and Distribution Centers (DCs) as of the LPD, categorized by state:
該公司的財務業績持續改善,營業收入從2021財政年度的78.4億令吉增加到2023財政年度的92.1億令吉。這意味着在這三年時間內,複合年增長率(CAGR)約爲8.41%。毛利潤(GP)也有顯著增長,從7,5600萬令吉增加到8,4145萬令吉,表示收益增長強勁。
![](https://uspost.moomoo.com/news-editor-imgs/20240815/public/17236957284863399833927.png)
Financial Overview
財務總覽
The company's financial performance has consistently improved, with revenue rising from RM7.84 billion in FYE 2021 to RM9.21 billion in FYE 2023. This equates to a compound annual growth rate (CAGR) of approximately 8.41% over the three-year period. Gross Profit (GP) has also seen a notable increase, climbing from RM756 million to RM841.45 million, representing a CAGR of about 5.50%, indicating a robust expansion in profitability.
在2024年的財政期結束時,該公司的財務業績繼續反映出其堅實的財務進展和增長。這一時期的營業收入爲24.2億令吉,毛利潤爲2,3924萬令吉,稅前利潤爲1,7847萬令吉,利潤後稅爲1,3315萬令吉。
Profit Before Tax (PBT) has remained relatively stable, slightly declining from RM561.82 million in FYE 2021 to RM538.21 million in FYE 2023. Similarly, Profit After Tax (PAT) attributable to the owners of the Company has experienced a slight decrease from RM419.09 million to RM400.23 million.
SSSG,即同店銷售增長,是零售中用於衡量經營已開業一定時間(通常一年或更長時間)的連鎖店的銷售增長的關鍵績效指標。它是通過將當期這些店鋪的銷售額與前期這些店鋪的銷售額進行比較來計算的,排除新開或關閉店鋪的影響。
For the financial period end (FPE) 2024, the company's financial performance continues to reflect its solid financial progress and growth. Revenue for this period is at RM2.42 billion, with Gross Profit (GP) at RM239.24 million. Profit Before Tax (PBT) is RM178.47 million, and Profit After Tax (PAT) is RM133.15 million.
根據招股說明書中的數據,SSSG從2021財政年度的3.7%穩步增加到2023財政年度的6.2%,表明現有店鋪銷售在穩步增長。這是企業長期發展的積極標誌,它表明公司通過提高店鋪效率和優化運營,實現增長,而不僅僅依靠開新店來增加銷售。
According to the data in the Prospectus, SSSG has shown a steady increase from 3.7% in FYE 2021 to 6.2% in FPE 2023, indicating a consistent growth in sales for existing stores. This is a positive sign for the long-term development of the business as it demonstrates the company's ability to achieve growth through improving individual store efficiency and optimizing operations rather than solely relying on opening new stores to increase sales.
根據招股書的數據,從2021財年的3.7%到2023財年的6.2%,SSSG呈現穩步增長,表明現有店鋪的銷售額持續增長。這是業務長期發展的一個積極表現,它展示了公司通過提高個體店鋪的效率和優化運營能力來實現增長,而不僅僅依靠開設新店鋪來增加銷售額的能力。
SSSG, or Same Store Sales Growth, is a key performance indicator used in retail to measure the growth of sales for stores that have been open for a certain period of time, typically one year or more. It is calculated by comparing the sales of these stores in the current period to the sales of the same stores in the previous period, excluding the impact of newly opened or closed stores.
馬來西亞的雜貨零售業經歷了擴張,從2018年的693億令吉增長到2022年的727億令吉,複合年增長率爲1.2%。值得注意的是,與前一年相比,2022年增長率高達19.2%。
![](https://uspost.moomoo.com/news-editor-imgs/20240815/public/17236957869807770579288.png)
Industry Overview
行業概述
The grocery-based retail industry in Malaysia has experienced expansion, as evidenced by the rise in sales value from RM69.3 billion in 2018 to RM72.7 billion in 2022, at a CAGR of 1.2%. Notably, there has been a substantial growth rate of 19.2% in 2022 compared to the previous year.
