IPO Review: Support Microfinance Bittiya Sanstha Limited
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1 Date: October 04, Sukriti Khanal, Equity Research Analyst IPO Review: Support Microfinance Bittiya Sanstha Limited BASIC INFORMATION Support Microfinance Bittiya Sanstha Ltd (SUPPORT) was incorporated on November 14, 2014 (Kartik 28, 2071) under Companies Act, 2063 and is regulated under Bank and Financial Institution (BAFIA Act, 2073) as Class D financial institution. SUPPORT operates in 11 branches with its head office located at Sunsari, Nepal. SUPPORT is a retail microfinance financial institution. The mission of SUPPORT is to support and strengthen the bottom of the socio-economic pyramid by facilitating easy and responsive access to financial services for the poor, marginalized and disadvantaged to come out of the vicious circle of poverty. INVESTMENT SUMMARY SUPPORT is issuing 180,000 shares at NPR 100 (par value) per share amounting NPR 18 million as part of its Initial Public Offering (IPO) from Ashwin 18, 2074 to Ashwin 23,2074 (October 04, 2017 to October 09,2017). The total issue of NPR 18 million shall be transferred to Paid up capital of the company. NMB Capital Limited is the issue manager for the said IPO. The details of the IPO are given below: Particulars Details Total Amount(NPR) Issue opening date October 04, Issue closing date October 09, Extended/Maximum closing date November 02, Issued No. Of Shares 180,000 shares 18 million Per Share Price NPR Shares allotted to employees 3,600 shares 360,000 Shares allotted to Mutual Funds 9,000 shares 900,000 Shares allotted to General Public 167,400 shares million Minimum Investment in Shares and Total Amount 50 Shares 5,000 Maximum Investment in Shares and Total Amount 900 Shares 90,000 Table 1.1: Details of IPO
2 INDUSTRY OVERVIEW Currently, Nepal Stock Exchange (NEPSE) consists of 33 microfinance companies. It has been noticed that the scrips of microfinance companies are becoming increasingly more attractive to investors. Microfinance companies constitute of ~2.37% of the total market capitalization as on October 03, (Microfinance sector market capitalization =42, million and total market capitalization =1,806, million) SHAREHOLDING STRUCTURE Post issue of IPO, shareholding structure of the company will be: S.N. Shareholder Holding Structure (%) 1 Promoters 70 2 General Public 30 Total 100 Table 1.2: Shareholding structure of SUPPORT after the issuance of IPO MANAGEMENT AND GOVERNANCE Mr. Pradip Adhikari is associated with SUPPORT as the Chairman to the Board of Directors(BoD). The company has six members Board without an independent director. The BoD comprises of the following: S.No. Name Position 1 Mr. Pradip Adhikari Chairman 2 Mr. Ashok Kumar Pradhan Director 3 Mr. Mahesh Kumar Pokharel Director 4 Mr. Punit Kumar Sarda Director 5 Mr. Sumit Adhikari Director Management team Mr. Chandra Lal Dhakal is the Chief Executive Officer of the company. S.No. Name Position 1 Bhojraj Luitel Department Head HR 2 Pradip Kumar Yadav Department Head- Accounts 3 Cheaban Mani Bhattarai Department Head- Internal Audit 4 Mahesh Kumar Chaudhary Department Head- Credit
3 FINANCIAL ANALYSIS: Important Figures (Figures in NPR thousands except NWPS, EPS, ROE, ROA) FY FY 2071/72 FY 2072/73 FY 2073/74 FY 2075/76* FY 2076/77* 2074/75* Paid up Capital 14, , , , , , Reserve and Surplus (683.00) (2,673.00) 2, , , , Total Assets 13, , , , ,176, ,582, Net Interest Income , , , , , Operating Profit (683.00) (3,055.00) 5, , , , Net Profit (683.00) (1,990.00) 4, , , , Net Worth Per Share (NWPS) Earnings Per Share (EPS) Annualized ROE (%) Annualized ROA (%) Table 1.3 Financial performance of SUPPORT Microfinance Bittiya Sanstha Ltd. Analyst Comments: Paid-up capital: The paid- up capital would have increased by NPR 180,000 due to the issuance of IPO in the FY 2074/75. The paid-up capital has increased by % in the FY 2074/75 when compared with FY 2073/74. Reserves and Surplus: The reserves and surplus of SUPPORT has worsened by % in the FY 2072/73 when compared with FY 2071/72. Additionally, the reserves and surplus of SUPPORT has been catching an uprising trend starting from FY 2073/74. The projected reserves and surplus of SUPPORT seems to be increasing due to the incremental net profit in respective years. Total Assets: The total assets are expected to increase in the years to come. The total assets of SUPPORT have increased by 141% in the FY 2073/74 when compared with FY 2072/73. The increase in total assets seems to be evidenced due to the increase in Loan and Advances by 143% in the FY 2073/74 when compared with FY 2072/73. In addition to this, the total assets have continued to increase in the FY 2075/76 by 40.4% in compared to FY 2074/75.
