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1 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, KUALA LUMPUR, MALAYSIA TEL: / FAX: NEW LISTING Friday, December 16, 2016 FBM KLCI: 1, Sector: Technology FoundPac Group Berhad Driven by Capacity Expansion Plans THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Fair Value: RM0.61 Main Market Listing Not Rated Paul Yap Tel: paulyap@ta.com.my Background FoundPac Group Berhad is a manufacturer of precision engineering parts. Parts manufactured include stiffeners, test sockets and hand lids. These products are used to facilitate the testing of ICs and are marketed to semiconductor manufacturers, OSATs, PCB design houses and fabless semiconductor companies. Its customers include notable names such as Broadcom Corporation, Qualcomm Technologies and Synergie CAD Group. Share Information Listing Main Market Enlarged Share Capital (mn) Market RM0.54 (RM mn) Par Value (RM) 0.10 Issue price (RM) 0.54 Oversubscription rate - Estimated free float (%) 35.7 Figure 1: Product Diagram Tentative Listing Dates Closing of application period Balloting of Applicants Allotments of shares Listing 19-Dec Dec Dec Dec-16 Ratio & Analysis NAV per share (post IPO) (sen) 0.16 Price to NAV(x) 3.4 Proforma Gearing (x) Net cash Source: Companies, TA Securities Utilisation of Proceeds % Purchase of PPE 37.0 Overseas expansion 18.5 Working capital 16.7 D&D expenditure 13.9 Estimated listing expenses 13.9 Table 1: Product Function Product Stiffener Test socket Hand Lid Function Acts as a docking mechanism, ensuring that PCBs remain rigid and firm in its position during testing of the ICs. The ICs are tested using ATE which the group does not manufacture or supply. Placed on PCBs and are configured to receive and protect the leads/balls of an IC. Used during the setup of manual test to secure a DUT in place. Source: Companies, TA Securities 2.0 Key Management The group is led by Lee Chun Wah, its Executive Director and CEO. Among other roles, he is responsible for overseeing the strategic business planning, development and operations of the group. He has a Master of Science in Mechatronics from De Montfort University (UK) in He began his career with Ever Technologies Sdn. Bhd, before joining the group in In total, he has over 20 years of experience in the industry. Page 1 of 6
2 Table 2: Key Management Name Lee Chun Wah Tan Sin Khoon Ong Choon Heng Low Cher Shyong Fathil bin Mohamed Lam Yoong Leng Tan Yong Yong Designation Executive Director/CEO Executive Director/COO Executive Director/CFO Vice President of Sales and Marketing Operations Manager Engineering Manager Senior Finance and Admin Manager 3.0 IPO Structure The IPO involves the issuance of 40.0mn new shares (10.8% of enlarged share base). This will consist of: 1) 18.5mn to the Malaysian Public; 2) 10.5mn to eligible directors, employees & business associates and 3) 11.0mn by private placement to identified investors. At an issue price of RM0.54/share, the group is valued at a market cap of RM199.8mn. Gross proceeds of RM21.6mn will be mainly used for expansion activities. There will also be an offer for sale of 92.0mn shares (24.9% of enlarged share base) to be made by placement to identified (55.0mn) and bumiputera investors approved by MITI (37.0mn). Table 3: Utilisation of Proceeds Description Amount (RMmn) Percentage (%) Timeframe Purchase of PPE Within 24 months Overseas expansion Working capital D&D expenditure Estimated listing expenses Immediate Table 4: Changes in Substantial Shareholders Before IPO (%) After IPO (%) Direct Indirect Direct Indirect FoundPac Holdings Lee Chun Wah Tan Sin Khoon Ong Choon Heng Investment Thesis 4.1 Industry Outlook The group s products are classified as precision engineering parts, which are referred to as parts used in the electronics and semiconductor industry that require a high level of precision in the manufacturing process. There are no publicly available data on the global precision engineering part industry. As such, we believe growth can be approximated through the performance of global semiconductor sales. Global semiconductor sales is expected to rebound from a flattish year to grow by 3.3% YoY and 2.3% YoY in 2017 and Nonetheless, we expect the local industry to grow faster than the above figures. The precision engineering part industry in Malaysia have shown tremendous growth over the years, at a CAGR of 38.7% YoY between 2011 and The local precision engineering part industry is expected to be driven by continued demand for electronic products and outsourcing trends. Page 2 of 6
3 Figure 2: Precision Engineering Part Industry Size (Malaysia) RMmn Source: Companies Commission of Malaysia 4.2 Tried and Tested Adhering to high product and quality standards, the group has a proven track record of serving multinational semiconductor manufacturers, OSATs and PCB design houses. Since securing these customers, it has managed to retain them over the years. Some of its notable customers include Broadcom Corporation, Qualcomm Technologies and Synergie CAD Group, whom have been their clients for eleven, four and nine years respectively. It has also been awarded the ISO certification, which serves as testimony that it is able to comply with strict international design and manufacturing requirements. 