EQS Screening Criteria

Exchanges
Company Description

Input
ASEAN countries
except Brunei and Mynamar which are N/A
carton
corrugated

Yes
No
Peer
Yes
No

No. Securities
1
BPAK MK Equity
2
KJC MK Equity

LONG_COMP_NAME
Name
Box-Pak Malaysia BHD
Kian JOO CAN Factory BHD

COUNTRY_FULL_NAME
Country
MALAYSIA
MALAYSIA

No

YEE MK Equity

Yee Lee Corp Bhd

MALAYSIA

No

MTI MK Equity

Magni-Tech Industries Bhd

MALAYSIA

No

PGKH MK Equity

Pan Malaysia Holdings Bhd

MALAYSIA

Yes

CBD MK Equity

Century Bond Bhd

MALAYSIA

No

TWP MK Equity

Tien Wah Press Holdings Bhd

MALAYSIA

No

MUD MK Equity

Muda Holdings Bhd

MALAYSIA

No

SUPER MK Equity

Super Enterprise Holdings BH

MALAYSIA

No

10

JAYC MK Equity

Jaycorp Bhd

MALAYSIA

Yes
Yes

11
12

OPB MK Equity
PP MK Equity

Ornapaper Bhd
Public Packages Holdings Bhd

MALAYSIA
MALAYSIA

Yes

13

KYM MK Equity

KYM Holdings BHD

MALAYSIA

No

14

VCB MK Equity

Versatile Creative Bhd

MALAYSIA

Yes
No

15
16

MPG MK Equity
FAPX SP Equity

Master-Pack Group BHD

Full Apex Holdings Ltd

MALAYSIA
HONG KONG

No

17

FUNG SP Equity

Fung Choi Media Group Ltd

HONG KONG

No

18

IGAR IJ Equity

Champion Pacific Indonesia Tbk

INDONESIA

Yes

19

KDSI IJ Equity

Kedawung Setia Industrial Tbk PT

INDONESIA

No

20

INKP IJ Equity

Indah Kiat Pulp & Paper Corp Tbk PT

INDONESIA

Yes

21

STN PM Equity

Steniel Manufacturing Corp

PHILIPPINES

No

22

UPP SP Equity

UPP Holdings Ltd

SINGAPORE

Yes

23

TOYO SP Equity

New Toyo International Holdings Ltd

SINGAPORE

Yes

24

TSP SP Equity

Tat Seng Packaging Group Ltd

SINGAPORE

Yes

25

SPACK TB Equity

S Pack & Print PCL

THAILAND

Yes

26

TPP TB Equity

Thai Packaging & Printing PCL

THAILAND

Yes

27

UTP TB Equity

United Paper PCL

THAILAND

No

28

TIW TB Equity

Thailand Iron Works PCL

THAILAND

Yes
No

29
30

SVI VN Equity
VPK VN Equity

Bien Hoa Packaging JSC

Vegetable Oil Packing JSC

VIETNAM
VIETNAM

No.

Securities
1 BPAK MK Equity
2 CBD MK Equity
3 OPB MK Equity
4 PP MK Equity
5 KYM MK Equity
6 MPG MK Equity
7 KDSI IJ Equity
8 STN PM Equity
9 TOYO SP Equity
10 TSP SP Equity
11 SPACK TB Equity
12 TPP TB Equity
13 UTP TB Equity
14 SVI VN Equity

Name
Box-Pak Malaysia BHD
Century Bond Bhd
Ornapaper Bhd
Public Packages Holdings Bhd
KYM Holdings BHD
Master-Pack Group BHD
Kedawung Setia Industrial Tbk PT
Steniel Manufacturing Corp
New Toyo International Holdings Ltd
Tat Seng Packaging Group Ltd
S Pack & Print PCL
Thai Packaging & Printing PCL
United Paper PCL
Bien Hoa Packaging JSC