迷你市場行業的增長也預計將由連鎖零售商拓展推動,這些連鎖零售商正在推動雜貨採購體驗的現代化。現代化的雜貨店爲消費者提供舒適的購物體驗。
![](https://uspost.moomoo.com/news-editor-imgs/20240815/public/1723694680844539159105.png)
Moving forward, the grocery-based retail industry in Malaysia is projected to continue growing from 2022 to 2027. This growth will be driven by population growth and a resilient economic outlook, which lead to higher income and expenditure by households. These are key factors supporting the growth of the grocery-based retail industry. However, the grocery-based retail industry may face challenges due to inflationary pressures, which can lead to consumers becoming more price sensitive.
未來,馬來西亞以食品雜貨爲基礎的零售行業預計將從2022年持續增長到2027年。這種增長將受到人口增長和堅韌的經濟前景的推動,帶動家庭收入和支出的增加。這些都是支持零售行業增長的關鍵因素。然而,食品雜貨零售業可能面臨通貨膨脹的壓力,這可能導致消費者變得更加價格敏感。
![](https://uspost.moomoo.com/news-editor-imgs/20240815/public/17236946800037071166451.png)
In 2022, grocery-based retailers held a significant share of the total store-based retail sales in Malaysia, accounting for 30.3%. Within the grocery-based retail sector, mini-markets have emerged as a rapidly expanding industry segment in terms of market share, larger than other grocery segments, capturing a growing market share of 29.3% in 2022, compared to 23.7% in 2018.
2022年,基於雜貨的零售商在馬來西亞的零售銷售總額中佔據了重要份額,達到了30.3%。在基於雜貨的零售業板塊中,迷你市場已成爲市場份額迅速擴張的行業板塊,比其他雜貨板塊更大,2022年市場份額上升至29.3%,而2018年僅爲23.7%。
The growth of the mini-markets industry is also expected to be driven by the expansion of chain retailers which are contributing to the modernisation of the grocery purchasing experience. Modern grocery stores provide consumers a comfortable shopping experience.
小型超市行業的增長也預計將受到連鎖零售商的推動,這些連鎖零售商正在推進雜貨採購體驗的現代化。現代化的雜貨店爲消費者提供舒適的購物體驗。
![](https://uspost.moomoo.com/news-editor-imgs/20240815/public/17236950827995730064490.png)
Utilisation of proceeds
募集所得資金的利用
Based on the IPO Price of RM1.65, the total gross proceeds of RM660.0 million from the public issue will be used by the company in the following manner:
按照每股1.65令吉的發行價,從公開發售中獲得的總共6600萬令吉將由公司按照以下方式使用:
![](https://uspost.moomoo.com/news-editor-imgs/20240815/public/17236951448335396483092.png)
Outlet and DC expenditure: The company intends to allocate approximately RM591.6 million, which represents 89.6% of its budget, to expand the outlet network, upgrade equipment in existing outlets, and invest in enhancing logistics capabilities. These investments aim to sustain and improve efficiency in supporting their expanding network and product range.
Repayment of existing bank borrowings: As of the LPD, the Group's existing bank borrowings totaled approximately RM51.5 million. The company intends to use RM45 million, which is about 6.8% of the total gross proceeds from their Public Issue, to repay 14 term loan facilities with Alliance Bank Berhad, CIMB Bank Berhad, Hong Leong Bank Berhad, and RHB Bank Berhad.
Establishment of a COE for software solutions: The company estimate that approximately RM23.4 million, which is about 3.6% of the total gross proceeds, will be utilized for their listing expenses.
銷售點和配送中心支出:公司打算分配約59160萬令吉,即其預算的89.6%,用於擴大銷售點網絡、升級現有銷售點設備,以及投資於提高物流能力。這些投資旨在維持和提高其擴展網絡和產品範圍的效率。
現有銀行借款的償還:截至上市日,集團現有銀行借款總額約爲RM5150萬。公司打算使用RM4500萬,即來自公開募股總募集款項的約6.8%,償還聯合銀行有限公司,聯昌銀行有限公司,香格里拉銀行有限公司和RHB銀行有限公司的14個期限貸款。
建立軟件解決方案中心:公司估計將用約2340萬令吉,即總募集資金的約3.6%,用於上市支出之用。