Not Rated. Tomypak Holdings (TOMY MK) Resilient Business Model. Basic Materials - Materials Target Price: MYR2.17 Market Cap: USD56.7m Price: MYR1.

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May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 Vol m Company Update, 19 May 2015 Tomypak Holdings (TOMY MK) Not Rated Basic Materials - Materials Target Price: MYR2.17 Market Cap: USD56.7m Price: MYR1.85 Resilient Business Model Macro Risks Growth Value 1.9 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.1 2 1 1 1 1 1 Source: Bloomberg Avg Turnover (MYR/USD) Tomypak Holdings (TOMY MK) Price Close Relative to FTSE Bursa Malaysia KLCI Index (RHS) 143 136 128 121 113 106 98 91 83 0.30m/0.08m Cons. Upside (%) -25.9 Upside (%) 17.2 52-wk Price low/high (MYR) 1.20-1.85 Free float (%) 25 Share outstanding (m) 109 Shareholders (%) New Orient Resources SB 25.5 Lim Hun Swee 13.2 Share Performance (%) YTD 1m 3m 6m 12m Absolute 44.5 23.3 44.5 39.1 32.1 Relative 41.9 25.4 44.5 39.7 36.1 Shariah compliant Chaw Sook Ting +603 9207 7604 chaw.sook.ting@rhbgroup.com Our positive view on Tomypack is premised on lower raw material prices, improvements in efficiency, higher production capacity and resilient demand in the food and beverage industry. We derive a MYR2.17 TP (13.5x FY16F P/E, 17% upside) which implies a 25% discount to its closest peer, Daibochi Plastic & Packaging Industry (Daibochi) (DPP MK, SELL, TP: MYR3.80). A flexible packaging producer in Malaysia. Tomypak Holdings (Tomypack) was established in 1979 as a flexible food packaging materials producer in Johor. It has a plant located in Kawasan Perindustrian Tampoi, Johor with a total floor size of 150,890 sq ft and an annual production capacity of 17,500 tonnes. Inelastic demand. Over 90% of products produced by Tomypak are for the food and beverage packaging industry. The company supplies flexible packaging products to multinational corporations (MNCs) in the food industry. The food and beverage industry is generally more resilient and hence, we expect demand for flexible food packaging products to remain relatively inelastic in periods of economic downturn. Improvement in efficiencies & greater cost saving. The company is improving its existing production capacities through investments in new production machineries with more automation processes and higher output. Tomypak has installed and upgraded its camera inspection machines to detect quality defects for its products. This has allowed the company to cut down on wastage by over 30% on a monthly basis. Capacity expansion. In Oct 2014, the company acquired 10.5 acres of industrial land in Senai for MYR11.7m. The company is planning to build a new plant for capacity expansion in 2015-16. The expansion may allow the company to meet its current and future demand of the growing clientele and possibly to cater to new markets. We derive a MYR2.17 TP based on FY16F P/E of 13.5x, in-line with its 2-year average historical P/E. This implies a 25% discount to its closest peer, Daibochi (DPP MK, SELL, TP: MYR3.80) which trades at a 2-year average historical P/E of 18x. Risks. i) fluctuation in the prices of raw materials, which are linked to oil price movements; ii) unfavourable forex movements; iii) loss of contracts from key customers. Forecasts and Valuations Dec-13 Dec-14 Dec-15F Dec-16F Dec-17F Total turnover (MYRm) 224 209 235 262 297 Reported net profit (MYRm) 14.2 8.3 15.3 17.6 20.2 Recurring net profit (MYRm) 14.2 8.3 15.3 17.6 20.2 Recurring net profit growth (%) (17.6) (42.0) 85.7 14.9 14.6 Recurring EPS (MYR) 0.13 0.08 0.14 0.16 0.18 DPS (MYR) 0.08 0.06 0.08 0.08 0.10 Recurring P/E (x) 14.2 24.5 13.2 11.5 10.0 P/B (x) 1.85 1.82 1.72 1.60 1.49 P/CF (x) 8.2 12.2 11.3 8.9 8.5 Dividend Yield (%) 4.3 3.2 4.3 4.3 5.4 EV/EBITDA (x) 6.23 8.45 5.90 5.24 4.69 Return on average equity (%) 13.3 7.5 13.4 14.4 15.4 Net debt to equity (%) 6.7 10.6 19.3 18.7 19.0 Our vs consensus EPS (adjusted) (%) 0.0 0.0 0.0 See important disclosures at the end of this report Source: Company data, RHB Powered by EFA TM Platform 1

