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PP 7767/09/2010(025354)

Malaysia RHB Research


Institute Sdn Bhd
A member of the
RHB Banking Group
Company No: 233327 -M

New Listing 19 July 2010


MARKET DATELINE

Berjaya Retail Issue / Offer : RM0.50


Price
Fair Value : RM0.51
Offers Exposure To The Largest Convenience Store Chain In
Malaysia

Table 1: Investment Statistics Bloomberg Ticker: BRIB MK

Pre-tax Net EPS Net debt/


FYE Turnover Profit Profit EPS Growth PER P/NTA ROE EBITDA GDY
Dec (RMm) (RMm) (RMm) (sen) (%) (x) (x) (%) (x) (%)
2009 1542.2 47.1 34.5 2.3 -17.3 22.4 n.m. 2.7 n.m. 0.0
2010f 1753.6 67.6 49.3 3.3 43.2 15.6 4.0 2.7 25.9 2.0
2011f 2027.2 75.4 55.0 3.7 11.6 14.0 3.1 2.7 22.1 2.2
2012f 2285.5 82.3 60.1 4.0 9.2 12.8 3.0 2.8 23.2 2.4
Valuations based on estimated fair value of RM0.51/share
Fully-diluted maximum scenario
1497.4 (RM0.50 par) Market capitalisation (RMm) 763.7
issued capital (m shares)

X Background. Berjaya Retail (BRetail) was incorporated in Malaysia on 8 Jun LISTING DETAILS
09, as a private limited company under the name of Berjaya Retail Sdn Bhd. Listing Sought Main Market of
On 29 Sep 09, the company was subsequently converted into a public limited Bursa Malaysia

company. After acquiring 7-11 and Singer, BRetail engages in: 1) the Listing Date 16 Aug 2010
Public Issue -
operation of a chain of convenience stores via 7-Eleven Group; and 2)
Offer for Sale of 71.9m to
marketing and direct selling of consumer durables with installment option 101.9m shares
schemes, via Singer Group. comprising of:
- 61.9m to
X Future plans include: 91.9m shares for
Bumiputra
o 7-Eleven: 1) Expanding its 7-Eleven franchise programme; 2) Offering of
investors
new premium fresh food and beverage items; 3) Expanding its approved by
distribution network by the opening of 150 new outlets in CY2010; and 4) MITI
Opening of new logistics centre to maximise efficient receiving, - 5.0m shares for
processing and distribution of goods. Bumiputra public
- 3.0m shares for
o Singer: 1) Modernisation and refurbishment of Singer branches, to application by
attract and generate sales from walk-in customers; and 2) Expanding its the minority
shareholders of
distribution network to 1,000 branches (from 561 branches in May 10 or
BCorp
+78%) within the next 5 years. - 2.0m shares for
public
X Risks: 1) lower consumer spending due to unfavourable economic conditions;
2) competition from existing and new players for both 7-Eleven and Singer; 3) MAJOR SHAREHOLDERS
higher turnover of staff for 7-Eleven; 4) 7-Eleven operating on thin margins; TSVT and private 39.0%
companies
and 5) risk of recoverability of debts from Singer’s installment scheme.
Berjaya Corporation 12.8%
X Forecasts. We have projected BRetail to record a three-year net profit CAGR
of 20.4% from RM34.5m in FY09 to RM60.1m in FY12 based on our
assumptions of: 1) the opening of 10-15 new 7-Eleven outlets/mth; 2) SSS MANAGEMENT FORECAST

growth assumptions of 3-5% p.a. for FY10-12 for both 7-Eleven and Singer; 3) FY10
Revenue (RM m) NA
Singer agent growth of 180-250 members p.a. for FY10-12; 4) greater
Net Profit (RM m) NA
efficiencies of scale; and 5) the sale of higher value products. BRetail has
Net EPS (sen) NA
guided for a gross dividend payout of up to 50%. Assuming a gross dividend
Net PER (x) NA
payout ratio of 30%, to be conservative, this would translate to gross dividend
yield of 2.0-2.4% p.a. (based on our fair value).

