LY Corporation *Official* (SGX: 1H8)

Shion

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LY Corp IPO

Malaysian bedroom furniture maker plans Catalist IPO

http://www.businesstimes.com.sg/com...an-bedroom-furniture-maker-plans-catalist-ipo

MALAYSIAN bedroom furniture exporter LY Corp is planning an initial public offering (IPO) on the Catalist board, which will be done through a placement of new shares and vendor shares.

LY Corp designs and manufactures wooden bedroom furniture that is typically rebranded by overseas dealers for sale outside Malaysia. It is controlled by Lian Yu Holdings. The business was founded in Johor in 1976.

LY Corp is raising funds to expand its sales network in China, upgrade machinery and equipment, as well as acquire new premises near the 15 factories and warehouses it owns or leases.

It is building a hostel for its foreign workers, which is expected to be completed by the first quarter of 2018.

The company will also explore investments, mergers and acquisitions, as well as joint ventures, it said in a draft prospectus lodged on Dec 26).

Net profit in the six months to June 30 rose 21.6 per cent to RM21.6 million (S$7 million) on a 17.2 per cent jump in revenue to RM166 million. This was on the back of higher sales volumes as well as an increase in average selling price due to discounts given to customers in the same period a year earlier, as well as the strengthening of the US dollar against the Malaysian ringgit.

Around 80 per cent of the group's revenue is derived from customers based in the United States.

The size of the IPO has not been announced, but LY Corp said that it expects profitability in 2018 to be hit by a jump in administrative expenses, including one-off listing expenses.

UOB Kay Kian is the sponsor and placement agent.

In 2016, Malaysia exported US$1.1 billion worth of wooden home furniture, including US$669 million of wooden bedroom furniture. LY Furniture, the group's subsidiary, exported RM249 million worth of wooden bedroom furniture in the same year.
 

Jupiter2017

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http://www.businesstimes.com.sg/com...-maker-ly-corp-makes-catalist-debut-on-jan-31
Malaysian bedroom furniture maker LY Corp makes Catalist debut on Jan 31
Mon, Jan 29, 2018 - 9:12 PM Wong Kai Yi kaiyiw@sph.com.sg

MALAYSIAN bedroom furniture manufacturer and exporter LY Corporation will begin trading on the Catalist board at the start of trading on Jan 31, it announced late on Monday night.
In a statement, the company said that it had received valid applications for all its 75.85 million placement shares at S$0.26 apiece as at noon on Jan 29, totalling S$19.7 million in gross proceeds.
Out of the S$13 million in net proceeds from the placement, S$1 million will be used for the expansion of its sales network in China, and around S$5 million will be used to upgrade its machinery and equipment, as well as acquire new technology.
The remaining will be split between construction of more facilities and general working capital.
LY Corp designs and manufactures wooden bedroom furniture that is typically rebranded by overseas dealers for sale outside Malaysia. It is controlled by Lian Yu Holdings. The business was founded in Johor in 1976.
The company will also explore investments, mergers and acquisitions, as well as joint ventures, it said in a draft prospectus lodged on Dec 26, 2017.
The company counts Heah Theare Haw - a substantial shareholder in mainboard-listed Geo Energy Resources - and Pheim Asset Management among the investors in the initial public offering.
Tan Yong Chuan, LY Corporation's executive director and chief executive officer, said that the Catalist listing will allow the company to tap capital markets to help expand the business.
 

Layers

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Think koda better?

Sent from Samsung SM-N950F using GAGT
 

ccostagmont

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last time got one furniture shop on sgx... cacola (from china)...
tiagong up lorry riao...
 