CIE_DES
Description
Box-Pak (Malaysia) Berhad manufactures and distributes paper boxes, cartons, general paper, board printing and investment holding.
Kian Joo Can Factory Berhad manufactures tin cans, two-piece aluminum beverage cans, polyethylene terephthalate products, and corrugated fiberboard cartons. The Group also
engineering services, share registration and management services, and leases properties.
Yee Lee Corporation Berhad is an investment holding company. Through its subsidiaries, the Company markets and distributes edible oil, mills and sells crude palm oil, and manu
cooking oil, margarine, and shortening. Yee Lee also manufactures and sells corrugated paper cartons, manufactures plastic household goods, and processes tea.
Magni-Tech Industries Berhad is an investment holding company which provides management services. Through its subsidiaries, the Company manufactures and distributes flexib
packaging materials, inner packaging boxes, fiberboards, cartons, and boxes for industrial and commercial uses.
Pan Malaysia Holdings Bhd is an investment, property holding, and management company. Through its subsidiaries, the Company manufactures carton boxes, general packaging
products, and self-adhesive sticker labels. Pan Malaysia also trades building materials, provides money lending, nominee, and custodian services and operates a hotel and resort.
Century Bond Berhad is an investment holding company. Through its subsidiaries, the Company manufactures paper and polyethylene bags and bulk bags, protective packaging,
household care products. Century Bond also manufactures carton boxes.
Tien Wah Press Holdings Berhad is an investment holding company. The Company's subsidiaries' businesses include photo-lithographer and printing, specialized book printer an
folding carton converter, and rotogravure printing. Tien Wah Press also manufactures and sells standard and perforated tipping papers, laminated papers, foil products, and other
converting activities.

Muda Holdings Berhad is an investment holding company which manufactures and sells corrugated cartons. Through its subsidiaries, the Company trades wastepaper, provides
warehousing and distribution, engineering and insurance agency services. Muda Holdings also manufactures and sells laminated paper, packaging materials and stationery produ

Super Enterprise Holdings Berhad is an investment holding company. Through its subsidiaries, the Company manufactures and distributes labels and stickers, and trades labeling
machines and hand labelers. Super Enterprise also manufactures corrugated cartons and name plates for display screens, provides quality enhancement services on printed mate
and leases properties.

Jaycorp Berhad is an investment holding company, and through its subsidiaries, manufactures and sells treated rubber wood furniture and other kinds of furniture. Principal produ
include dining room tables and chairs, buffets and hutches, living room furniture sets, and other furniture. The Company also converts corrugated board into carton boxes, and l
property.

Ornapaper Berhad is an investment holding company. Through its subsidiaries, the Company designs, manufactures, and sells corrugated boards and carton boxes.
Public Packages Holdings Berhad is an investment holding company. The Company, through its subsidiaries, manufactures and retails corrugated cartons, packing materials, offse
display boxes, gift and display boxes, and paper products. Public Packages also operates in property development and provides civil construction work.

KYM Holdings Berhad is an investment holding company. Through its subsidiaries, the Company manufactures and trades corrugated fiber boards, carton boxes, paper bags, and
in property. KYM Holdings also operates resort, provides recreational and sports facilities, manages property, and provides general construction services.

Versatile Creative Berhad is an investment holding company. The Company, through its subsidiaries, manufactures and trades paper board packaging products, offset printed box
offset laminated cartons. Versatile also provides color separation, lithography services, and printed materials.
Master-Pack Group Bhd, through subsidiaries, manufactures and sells corrugated fiberboard cartons and packaging materials.
Full Apex Holdings Limited is investment holdings company which manufactures and sells polyethylene terephthalate (PET) bottles, shrink film, and corrugated paper packaging p

Fung Choi Media Group Limited provides commercial printing and publication printing. The Group also designs and manufactures corrugated cardboard packaging products includ
corrugated cardboard sheets, corrugated cartons, die-cut boards and assembled cartons.
PT Champion Pacific Indonesia Tbk manufactures packaging paper, folding cartons, composite cans, and flexible packaging products for pharmaceutical and food industries.

PT Kedawung Setia Industrial Tbk manufactures metal, aluminum, cardboard, enamel, and plastic kitchenware. Through its subsidiary, the Company also manufactures corrugate
cartons and egg tray boxes.
PT Indah Kiat Pulp & Paper Corporation Tbk operates a pulp and paper mill located in Perawang, a paper mill in Tangerang, and a packaging product mill in Serang. The Compan
manufactures various types of printing and writing paper including coated and uncoated free-sheets, photo copy paper, packaging container boards, corrugated shipping container
boxboards.

