OB Holdings (OBH) primarily manufactures fortified food and dietary supplements under various house brands, as well as for third-party brand owners. The group also provides contract packing services for products such as milk powder, tea leaves, honey, herb powder, fruit powder, and liquid chlorophyll.
The IPO entails a public issue of 120.0mn new shares and no offer for sale. Collectively, these share offers account for 30.64% of the group’s enlarged issued share capital.
1. End-to-end Manufacturing Services
2. Longstanding Business Relationships with Customers
3. Fast-growing House Brand with a Diverse Array of Sales and Distribution Channels
Based on an IPO price of RM0.24/share, OBH is valued at a PER of 17.1x FY24 EPS. We assign a fair value of RM0.27/share to OBH, using a PER of 12.4x for its CY25 EPS, which aligns with the simple average PER of comparable companies in the F&B sector. Not Rated.
Source: TA Research - 9 Oct 2024
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