4.3 Expanding Capacity The bulk of its IPO proceeds will be dedicated to its expansion plans. This includes the purchase of nine CNC machines, which will increase its stiffeners and test sockets & hand lids production capacity. Its stiffener capacity will increase 44.3% to 12,052 units. Meanwhile, its test sockets and hand lids capacity will expand by 69.8% to 1,562 units. The timeline for these initiatives are 24 months. Table 5: Operating Capacity and Output Product Type CNC machines Production Utilisation (units) capacity (units) rate (%) FY14 Stiffeners 7 6, Test sockets and hand lids 6 1, FY15 Stiffeners 7 6, Test sockets and hand lids FY16 Stiffeners 9 8, Test sockets and hand lids LPD Stiffeners 9 8, Test sockets and hand lids New capacity will be supported by an expected increase in demand for the group s product, allowing it to accept more job orders. As part of its plans, RM4.0mn in IPO proceeds will be channelled to the establishment of sales offices in Milan, Italy and California. This is to be in closer proximity to many of its potential customers. We view this as a positive, as new customers will potentially reduce its single customer risk. Apart from expanding capacity, new machineries will help increase its competitiveness with the capability to manufacture products with higher specifications. It will also improve its manufacturing flow and reduce fabrication works outsourced by the group. Page 3 of 6
4 4.4 Ringgit Beneficiary In addition, we view the group as a beneficiary of the weak exchange rate. As at FY16, 94.9% and 65.4% of its revenue and purchases were denominated in USD. Assuming no change in ARPU, a 1.0% increase in USD/MYR rate is estimated to increase its earnings by 1.5%. 5.0 Risks 5.1 Competition Operating in a global industry, many of its competitors are located overseas, in countries such as Germany, United States, South Korea, Singapore and Japan. This includes APS Solutions GmbH, Everett Charles Technologies LLC, Interconnect Devices Inc, Johnstech International Corporation, Qualmax Inc, VA Innovation Pte. Ltd., Yamaichi Electronics Co. Ltd. and Yokowo Co. Ltd.. These companies may be larger in size, potentially having better access to capital, technology and talent. Locally, some of its notable competitors include Test Tooling Solutions (M) Sdn Bhd/Test Tooling Designs (M) Sdn Bhd, JF Technology Berhad, Esmo Automation (M) Sdn Bhd and AEM Microtronics (M) Sdn Bhd. 5.2 Key Customer Risk It is subject to single customer risk, with Broadcom Corporation making up 47.7% of its sales in FY16. We estimate every 1% decrease in Broadcom s sales, impacts its earnings by 0.7%. However, there are measures being done to address this. This include the establishment of sales offices in Milan, Italy and California to be in attract new potential customers. Additionally, it is also looking at the possibility of manufacturing products to cater for other end industries. It has identified the automotive sector as a potential area for expansion, where it can leverage on its expertise to undertake the mechanical fabrication of metal automotive components and parts. 6.0 Financial Highlights The group has exhibited exciting growth between FY13 and FY16, with earnings increasing at a CAGR of 32.9% YoY during the period. This can be underpinned by an increase in number of stiffeners, test sockets and hand lids sold, coupled with the favourable currency exchange rate environment. Driven by its expansion plans and continued weakness in the ringgit, we expect the group to continue its growth momentum moving forward. Our assumptions are as below: 1) We assume expansion plans will be spread over two years. We impute a stiffeners production capacity of 8,429/9,817/11,590 units for FY17/FY18/FY19. Our assumed capacity for test sockets and hand lids are 933/1,174/1,482 units for FY17/FY18/FY19. 2) Assuming new orders are secured, we expect utilisation rates to sustain at 75%. 3) We forecast a USD/MYR rate of RM4.225 for FY17 and RM4.25 for FY18 & FY19. 4) Given the expiration of its pioneer status, we expect tax rates to normalise to 24%. 5) Capex is assumed at RM5.0mn/RM6.0mn/RM6.0mn for FY17/FY18/FY19. 6) Lastly, in line with its dividend policy, we use a dividend payout ratio of 30%. In our forecast, we estimate there will be a 14.5% YoY contraction in PAT for FY17. This is largely due to the expiration of its pioneer status, as we expect PBT to increase by 5.1% YoY during the same period. Growth is then expected to return in FY18 and FY19, as higher sales are realised from new production capacities. Our estimates translate into a three year PBT and PAT CAGR of 15.3% YoY and 7.6% YoY respectively. Page 4 of 6
5 Figure 3: Revenue Projection Figure 4: PBT Projection RMmn RMmn FY13 FY14 FY15 FY16 FY17F FY18F FY19F 0.0 FY13 FY14 FY15 FY16 FY17F FY18F FY19F 7.0 Valuation We value FoundPac at a TP of RM0.61/share based on a PE of 12x and CY18 EPS of 5.1sen. The closest comparable to the group locally is JF Technology Berhad, which manufactures test sockets. That said, valuations are incomparable, as it trades at a 12 month trailing PE of 148.9x. Instead, our assigned PE is based on a 20% premium to semiconductor companies under our coverage. We believe this is justifiable, underpinned by its: 1) Growth prospects with three year PBT CAGR of 15.3% YoY; 2) Solid profitability with PAT margins & ROE at circa 30.0% & 20.0% respectively, and 3) Healthy balance sheet with a net cash position. Not Rated. Table 6: Peers Comparison Company Price (RM) TP (RM) Recom. PE (x) EPS Growth (%) P/NTA (x) Dividend yield ROE (%) CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 Semiconductors Inari Amertron BUY Unisem BUY MPI BUY Foundpac Not rated Weighted average Table 7: Earnings Summary (RMmn) FYE Jun 30 (RMmn) FY15 FY16 FY17F FY18F FY19F Revenue EBITDA EBITDA margin (%) Depreciation and amortisation EBIT Net finance costs PBT Tax MI Net profit Core net profit EPS (sen) EPS growth (%) PER (x) DPS (sen) Div yield (%) Page 5 of 6
6 (THIS PAGE IS INTENTIONALLY LEFT BLANK) Stock Recommendation Guideline BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Not Rated: The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan Head of Research Page 6 of 6
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