Thursday, 21 July 2011

Malacca Trust Limited

Malacca Trust Company ("the Company") is offering 85m new shares at $0.22 each for a Catalist listing. (2m via public and 83m via placement). The Company is an established Indonesia-based financial services group. The Company specializes in consumer financing, asset management and securities brokerage. The IPO will close on 22 July at 12pm.


From FY2008 to FY2010, the operating income grew from IDR 107.1 billion to 186.1 billion and the profit attributable to shareholders grew from IDR 20.7 billion to IDR 52.3 billion.  Assume and exchange rate of S$1 to IDR 7000, the revenue for FY2010 was S$26.6m and the profit was S$7.47m.


After the IPO, the NTA of the company is worth about 14.37 cents. Assuming the service agreement was in place and based on the enlarged share capital, the company listed at an historical PER of 12.7x.  The market cap at IPO price is S$76.3 million and the Company intends to use the net proceeds of $16.7m to repay bank borrowings.


The directors intend to recommend and distribute cash dividends not less than 10% of its net profit attributable to shareholders for FY2011.  Investors who are keen in the financial sector of Indonesia may want to have an exposure in this counter. Given the low price of 22 cents and the small float and with increased investors interest in the bullish Indonesian economy, my personal view is that the downside is most probably limited. However, the low public float of 2m shares probably mean it will be tough to get any allocation from the ATM.

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