FARM FRESH BERHAD
KLSE (MYR): FFB (5306)
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Last Price
1.82
Today's Change
+0.02 (1.11%)
Day's Change
1.80 - 1.83
Trading Volume
2,357,900
IPO Info
Offer Period
Opening
2022-02-28
Closing
2022-02-28
Time Table
Allotment Date
2022-03-18
Listing Date
2022-03-22
Price
Issue Price
1.35
Units
1,857,954,837
Share Capital
388,768,641.000
No of Shares
Public Issue
222,954,700
Offer for Sale
520,227,200
Private Placement
687,443,200
Issuing House
TIIH - 716
ISIN Code
123
Prospectus:
INITIAL PUBLIC OFFERING ("IPO") OF UP TO 743,181,900 ORDINARY SHARES ("IPO SHARES") IN FARM FRESH BERHAD ("FARM FRESH") IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR THE ENTIRE ENLARGED ISSUED SHARE CAPITAL OF FARM FRESH ("SHARES") ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD COMPRISING AN OFFER FOR SALE OF UP TO 520,227,200 EXISTING SHARES ("OFFER SHARES") AND A PUBLIC ISSUE OF 222,954,700 NEW SHARES ("ISSUE SHARES") INVOLVING: (I) INSTITUTIONAL OFFERING OF UP TO 687,443,200 IPO SHARES TO MALAYSIAN AND FOREIGN INSTITUTIONAL AND SELECTED INVESTORS, INCLUDING BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY, MALAYSIA AT THE INSTITUTIONAL PRICE TO BE DETERMINED BY WAY OF BOOKBUILDING ("INSTITUTIONAL PRICE"); AND (II) RETAIL OFFERING OF 55,738,700 ISSUE SHARES TO THE DIRECTORS OF FARM FRESH AND ITS SUBSIDIARIES ("GROUP"), ELIGIBLE EMPLOYEES OF THE GROUP, PERSONS WHO HAVE CONTRIBUTED TO THE SUCCESS OF THE GROUP AND THE MALAYSIAN PUBLIC AT THE RETAIL PRICE OF RM1.35 PER ISSUE SHARE ("RETAIL PRICE"), PAYABLE IN FULL UPON APPLICATION AND SUBJECT TO REFUND OF THE DIFFERENCE BETWEEN THE RETAIL PRICE AND THE FINAL RETAIL PRICE (AS DEFINED IN THIS PROSPECTUS) IN THE EVENT THAT THE FINAL RETAIL PRICE IS LESS THAN THE RETAIL PRICE, SUBJECT TO THE CLAWBACK AND REALLOCATION PROVISIONS AND THE OVER-ALLOTMENT OPTION (AS DEFINED IN THIS PROSPECTUS), THE FINAL RETAIL PRICE WILL BE EQUAL TO THE LOWER OF: (A) THE RETAIL PRICE OF RM1.35 PER ISSUE SHARE; OR (B) THE INSTITUTIONAL PRICE.
Farm Fresh - Prospectus (Part 1).pdf
Farm Fresh - Prospectus (Part 2).pdf
Discussions
6 people like this. Showing 50 of 1,286 comments
FFB: Positioned for a New High? - KingKKK
https://klse.i3investor.com/web/blog/detail/bestStocks/2024-09-10-story-h468352406-FFB_Positioned_for_a_New_High_KingKKK
2024-09-10 09:55
Farm Fresh Bhd’s growth prospects remain robust, underpinned by its increasing market presence.
Also working in the company’s favour are easing raw material prices and favourable foreign-exchange (forex) rates, which contribute to stronger profitability and operational resilience.
RHB Research has reiterated its “buy” recommendation for Farm Fresh, raising its target price to RM2.11 per share from RM1.88 previously.
This followed the brokerage’s upward revision of its earnings forecasts for Farm Fresh by 5% each for financial year ending March 31, 2026 (FY26), and FY27 to account for revised in-house forex assumptions and higher minimum wage.
“We believe Farm Fresh will continue to leverage on its established brand equity to penetrate more markets, thereby fuelling the relentless top-line growth.
“Meanwhile, easing raw material prices and favourable forex will translate to more margin expansion,” RHB Research wrote in its report yesterday.
“Our positive stance is premised on the visible and long runway for growth, more consistent earnings delivery, and management’s ambitious vision, which should warrant a valuation premium,” it added.
Farm Fresh recently launched its in-house consumer-packaged goods (CPG) ice cream brand – Cream Hauz.
RHB Research pointed out that its ground checks suggest the initial reception had been positive.
“With more products in the pipeline, the group aims to capture a 5% share in CPG ice cream market worth more than RM1.2bil by 2025.
“Its strategy to diversify offerings in the dairy product market (by leveraging on its brand equity and healthier option value) could bear significant fruit once again,” the brokerage explained.
Concurrently, Farm Fresh is also eyeing a share in the lucrative chocolate malt beverage market worth RM1bil.
It launched a powder variant in July and has plans to roll out ready-to-drink products in 2025, RHB Research noted.
Additionally, it plans to sustain its hotel, restaurant and café/catering (Horeca) segment’s strong sales growth by offering new butter products.
Outside Malaysia, Farm Fresh recently commenced production in the Philippines after establishing a presence and brand- building via imports earlier.
RHB Research said with Farm Fresh’s gross profit margin staying above 30% in the last three quarters, there could be more upside for the company, going forward.
“This is as the lower-priced whole milk powder and raw milk are reflected in subsequent quarters,” it said.
Farm Fresh’s earnings jumped four-fold to RM26mil in the first quarter ended June 30, 2024, from RM6.4mil in the corresponding quarter last year.
Its earnings per share increased to 1.39 sen from 0.34 sen previously.
The increase in earnings was mainly attributable to higher revenue and lower raw material prices.
During the quarter under review, the group’s revenue rose 30.3% year-on-year to RM241.7mil on sales contribution from new products, higher sales from the Horeca distribution channel, as well as full-quarter contribution from The Inside Scoop Sdn Bhd and Sin Wah Ice Cream Sdn Bhd.
1 month ago
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥
Farm Fresh
Market cap 3.5B Earnings 83.15M PE 42.12
Dutch Lady
Market cap 1.94B Earnings 88.32M PE 21.97
1 month ago
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥
Assuming the PE for this sector is 20.
The market is pricing Farm Fresh at a hefty price, in anticipation of future growth.
On the other hand, which has the better reward : risk profile today, as an investment?
All investing is always value investing. :-)
1 month ago
Excellent Q2 performance !! They declare RM0.01 dividend also
https://www.thestar.com.my/business/business-news/2024/11/28/farm-fresh-2q-net-profit-surges-to-rm262mil
3 weeks ago
FGV calls off shareholders’ agreement to develop RM4.5 bil dairy farm business in Perlis=> less competition for FFB
1 week ago
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Kevin Tam
When will this overpriced Farm Fresh drop back to Rm1. 00.....One of the most expensive consumer stock in South East Asia..
2024-07-30 20:23