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02155 森松國際
Morimatsu International Holdings
Listing Date2021/06/28
Listing Price2.480
 
Quote
Subscription Result
  • Subscription Rate
    23.71x
  • Guarantee One Lot Size
    25 lot
  • One Lot Success Rate
    80%
COMPANY PROFILE

Morimatsu International Holdings is a pressure equipment manufacturer and provider of integrated pressure equipment solutions in the PRC offering traditional pressure equipment, modular pressure equipment and value-added services associated with the pressure equipment, with a strong market position in the PRC.

According to F&S Report, the Group was the fourth largest pressure equipment manufacturer and provider of integrated pressure equipment solutions in the PRC with a market share of approximately 1.5% and the largest non-state owned pressure equipment manufacturer and provider of integrated pressure equipment solutions in the PRC, both in terms of sales revenue in 2019. For each of the traditional pressure equipment segment and modular pressure equipment segment, it was the fifth and eighth largest manufacturer in the PRC with market share of approximately 1.2% and 1.9%, respectively, in terms of sales revenue in 2019.

The Group offers comprehensive pressure equipment. It generally provides a combination of design, procurement, manufacturing, installation, testing and commissioning, and after-sales technical support services. It also offers value-added services associated with the pressure equipment to customers, including validation, maintenance, design, and digital operation services. It generally undertakes pressure equipment projects in downstream industries, such as chemical, pharmaceutical, personal care chemical, mining and metallurgical, oil and gas and electronic chemical industries.

The Group has established a customer base comprising both domestic and overseas customers. It exported products overseas to over 45 countries. For the years ended 31 December 2019 and 2020, its revenue derived from products and services delivered overseas approximately 36.8% and 46% of its total revenue from Continuing Operations, respectively.

The Group has two production bases in Shanghai and Nantong. Its Shanghai production base has a GFA of approximately 57,150 sq.m., with 14 production workshops. Its Nantong production base has a GFA of approximately 121,618 sq.m., with nine production workshops. The estimated annualised production utilisation rate for the years ended 31 December 2019 and 2020 is approximately 97.1% and 86.8%, respectively.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureIndustrials
Websitewww.morimatsu-online.com
Board Lot1,000
Registrar & Transfer OfficeTricor Investor Services
GLOBAL OFFERING
No. of Offer Shares250m shares
No. of International Placing Shares225m shares
No. of HK Offer Shares25.00m shares
Offer Price$2.20 - $2.48
Stock Code2155
Sponsor(s)Sinolink Securities (Hong Kong) Company Limited
Underwriter(s)Sinolink Securities (Hong Kong) Company Limited; Mizuho Securities Asia Limited; BOCOM International Securities Limited
TIME TABLE
Application PeriodJun 15 (Tue) - Noon, Jun 18 (Fri)
Price Determination DateOn or Before 5pm, Jun 18 (Fri)
Result Announcement DateOn or Before Jun 25 (Fri)
Dispatch of Shares and Refund ChequesOn or Before Jun 25 (Fri)
Dealings in Shares commence onJun 28, 2021. (Mon)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveNishimatsu Koei, Hirazawa Jungo, Tang Weihua, Sheng Ye, Kawashima Hirotaka
Non-ExecutiveMatsuhisa Terumoto (Chairman)
Independent Non-ExecutiveChan Yuen Sau Kelly, Kanno Shinichiro, Yu Jianguo
MAJOR SHAREHOLDERS
Director Matsuhisa Terumoto and related parties75%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
202020192018
Revenue2,978,6262,826,3302,467,869
Gross Profit844,104602,889511,934
Pre-Taxed Profit341,430166,033177,877
Attributable Profit for the period289,385149,104116,223
* For the nine months ended September 30, 2020.
OFFER STATISTICS (HK$)
Offer Price$2.20 - $2.48
Capitalization$2,200m - $2,480m
Unaudited pro forma adj NAV / share$1.68 - $1.75
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $2.34, the net proceeds raised would be HK$505.0m, of which:
* $302.2m (60.0%) to be used for enhancing production capacityand production capability;
* $66.6m (13.2%) to be used for enhancing service capability, thereby strengthening value-added services associated with the pressure equipment;
* $60.5m (12.0%) to be used for advancing internationalisation stragegy;
* $24.2m (4.8%) to be used for investing in research and development to improve production process capability and production efficiency, and promote sales of existing and new products; and
* the balance of $50.5m (10.0%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
02155MORIMATSU INTLup8.5800.1802.143%
15-min delayed, last updated: 15/10/2021 17:59
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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