TOMYPAK HOLDINGS Bhd (TOMY MK) 19 May 2015 Table Of Contents Investment Thesis 3 Valuation & Key Risks 4 Financial Overview 5 Company Background 7 Appendix 8 Financial Exhibits 9 SWOT Analysis 11 See important disclosures at the end of this report 2

TOMYPAK HOLDINGS Bhd (TOMY MK) 19 May 2015 Investment Thesis New management to take the lead. Tomypak was founded by the Chow family in 1979. In Oct 2014, the Chow family sold the block of shares totaling 27.9m shares (25.4% stake in the company) to New Orient Resources. This marked the exit of the Chow family from Tomypak as key shareholders. Currently, the company is led by Mr. Lim Hun Swee (Managing Director), who was previously a non-independent nonexecutive director of Tomypak. He has more than 20 years of experience in the food industry. He was the Managing Director of In-Comix Food Industries Sdn Bhd and retired from the position in July 2009. Improvement in efficiencies & greater cost saving. The company is focused on improving its existing production capacities through investments in new production machineries with more automation processes in order to ahiceve higher output. Mr. Lim has also implemented a series of cost saving exercises upon his appointment as the managing director of Tomypak since 2014. Among others, the company has installed and upgraded camera inspection machines to detect quality defects for its products. This move managed to cut down wastage by over 30% on a monthly basis. The company aims to further reduce its monthly wastage by 50% over the longer term. Lower raw material costs. On the external front, the lower crude oil prices (YoY) are favourable to the company. Raw materials account for 70-80% of its total costs. Its main inputs such as films and printing materials are positively correlated to crude oil price movements. Management guided that the raw material prices in 1QFY15 were generally 10% YoY lower compared to 1QFY14. Based on Bloomberg data, two of its key raw materials polyethylene (PE) and polypropylene (PP) saw 1Q15 average prices that were 22.1% YoY and 29.0% YoY lower respectively. Inelastic demand. Over 90% of the products produced by Tomypak are supplied to the food and beverage packaging industry. The company supplies flexible packaging products to MNCs in the food industry. Along with the change of lifestyle, whereby consumers prefer smaller packaging for easier consumption and greater mobility, we believe that the demand for flexible packaging should remain encouraging. The food and beverage industry is generally a resilient business. Hence, we expect demand for flexible food packaging products to be relatively inelastic during periods of economic downturns. Future expansion. In Oct 2014, the company acquired 10.5 acres of industrial land in Senai for MYR11.7m. Currently Tomypak has a plant located in Kawasan Perindustrian Tampoi, with total production capacity of 17,500 tonnes per annum. The group is planning to build a new plant for capacity expansion. This expansion plan will allow the company to meet its current and future demand of the growing clientele and possibly to also cater to new markets. As the expansion plan is still at drafting stage, no information is available on additional capcity at this juncture. However, we believe that the additional capacity will only come on stream by end of 2016 or early 2017. See important disclosures at the end of this report 3

TOMYPAK HOLDINGS Bhd (TOMY MK) 19 May 2015 Valuation & Key Risks We derive a TP MYR2.17 implying a 17% upside potential. Our TP is based on FY16F P/E of 13.5x, in-line with the company s 2-year average historical P/E. This also implies a 25% discount to its closest peer, Daibochi s (DPP MK, SELL, TP: MYR3.80), which trades at a 2-year average historical P/E of 18x. We believe that the lower valuation is justified as Daibochi is the largest flexible packaging player in Malaysia with a market capitalization of MYR485m, more than double Tomypak s market capitalization of MYR200.9m, the second largest player. Peer comparison. The closest peer of Tomypak is Daibochi, which is also involved in flexible packaging solutions. In terms of P/BV valuation, Tomypak is trading at a lower multiple compared with Daibochi. Based on P/E valuation, Tomypak trades at higher P/E of 23.6x, versus Daibochi s 20.3x in FY14. However, we believe that Tomypak s strong earnings growth in FY15-16F, driven by operating efficiencies, should help compress its P/E valuations quickly. Hence, we expect the company to trade at approximately 12.7x P/E by end FY15F. Figure 1: Peer comparison Company Last price Market cap FY14 Net margin (%) ROE (%) P/E (x) P/B (x) (RM) (RMm) Debt to equity (%) FY14 FY14 FY14 FY15F FY14 FY15F Tomypak 1.86 200.9 22.1% 7.4% 7.4% 23.6 12.7 1.01 1.07 Daibochi 4.27 485.7 30.8% 6.9% 14.4% 20.3 17.1 2.89 2.70 Average peers 26.4% 11.8% 10.9% 21.5 14.9 2.0 1.9 Source: Bloomberg, RHB Key risks. i) fluctuation in the prices of raw materials, which are linked to oil price movements; ii) unfavourable forex movements; iii) loss of contracts from key customers. See important disclosures at the end of this report 4