Steniel Manufacturing Corporation manufacture industrial packaging materials. The Company produces and markets corrugated boards, boxes, paper products, and corrugated c
containers. Steniel Manufacturing operates in the Philippines.
UPP Holdings Ltd., through subsidiaries, manufactures and sells paper and paper products. The Company produces industrial grade papers including testliner, corrugating mediu
chipboard, and core board from recycled materials. UPP also recycles corrugated cartons, newspapers, magazines, office waste, and any other printed paper material.

New Toyo International Holdings Limited manufactures laminated paper products and non-carbon paper. The Company's products include laminated aluminum paper for packagin
consumer products, tipping paper for filter tips of cigarettes, non-carbon paper for multiple copies of documents, corrugated carton boxes for packaging, and tissue paper.
Tat Seng Packaging Group Limited designs, manufactures, and sells corrugated paper packaging products such as corrugated boards and cartons for the packaging of electronics
electrical, food, pharmaceutical and other products according to customers' specifications.
S. Pack and Print Public Company Limited manufactures paper packaging boxes and folded cardboard cartons with graphic designs for applications such as electronic appliance b
and rubber glove boxes. Additionally, the Company produces corrugated cardboard boxes and provides commercial printing services.
Thai Packaging & Printing Public Company Limited manufactures various kinds of corrugated paper boxes for children's toys, consumer merchandise and household electrical app
The Company also produces sticker labels for stationery and consumer products.
United Paper PCL manufactures and distributes paper products. The Company's product lines include liner boards and corrugated medium which are generally used for the produ
corrugated paper containers.
Thailand Iron Works Public Company Limited manufactures and distributes galvanized iron sheets in Thailand. The products are sold under 3-Stars brand name for corrugated sh
TIW brand name for flat sheets. The Company sold its products on cash-on-delivery basis throughout the country.
Bien Hoa Packaging JSC manufactures cardboard cartons.
Vegetable Oil Packing J.S.C. manufactures and trades packages and containers for the food processing industry. The Company produces carton containers, polyethylene terephth
(PET) bottles, bottle caps and stoppers, as well as other minor packing items.

EQY_FUNDS_SEGMENT_NUMBER
1
PG_REVENUE_NAME
Business Segment 1
Corrugated Carton Boxes
Cans

Revenue (%)
100%
71%

EQY_FUNDS_SEGMENT_NUMBER
2
PG_REVENUE_NAME
Business Segment 2
#N/A Field Not Applicable
Corrugated Cartons

Trading - Edible Oil, Kernel

67%

Manufacturing - Cooking Oils, Margarine & Shortening

Manufacturing and Sales of Garments

82%

Packaging Materials

100%

Investment Holding

Hotel
Paper Packaging Division

75%

Plastic Packaging Division

Trading Of Cigarette Packaging Cartons

55%

Litho Printing

Other Operations - Design and Manufacture of Heavy Machinery

86%

Trading of Paper Products and Machinery

Labels and Stickers

76%

Name Plates and Backlights

Rubberwood Furniture

79%

Processing of Rubberwood

Corrugated Board and Carton Boxes

Manufacturing - Carton

100%
90%

#N/A Field Not Applicable

Trading

Manufacturing Corrugated Fibre Boards and Boxes

Plastic Products
Packaging Materials
PET Resin

112%
44%
100%
75%

Investment Holdings
Paper Products
Factory Rental with Equipment & Investment Holding
PET Bottles

Supply chain management division

76%

Commercial displays division

Packaging for Pharmacy Industry

76%

Packaging for Non-Pharmacy Industry

Corrugated Boxes

88%

Housewares

Paper and Pulp

67%

Packaging Products and Others

Corrugated Carton Containers

100%

#N/A Field Not Applicable

Power Plant

58%

Paper Mill and Recycle Fibre

Printed Cartons & Labels

45%

Specialty Papers

Paper Packaging

100%

#N/A Field Not Applicable

Production of Packaging

100%

#N/A Field Not Applicable

Corrugated Boxes Manufacturing

100%

#N/A Field Not Applicable

Manufacturing Paper Products

100%

#N/A Field Not Applicable

Galvanized Iron Sheet

Cardboard Cartons Manufacturing
Food Packages

95%
100%
100%

Installation Services
#N/A Field Not Applicable
#N/A Field Not Applicable

0%
25%

EQY_FUNDS_SEGMENT_NUMBER
3
PG_REVENUE_NAME
Business Segment 3
#N/A Field Not Applicable
Contract Packing Services

