Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

Panca Mitra Multiperdana PT / Equity Bottom-Up

<ul><li>Newly built facility driving top line: In response to robust demand for its shrimp products from overseas markets (US – 87.6% and Japan – 12% of revenue in FY21), <span style="font-size: var(--content-font-size);">PMMP has expanded production facilities every 1-2 years, with the 8th plant (TMM4) coming on stream in Oct21, pushing up production capacity to 27,100 tons (+8% YoY).</span></li></ul><div><div><ul><li>We expect revenue to rise by ~14% YoY in FY22E and ~5% YoY in FY23E (9% CAGR), largely driven by sales volume of TMM4.</li><li>Mgmt. plans to build another plant (capacity of 6.5k tons) by end of FY23E, which we have not priced in into our model yet.</li></ul></div></div>

Newly built facility driving top line: In response to robust demand for its shrimp products from overseas markets (US – 87.6% and Japan – 12% of revenue in FY21), PMMP has expanded production facilities every 1-2 years, with the 8th plant (TMM4) coming on stream in Oct21, pushing up production capacity to 27,100 tons (+8% YoY).We expect revenue to rise by ~14% YoY in FY22E and ~5% YoY in FY23E (9% CAGR), largely driven by sales volume of TMM4.Mgmt. plans to build another plant (capacity of 6.5k tons) by end of FY23E, which we have not priced in into our model yet.

PT Panca Mitra Multiperdana Tbk - Shrimply Prawntastic

Indonesia

PT. Panca Mitra Multiperdana produces and processes sea foods. The Company offers frozen shrimp to food services and retail markets. Panca Mitra Multiperdana serves customers worldwide.

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Panca Mitra Multiperdana PT (PMMP IJ)

PT Panca Mitra Multiperdana Tbk - Shrimply Prawntastic

PMMP is the 2nd largest shrimp exporter in Indonesia. We forecast core EPS to grow by 41% YoY in FY22E and 7% YoY in FY23E (23% CAGR), largely...

SCCM Asia Research

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