TOMYPAK HOLDINGS Bhd (TOMY MK) 19 May 2015 Financial Overview Historical performances. Despite reporting a lower revenue of MYR159.1m (-13.0% YoY) in FY09, the company was able to post a higher net profit of MYR20.0m (+12.6% YoY), primarily due to a sharp fall in crude oil prices during the year. Meanwhile, the subsequent economic recovery in second half of 2009 resulted in higher orders. In FY10 and FY11, Tomypak posted lower earnings despite higher revenues. This was a result of higher raw material prices. In FY12, the company managed to chart a higher profit of MYR17.3m, thanks to better sales mix, lower production costs and improved efficiency. Tomypak reported a record-high revenue of MYR224.5m in FY13 due to higher export sales. Nevertheless, net profit was lower at MYR14.2m. This was attributed to higher raw material and labour costs as a result of the implementation of minimum wage policy in Malaysia. Figure 2: Historical performances (MYRm) 250.0 200.0 150.0 100.0 50.0 0.0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 (%) 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Revenue (MYRm) Net profit (MYRm) Net margin (%) Source: Bursa Malaysia, RHB A lower FY14. Overall, FY14 revenue declined 7% YoY to MYR209m while net profit fell 42% YoY to MYR8.3m. The weak results were attributed to lower sales in the local market coupled with a decline in profit margin in the export market. The increase in cost of production arising from higher energy and labour costs also hurt profitability. Figure 3: Tomypal s FY14 financial performance 4Q 3Q 4Q FYE Dec QoQ YoY YoY FY13 FY14 FY14 (MYRm) (%) (%) FY14 FY13 (%) Revenue 53 52 50-3% -6% 209 224-7% EBITDA 2 1 2 149% -3% 1 9-92% EBITDA Margin (%) 3% 1% 3% N.A. N.A. 0% 4% N.A. Depreciation 3 3 3 0% -1% 12 12 0% EBIT 5 4 5 28% -1% 12 21-41% EBIT Margin (%) 9% 7% 9% N.A. N.A. 6% 9% N.A. Interest expense 0 0 0-8% -21% -1-1 -18% Interest income 0 0 0 133% 0% 0 0-12% Associates 0 0 0 NA NA 0 0 NA EI/Others 0 0 0 NA NA 0 0 NA Pretax profit 4 3 4 31% -1% 12 20-42% Pretax Margin (%) 8% 7% 9% N.A. N.A. 6% 9% N.A. Tax -1-1 -1-36% -40% -3-6 -41% Effective tax rate (%) 28% 35% 17% -51% -40% 29% 29% 1% Minority Interest 0 0 0 NA NA 0 0 NA Net Profit 3 2 4 66% 15% 8 14-42% Core Profit 3 2 4 66% 15% 8 14-42% Core net margin (%) 6% 4% 7% N.A. N.A. 4% 6% N.A. Source: Bursa Malaysia, RHB See important disclosures at the end of this report 5

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15f FY16f FY17f TOMYPAK HOLDINGS Bhd (TOMY MK) 19 May 2015 Consistent dividend payout. Tomypak has an uninterrupted dividend payout history since FY06. Over the last 10 years, the company has sustained a dividend payout ratio of 13.9%-66.2%. In FY12, the company fixed a formal dividend policy of distributing at least 40% of its net earnings to reward its shareholders. The company has paid a total net DPS of 6-8 sen in FY13-14, representing payout of 61.5% and 79.6% respectively. Historically, the company has declared a higher dividend payout ratio of 50%-60% compared to its mandated 40%. We have assumed that the company will pay a dividend payout of 50%-60% in FY15-17F. This translates to an attractive dividend yield of 4.7%-5.8% at currect prices. Figure 4: Dividend trend sen 12.0 10.0 8.0 6.0 4.0 2.0 0.0 (%) 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Net DPS (sen) Dividend yield (%) Source: Company. RHB Manageable gearing. As at December 2014, the company has a manageable net gearing ratio of 10.6%. It has a total cash of MYR12.7m in hand, with total borrowings of MYR24.5m, of which 98% are short-term borrowings. We are expecting the company to have gearing ratio of about 19% in FY15-17F, primarily to fund its production capacity expansion. See important disclosures at the end of this report 6

