今年至今，大马交易所已经见证了23家公司的上市，其中16家公司在上半年登陆市场。回顾上半年，这16家公司共计筹集了16亿令吉的资金，其总市值达到了94亿令吉，使得马来西亚在东南亚IPO市场中排名第三，仅次于印尼和泰国。
根据截至今年7月31日的大马交易所数据，预计今年将有39家公司上市，超过了去年的35家。即将加入这一行列的是Mercury证券，它将成为今年的第24家上市公司，同时也是过去20年来首家上市的证券公司，计划筹集3927万令吉的资金。值得一提，该公司也是下周二即将上市的当铺经营商苌菁资本的包销商。Mercury证券的超额认购率高达45倍，显示出市场对其潜力的极高信心，预计开市将轻骑过关，溢价可观。
做为20年来首家上市的证券公司，个人认为Mercury证券有以下数个亮点值得关注：
首先，投资者可以聚焦于筹集资金的用途。Mercury证券计划集资3927万令吉，其中68.39%或2886万令吉将用于融资保证金业务，为公司带来稳健的现金流。此外，还有7.33%或288万令吉将用于提升数码化和市场营销开支，有望进一步提高公司在市场中的份额和影响力。这表明了公司在资本运作和市场扩展方面的战略眼光。
最大的亮点之一是该公司是一家净现金公司，这意味著其资产远远超过了负债。这将有助于公司应对市场波动，并为未来的发展提供坚实基础。
第二，该公司的两大业务犹如双引擎，共同驱动著公司向前发展。其中一个引擎代表著股票经纪业务，坚实而有力，不断为公司带来稳定的现金流。另一个引擎则象征著企业融资业务，托举公司和客户，帮助他们实现资本的有效配置。这代表了公司在企业金融领域的专业知识，能够为客户提供广泛的金融解决方案。
两个引擎协同工作，一前一后，确保公司稳健前进。两个引擎相互配合，为公司创造了强大的动力，助力其在市场中取得成功。实际上，自1992年开始运营以来，该公司每年都实现盈利。此外，首相安华所宣布的减少股票交易印花税、促进企业合作和简化上市流程等措施为该行业的增长提供了积极动力，也意味著Mercury证券有著更多机遇。
第三，相比同行，Mercury证券在盈利能力方面表现出色。从2019财年到2022财年，公司的营收从315.20万令吉增长到433.80万令吉，复合年增长率（CAGR）达到11.23%。同时，公司的纯利润从2019财年的98.50万令吉增长到2022财年的176.60万令吉，CAGR为21.51%。
对于2023财年，公司预测的净利率达44%。这反映出他们的财务规划和成本管理的高效性。管理层的战略决策和资源分配似乎是有远见的，有望进一步提高公司的盈利水平。该公司的长期成功经验和稳固的客户基础也反映了管理层的卓越领导和客户关系管理技巧。
这些因素使得公司能够在竞争激烈的市场中脱颖而出，取得出色的盈利能力。
另外，财经媒体经常将竞争对手描绘成激烈的战斗，似乎只有少数公司能够脱颖而出。然而，实际情况是，同一行业中的不同公司完全有可能共存并蓬勃发展，只有少数公司可以表现卓越的叙事不适用于对大马证券行业的叙事。
良好的护城河
第四，从宏观的角度来看，Mercury证券所处的行业是受到严厉监管的，这也提供了良好的护城河，同时也有助于提高投资者对公司的信心。截至2023年8月的数据显示，马来西亚证券交易所有30家持牌提供股票经纪服务的机构。在2022年，交易所的证券交易价值达到了5310亿令吉。
无论如何，受监管虽然为公司提供了一定的护城河，但也是一把双刃剑。监管环境下，公司必须严格遵守法规和规定，否则可能面临严重的罚款和法律责任，这是受监管环境下可能面对的风险。
总结而言，Mercury证券的净现金地位以及高效的盈利能力显示出公司潜在增长动力。无论如何，个人的投资决策都须基于了解自身可承担的风险和充分的研究与专业咨询，本文仅为信息分享而非投资建议。
郑荣信《乘风破浪的证券首发股》英文版：Stock that Weathers the Storm - Mercury Securities' IPO
This year, Bursa Malaysia has witnessed the listings of 23 companies, with 16 of them making their debuts in the first half of the year. Looking back on these initial six months, these 16 companies collectively raised a staggering RM1.6 billion in funds, amassing a total market capitalization of RM9.4 billion. This has positioned Malaysia as the third-largest player in the Southeast Asian IPO market, trailing only behind Indonesia and Thailand.
