Based on the Prospectus notes of GAS MALAYSIA BERHAD (GASMSIA) from Bursa Malaysia,
page 159: Historical audited consolidated Financial information: profit after tax (PAT) in 2011 is around RM229million.
Next, go to page 187: 12.4 Proforma consolidated balance sheets: Proforma II - After proforma I and IPO: total number of share is 1,284million.
Based on these two informations, we can get EPS of GASMSIA = 17.83sen.
Since the IPO price for retailer is RM2.20, PE = 2.2/0.1783 = 12.34.
NTA = RM0.71.
Compared to KENCANA PETROLEUM BERHAD PE, GASMSIA looks more attractive.
However, can GASMSIA maintains or even grow its EPS in future? More investigation and time are needed.
That's all for today. More fascinating articles and sharing will be updated from time to time in Xaivier Blog. So, you are welcome to subscribe our feed, look at our sitemap or simply visit our Homepage.
Written by: Xaivier Chia
=================================== From Bursa Malaysia
INITIAL PUBLIC OFFERING OF 333,840,000 ORDINARY SHARES OF RM0.50 EACH IN GAS MALAYSIA BERHAD (“GMB”) (“OFFER SHARES”):
I. THE INSTITUTIONAL OFFERING OF 303,315,000 OFFER SHARES TO INSTITUTIONAL AND SELECTED INVESTORS AND BUMIPUTERA INSTITUTIONAL AND SELECTED INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL
TRADE AND INDUSTRY AT THE INSTITUTIONAL PRICE TO BE DETERMINED BY WAY OF BOOKBUILDING (“INSTITUTIONAL PRICE”), PAYABLE IN FULL UPON ALLOCATION; AND
II. THE RETAIL OFFERING OF 30,525,000 OFFER SHARES TO THE MALAYSIAN PUBLIC, ELIGIBLE DIRECTORS AND EMPLOYEES OF GMB AT THE OFFER PRICE OF RM2.20 PER OFFER SHARE; BEING THE INITIAL PRICE PAYABLE BY THE APPLICANTS (“RETAIL PRICE”),
SUBJECT TO CLAWBACK AND REALLOCATION PROVISIONS IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR ALL THE ISSUED AND PAID-UP ORDINARY SHARES OF GMB ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD.
THE RETAIL PRICE IS PAYABLE IN FULL UPON APPLICATION AND IS SUBJECT TO A REFUND OF THE DIFFERENCE IN THE EVENT THAT THE FINAL RETAIL PRICE IS LES THAN THE RETAIL PRICE.
THE FINAL RETAIL PRICE WILL EQUAL THE LOWER OF:
I. THE RETAIL PRICE OF RM2.20 PER OFFER SHARE; AND
II. THE INSTITUTIONAL PRICE.
page 159: Historical audited consolidated Financial information: profit after tax (PAT) in 2011 is around RM229million.
Next, go to page 187: 12.4 Proforma consolidated balance sheets: Proforma II - After proforma I and IPO: total number of share is 1,284million.
Based on these two informations, we can get EPS of GASMSIA = 17.83sen.
Since the IPO price for retailer is RM2.20, PE = 2.2/0.1783 = 12.34.
NTA = RM0.71.
Compared to KENCANA PETROLEUM BERHAD PE, GASMSIA looks more attractive.
However, can GASMSIA maintains or even grow its EPS in future? More investigation and time are needed.
That's all for today. More fascinating articles and sharing will be updated from time to time in Xaivier Blog. So, you are welcome to subscribe our feed, look at our sitemap or simply visit our Homepage.
Written by: Xaivier Chia
=================================== From Bursa Malaysia
INITIAL PUBLIC OFFERING OF 333,840,000 ORDINARY SHARES OF RM0.50 EACH IN GAS MALAYSIA BERHAD (“GMB”) (“OFFER SHARES”):
I. THE INSTITUTIONAL OFFERING OF 303,315,000 OFFER SHARES TO INSTITUTIONAL AND SELECTED INVESTORS AND BUMIPUTERA INSTITUTIONAL AND SELECTED INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL
TRADE AND INDUSTRY AT THE INSTITUTIONAL PRICE TO BE DETERMINED BY WAY OF BOOKBUILDING (“INSTITUTIONAL PRICE”), PAYABLE IN FULL UPON ALLOCATION; AND
II. THE RETAIL OFFERING OF 30,525,000 OFFER SHARES TO THE MALAYSIAN PUBLIC, ELIGIBLE DIRECTORS AND EMPLOYEES OF GMB AT THE OFFER PRICE OF RM2.20 PER OFFER SHARE; BEING THE INITIAL PRICE PAYABLE BY THE APPLICANTS (“RETAIL PRICE”),
SUBJECT TO CLAWBACK AND REALLOCATION PROVISIONS IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR ALL THE ISSUED AND PAID-UP ORDINARY SHARES OF GMB ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD.
THE RETAIL PRICE IS PAYABLE IN FULL UPON APPLICATION AND IS SUBJECT TO A REFUND OF THE DIFFERENCE IN THE EVENT THAT THE FINAL RETAIL PRICE IS LES THAN THE RETAIL PRICE.
THE FINAL RETAIL PRICE WILL EQUAL THE LOWER OF:
I. THE RETAIL PRICE OF RM2.20 PER OFFER SHARE; AND
II. THE INSTITUTIONAL PRICE.
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