X Valuations. We value BRetail at 14x FY11 EPS, in line with our Malaysia sector
retail PER of 14x, thus arriving at a fair value of RM0.51.
Hoe Lee Leng
Please read important disclosures at the end of this report. (603) 92802239
hoe.lee.leng@rhb.com.my

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19 July 2010

Background.

X Background. Berjaya Retail (BRetail) was incorporated in Malaysia on 8 Jun 09, as a private limited company
under the name of Berjaya Retail Sdn Bhd. On 29 Sep 09, the company was subsequently converted into a
public limited company. After acquiring 7-11 and Singer, BRetail engages in: 1) the operation of a chain of
convenience stores via 7-Eleven Group; and 2) marketing and direct selling of consumer durables with
installment option schemes, via Singer Group.

X 7-11: Convenience at your doorstep. 7-Eleven convenience store opened its first outlet in Malaysia in Apr
84, pursuant to an Amendment to the Area Service and Licence Agreement (ALA) in Apr 83, signed between
7-Eleven, Inc. (USA) and various parties. Subsequently, 7-Eleven was incorporated in Jun 84 and in Dec 86,
granted the rights to develop and operate 7-Eleven convenience stores and grant subfranchises to franchisees.
As at May 10, 7-Eleven has approximately 1,127 convenience stores in Malaysia.

Table 2: 7-Eleven timeline


1984 > The first 7-Eleven convenience store was opened in Malaysia
> 7-Eleven (Malaysia) SB was granted the rights to develop and operate 7-Eleven convenience stores and grant sub-
1986
franchises to franchisees to operate 7-Eleven convenience stores in Malaysia and Brunei

1996 > The 100th 7-Eleven convenience store was opened in Centrepoint Shopping Mall, BU, Selangor
> The Berjaya group of companies assumed management control of 7-Eleven by acquiring the entire equity interest of 7-
2001 Eleven
2003 > 7-Eleven, Inc. (USA) signed the ALA directly with 7-Eleven
2007 > Privatisation of Intan Utilities Bhd
2008 > Opening of 1,000th 7-Eleven store in Malaysia
2009 > 7-Eleven celebrated its 25th anniversary in Malaysia
2010 > Acquisition of 7-Eleven by B-Retail for the purposes of listing
Source: Company

X Singer: More than just sewing machines. The Singer brand name in Malaysia started in 1906, with the
opening of its first branch office by the Singer Sewing Machine Company, US. The Singer brand name then
became a household name for sewing machine. Its portfolio has since expanded to cover a diversified range of
home appliances, which includes TV, air-conditioners, home theatre systems, washing machine etc. Currently,
Singer operates as a marketing and direct selling company of consumer durables with installment option
schemes. As at May 10, Singer has approximately 3,500 independent sales agents and a total of 561 branches
operating under the Singer brand name in Malaysia.

Table 3: Singer timeline


1906 > Singer Sewing Machine Company of the USA sets up its first branch office in Malaysia
1983 > Incorporation of Singer, primarily involved in the provision of installment option schemes for consumer durables
1985 > Berjaya Group of companies acquired a 48% equity stake in Singer
1989 >Singer was granted the exclusive rights to market the "Singer" brand name of consumer durables in Malaysia
> Berjaya group of companies assumed management control of Singer upon the acquisition of further 36.5% equity interest
1990 > Cosway acquired the entire issued and paid-up share capital of Singer as part of its (then) IPO and listing exercise on the
(then) Main Board of the KLSE (now known as Bursa Securities)
2006 > Celebrated the "Singer" brand name's 100th anniversary in Malaysia
2007 > Privatisation of Cosway, the then holding company of Singer
2010 > Acquisition of Singer by B-Retail for the purposes of listing

