KUCINGKO BERHAD
KLSE: KUCINGKO (0315)
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2024-07-17
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Company Profile
Description:
Kucingko Berhad, incorporated in Malaysia on March 23, 2023, as Kucingo Sdn Bhd, changed its name to Kucingko Sdn Bhd on July 24, 2023. The company converted to a public limited company on September 11, 2023, and adopted its current name to facilitate its listing. Kucingko Berhad is involved in 2D animation production and food services, producing animated series and short films. Its main markets are in North America, Europe, and Asia-Pacific, with an operational facility in Malaysia. The company primarily serves content owners and producers through direct channels.
Discussions
Be the first to like this. Showing 50 of 71 comments
Btw, most intellectual property owners stipulate that their vendors cannot use AI in production because it will infringe copyright
1 week ago
Generative art/videos are hard to go mainstream currently, it will never truly replace traditional art/animation.
1 week ago
2D animation is just a medium for IP owner to choose, they not necessary have stick with 2D. Like Marvel IP, it can be comic book, 3D animation, life action movie or even Ai related medium.
2D animation just a tool for them to develop and expand their IP. meaning choice is on IP owner hand, not up to 2D company decide if they can get the project.
One of the reason Disney dismissed their 2D hand drawn animation department after 3D medium became game changer for them back in 2000 era.
As far as i know, one of the client they actually related to netflix. To be fair netflix have outsource alot local content project to relevant region.
meaning, if netflix have 2D IP wanna push in Vietnam, they likely to consider Vietnam related 2D company to outsource to them. unless there no other choice.
it infringe copyright because both parties never agree in the 1st place.
who know in future like netflix or other content publisher find a company that able pull off to deliver 2D style animation by using Ai related medium with more efficient and affordable cost.
Rumor say, Disney, a 3D animation company, they been secretly developing their own Ai model to push their in-house production instead of rely on more labor force.
Guess what come next to 2D industry? take a leap or stay comfort zone.
1 week ago
I believe AI assists is possible, but not 100% rely on it... let the big animation like disney, pixar produce some result first I think. Back to market talk, kucingko as a animation company are really niche in bursa & fundamental are pretty good too, really cant see any harm not to apply
1 week ago
By the way, the PE ratio for Kucingko is 17.95x, not 18.75x. Using EPS 1.67 cents in FY2023
1 week ago
RHB analyst research is pretty on point, those that interest can take a read
https://klse.i3investor.com/web/blog/detail/rhbinvest/2024-07-05-story-h-157826670-Kucingko_From_Drawing_Board_to_Digital_Screen
1 week ago
RHB predict a core earnings 3-year CAGR of 18.3% and see the group’s recurring net profit margin hovering at 29-30% over the forecast period. Target pricce of MYR0.44 is based on target P/E of 18x on FY25F EPS, at a 24% discount to selected global peers
1 week ago
not a big fan of using min/ max numeric to evaluate a company valuation.
FYE 2023 PAT 8359 which is the "best year earning", classic ipo trick.
if so, then why not use FYE 2021 as their PBT is highest year compare other FYE?
personally i would more eye on PBT than PAT as PBT reflect their internal efficiency /cost control compare to PAT nothing much they can do about taxing.
8mil is the median number with slightly optimism that i using for evaluating, is fair enough, not the lowest neither highest.
1 week ago
My friend works in an animation and gaming production firm, he was told by his boss strictly prohibited to use Ai on production due to IP rights problems.
1 week ago
Just curious, FYE22 and FYE23 PBT not 9mil and 10mil meh? Why u say FYE 2021 PBT 8.1 mil is the highest?
1 week ago
Saw some heated discussion here. My 2 cents
- As 'Lam Ah' highlighted, all major players in town including Netflix, Hulu, Disney+, Cartoon Network had banned the use of AI for production as AI needs to be "trained" with their IP rights. Doing so inherently exposing risks of teaching AI to create another competition for themselves.
- FYE23 not exactly the "best" figure for IPO. Look at prospectus page 243, as the current FY incurred RM1.8 million in professional fee, with comparison of RM0.5 million in FY22, conservatively speaking, their PBT could increase by RM1.3 million if not for the professional fees.
- In this industry, creative (IP owner) and production is very clear cut against each other. This is like developer and contractors kind of relationship. Yes, AI can simplify the skeleton drawing (i.e. frames) but to completely replace animation studios? It's like saying AI will replace lawyers completely.
1 week ago
AI can make most jobs more efficient, but it won’t replace jobs. Anyhow, Kucingko doesn't have competitors in Bursa Malaysia
1 week ago
Subscribe ja. Tak ada pertandingan di bursa dan juga margin untung bersihnya amat handal
1 week ago
Few point taken from the interview with Kucingko Animation’s executive directors, Shi Zhenyu and Huang Guofeng.
-Both of them who have been in the animation production industry for 22 years and focusing on mid-stage production, do not oppose AI but acknowledge that AI cannot replicate the subjective experience of creators.
-The company focuses on mid-stage animation production and found the use of AI unsatisfactory in this area. Mid-stage production involves the motion aspect of animation, where they bring characters to life based on pre-set scripts and character designs.
