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Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy products and plant-based products. As of the latest practicable date (31 Aug 2021), the group operates five dairy farms in Malaysia, and one in Australia, aggregating to about 5,400 acres of land. The firm had a total herd size of approximately 9,000 dairy cows and bulls and a production capacity for its Malaysia and Australia facilities at 137m and 84m litres of processed milk annually.
Farm Fresh’s extensive distribution network and stockist/dealer channel has led to growing sales volume, which had in turn led to explosive revenue growth over the track period. Its founder-led management has led the brand to gain a strong foothold in the segments it operates in, and has used acquisitions to further gain a competitive edge, one example being better breeding genetics for its herd. However, its margins have fluctuated and its operations leaves it susceptible to raw mat pressure. While herd size has grown, yield has fallen, which led to the firm looking to external sources for milk.
Farm Fresh Pre-IPO
Farm Fresh is looking to raise US$240m in its upcoming Malaysia IPO.Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy products and plant-based products. As of the latest practicable date (31 Aug 2021), the group operates five dairy farms in Malaysia, and one in Australia, aggregating to about 5,400 acres of land. The firm had a total herd size of approximately 9,000 dairy cows and bulls and a production capacity for its Malaysia and Australia facilities at 137m and 84m litres of processed milk annually.
Farm Fresh’s extensive distribution network and stockist/dealer channel has led to growing sales volume, which had in turn led to explosive revenue growth over the track period. Its founder-led management has led the brand to gain a strong foothold in the segments it operates in, and has used acquisitions to further gain a competitive edge, one example being better breeding genetics for its herd. However, its margins have fluctuated and its operations leaves it susceptible to raw mat pressure. While herd size has grown, yield has fallen, which led to the firm looking to external sources for milk.
Underlying
Farm Fresh Bhd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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