The trend of small-cap IPO stocks, which trade on the first day above the order, may end with the entry to trade of Stone One Public Company Limited or STX, which sets the IPO price at just 3.00 baht and issued only 65 million shares. The fundraising value is only 195 million baht, but the price after trading on the stock exchange is low.
Trading movement on the MAI Stock Exchange for the first time opened for Stone One Public Company Limited or STX to trade at 2.78 baht, down from a subscription price of 3 baht.
STX is involved in the business of mining rocks and minerals. Including providing complete transport services to customers on the job site. There are 2 mining concessions: 1, Nong Kha Mine, Si Racha District, Chonburi Province. producing granite used in the construction of buildings, roads, and selling them to customers in Chonburi province. Including the EEC Eastern Economic Corridor and 2 Chom Bueng Mines, Chom Bueng District, Ratchaburi Province. Production and sale of limestone and dolomite minerals. Whether used in the construction industry, cement, glass production, soil balancing or waste water treatment.
STX has paid up capital after offering 307.13 million baht with a par value of 1.00 baht per share, which consists of 242.13 million existing ordinary shares and 65 million additional ordinary shares, or only 195 million baht raised.
TISCO Securities estimates that operating results in 2024 are expected to increase annual income. from an increase in public and private investment and will benefit from the allocation from the government budget which is expected to start paying from May onwards, which is expected to increase the demand for building materials. including dolomite minerals The company’s latest products are driving sales growth, with growth of around 50 percent in 2023 due to the launch of powdered dolomite products that can be used in a variety of industries. To strengthen materials such as concrete, glass and mirrors, etc. Based on the construction material price index in the first quarter, it is expected that the average selling price of products in 2024 will be stable from the same period last year.
Profits expand as income increases. Growth in construction demand Especially large government projects Help support the company’s profit margin from increased revenue. including income from dolomite minerals that have a higher gross profit margin than the gross profit margin from other types of product Meanwhile, it is expected that there will be no significant changes to selling and administrative costs. In addition, there is a profit from the sale of fixed assets which is expected to be added. However, the new mine, which the company expects to start investing in in 2024, may have initial operating costs. causing total expenses to increase But overall, 2024 is still expected to see profit growth.
Raising money this time to invest in a new mine is appropriate. Because it will help to increase the amount of raw materials for the company. which will create revenue growth in the future And the factors that need to be further monitored include the new mine that the company will invest in, located in Ko Chan Sub-District, Chonburi Province (in the process of submitting an application for a new concession certificate) and Khao Yoi District, Phetchaburi Province (concession certificate issued for a period of 29 years). on 16 May.
Important risks include 1) exploration and acquisition of raw materials, 2) changes in reserves, 3) renewal of concession certificates. The preliminary assessment is based on the average PER of similar business operators abroad, which is 16.02 times
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