-There are pre-set motions where computers fill in the blank frames, this is data generation, not AI.
-One of the advantage from securing clients from US entertainment giants are Malaysians’ linguistic talents which reduce communication costs compared to competitors in Korea and the Philippines while maintaining high animation quality and timely delivery at the same time
1 week ago
Just some sharing, not buy call.. personally worth a shot since its rare to find these kind of company in bursa too
1 week ago
100% I will subscribe. Better do it before 12 July if you are interested 😉 And pray hard so that can get this IPO 😊
1 week ago
first day must sell or else koyak after day 2 and day 3 like ocean fresh crash ...menangis
1 week ago
is ok this counter can ply ipo trick earn some short term money, but biz wise, need consider carefully.
is not about ai replace 2D animation, is about ai accelerate 3D animation to dominating the animation industry.
been seen this industry shuffled in and out by introducing new technology, new method to produce animation. production that heavily depending on labor force always have to catch up wit others, 2D industry never ahead.
The catch of this biz is here, they need to monitor the labor cost otherwise the profit margin is not promising.
may you see the difference.
1 week ago
give you another hint, you could try ask ur kid or anyone who watch animation content, ask them what is recent favorite cartoon / animation show. see if there is any chance that 2D is the majority ?
another way, you try flip thru all the disney+, netflix, cartoon network or any other content publisher platform. see how many 2D animation is there compare to other medium.
1 week ago
APEX Securities’ fair value assessment for Kucingko is RM0.54, representing an 80% upside from its IPO price of RM0.30
https://www.businesstoday.com.my/2024/07/09/apex-tips-kuchingko-for-rm0-54-an-80-above-ipo-price/
1 week ago
According to TA Research, it expects the group to record an earnings growth of 28.3%, 19.3% and 19.6% in the financial year 2024 (FY24), FY25 and FY26, respectively.
The growth is supported by its unbilled order book of RM23.3mil as of May 28 and the better outlook for the 2D animation production sector, it said.
6 days ago
Business is good since 2022, 2023 revenue jumped 32.9% year-on-year to RM23.5m from 2022 RM17.7m
6 days ago
Esok adalah hari terakhir untuk subscribe IPO ini. Jgn lepaskan peluang dan masa utk memohon 😉
6 days ago
RHB gives Kucingko a fair value of 44 cents
https://www.dagangnews.com/article/rhb-investment-menilai-saham-kucingko-yang-bakal-disenaraikan-di-bursa-malaysia-pada-44-sen-38689
6 days ago
Kucingko Bhd Target Price: RM0.585 with 95% Upside – Malacca Securities
For the fiscal years 2024 and 2025, KB’s topline is projected to grow to RM33.0 million and RM39.0 million, respectively. This growth is supported by an increase in personnel, enabling KB to take on more projects. Consequently, the core net profit is expected to rise by 31.2% YoY to RM11.0 million in FY24 and by 27.1% YoY to RM13.9 million in FY25, with improved margins due to the management’s strategy of taking on more complex and higher-margin jobs.
The fair value of KB is ascribed at RM0.585, derived by pegging a forward P/E of 21.0x to the FY25 EPS of 2.79 sen. This forward P/E is justified as it aligns with the average current P/E of selected international peers in the 2D animation production industry. Given the current share price of RM0.30, this represents a capital upside of 95.0% and a total return of 97.9% including the dividend return.
5 days ago
Nice, another IB gave Kucingko a good fair value. It's going to be oversubscribed more than 80 times
5 days ago
Btw, good luck for all Kucingko IPO subscribers. Let's pray hard and hope to get it
5 days ago
Kucingko Bhd, a 2D animation company, expects its topline to rise to between RM33 million and RM39 million in the financial years 2024 and 2025 (FY24/FY25). 100% will be oversubscribed more than 80x
https://www.nst.com.my/business/corporate/2024/07/1076590/listing-bound-animation-firm-kucingkos-core-earnings-grow-over
2 days ago
Tomorrow is balloting day. I will keep my fingers crossed when I am sleeping tonight 🤞🤞
2 days ago
Awesome, it's better than I expected 💪
https://www.businesstoday.com.my/2024/07/16/kucingkos-ipo-shares-oversubscribed-by-99-02-times/
1 day ago
The remaining public portion was oversubscribed 133.25 times. Hard to get this IPO already for ordinary retailers 😭
1 day ago
Fair Value of this fortune cat :
- Apex: RM0.540 🔺80%
- Mercury: RM0.540 🔺80%
- Mplus: RM0.585 🔺95%
- RHB: RM0.440 🔺47%
- TA: RM0.430 🔺43%
5 hours ago
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Like TSMC, it is just a foundry and does not participate in wafer design, but it has become the largest company in Taiwan by market value.
Similarly, like Kucingko, they help clients such as Warner Bros. and Titmouse Group with asset creation, characters, backgrounds, and animation effects that can be reused in the production process. Although the company will not be as large as TSMC, it will have the largest market value among its peers
1 week ago