TOMYPAK HOLDINGS Bhd (TOMY MK) 19 May 2015 Corporate Background Brief history. Tomypak was established in 1979 as a flexible food packaging materials producer in Johor. The company is founded by the Chow family back in 1979. It has a plant located in Kawasan Perindustrian Tampoi, Johor with a total floor size of 150,890 sq ft and an annual production capacity of 17,500 tonnes that was running at 73% utilization rate in FY14. The company is the first Hazard analysis and critical control points (HACCP) certified flexible packaging material manufacturing company in Malaysia since 2003. HACCP is a systematic preventive approach to food safety from biological, chemical, and physical hazards in production processes that can cause the finished product to be unsafe, and designs measures to reduce these risks to a safe level. A Change of Management. In Oct 2014, Mr Chow Wen Chye and his daughter inlaw Teng Chew Guat sold the block of shares totaling 27.9m shares (25.4% stake in the company) for MYR1.30/share to New Orient Resources. This marks the exit of the Chow family from Tomypak as key shareholders. Currently, the company is led by Mr Lim Hun Swee (Managing Director), who was previously a non-independent non-executive director of Tomypak. He has more than 20 years of experience in the food industry. He was the Managing Director of In-Comix Food Industries Sdn Bhd and retired from the position in July 2009. Local vs. overseas sales. In FY14, the company recorded total local sales of MYR90.3m (43%) and total export sales of MYR118.8m (57%). Its exporting markets include ASEAN countries, Eastern Europe, Latin America, and Africa. Resilient business. Over 90% of the products produced by Tomypak are for the food and beverage packaging industry. The company supplies flexible packaging products to MNCs in the food industry (See Figure 5). Its packaging products are mainly used in snack food (corn, flour, rice base shanks, ground nuts, etc), instant noodles, confectionary (biscuit and cake), beverages (coffee, tea, cocoa, powdered drinks), seasoning (curry powder, sauces, spices, etc) to household products (shampoo, detergent, soap bar) and pet food. Along with the change in lifestyle, where consumers prefer smaller packaging for easier consumption and greater mobility, we believe that the food and beverage industry would remained a highly resilient business. Hence, we are of view that demand for flexible food packaging products are relatively inelastic during periods of economic downturns. Figure 5: Tomypak s major customers Source: Company, RHB See important disclosures at the end of this report 7

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15f FY16f FY17f FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15f FY16f FY17f FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15f FY16f FY17f FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15f FY16f FY17f TOMYPAK HOLDINGS Bhd (TOMY MK) 19 May 2015 Appendix Figure 6: Cost breakdown (FY14) Figure 7: Revenue breakdown (FY14) Electricity Labour 5% 9% Others 6% Local 43% Raw materials 80% Export 57% Source: Company, RHB Figure 8: Revenue (MYRm) 350.0 300.0 250.0 200.0 150.0 100.0 50.0 Source: Company, RHB Figure 9: Net profit/(loss) (MYRm) 25.0 20.0 15.0 10.0 5.0 0.0 0.0 Source: Company, RHB Figure 10: Debt to equity ratio (%) 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 Source: Company, RHB Figure 11: Shareholder s equity (MYRm) 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0 Source: Company, RHB Source: Company, RHB See important disclosures at the end of this report 8

