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7/20/2023

Rakuten yells “fore!” with newly listed MST Golf

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00:00 Happy Friday! Today we tee off with brand new market entrant, MST Golf Group.

00:05 While its debut yesterday was a touch lukewarm, Rakuten thinks it's on the right path to

00:10 a better swing and has a buy call and 99 cent target price.

00:14 So MST Golf Group is Malaysia's leading golf equipment retailer and service provider.

00:19 It is riding on the growth of the golfing industry, hence it registered a revenue kega

00:23 of 41.8% for FY19 to FY22.

00:27 In fact, Rakuten forecasts MST to achieve a net profit kega of 19% from FY22 to FY25.

00:35 MST intends to utilise 62.8 million of the IPO proceeds to upgrade and refurbish existing

00:41 golf retail outlets and open 13 new outlets in Malaysia and two new outlets in Singapore

00:46 by 2025.

00:48 As one of the first golf games in town, MST has attained a market share of 51% with more

00:53 than 90,000 active members which are recurring customers and have contributed 75.7% to its

00:59 FY22 revenue.

01:02 In 2022, MST opened its first 3-in-3 retail concept named MST Golf Arena which delivers

01:08 a unique golf retail experience combining shopping, playing, learning, fitting, practising

01:13 and dining.

01:14 It also plans to penetrate Indonesia, Thailand and Vietnam with the target of opening 16

01:20 retail outlets and retail outlets with indoor golf centres by 2026.

01:24 Given that it is just listed, all analysts' consensus are in yet going by Bloomberg.

01:28 So based on Rakuten's recommendation of 99 cent, this implies a possible upside of 27%

01:34 from its current soft opening day performance.

01:36 Thanks for watching.

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