Source: Company

X Acquired 7-11 and Singer prior to listing. On 14 Jun 10, BRetail acquired 100% stake in 7-Eleven from
Premier Merchandise Sdn Bhd for a total consideration of RM600m satisfied through: 1) the setting-off of net
inter-company balances due from holding companies to 7-Eleven Group; 2) issuance of new 60m B-Retail
shares, worth RM30m; and 3) issuance of new 809.2m B-Retail ICPS, worth RM404.6m. On the same date,
BRetail acquired 100% stake in Singer from Cosway for a total consideration of RM360m satisfied through: 1)
the setting-off of net inter-company balances due from BCorp to Singer Group; 2) issuance of new 475m B-
Retail shares, worth RM237.5m; and 3) issuance of new 153.2m B-Retail ICPS, worth RM76.6m. Based on the

BERJAYA 2 RETAIL
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19 July 2010

proforma group’s profit after tax of RM34.5m as at FY09 and fully diluted enlarged issued and paid-up share
capital comprising 1,497.4m shares (assuming full conversion of the 962.4m ICPs issued pursuant to the
acquisition of 7-Eleven and Singer), 7-Eleven and Singer were acquired at a historical PER of 21.7x.

Chart 1: BRetail Corporation Structure

B- Retail

100% 100%
7- Eleven Sin ger

100% 100% 100% 100%


CS SSB 7 Prop e rtie s T eluk Juara B iof ie ld
Consumer durables
Convenience stores with instalment option
schemes

Source: Company

Table 4: Details of subsidiaries

7-Eleven < Operation of 7-Eleven convenience stores in Malaysia

CSSSB < Operation of 7-Eleven convenience stores in Sabah

7 Properties < For future expansion of 7-11 outlets

Teluk Juara < Land to be used for future distribution centre subject to further
suitability study

Singer < Marketing and direct selling of consumer durables with installment
option schemes

Biofield < General insurance agent and leasing exhibition space

Source: Company

X Future plans.

7-Eleven

1. 7-Eleven franchise programme. Currently, out of the 1,127 7-Eleven convenience stores in Malaysia,
only 38 outlets are operated by its franchisees. 7-Eleven plans to roll out its franchisee programme more
aggressively, and targets 150 franchisees (through conversion of its wholly-owned store to franchise
stores or the opening of new stores by its franchisees) by end-2010. To achieve its targets, 7-Eleven
formalised a joint collaboration with PERNAMA to provide candidates with three months on-the-job training
in 2009. Upon completion of the training, the candidates can choose to work as a store manager with 7-
Eleven or operate an existing 7-Eleven store on a franchise basis. The total cost of setting up the outlet for
the franchisee would be RM250k (consisting of RM100k fee to BRetail and RM150k for the store and
goods).

2. New product offerings. 7-Eleven plans to expand its food service offerings at its convenience stores by
offering new premium fresh food and beverage items to consumers such as freshly brewed coffee. It also
plans to work more closely with fresh food manufacturers that are located close to its 7-Eleven
convenience stores to supply freshly prepared food items, including local specialties for sale at its outlets.

3. Expanding its distribution network. 7-Eleven plans to expand its convenience stores by opening new
7-Eleven outlets throughout Malaysia. It targets to open 150 outlets in CY2010 alone. Based on historical
store openings per year of about 8-11 outlets/mth, we believe that its 13 new outlets/mth target for 2010
is achievable.

4. New logistics centre. 7-Eleven plans to upgrade its logistics function by setting up a new dedicated
purpose-built factory that is designed to maximise efficient receiving, processing and distribution of goods,
which will assume and expand the functions currently fulfilled by its existing rented distribution centre

BERJAYA 3 RETAIL
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located in Shah Alam. The construction and development of the new logistics centre is expected to be
completed within 2 years. The construction and equipment costs are currently estimated to be RM40m and
will be funded via internally generated funds.

