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Tanah Makmur (TMK MK) Not Rated Agriculture - Plantation Target Price: NA Market Cap: MYR497.7M IPO Price: MYR1.25

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Tanah Makmur (TMK MK) Not Rated Agriculture - Plantation Target Price: NA Market Cap: MYR497.7M IPO Price: MYR1.25 IPO Note, 16 July 2014 Tanah Makmur (TMK MK) Not Rated Agriculture - Plantation Target Price: NA Market Cap: MYR497.7m IPO Price: MYR1.25 Macro Risks 2 Growing Into Prosperity Growth . 2 0 Value . 02 0 . 02 0 Tanah Makmur, a Pahang-based palm oil player with exposure to . 0 property development and bauxite mining, will be listed on the Main 0 Market on 17 July. Earnings growth prospects are driven by the 0 company’s well-planned expansion strategy for the next few years. This is expected to spur earnings from all its business segments. We estimate the value of the stock at MYR1.74, based on 10x FY15F P/E. Key investment highlights. Tanah Makmur is a palm oil company based in Pahang with a planted acreage of 17,969ha. We project for the company to post an approximately 24% earnings compound annual growth rate (CAGR) over the next two years. This will be underpinned by the capacity expansion of its oil mill, improving fresh fruit bunches (FFB) yield, future property launches and a new stream of income from its bauxite mining business. Investors should expect a decent dividend yield of 4.1%, since management intends to adopt a dividend policy of paying out a minimum of 30% of net profit. Royal links. Tanah Makmur has close ties to Pahang’s royal family as well as the State Government. The crown prince of Pahang and his family, via TAS Industries SB, have the largest stake in the company (26.2% in total). The state’s Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang (LKPP) agency holds the second largest stake (20.0%). The company’s strong relationship with these parties has allowed it to Avg Turnover (MYR/USD) na enjoy continuous support from the State Government, particularly with Cons. Upside (%) na regards to land matters. 52-wk Price low/high (MYR) na MYR1.74 FV, with a potential 39% upside. We value Tanah Makmur at Free float (%) 33.9 MYR1.74, which is based on 10x FY15F P/E. We derive the target P/E Share outstanding (m) IPO expected on 17 July with by applying a 10% discount to the 11.2x average multiple of its peers. an offering of 101,590,000 This is due to the company’s smaller landbank and lower market shares (representing 25.51% of capitalisation when compared to peers such as Far East Holdings (FEH its enlarged issued and paid up MK, NR), Kim Loong Resources (KIML MK, NR), Sarawak Plantation capital) (SPLB MK, NR) and United Malacca (UMR MK, NR). Shareholders (%) LKPP 20.0 Risks: Reliance on foreign workers; Tanah Makmur’s plantation Tengku Abdullah Ibni Sultan 13.7 business is labour intensive. The company relies heavily on foreign Hj Ahmad Shah labour, primarily Indonesian workers. Any shortage of workers may TAS Industries 12.5 affect the operations at the company’s plantation estates. Unfavourable weather conditions; Insufficient rainfall or, conversely, excessive downpour that can cause flooding can adversely affect the quantity of Shariah compliant FFB harvested and lower yields. Other risks include the outbreak of diseases or damage to its oil palm trees at its plantations could also Hoe Lee Leng +603 9207 7605 disrupt production. [email protected] Forecasts and Valuations Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F Commodity price fluctuations. As is with commodities, CPO and PK Malaysia Research +603 9207 7688 Totalprices turnover are (MYRm) also influenced by cyclical282 factors208 and are243 prone303 to market319 [email protected] Reportedvolatility. net profit Observation (MYRm) s based on 80.6the MPOB62.5’s published42.9 figures62.8 show67.4 Recurringthat annual net profit average (MYRm) CPO prices have80.6 risen62.5 as high42.9 as MYR62.83,219/tonne67.4 Recurringin 2011 net and profit dropped growth (%) to as low as MYR0.0 1,394/t(22.5)onne(31.4) in 2005 46.4 7.3 Recurring EPS (MYR) 0.47 0.16 0.11 0.16 0.17 DPS (MYR) 0.00 0.00 0.00 0.05 0.05 Return on average equity (%) 0.0 21.8 13.6 18.0 16.5 Net debt to equity (%) 9.9 1.2 2.9 9.7 13.0 Our vs consensus EPS (adjusted) (%) (2.8) (2.6) Source: Company data, RHB estimates TM See important disclosures at the end of this report Powered by EFA Platform 1 Tanah Makmur (TMK MK) 16 July 2014 IPO Details Main Market listing. Tanah Makmur is set to list on the Main Market of Bursa Malaysia on 17 July with an offering of 101,590,000 shares. This represents 25.51% of its enlarged issued and paid up capital. Based on the IPO price of MYR1.25/share, the company’s total market capitalisation will be MYR497.7m. Tanah Makmur expects to raise about MYR65.18m from the public issue. Of the proceeds, 43.73% will be utilised to fund its new estate development. This includes new field developments at Ladang