32%

Others - Investment Holding

0%

18%

Unallocated Asset

0%

Investments in Associates

0%

12%

Contract Manufacturing

9%

45%

Reconciliation

0%

14%

Intersegment Adjustments

0%

24%

Others - Property Letting

0%

13%

Packaging

8%

#N/A Field Not Applicable

Investment Holding

0%
4%

Revenue (%)

0%

0%
5%

Revenue (%)
0%
4%

3%

Eliminations

-14%

42%

Colour Seperation and Printing

14%

6%
23%

Eliminations
Paper Packaging Product

-7%
2%

10%

Printing division

7%

24%

#N/A Field Not Applicable

0%

12%

Others - Paper Packages

1%

33%

#N/A Field Not Applicable

0%

0%

#N/A Field Not Applicable

0%

41%

Others

1%

33%

Trading of Packaging Products

20%

0%

#N/A Field Not Applicable

0%

0%

#N/A Field Not Applicable

0%

0%

#N/A Field Not Applicable

0%

0%

#N/A Field Not Applicable

0%

5%

#N/A Field Not Applicable

0%

0%
0%

#N/A Field Not Applicable

#N/A Field Not Applicable

0%
0%

EQY_FUNDS_SEGMENT_NUMBER
4
PG_REVENUE_NAME
Business Segment 4
#N/A Field Not Applicable
Other-Industrial Engineering Service & Letting Factory Building

Revenue (%)
0%
0%

Plantation - Tea & Palm Oil

0%

Tax liabilities

0%

Finance Costs

0%

Investment & Property Holding

4%

#N/A Field Not Applicable

0%

Elimination

0%

Unallocated Corporate Assets

0%

Renewable Energy

1%

#N/A Field Not Applicable

Property

0%
1%

Unallocated

0%

Others - Investment Holding and Outdoor Advertising Media Services

0%

#N/A Field Not Applicable

Elimination

0%
0%

Packaging division

7%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

Corrugated Containers

2%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

#N/A Field Not Applicable

0%
0%

Trading Comparables Analysis

Country Risk Premium ("CRP")

1
2
3
4
5
6

Country
Malaysia
Indonesia
Philippines
Singapore
Thailand
Vietnam

Risk Free Index

MAGY10Y Index
GIDN10YR Index
PDSF10YR Index
MASB10Y Index
GVTL10YR Index
USGG10YR Index

No
1
2
3
4
5
6
7
8
9
10
11
12
13
14

Comparables
LONG_COMP_NAME
Name
BOX-PAK (MALAYSIA) BERHAD
CENTURY BOND BHD
ORNAPAPER BHD
PUBLIC PACKAGES HOLDINGS BHD
KYM HOLDINGS BERHAD
MASTER-PACK GROUP BHD
KEDAWUNG SETIA INDUSTRIAL TB
STENIEL MANUFACTURING CORP
NEW TOYO INTERNATIONAL HLDGS
TAT SENG PACKAGING GROUP LTD
S PACK AND PRINT PCL
THAI PACKAGING &PRINTING PCL
UNITED PAPER PCL
BIEN HOA PACKAGING JSC

COUNTRY_ISO
Country
MY
MY
MY
MY
MY
MY
IJ
PH
SG
SG
TH
TH
TH
VN
Min
Median
Max
Average

COUNTRY_RISK_MARKET_RETURN
Market return (%)
8.379
10.825
9.015
9.364
12.395
9.387

PX_LAST
Risk Free Rate (%)
3.884
7.517
4.061
2.139
2.643
1.864

COUNTRY_RISK_PREMIUM
Risk Premium (%)
4.495
3.308
4.954
7.225
9.752
7.523

CURRENT_EV_TO_T12M_EBITDA
EV/EBITDA
9.19
4.84
4.75
5.13
26.22
6.02
3.70
#N/A N/A
4.41
3.72
52.43
42.56
5.79
4.85

Outlier(s) Excluded
EV/EBITDA
9.19
4.84
4.75
5.13
0.00
6.02
3.70
0.00
4.41
3.72
0.00
0.00
5.79
4.85

PE_RATIO
P/E
17.75
13.46
9.85
7.77
#N/A N/A
8.60
3.66
#N/A N/A
10.79
5.96
#N/A N/A
47.26
14.73
6.34

0.00
4.58
9.19
5.24

Outlier(s) Excluded
P/E
17.75
13.46
9.85
7.77
0.00
8.60
3.66
0.00
10.79
5.96
0.00
0.00
14.73
6.34
0.00
7.06
17.75
9.89

