Everything you need to know about Farm Fresh Berhad $FF.MY upcoming ~US$240m Malaysia IPO
ABOUT
Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy and plant-based products.
They operate an aggregate of ~5,400 acres of land spread across 5 dairy farms in Malaysia and 1 in Australia.
Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy and plant-based products.
They operate an aggregate of ~5,400 acres of land spread across 5 dairy farms in Malaysia and 1 in Australia.
Its total herd size consists of 9,000 dairy cows and bulls and its processing facilities, two in Malaysia and one in Australia, has an annual output of 137m litres and 84m litres of finished goods and processed milk, respectively.
PRODUCTS
The firm’s product portfolio consists of 134 SKUs, spanning segments such as:
* Raw milk
* Yogurt products
*Plant-based products
* Chilled ready to drink (RTD) milk products
* Ultra-high temperature (UHT)/ambient RTD products
The firm’s product portfolio consists of 134 SKUs, spanning segments such as:
* Raw milk
* Yogurt products
*Plant-based products
* Chilled ready to drink (RTD) milk products
* Ultra-high temperature (UHT)/ambient RTD products
FY21 REVENUE BREAKDOWN BY MARKET / SEGMENT
Revenue breakdown by market:
* Malaysia ~85.6%
* Australia ~10.5%
* Singapore ~3.6%
* Brunei ~0.2%
Revenue breakdown by segment 👇
Revenue breakdown by market:
* Malaysia ~85.6%
* Australia ~10.5%
* Singapore ~3.6%
* Brunei ~0.2%
Revenue breakdown by segment 👇
GROWTH
DAIRY PRODUCTS sales volume in Malaysia, which contributed 82.8% of FY21 revenue, grew at 66.2% CAGR between FY19-21.
PLANT-BASED PRODUCTS sales volume in Malaysia also jumped from 0.1m litres in FY19 to 1.7m litres by FY21.
DAIRY PRODUCTS sales volume in Malaysia, which contributed 82.8% of FY21 revenue, grew at 66.2% CAGR between FY19-21.
PLANT-BASED PRODUCTS sales volume in Malaysia also jumped from 0.1m litres in FY19 to 1.7m litres by FY21.
Australia, which accounted for 10.5% of FY21 revenue, also saw raw milk sales volume grow at a 22.4% CAGR over the same period.
Fruit jam and sauces began to contribute in FY20, post the acquisition of the IXL and Talor’s brands in 3Q20, where it grew 3.7x by FY21 to 28m kg.
Fruit jam and sauces began to contribute in FY20, post the acquisition of the IXL and Talor’s brands in 3Q20, where it grew 3.7x by FY21 to 28m kg.
MARGINS
* Gross profit grew at 60.9% CAGR FY20-21
* Operating profit grew at 54.4% CAGR FY20-21
* PATMI slowed to 3.8% CAGR, on the back of a 22.8% gain in FY20 before falling 12.3% in FY21, as finance costs grew 49% CAGR
* Gross profit grew at 60.9% CAGR FY20-21
* Operating profit grew at 54.4% CAGR FY20-21
* PATMI slowed to 3.8% CAGR, on the back of a 22.8% gain in FY20 before falling 12.3% in FY21, as finance costs grew 49% CAGR
HERD SIZE
Between the track period (FY19-21), the firm had grown its total milking cow herd size by 16.2% CAGR, with Malaysia and Australia both growing 20% and 11.4%, respectively.
Between the track period (FY19-21), the firm had grown its total milking cow herd size by 16.2% CAGR, with Malaysia and Australia both growing 20% and 11.4%, respectively.
Check out the full details in Clarence Chu of @AEQResearch latest Insight (🔐): LINK IN BIO
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