2023-04-26 03:10:26
MGC opened for trading on the first day at 8.45 baht, an increase of 0.50 baht (+6.29%) from the IPO price of 7.95 baht.
Globlex Securities offers a reasonable price for shares of Millennium Group Corporation (Asia) (MGC) consensus 12.30-13.40 baht from the IPO price of 7.95 baht.
MGC operates its business by holding shares in other companies (Holding Company) that operates a full-service business in the automotive industry. The main business is divided into 3 business groups: 1.) Automotive sales group. (78.7% of total revenue), 2.) following-sales service and independent car maintenance business (14.8% of total revenue), and 3.) car and driver rental business. (5.9% of total income)
In addition, the company also has a business group that provides information technology (IT), management services (Shared Service), financial services for vehicles. insurance broker and car cleaning and coating services which is a supporting business and a business related to the core business of the Company (0.2% of total income)
The company’s revenue in 2010-2012 was 20,275 million baht, 21,350 million baht and 23,076 million baht respectively and had a net profit of 189 million baht, 296 million baht and 596 million baht respectively, mainly due to an increase in revenue from Sales and service and gross margin respectively.
The gross profit margin in 2022 was at 10.0%, an increase from 8.4% in 2021, mainly due to (1) limited supply of BMW cars in 2022 resulting in less competition in the market; selling BMW Special Lot cars used in the APEC meeting with relatively good profit margins; which has a better gross profit margin than long-term car rental services
MGC sells IPO no more than 280 million shares, representing no more than 25.0% of total shares. The par value is 0.50 baht per share, with the IPO price representing the historical P/E of regarding 14.72 times, compared to the P/E of the SET-Auto Group 12.4x and SET-Service 32.7x, getting an average of regarding 22.5x 1) Take the money. Invest in Alpha X and/or repay short-term loans from financial institutions for investment in Alpha X. 2) Repay short-term loans from financial institutions. To purchase MMS shares from MMI. 3) Repayment of loans from financial institutions of the Company. and/or subsidiaries 4) Working capital
By InfoQuest News Agency (26 Apr. ’23)
Tags: MGC, Millennium Group Corporation, Thai stocks
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