Thong Guan Can Focus On Core After Exiting From F&B Business
Thong Guan Can Focus On Core After Exiting From F&B Business
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.
Thong Guan正在關聯交易中以6000萬令吉的現金將其整個餐飲板塊出售給大股東，使其能夠釋放價值。Kenanga說，此舉將使TGUAN能夠加強對高利潤塑料產品和在印度尼西亞擴張的關注，這主要是戰略性的。該公司表示，鑑於估值爲9倍（介於TGUAN的11倍目標市盈率和TGUAN當前市場交易的6至8倍之間），該交易是中性的。由於此次出售須經股東在股東大會上批准，Kenanga分析師目前尚未對收益預測進行任何變動，並維持2.58令吉的目標和跑贏大盤的看漲期權。
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.
該集團宣佈提議出售其在Syarikat Thong Guan Trading SDNbHD的全部股權。
(STGT) 包括其子公司，總現金對價爲6000萬令吉。買家Forest Equals Sdn Bhd（FESB）是TGUAN的主要股東，直接持有37.03％的股份。由於利益重疊，根據馬來西亞證券交易所的主要市場上市要求，該交易被歸類爲關聯方交易。值得注意的是，TGUAN的主要董事和股東，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間接權益。已聘請了一位獨立顧問，以確保非利益股東的公平性和透明度。
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:
該交易涉及總現金對價爲6000萬令吉，在簽署股票銷售協議（SSA）時預付600萬令吉的預付款，5400萬令吉的餘額在完成時支付。預計將在 1QCY25 中完成，此次出售尚待股東和監管部門的批准。現金結算消除了與延期相關的不確定性
支付並增強TGUAN的財務確定性。6000萬令吉的出售對價由FHMH Corporate Advisory進行了評估，該公司採用了兩種估值方法：
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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.
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價格爲6000萬令吉，處於RVA區間內，比RNAV高出46.95％。此外，此次出售的定價爲STGT尾隨市盈率（PE）的9.39倍，低於上市食品和飲料同行13倍的平均市盈率。考慮到STGT在23財年對該集團的收入貢獻爲5.24％，稅後利潤（PAT）爲6.97％，定價似乎公平合理。
譯文內容由第三人軟體翻譯。