4 Net interest income: The net interest income seems to be up ticking by times in the FY 2072/73 when compared with FY 2071/72. This can be explained by the increase in the interest income by 23 times in the respective years which was compensated by the increase in the interest expenses as well. Increase in Net interest income indicates the company has been able to increase its lending portfolio which is a positive indicator for investment purposes. The projected net interest income seems to be increasing by % in the duration of 3 years starting from FY 2074/75.The average interest rate on saving is assumed to be 9% whereas that on loans is assumed to be 18% which gave rise to the projected net interest income of SUPPORT. Operating profit: The operating profit of SUPPORT seems to be decreasing by % in the FY 2072/73 when compared with FY 2071/72. This is due to the increase in the staff expenses and other operating expenses by % in the respective years. Decrease in Operating profit means the company has not been able to generate income to meets its operating expenses and is a negative indicator for investment purposes. Net profit: The net profit of SUPPORT has decreased by % in the FY 2072/73 in comparison with FY 2071/72. This can be explained due to the decrease in operating profit by % in the respective years. However, the rise of deferred tax assets has increased the net profit explaining the relatively slower decline in net profit compared to operating profit. The projected net profit of SUPPORT is seen to be escalating by % in 3 years period starting from FY 2074/75 which can largely be explained by the increase in net interest income in the respective years. Net worth per share: The net worth per share is expected to increase as per projected financials. This is due to the increase in total assets. The company expects to increase NWPS on year to year basis. Earnings per share: The earnings per share of SUPPORT has decreased by 57% in the FY 2074/75 as compared with FY 2073/74 this is because the outstanding numbers of shares are expected to increase by 186%. Furthermore, the company is expecting to increase the EPS year on year basis as per the projected financials. Return on Equity (ROE): The ROE is expected to decrease by 57.48% in the FY 2074/75 as compared to previous fiscal year. This is due to the increase in the equity, mainly the increase in paid up capital. Furthermore, ROE is expected to increase by 81.86% in the year ended 2075/76 compared to FY 2074/75. Return on Assets (ROA): The ROA of SUPPORT has decreased by 69.94% in the FY 2072/73 when compared with FY 2071/72. This is due to the decrease in the net profit by % in the respective years which was further compensated by the increase in the total assets by 869.2%. Changes in ROA indicates that the company has been experiencing difficulties in returning adequate return on its assets due to volatility in interest rates and volatile operating environment.
5 CONCLUSION: SUPPORT was incorporated nearly 3 years ago. The financials of SUPPORT seem rather poor in the first two years of commencement, but after the FY 2073/74, its financials have improved. The projected financials show a healthy growth in its profit and income. Furthermore, it has proved itself successful in income generation and profit maximization. It operates in a sector with high competition and has the potential to grow in the market. The issuance of IPO is likely to increase the performance of SUPPORT in line with the increase in its capital. CREDIT RATING: According to the Credit Rating Regulation, 2068 section 3 subsection 3.1.1, if the total amount of the issue exceeds NPR 30million, the issue should be rated by a credit rating agency. Since the issue of SUPPORT is only 18 million. It is not required to be graded by a credit rating agency. INVESTMENT RISK: The company operates in a sector and region with strong competition. A prospective investor considering investment in microfinance should take into account thin capitalization and inherent risk, technological risk, political risk, regulatory risk, natural calamities risk, cost overrun risk, revenue constraint risk, credit risk, market risk, operational risk, liquidity risk, reputational risk, business risk, and systematic risk. Note: The capital gain of Microfinance seems high compared to other sector and this industry has a proven record for high growth rate and high returns to its investors. RECOMMENDATION: SEBON has amended the Securities and Allotment Guidelines, 2074 along with the guidelines regarding IPO/FPO allotment listing, bonus share registration and right share issuance. Under the new regulation, the board has made it mandatory for all applicants to be allotted a minimum of 10 units of shares. The guidelines clearly stated that all the IPO/FPO investors will be first allotted 10 shares and then remaining shares will be allotted to the investors demanding 20 shares and more. Here, again 10 shares will be allotted to such investors and if all the investors are unable to get minimum 10 shares each, then allotment will be based on lottery basis among the applicants. The 180,000 shares issued by SUPPORT on IPO can only be allotted to 18,000 numbers of applicants assuming that each applicant is allotted 10 shares. However, the number of applicants wishing to apply for the IPO issue is predicted to be more than this because the scrips of microfinances are much more attractive to the investors. Consequently, it does not seem to be beneficial to invest more than 10 shares. But, the company and the issue manager have made provision for investors to apply for at least 50 shares. Which is why, investors who are looking forward to invest in SUPPORT are advised to apply for 50 shares only. *Disclaimer: Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk.
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