PX_TO_BOOK_RATIO
P/B
0.93
1.08
0.72
0.61
0.97
0.66
0.41
#N/A N/A
0.71
0.64
1.48
1.60
1.59
1.45

Outlier(s) Excluded
P/B
0.93
1.08
0.72
0.61
0.97
0.66
0.41
#N/A N/A
0.71
0.64
1.48
1.60
1.59
1.45
0.41
0.93
1.60
0.99

PX_TO_SALES_RATIO
P/S
0.39
1.14
0.35
0.63
0.03
0.55
0.10
#N/A N/A
0.40
0.25
0.93
4.42
1.43
0.35

Outlier(s) Excluded
P/S
0.39
1.14
0.35
0.63
0.03
0.55
0.10
0.00
0.40
0.25
0.93
0.00
1.43
0.35
0.00
0.37
1.43
0.54

EQS Screening Criteria

Exchanges
Company Description

Input
ASEAN countries
except Brunei and Mynamar which are N/A
carton
corrugated

Yes
No
Peer
Yes
No

No. Securities
1
BPAK MK Equity
2
KJC MK Equity

LONG_COMP_NAME
Name
Box-Pak Malaysia BHD
Kian JOO CAN Factory BHD

COUNTRY_FULL_NAME
Country
MALAYSIA
MALAYSIA

No

YEE MK Equity

Yee Lee Corp Bhd

MALAYSIA

No

MTI MK Equity

Magni-Tech Industries Bhd

MALAYSIA

No

PGKH MK Equity

Pan Malaysia Holdings Bhd

MALAYSIA

Yes

CBD MK Equity

Century Bond Bhd

MALAYSIA

No

TWP MK Equity

Tien Wah Press Holdings Bhd

MALAYSIA

No

MUD MK Equity

Muda Holdings Bhd

MALAYSIA

No

SUPER MK Equity

Super Enterprise Holdings BH

MALAYSIA

No

10

JAYC MK Equity

Jaycorp Bhd

MALAYSIA

Yes
Yes

11
12

OPB MK Equity
PP MK Equity

Ornapaper Bhd
Public Packages Holdings Bhd

MALAYSIA
MALAYSIA

Yes

13

KYM MK Equity

KYM Holdings BHD

MALAYSIA

No

14

VCB MK Equity

Versatile Creative Bhd

MALAYSIA

Yes
No

15
16

MPG MK Equity
FAPX SP Equity

Master-Pack Group BHD

Full Apex Holdings Ltd

MALAYSIA
HONG KONG

No

17

FUNG SP Equity

Fung Choi Media Group Ltd

HONG KONG

No

18

IGAR IJ Equity

Champion Pacific Indonesia Tbk

INDONESIA

Yes

19

KDSI IJ Equity

Kedawung Setia Industrial Tbk PT

INDONESIA

No

20

INKP IJ Equity

Indah Kiat Pulp & Paper Corp Tbk PT

INDONESIA

Yes

21

STN PM Equity

Steniel Manufacturing Corp

PHILIPPINES

No

22

UPP SP Equity

UPP Holdings Ltd

SINGAPORE

Yes

23

TOYO SP Equity

New Toyo International Holdings Ltd

SINGAPORE

Yes

24

TSP SP Equity

Tat Seng Packaging Group Ltd

SINGAPORE

Yes

25

SPACK TB Equity

S Pack & Print PCL

THAILAND

Yes

26

TPP TB Equity

Thai Packaging & Printing PCL

THAILAND

Yes

27

UTP TB Equity

United Paper PCL

THAILAND

No

28

TIW TB Equity

Thailand Iron Works PCL

THAILAND

Yes
No

29
30

SVI VN Equity
VPK VN Equity

Bien Hoa Packaging JSC

Vegetable Oil Packing JSC

VIETNAM
VIETNAM

No.