Singer

1. Modernisation and refurbishment of Singer branches. BRetail plans to progressively renovate and
modernise its network of Singer branches and introduce a new store format to provide better ambience for
the increasingly discerning customer base and enhance their ability to attract and generate sales from
walk-in retail customers.

2. Expanding its distribution network. Singer’s plans to expand its network of branches and independent
authorised sales agents through the recruitment of new sales agents to operate new branches to 1,000
(from 561 branches in May 10 or +78%) within the next 5 years.

X Risk factors.

1. Consumer spending pattern. BRetail’s performance is dependent on consumer spending patterns. While
its 7-Eleven business is more resilient given that consumers who purchase from 7-Eleven do it more for
convenience and that the goods sold are small-ticket items, its exposure to Singer, we believe, is more
sensitive to economic changes given that they are mostly household products or bigger-ticket items.
RHBRI expects consumer spending increase in Malaysia to be at a slower pace of +4.6% yoy in 2H vs.
+5.4% yoy in 1H. However, there is still a risk in our consumer spending projections arising from the
uncertainty in government policies especially on the cut in consumer subsidy. Nevertheless, the cut in
petrol subsidy may benefit 7-Eleven, as consumers may now weigh the option of transportation cost in
their purchases, and may even start purchasing from 7-Eleven which is located closer to where they are
after weighing the price difference in petrol and purchasing.

7-Eleven

1. Competition amongst existing and new retailers. 7-Eleven faces competition with various retail
channels, including small private retailers, mini markets, supermarkets, hypermarkets and other
convenience stores. This includes “99 Speedmart”, “Tesco”, “Carrefour”, “Giant”, “KK Mart”, “Select”,
“Tiger Mart” etc. The major difference between 7-Eleven and these retailers is that 7-Eleven operates on a
24 hour basis and is located in vast geographical locations, hence, competing on convenience rather than
price.

2. High turnover of staff. In the retail industry in Malaysia, there is a high turnover of store operations
staff as most of these staff are generally school leavers seeking temporary employment and part-timers
seeking additional income. To mitigate such risk, 7-Eleven offers a competitive salary package, training
programmes and awards for the operational staff. Furthermore, 7-Eleven formalised a joint collaboration
with PERNAMA to provide candidates with three months on-the-job training, in which the candidates can
also choose to work as a store manager with 7-Eleven or operate an existing 7-Eleven store on a franchise
basis after the training.

3. Operating on thin margins. Given the nature of its business in F&B and retail, 7-Eleven operates on thin
PBT margins, although we note that this has been improving from 1.3% in FY07 to 2.0% in FY08 and
further to 3.2% in FY09. However, this risk is mitigated through the management of its cash flow coupled
with usage of trade lines from financial institutions to fund its operations. 7-Eleven is also able to leverage
on the credit terms provided by its suppliers to optimise the management of cash.

BERJAYA 4 RETAIL

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Singer

1. Recoverability of debts due to the installment scheme. Singer offers installment option schemes to
its customers who purchase consumer durable products. To reduce the risk of recoverability of debts,
prospective customers are carefully screened to assess their credit risk before Singer extends the
installment option schemes to them. Singer’s total default rate of about 4-5% of total sales is being
mitigated by the 1.5% per month interest charged to customers who purchase goods through the
installment scheme.

2. Competition from stores which offer easy-payment scheme. Singer offers electrical appliances,
furniture etc through an installment scheme, which competes with other electrical appliances, furniture etc
companies that offer easy-payment schemes, such as “Courts Mammoth”, “Senheng” etc. Nevertheless, as
Singer is more of a MLM, with its agents going out to “push sales”, we believe that Singer may not be in
direct competition with these other players, which are more like traditional retail stores, that rely on
customers coming into their stores.

X Earnings prospects.