Jupiter2017

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http://www.businesstimes.com.sg/com...-s-cents-on-catalist-96-higher-than-ipo-price
LY Corp debuts at 28.5 S cents on Catalist, 9.6% higher than IPO price
Wed, Jan 31, 2018 - 9:40 AM Rachel Mui rachmui@sph.com.sg Stephanie Luo stephluo@sph.com.sg

TIMBER bedroom furniture maker LY Corp made its trading debut on the Singapore Exchange's Catalist board on Wednesday at 28.5 Singapore cents, a 9.6 per cent gain from its 26 cents initial public offering (IPO) price.
As at 9.07am on Wednesday, the counter was trading at 29 Singapore cents apiece. Some 4.89 million shares changed hands.
LY Corp is the first to launch an IPO on the local bourse this year, and seeks to raise S$19.7 million in gross proceeds.
The Malaysian firm, which announced last month that it was planning an IPO, offered about 75.8 million placement shares at 26 cents apiece, consisting of 61.2 million new shares and 14.7 million vendor shares.
No public shares are available for subscription. When asked about this, the company told The Business Times that it considered costs in pursuing an all-placement offering.
"The company has adopted a share placement strategy which allows distribution to retail investors and interested public directly, rather than via the ATM network," an LY spokesman said.
The company said on Monday that the placement was "fully subscribed" and it received valid acceptances for all placement shares.
The firm counts Heah Theare Haw - a substantial shareholder in mainboard-listed Geo Energy Resources - and Pheim Asset Management among the IPO investors.
In its final offer document released earlier this month, the company said that the placement price of 26 cents per share is "substantially higher" than its net asset value per share of 13 cents based on the post-placement issued and paid-up share capital, adjusted for the net proceeds arising from the issue of the new shares.
The net proceeds raised from the placement will be S$16.7 million.
Net proceeds attributable to the group from the issue of new shares, after deducting estimated expenses of S$2.9 million, is about S$13 million.
The pricing reflects a price-to-earnings ratio of 8.1 times, based on the earnings per share of 9.7 sen from the audited combined statement of the group's comprehensive income for the year ended Dec 31, 2016, and the pre-placement share capital of about 426.7 million shares.
Said LY Corp's executive director and chief executive officer, Tan Yong Chuan: "We are encouraged by the strong investors' interest in the IPO, which reflects confidence in LY Corporation's track record and growth prospects. We believe that a listing on the Catalist board of the Singapore Exchange will provide us with the access to the international capital market that will offer us significant impetus to pursue our next phase of growth."
According to the bourse, LY Corp has a market cap of about S$127 million.

price link: http://www.shareinvestor.com/fundamental/factsheet.html?counter=1H8.SI
 

Jupiter2017

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paging for Moderator.

Please arrange for this thread title to be changed to :
LY Corporation *Official* (SGX: 1H8)
 

Shion

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LY Corp posts 40% drop in Q2 profit

LY Corp posts 40% drop in Q2 profit

https://www.straitstimes.com/business/companies-markets/ly-corp-posts-40-drop-in-q2-profit

SINGAPORE - Malaysian wooden bedroom furniture maker LY Corp has posted a net profit of RM6.5 million (S$2.2 million) for its fiscal second quarter, down 39.8 per cent from the same period a year earlier.

Revenue in the three months ended June 30 fell 21.5 per cent to RM 62.9 million on a drop in number of 40-ft containers sold. As well, the stronger Malaysian ringgit against the greenback resulted in the average selling price per container being reduced to RM49,000 from RM51,000. This squeezed second-quarter gross margin to 20.6 per cent, from 23.6 per cent in the same period last year.

Earnings per share was 1.32 sen, down from an illustrative 2.19 sen in the same period a year earlier.

Net asset value per share was 44 sen as at June 30, up from an illustrative 36 sen as at Dec 31 last year.

LY Corp was listed on the Catalist board in January this year. The net proceeds of S$13 million from the IPO have already been gradually invested as planned for the use of the acquisition of machineries and equipment as well as the construction of additional facilities, it said.

Chief executive Tan Yong Chuan said in the results filing on Tuesday: "The group remains optimistic of our growth prospects despite the recent strengthening of the ringgit against the US dollar due to our hedging policy and flexible selling price adjustment mechanism.


"We are expanding our sales and distribution network in China through a website service provider, Hangzhou Feilue Network Technology Co. In addition, while there is heightened certainties in world trade due to the trade dispute between the US and China, we expect the trade dispute to benefit our company."
 
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