Tomypak Holdings (TOMY MK) 18 May 2015 Financial Exhibits Profit & Loss (MYRm) Dec-13 Dec-14 Dec-15F Dec-16F Dec-17F Total turnover 224 209 235 262 297 Cost of sales (192) (188) (205) (227) (257) Gross profit 33 21 30 35 40 Gen & admin expenses (13) (10) (10) (11) (13) Other operating costs 1 1 1 1 1 Operating profit 21 12 22 25 29 Operating EBITDA 32 24 34 39 43 Depreciation of fixed assets (12) (12) (12) (14) (14) Operating EBIT 21 12 22 25 29 Interest income 0 0 0 0 0 Interest expense (1) (1) (2) (2) (2) Pre-tax profit 20 12 20 23 27 Taxation (6) (3) (5) (6) (7) Profit after tax & minorities 14 8 15 18 20 Reported net profit 14 8 15 18 20 Recurring net profit 14 8 15 18 20 Source: Company data, RHB Cash flow (MYRm) Dec-13 Dec-14 Dec-15F Dec-16F Dec-17F Operating profit 21 12 22 25 29 Depreciation & amortisation 12 12 12 14 14 Change in working capital (2) (3) (10) (8) (11) Other operating cash flow (0) (0) 0 0 0 Operating cash flow 31 20 25 31 33 Interest paid (0) (0) (2) (2) (2) Tax paid (6) (4) (5) (6) (7) Cash flow from operations 25 17 18 23 24 Capex (14) (13) (20) (15) (15) Other investing cash flow 0 1 - - - Cash flow from investing activities (14) (13) (20) (15) (15) Dividends paid (7) (8) (9) (9) (11) Proceeds from issue of shares 0 - - - - Increase in debt 8 (4) 10 5 5 Other financing cash flow (2) (1) - - - Cash flow from financing activities (1) (13) 1 (4) (6) Cash at beginning of period 12 22 13 12 16 Total cash generated 10 (9) (1) 4 3 Implied cash at end of period 22 13 12 16 19 Source: Company data, RHB See important disclosures at the end of this report 9

Tomypak Holdings (TOMY MK) 18 May 2015 Financial Exhibits Balance Sheet (MYRm) Dec-13 Dec-14 Dec-15F Dec-16F Dec-17F Total cash and equivalents 22 13 12 16 19 Inventories 41 36 43 48 54 Accounts receivable 44 47 52 57 65 Other current assets - 0 0 0 0 Total current assets 107 96 107 121 138 Tangible fixed assets 69 71 79 80 81 Total non-current assets 69 71 79 80 81 Total assets 176 167 185 201 219 Short-term debt 27 24 28 32 36 Accounts payable 25 20 22 24 27 Other current liabilities 3 2 2 2 2 Total current liabilities 55 46 52 58 65 Total long-term debt 3 0 7 8 9 Other liabilities 9 9 9 9 9 Total non-current liabilities 12 10 16 17 18 Total liabilities 67 56 68 75 83 Share capital 55 55 55 55 55 Retained earnings reserve 55 56 63 72 81 Shareholders' equity 109 111 118 126 136 Total equity 109 111 118 126 136 Total liabilities & equity 176 167 185 201 219 Source: Company data, RHB Key Ratios (MYR) Dec-13 Dec-14 Dec-15F Dec-16F Dec-17F Revenue growth (%) 3.6 (6.9) 12.6 11.3 13.3 Operating profit growth (%) (14.9) (41.0) 78.8 15.1 14.6 Net profit growth (%) (17.6) (42.0) 85.7 14.9 14.6 EPS growth (%) (17.7) (42.0) 85.5 14.9 14.6 BVPS growth (%) 5.2 1.5 5.9 7.5 7.3 Operating margin (%) 9.2 5.8 9.3 9.6 9.7 Net profit margin (%) 6.3 3.9 6.5 6.7 6.8 Return on average assets (%) 8.4 4.8 8.7 9.1 9.6 Return on average equity (%) 13.3 7.5 13.4 14.4 15.4 Net debt to equity (%) 6.7 10.6 19.3 18.7 19.0 DPS 0.08 0.06 0.08 0.08 0.10 Recurrent cash flow per share 0.23 0.15 0.16 0.21 0.22 Source: Company data, RHB See important disclosures at the end of this report 10

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Tomypak Holdings (TOMY MK) 18 May 2015 SWOT Analysis One of the key flexible packaging producers in Malaysia Higher raw material prices Lower ASP due to competition Internal improvements to improve efficiency and for greater cost savings Production capacity expansion No significant product differentiation P/E (x) vs EPS growth P/BV (x) vs ROAE 30 100% 2.5 18% 25 73% 2.0 14% 20 47% 1.5 11% 15 20% 10-7% 1.0 7% 5-33% 0.5 4% 0-60% 0.0 0% P/E (x) (lhs) EPS growth (rhs) P/B (x) (lhs) Return on average equity (rhs) Source: Company data, RHB Source: Company data, RHB Company Profile Tomypak is a flexible food packaging materials producer in Malaysia. See important disclosures at the end of this report 11

Tomypak Holdings (TOMY MK) 18 May 2015 Recommendation Chart 1.9 Price Close 1.7 1.5 1.3 1.1 0.9 0.7 May-10 Aug-11 Nov-12 Mar-14 Source: RHB, Bloomberg Date Recommenda Target Price Price 2015-05-18 Source : RHB, Bloomberg See important disclosures at the end of this report 12

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