1. Store expansion and recovery of global economy to drive future growth. Going forward, we expect
sales to increase, riding on 7-Eleven and Singer brand names and BRetail’s expansion plans, coupled with
improvement in consumer spending. RHBRI’s economic team expects 2011’s consumer spending to grow
at +6.0% vs. 2010’s +5.0%.

2. 2-year CAGR PBT grew by 23.5%. While revenue registered a 2-year CAGR of 10.6% from RM1260.6m
in FY07 to RM1542.2m in FY09, PBT grew by a 2-year CAGR of 23.5% in the same period due to greater
economies of scale, which led to higher margins (PBT margin of +2.4% in FY07 to +3.1% in FY09). Going
forward, we expect BRetail’s PBT to continue to grow by 9-43% p.a. for FY10-12 driven by growth from:
1) the opening of 10-15 new 7-Eleven outlets/mth; 2) SSS growth assumptions of 3-5% p.a. for FY10-12
for both 7-Eleven and Singer; 3) Singer agent growth of 180-250 members p.a. for FY10-12; 4) greater
economies of scale; and 5) the sale of higher value products.

Chart 2: FY12/09 Revenue Breakdown

FY09 Revenue Segmentation by Company

3%
23%
7-Eleven
Singer
CSSSB
74%

Source: Company

BERJAYA 5 RETAIL

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X Forecasts.

1) Project 3-year net profit CAGR of 20.4%. Based on our assumptions of: 1) the opening of 10-15 new
7-Eleven outlets/mth; 2) SSS growth assumptions of 3-5% p.a. for FY10-12 for both 7-Eleven and Singer;
3) Singer agent growth of 180-250 members p.a. for FY10-12; 4) greater economies of scale; and 5) the
sale of higher value products, resulting in a 3-year revenue CAGR of 14.0%, we project BRetail to record a
three-year net profit CAGR of 20.4% from RM34.5m in FY09 to RM60.1m in FY12.

2) Gross dividend payout of up to 50%. BRetail has guided for a gross dividend payout of up to 50%. As
such, we have assumed a gross dividend payout ratio of 30%, to be conservative. This would translate to
gross dividend yield of 2.0-2.4% p.a. (after ICPs conversion and based on our fair value).

X Valuations. For comparison purposes, we compare BRetail to domestic and international retail players such as
AEON, Parkson Holdings, CP All, Siam Makro, President Chain Corp and Seven & I Holdings Co Ltd, which are
currently trading at an average forward PER of 16x. However, we value BRetail at a more conservative 14x
FY11 EPS, to be in line with our Malaysian retail segment target PER of 14x, thus arriving at fair value of
RM0.51.

Table 5: Comparative Valuations


FY09
FY09 Operating
Bloomberg Market Revenue FY09 FY10 FY11 Margin
Company ticker Currency cap (m) (m) PE (x) PE (x) PE (x) (%)
AEON (M) Bhd AEON MK MYR 1,748.0 3,735.8 13.1 11.6 11.1 5.4
Parkson Holdings PKS MK MYR 5,752.1 2,583.7 10.4 19.0 15.4 18.7
CP All PCL CPALL TB THB 133,671.2 112,376.9 26.8 21.8 18.7 4.0
Siam Makro PCL MAKRO TB THB 27,240.0 78,007.1 17.8 15.1 13.6 2.4
President Chain Store
Corp 2912 TT TWD 110,119.9 148,278.2 27.2 21.5 19.9 4.4
Seven & I Holdings Co 1,813.7 4,549.9
Ltd 3382 JP JPY (bn) (bn) 41.2 17.9 16.5 5.0
Average * 22.8 17.8 15.9 4.2
Berjaya Retail Bhd BRIB MK MYR 763.7 1,542.2 22.6 15.8 14.0 4.6