According to data from Bursa Malaysia as of July 31st this year, it is anticipated that a total of 39 companies will go public in 2023, surpassing last year's count of 35. Among the imminent entrants is Mercury Securities, poised to become the 24th company to go public this year and marking the first initial public offering (IPO) by a securities firm in the last two decades. Mercury Securities has ambitious plans to raise RM39.27 million in capital. Notably, the company is also the underwriter for the upcoming IPO of pawnshop operator, Evergreen Max Cash Capital, scheduled for listing next Tuesday. With an astonishing oversubscription rate of 45 times, Mercury Securities has already garnered remarkable market confidence, and its debut is anticipated to proceed smoothly with a substantial premium.
As the first securities firm to go public in two decades, Mercury Securities presents several noteworthy aspects deserving of investors' attention:
Firstly, investors may want to focus on the allocation of raised capital. Mercury Securities intends to raise RM39.27 million, with 68.39% (RM28.86 million) allocated to financing margin financing operations, ensuring a stable cash flow for the company. Additionally, 7.33% (RM2.88 million) will be directed towards digitalization and marketing expenditures, further enhancing the company's market share and influence. This demonstrates the company's strategic foresight in capital operations and market expansion.
One of the most significant highlights is that Mercury Securities is a net-cash company, signifying that its assets far exceed its liabilities. This financial strength will facilitate the company's resilience in the face of market fluctuations, laying a solid foundation for future growth.
Secondly, the company operates with two powerful engines driving its progress. One engine represents its stockbroking business, providing a robust and stable source of cash flow. The other engine symbolizes its corporate finance business, supporting both corporate and individual clients in effectively allocating capital. It signifies the company's expertise in corporate finance, offering clients a wide array of financial solutions.
These two engines work in tandem, ensuring the company's steady advancement. In fact, Mercury Securities has maintained profitability every year since its inception in 1992. Furthermore, measures announced by Prime Minister Anwar Ibrahim, such as reducing the stock trading stamp duty, promoting corporate ventures and easing the listing process, are poised to invigorate the industry, presenting even more opportunities for Mercury Securities.
Thirdly, compared to its peers, Mercury Securities stands out with its impressive profitability. From the 2019 fiscal year to 2022, the company's revenue surged from RM31.52 million to RM43.38 million, achieving a Compound Annual Growth Rate (CAGR) of 11.23%. Simultaneously, its net profit surged from RM9.85 million in 2019 to RM17.66 million in 2022, resulting in a CAGR of 21.51%.
For the 2023 fiscal year, the company anticipates a net profit margin of 44%. This underscores the efficiency of their financial planning and cost management. The strategic decisions of the management team and resource allocation appear visionary, poised to further elevate the company's profitability. The company's long-standing success and loyal customer base reflect the outstanding leadership and client relationship management skills of its management.
While financial media often portrays competitors as locked in fierce battles, suggesting only a select few can thrive, the reality in the Malaysian securities industry is quite different. Different companies within the same industry can coexist and prosper, and the narrative of only a handful succeeding doesn't apply to the Malaysian securities industry.
Lastly, from a macro perspective, the industry in which the company operates is heavily regulated, providing a robust moat. As of August 2023, there are 30 licensed participating organizations of Bursa Securities that offer stockbroking services. In 2022, the exchange witnessed securities trading worth RM531 billion.
Operating in a regulated environment means that the Securities Commission and Bursa Malaysia regulate its operations, ensuring the protection of investor interests. This fosters investor confidence, knowing that the company operates in a regulated and relatively secure environment compared to investing in unregulated products or institutions.
In conclusion, Mercury Securities' net cash position and profitability highlight its potential for growth. While being regulated provides a certain level of protection, it also presents risks, as companies must strictly adhere to regulations, or they could face severe penalties and legal consequences. Nonetheless, with policy support and the positive impact of inflation, Mercury Securities has several factors working in its favor. Investors should exercise caution but keep an eye on the company's development as it presents investment opportunities. Regardless, investment decisions should always be made with an understanding of one's risk tolerance and based on thorough research and professional advice. This article serves as information sharing rather than investment advice.