Ulu Lepar and Ladang Alur Seri, and the replanting activities at its plantations at Ladang Charuk Puting, Ladang Sungai Sering and Ladang Empang Jaleh. All of the company’s plantation acreage is in Pahang. Of the remaining balance of the proceeds, 20.06% has been earmarked for the repayment of bank borrowings, 19.95% for infrastructure works at its KotaSAS township, 8.59% for listing expenses and 7.67% for the expansion of its palm oil mill in Pekan, Pahang. The plant’s current annual capacity is 187,200 tonnes per annum. Figure 1: Utilisation of proceeds Details of utilisation of proceeds Amount of total proceeds Percentage of total raised (MYR) proceeds raised Estate development 28,500,000 44% Palm oil mill expansion 5,000,000 8% Infrastructure works at the KotaSAS Township 13,000,000 20% Repayment of bank borrowings 13,075,000 20% Listing expenses 5,600,000 9% Total gross proceeds 65,175,000 100% Source: Company prospectus Company Background Introduction. Tanah Makmur was primarily an oil palm plantation company before it expanded to include palm oil milling, property development and the ancillary business of mining for bauxite. The company is currently operating in Pahang only. All its oil palm plantation estates and its township development – KotaSAS – are located in Pahang. Historically, all of its plantation business was held by Kurnia Setia Bhd, a company that was previously listed by LKPP on the Malaysia Stock Exchange on 1 Dec 1984. In 2009, Tanah Makmur offered to acquire the entire business and undertakings – including all assets and liabilities – of Kurnia Setia, which resulted in the privatisation of the latter. This exercise was completed in 2010 and Kurnia Setia was officially delisted on 21 Dec of that year. Figure 2: Tanah Makmur’s plantation estates and palm oil mill Source: Company prospectus See important disclosures at the end of this report 2 Tanah Makmur (TMK MK) 16 July 2014 Plantation business. Tanah Makmur currently operates 13 plantation estates in Pahang with an aggregate plantation land acreage of 17,969ha. Of this, 65% is self- owned and the remaining 35% is leased from LKPP, a Pahang State Government body that holds a 20% stake in the company. In FY13, Tanah Makmur’s estates produced about 232,605 tonnes of FFB. These were sold to the company’s own palm oil mill (49.2% of the total produced, which were supplied by seven of its estates), third-party traders and other millers. Tanah Makmur believes that by having its own mill, higher oil extraction rate (OER) is achievable due to better control of the milling process. Easy access to the mill and its strategic location helps ensure timely delivery of the FFB, which, in turn, allows for quick processing post harvesting. Tanah Makmur ventured into downstream activities with the production of CPO, palm kernel (PK) and compost fertiliser in July 2012. Property development. Tanah Makmur ventured into the property development business in 2008. This was undertaken in order to maximise the potential value of its land via the commencement of its maiden township development called KotaSAS in Kuantan, Pahang. The project is being developed on part of the company’s Ladang Bukit Goh estate and measures approximately 1,500 acres. KotaSAS’ development is slated to span over the next 15 years. Ancillary to this business, Tanah Makmur has also commenced mining bauxite after obtaining the necessary licenses. This business came about when it discovered bauxite deposits while clearing land for its property development initiative. The mining will be undertaken for a 3-year period, subject to renewal of the necessary licenses. Figure 3: Tanah Makmur’s group structure Tanah Makmur Property Plantation development Kreatif Alur SJ Palm Oil Alur Kreatif Kreatif Sinar Alur Seri KotaSAS Selaras Kurnia Setia Cemerlang Mill Gemilang Selaras Land Gabungan 100% 60% 100% Mining 100% 100% 60% 100% 65% 60% Tanah Kurnia Setia Kurnia Setia KotaSAS Alur Lestari Makmur Engineering Trading OMNI 70% KotaSAS 100% 100% 65% 60% Source: Company prospectus Figure 4: Tanah Makmur's board of directors Name Age Designation Tengku Tan Sri Mariam bt Sultan Ahmad Shah 59 Non-independent non-executive director Tengku Dato' Zubir bin Tengku Dato' Ubaidillah 52 Managing director Tengku Dato' Ahmad Faisal bin Tengku Ibrahim 48 Non-independent non-executive director Dato' Wan Bakri bin Wan Ismail 60 Non-independent non-executive director Tan Sri Dato' Sri Abdul Aziz bin Abdul Rahman 68 Independent non-executive director Dato' Cheong Keap Tai 66 Independent non-executive director Dato' Dr Zaha Rina bt Zahari 53 Independent non-executive director Dato' Thavalingam A/L C Thavarajah 49 Independent non-executive director Darawati Hussain bt Dato' Seri Abdul Latiff 45 Independent non-executive director Tengku Dato' Uzir bin Tengku Dato' Ubaidillah 55 Alternate director Source: Company prospectus See important disclosures at the end
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