Securities
1 BPAK MK Equity
2 CBD MK Equity
3 OPB MK Equity
4 PP MK Equity
5 KYM MK Equity
6 MPG MK Equity
7 KDSI IJ Equity
8 STN PM Equity
9 TOYO SP Equity
10 TSP SP Equity
11 SPACK TB Equity
12 TPP TB Equity
13 UTP TB Equity
14 SVI VN Equity

Name
Box-Pak Malaysia BHD
Century Bond Bhd
Ornapaper Bhd
Public Packages Holdings Bhd
KYM Holdings BHD
Master-Pack Group BHD
Kedawung Setia Industrial Tbk PT
Steniel Manufacturing Corp
New Toyo International Holdings Ltd
Tat Seng Packaging Group Ltd
S Pack & Print PCL
Thai Packaging & Printing PCL
United Paper PCL
Bien Hoa Packaging JSC

CIE_DES
Description
Box-Pak (Malaysia) Berhad manufactures and distributes paper boxes, cartons, general paper, board printing and investment holding.
Kian Joo Can Factory Berhad manufactures tin cans, two-piece aluminum beverage cans, polyethylene terephthalate products, and corrugated fiberboard cartons. The Group also
engineering services, share registration and management services, and leases properties.
Yee Lee Corporation Berhad is an investment holding company. Through its subsidiaries, the Company markets and distributes edible oil, mills and sells crude palm oil, and manu
cooking oil, margarine, and shortening. Yee Lee also manufactures and sells corrugated paper cartons, manufactures plastic household goods, and processes tea.
Magni-Tech Industries Berhad is an investment holding company which provides management services. Through its subsidiaries, the Company manufactures and distributes flexib
packaging materials, inner packaging boxes, fiberboards, cartons, and boxes for industrial and commercial uses.
Pan Malaysia Holdings Bhd is an investment, property holding, and management company. Through its subsidiaries, the Company manufactures carton boxes, general packaging
products, and self-adhesive sticker labels. Pan Malaysia also trades building materials, provides money lending, nominee, and custodian services and operates a hotel and resort.
Century Bond Berhad is an investment holding company. Through its subsidiaries, the Company manufactures paper and polyethylene bags and bulk bags, protective packaging,
household care products. Century Bond also manufactures carton boxes.
Tien Wah Press Holdings Berhad is an investment holding company. The Company's subsidiaries' businesses include photo-lithographer and printing, specialized book printer an
folding carton converter, and rotogravure printing. Tien Wah Press also manufactures and sells standard and perforated tipping papers, laminated papers, foil products, and other
converting activities.

Muda Holdings Berhad is an investment holding company which manufactures and sells corrugated cartons. Through its subsidiaries, the Company trades wastepaper, provides
warehousing and distribution, engineering and insurance agency services. Muda Holdings also manufactures and sells laminated paper, packaging materials and stationery produ

Super Enterprise Holdings Berhad is an investment holding company. Through its subsidiaries, the Company manufactures and distributes labels and stickers, and trades labeling
machines and hand labelers. Super Enterprise also manufactures corrugated cartons and name plates for display screens, provides quality enhancement services on printed mate
and leases properties.

Jaycorp Berhad is an investment holding company, and through its subsidiaries, manufactures and sells treated rubber wood furniture and other kinds of furniture. Principal produ
include dining room tables and chairs, buffets and hutches, living room furniture sets, and other furniture. The Company also converts corrugated board into carton boxes, and l
property.

Ornapaper Berhad is an investment holding company. Through its subsidiaries, the Company designs, manufactures, and sells corrugated boards and carton boxes.
Public Packages Holdings Berhad is an investment holding company. The Company, through its subsidiaries, manufactures and retails corrugated cartons, packing materials, offse
display boxes, gift and display boxes, and paper products. Public Packages also operates in property development and provides civil construction work.

KYM Holdings Berhad is an investment holding company. Through its subsidiaries, the Company manufactures and trades corrugated fiber boards, carton boxes, paper bags, and
in property. KYM Holdings also operates resort, provides recreational and sports facilities, manages property, and provides general construction services.

Versatile Creative Berhad is an investment holding company. The Company, through its subsidiaries, manufactures and trades paper board packaging products, offset printed box
offset laminated cartons. Versatile also provides color separation, lithography services, and printed materials.
Master-Pack Group Bhd, through subsidiaries, manufactures and sells corrugated fiberboard cartons and packaging materials.
Full Apex Holdings Limited is investment holdings company which manufactures and sells polyethylene terephthalate (PET) bottles, shrink film, and corrugated paper packaging p

Fung Choi Media Group Limited provides commercial printing and publication printing. The Group also designs and manufactures corrugated cardboard packaging products includ
corrugated cardboard sheets, corrugated cartons, die-cut boards and assembled cartons.
PT Champion Pacific Indonesia Tbk manufactures packaging paper, folding cartons, composite cans, and flexible packaging products for pharmaceutical and food industries.