Source: RHBRI and Bloomberg


* Average FY09 operating margin excludes Parkson Holdings

Table 6. Earnings Forecasts


FYE Dec (RMm) 2009 2010f 2011f 2012f

Turnover 1,542.2 1,753.6 2,027.2 2,285.5


Turnover growth (%) 5.5 13.7 15.6 12.7

EBITDA 120.8 149.1 170.3 189.7


EBITDA margin (%) 7.8 8.5 8.4 8.3

Dep & Amort 50.1 57.9 71.3 83.7

EBIT 70.7 91.2 99.0 105.9


EBIT margin (%) 4.6 5.2 4.9 4.6
Net interest expense (23.6) (23.6) (23.6) (23.6)

Pretax Profit 47.1 67.6 75.4 82.3


Tax (12.6) (18.2) (20.4) (22.2)

Net Profit 34.5 49.3 55.0 60.1

Source: Company data, RHBRI’s estimates and forecasts

BERJAYA 6 RETAIL
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IMPORTANT DISCLOSURES

This report has been prepared by RHB Research Institute Sdn Bhd (RHBRI) and is for private circulation only to clients of RHBRI and RHB Investment Bank
Berhad (previously known as RHB Sakura Merchant Bankers Berhad). It is for distribution only under such circumstances as may be permitted by applicable
law. The opinions and information contained herein are based on generally available data believed to be reliable and are subject to change without notice,
and may differ or be contrary to opinions expressed by other business units within the RHB Group as a result of using different assumptions and criteria. This
report is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered herein. RHBRI does not warrant the accuracy of anything
stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against RHBRI. RHBRI and/or
its associated persons may from time to time have an interest in the securities mentioned by this report.

This report does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and
objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. RHBRI recommends that investors
independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. The appropriateness of a
particular investment or strategy will depend on an investor’s individual circumstances and objectives. Neither RHBRI, RHB Group nor any of its affiliates,
employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this report.

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providing investment banking and financial advisory services. In the ordinary course of its trading, brokerage, banking and financing activities, any member
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equity securities or loans of any company that may be involved in this transaction.

“Connected Persons” means any holding company of RHBRI, the subsidiaries and subsidiary undertaking of such a holding company and the respective
directors, officers, employees and agents of each of them. Investors should assume that the “Connected Persons” are seeking or will seek investment
banking or other services from the companies in which the securities have been discussed/covered by RHBRI in this report or in RHBRI’s previous reports.

This report has been prepared by the research personnel of RHBRI. Facts and views presented in this report have not been reviewed by, and may not reflect
information known to, professionals in other business areas of the “Connected Persons,” including investment banking personnel.

The research analysts, economists or research associates principally responsible for the preparation of this research report have received compensation based
upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues.

The recommendation framework for stocks and sectors are as follows : -

Stock Ratings

Outperform = The stock return is expected to exceed the FBM KLCI benchmark by greater than five percentage points over the next 6-12 months.

Trading Buy = Short-term positive development on the stock that could lead to a re-rating in the share price and translate into an absolute return of 15% or
more over a period of three months, but fundamentals are not strong enough to warrant an Outperform call. It is generally for investors who are willing to
take on higher risks.

Market Perform = The stock return is expected to be in line with the FBM KLCI benchmark (+/- five percentage points) over the next 6-12 months.

Underperform = The stock return is expected to underperform the FBM KLCI benchmark by more than five percentage points over the next 6-12 months.

Industry/Sector Ratings

Overweight = Industry expected to outperform the FBM KLCI benchmark, weighted by market capitalisation, over the next 6-12 months.

Neutral = Industry expected to perform in line with the FBM KLCI benchmark, weighted by market capitalisation, over the next 6-12 months.

Underweight = Industry expected to underperform the FBM KLCI benchmark, weighted by market capitalisation, over the next 6-12 months.

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securities, subject to the duties of confidentiality, will be made available upon request.

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the actions of third parties in this respect.

BERJAYA 7 RETAIL

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AND RESEARCH OFFICES
5 RESOURCES

MALAYSIA
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