TSA Group Bhd (TSA) is principally involved in the distribution and supply of ferrous and non-ferrous metal and other industrial hardware products, and manufacturing and processing of stainless steel pipes and other metal products.
The IPO entails a public issue of 77,325,000 new ordinary shares at an IPO price of RM0.55/share.
1. Established stainless steel player;
2. Able to offer a wide range of products; and
3. Extensive distribution network with large customer base.
At an IPO price of RM0.55/share, TSA is priced at a trailing PER of 5.5x FY22 core EPS. We value the company at 10x CY25 EPS, arriving at a fair value of RM0.63/share.
Source: TA Research - 16 Jan 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024