2024-04-26 05:55:00
The trend of smaller IPO stocks trading on the first day above the reservation may end with the IPO of Stone One Public Company Limited or STX, which sets the IPO price at just 3 .00 baht and distributes only 65 million shares. The fundraising value is only 195 million baht, but the price after trading on the May stock exchange is low.
Trading movement on the MAY Stock Exchange for the first time for Stone One Public Company Limited or STX opened trading at 2.78 baht, down from the subscription price of 3 baht.
STX carries out its stone and mineral mining activities. Including providing comprehensive transportation services to clients on site. There are 2 mining concessions: 1, Nong Kha mine, Si Racha district, Chonburi province. production of granite which is used in the construction of buildings, roads and sold to customers in Chonburi province. Including the EEC Eastern Economic Corridor and 2 Chom Bueng mines, Chom Bueng district, Ratchaburi province. Produce and sell limestone and dolomite minerals. Which is used in construction, cement, glass production, soil balancing or wastewater treatment industry.
STX released post-offer capital of 307.13 million baht with a par value of 1.00 baht per share, consisting of 242.13 million existing ordinary shares and 65 million additional ordinary shares, i.e. only 195 million baht raised.
TISCO Securities estimates that operating results in 2024 are expected to increase annual revenue. thanks to increased public and private investments and will benefit from the disbursement of the government budget expected to start from May, which is expected to increase the demand for construction materials. including dolomite minerals The company’s latest products are driving sales growth, with growth of approximately 50% in 2023 driven by the launch of powdered dolomite products that can be used in various industries. Strengthen materials such as concrete, glass and mirrors, etc. Based on the first quarter construction materials price index, the average sales price of products in 2024 is expected to be stable compared to the same period last year.
Profits increase as revenue increases. Growth in construction demand Particularly important government projects Help support the company’s profit margin through increased revenue. including revenue from dolomite minerals which has a higher gross profit margin than the gross profit margin of other product types Meanwhile, selling and administrative expenses are not expected to see significant changes. Added to this are the profits from the sale of fixed assets which should be added. However, the new mine, which the company plans to start investing in in 2024, may have upfront operating costs. causing an increase in total expenses But overall, profit growth is still expected in 2024.
This time, raising funds to invest in a new mine is appropriate. Because it will help to increase the quantity of raw materials for the company. which will create future revenue growth And factors that need to be monitored further include the new mine the company will invest in, located in Ko Chan sub-district, Chonburi province (in the process of submitting a new application for concession certificate) and Khao Yoi district, Phetchaburi province (a concession certificate was granted for a period of 29 years). In addition, the company plans to pay an interim dividend of 0.055 baht/share after the approval of the shareholders’ meeting on May 2, 2024, which will determine the list of shareholders (XD). on May 16.
Significant risks include 1) exploration and procurement of raw materials, 2) changes in reserves, 3) renewal of concession certificates. The preliminary assessment is based on the average PER of similar commercial operators abroad at 16.02 times. The value is considered appropriate at the introductory price and already presents a premium.
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