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KUALA LUMPUR: PublicInvest Research has derived a fair value of 40 sen for ACE Market-bound instant beverage premix manufacturer Orgabio Holdings Bhd.

“We derive a fair value of 40 sen based on a circa 10x PE multiple to its FY23F EPS of 4.0sen. The IPO is expected to raise approximately RM30mil from the issuance of 96.7 million new shares,” the research house said in a report.

Orgabio is scheduled to make its debut on the ACE Market of Bursa Malaysia on July 5.

The company is issuing 96.7 million new shares, representing 39% of the enlarged capital, at an issue price of 31 sen per share. Pursuant to the IPO listing, the company’s market capitalisation is RM76.8mil.

PublicInvest noted that currently there isn’t any other listed industry player in the same business space as Orgabio.

“We ascribe a circa 50% discount to Bursa Malaysia’s consumer products and services index 5- year average PE multiple of c. 20.6x, taking into account its relatively *** aller market capitalization in the industry.

“Catering for future business growth, the planned increase in Orgabio’s manufacturing capacity will enable the group to take on new customers and more large orders arising from its plans to grow its customer base in the direct selling segment, expanding its export sales together with the range of product offerings and market presence of its house brands,” it said.

PublicInvest said that post-IPO, Orgabio’s gross gearing ratio will improve from 0.62 times (as at Dec 31, 2021) to 0.27 times.

The research house said Orgabio’s growth will be dependent on the construction of a new factory; purchase of new machinery; enlargement of customer base; expansion of its export sales; and expansion of its house brand’s product offerings and market presence.

Among its competitive strength include the proposition and provision of customised formulations for instant beverage premixes; provision of end-to-end solutions pertaining to the manufacturing of instant beverage premixes; established track record of long-standing relationships with its notable customers; accreditation with various certifications as a testament; and experienced and hands-on management team.

PublicInvest said Orgabio’s key drivers may include the growing need for convenient instant beverage premixes, trending engagement with contract manufacturers, continuous growth in global export demand for coffee extracts, and government initiatives in promoting the food manufacturing industry.

The research house noted that between 6MFY21 and 6MFY22, Orgabio’s cost per unit of coffee powder increased at an average of 4.73%, milk powder at an average of 2.04%, creamer at an average of 6.35%, sugar at an average of 14.41% and sachet foils at an average of 9.83%.

“Orgabio’s gross profit margins recorded during 6MFY22 was 18.56% which is lower as compared with its past gross profit margins of between 25.63% and 36.15%. This was despite recording revenue of RM34.84mil, which is higher than the revenue of RM29.33mil recorded for 6MFY21,” it said.