1. Company Profile
$SWANGCHAICHUAN (02321.HK)$, established in 1982, with a long history of operations, engages in distribution and sales businesses on the Malay Peninsula. Its main business focus includes consignment sales for international and domestic third-party brands, as well as the distribution of its own branded food and beverages. It provides supply services to a large number of retail chains across the Malay Peninsula, covering hypermarkets, grocery stores, convenience stores, snack shops, hotels, restaurants, cafes, bars, school cafeterias, and food and beverage distributors, while also maintaining its own warehousing and logistics system to provide value-added services.
2. Fundamental Analysis
2.1 Financial Data, As Steady As An Ox
According to the company's prospectus, in 2019, 2020, 2021, and the first four months of 2022, the company achieved revenues of 497 million ringgit (1 ringgit = 1.518 RMB), 565 million ringgit, 669 million ringgit, and 267 million ringgit respectively, with a compound annual growth rate as high as 16.02%. During the same period, net profits were 17.658 million ringgit, 18.797 million ringgit, 23.588 million ringgit, and 11.926 million ringgit respectively.
2.2 Market Ranking, Fourth In Malaysia
According to data, the size of Malaysia's food and beverage distribution market was 24.2 billion ringgit in 2021, but the competitive landscape is quite fragmented, involving not only globally renowned companies but also numerous small and medium-sized local participants. According to incomplete statistics, there are over 200 participants in the entire Malaysian market. Among the top five...