Main Business and outlook

Deals mainly in

1. Travel accessories
2. Bags
3. Winter wear and essentials

Most of the business is based in Malaysia (70%~80%). Others include Singapore and Indonesia.

Sales are done mostly via retail departmental stores, 3^rd party outlets, gift redemption promotions.

Proceeds of IPO to be mainly channelled to specialty stores growth and working capital purposes.

Increasing affluence of Malaysia and Singapore will boost revenue.

Minus points

• market downturn
• fashion and trend
• competitive environment due to low barriers of entry
• huge portion of revenue comes from bags and travel essentials
• carries few brand names as main suppliers

Plus points

• No customer accounts for more than 11% of revenue
• Diversified products, targeted mostly for working and trendy adults
• Decreasing inventory turnover
• Decreasing receivables turnover

Key ratios and numbers

As of FY2006

Issue Price : $0.30

NTA : $0.206

PE ratio : 6.5

Other Important Information

• IPO will see new investors holding 29% of company
• No dividend policy

Hmmm… considering that it seems like a small company, the number of shares it is offering is quite small too. I think I might just hold my breath for this and maybe wait and see if any others mention about this company. I am a little too green-horned for this so don’t base anything what I have written just yet.