In today’s briefing:
- PT Panca Mitra Multiperdana Tbk – Shrimply Prawntastic
PT Panca Mitra Multiperdana Tbk – Shrimply Prawntastic
- 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.
Before it’s here, it’s on Smartkarma
