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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  AIA Group Limited    1299   HK0000069689

AIA GROUP LIMITED

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MR DIY opens books for Malaysia's largest IPO in three years

10/05/2020 | 11:52pm EST

KUALA LUMPUR/HONG KONG, Oct 6 (Reuters) - Malaysian home improvement retailer MR DIY Group opened the books for its 1.5 billion ringgit ($361.71 million) initial public offering (IPO) on Tuesday, the country's largest listing in three years.

The company fixed the offer price at 1.60 ringgit per share, giving it an estimated market capitalisation of 10 billion ringgit. The bookbuild period will last seven working days, before pricing on Oct. 14 and listing on Oct. 26.

MR DIY joins a number of other Southeast Asian companies planning IPOs this year, including Thailand's Siam Cement Group Packaging and Philippines' Converge ICT Solutions Inc, a trend that signals an uptick in fundraising activity in underperforming markets.

The MR DIY listing is on track to be the largest in Malaysia since Lotte Chemical Titan raised 3.77 billion ringgit in July 2017.

Offering up to 941.5 million shares, representing around 15% of its enlarged issued share capital, MR DIY said it planned to use the IPO proceeds primarily to repay bank borrowings.

Its prospectus showed more than a dozen cornerstone investors including funds under BlackRock Inc, Matthews, Aberdeen Standard Investments and Fidelity Investments as well as JPMorgan Asset Management, AIA Bhd and Affin Hwang Asset Management.

MR DIY, which has around 29% market share in Malaysia and 674 stores in its home market and Brunei, had originally planned to list in the second quarter of the year but delayed amid concerns about rising coronavirus case numbers.

Revenue grew 12% in May and June after a partial lockdown in Malaysia was eased, Chief Executive Officer Adrian Ong said.

"Reviewing the performance of our business, the resilience of our business, the continued growth, it clearly made sense for us to come back to the market," Ong said in a virtual press briefing.

MR DIY plans to add 307 stores in the next two years, estimating the home improvement retail sector will grow at 10.2% compound annual growth rate in the next four years.

The value of Southeast Asian IPOs so far this year is $4.6 billion, up from $3.1 billion a year ago, Refinitiv data shows, mainly due to $3 billion raised by Thailand's Central Retail in February. ($1 = 4.1470 ringgit) (Reporting by Liz Lee in Kuala Lumpur; Additional reporting by Sumeet Chatterjee in Hong Kong; Editing by Kim Coghill and Jane Wardell)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AFFIN BANK 1.27% 1.59 End-of-day quote.-16.32%
AIA GROUP LIMITED 0.11% 88.3 End-of-day quote.7.95%
BLACKROCK, INC. -0.17% 713.78 Delayed Quote.42.28%
CENTRAL RETAIL CORPORATION PUBLIC COMPANY LIMITED 3.85% 33.75 End-of-day quote.0.00%
JPMORGAN CHASE & CO. 1.45% 121.4083 Delayed Quote.-15.44%
LOTTE CHEMICAL CORPORATION 0.88% 287500 End-of-day quote.28.35%
LOTTE CHEMICAL TITAN HOLDING 3.04% 2.71 End-of-day quote.12.45%
LOTTE CORPORATION -0.28% 35000 End-of-day quote.-10.14%
THE SIAM CEMENT 0.27% 376 End-of-day quote.-4.08%
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Financials (USD)
Sales 2020 33 388 M - -
Net income 2020 5 280 M - -
Net Debt 2020 - - -
P/E ratio 2020 201x
Yield 2020 0,19%
Capitalization 1 065 B 137 B -
Capi. / Sales 2020 31,9x
Capi. / Sales 2021 29,1x
Nbr of Employees 23 000
Free-Float 99,9%
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Technical analysis trends AIA GROUP LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 25
Average target price 11,86 $
Last Close Price 88,30 $
Spread / Highest target -84,2%
Spread / Average Target -86,6%
Spread / Lowest Target -88,5%
EPS Revisions
Managers
NameTitle
Yuan Xiang Li President, Group CEO & Executive Director
Sze Wing Tse Independent Non-Executive Chairman
Biswa Misra Group Chief Technology & Operations Officer
Garth Jones Group Chief Financial Officer
Chung Kong Chow Independent Non-Executive Director