MST (IPO RM0.81): MST Golf has more than 30 years experience in providing golf retail and service to its clients. They have ventured into an retail experience concept and provide golfing experience to new players in its own outlet. We believe the expansion plan into other regions such as Indonesia, Thailand and Vietnam may bring in decent profits, but at later stage in 2025-2026. In the very near term, the growth will rely on their own members, which is near to 100k active members.
Since the growth will take some time to materialise, thus the current IPO price of RM0.81, translating to PE of 25x could be seen slightly pricey.
The forward PE roughly will be 17-20x, which may be considered fair at this point in time, providing little upside to the stock.
Nevertheless, I have heard it on the grapevine, that the institutional funds are having decent interest in the stock, could be seeing some oversubscription in the insti blocks.
-M+ Analyst
Target Price : Fair value could be seen near RM0.90-1.00, based on back of the enveloped calculation.
my view
sy suka kalau stock dalam niche menarik.. Tiada competitor dan leader kepada GOLF industry. Tapi utk industry sector.. Company ni dlm Industry Consumer dan Golf is not an essential products. So ada risk juga kat situ..
Price offer might be fair value of the company dan listing pun dekat Main Market.. Saya juga Neutral on this IPO tp slightly biased upside sbb company ada banyak assets dan leader dlm niche golf.. As in, based on reputation, It is a well known brand dalam kalangan Golfers. Syarikat juga ada manufacture clubs and golf products utk brand besar luar negara.