PT Kedawung Setia Industrial Tbk manufactures metal, aluminum, cardboard, enamel, and plastic kitchenware. Through its subsidiary, the Company also manufactures corrugate
cartons and egg tray boxes.
PT Indah Kiat Pulp & Paper Corporation Tbk operates a pulp and paper mill located in Perawang, a paper mill in Tangerang, and a packaging product mill in Serang. The Compan
manufactures various types of printing and writing paper including coated and uncoated free-sheets, photo copy paper, packaging container boards, corrugated shipping container
boxboards.

Steniel Manufacturing Corporation manufacture industrial packaging materials. The Company produces and markets corrugated boards, boxes, paper products, and corrugated c
containers. Steniel Manufacturing operates in the Philippines.
UPP Holdings Ltd., through subsidiaries, manufactures and sells paper and paper products. The Company produces industrial grade papers including testliner, corrugating mediu
chipboard, and core board from recycled materials. UPP also recycles corrugated cartons, newspapers, magazines, office waste, and any other printed paper material.

New Toyo International Holdings Limited manufactures laminated paper products and non-carbon paper. The Company's products include laminated aluminum paper for packagin
consumer products, tipping paper for filter tips of cigarettes, non-carbon paper for multiple copies of documents, corrugated carton boxes for packaging, and tissue paper.
Tat Seng Packaging Group Limited designs, manufactures, and sells corrugated paper packaging products such as corrugated boards and cartons for the packaging of electronics
electrical, food, pharmaceutical and other products according to customers' specifications.
S. Pack and Print Public Company Limited manufactures paper packaging boxes and folded cardboard cartons with graphic designs for applications such as electronic appliance b
and rubber glove boxes. Additionally, the Company produces corrugated cardboard boxes and provides commercial printing services.
Thai Packaging & Printing Public Company Limited manufactures various kinds of corrugated paper boxes for children's toys, consumer merchandise and household electrical app
The Company also produces sticker labels for stationery and consumer products.
United Paper PCL manufactures and distributes paper products. The Company's product lines include liner boards and corrugated medium which are generally used for the produ
corrugated paper containers.
Thailand Iron Works Public Company Limited manufactures and distributes galvanized iron sheets in Thailand. The products are sold under 3-Stars brand name for corrugated sh
TIW brand name for flat sheets. The Company sold its products on cash-on-delivery basis throughout the country.
Bien Hoa Packaging JSC manufactures cardboard cartons.
Vegetable Oil Packing J.S.C. manufactures and trades packages and containers for the food processing industry. The Company produces carton containers, polyethylene terephth
(PET) bottles, bottle caps and stoppers, as well as other minor packing items.

EQY_FUNDS_SEGMENT_NUMBER
1
PG_REVENUE_NAME
Business Segment 1
Corrugated Carton Boxes
Cans

Revenue (%)
100%
71%

EQY_FUNDS_SEGMENT_NUMBER
2
PG_REVENUE_NAME
Business Segment 2
#N/A Field Not Applicable
Corrugated Cartons

Trading - Edible Oil, Kernel

67%

Manufacturing - Cooking Oils, Margarine & Shortening

Manufacturing and Sales of Garments

82%

Packaging Materials

100%

Investment Holding

Hotel
Paper Packaging Division

75%

Plastic Packaging Division

Trading Of Cigarette Packaging Cartons

55%

Litho Printing

Other Operations - Design and Manufacture of Heavy Machinery

86%

Trading of Paper Products and Machinery

Labels and Stickers

76%

Name Plates and Backlights

Rubberwood Furniture

79%

Processing of Rubberwood

Corrugated Board and Carton Boxes

Manufacturing - Carton

100%
90%

#N/A Field Not Applicable

Trading

Manufacturing Corrugated Fibre Boards and Boxes

Plastic Products
Packaging Materials
PET Resin

112%
44%
100%
75%

Investment Holdings
Paper Products
Factory Rental with Equipment & Investment Holding
PET Bottles

Supply chain management division

76%

Commercial displays division

Packaging for Pharmacy Industry

76%

Packaging for Non-Pharmacy Industry

Corrugated Boxes

88%

Housewares

Paper and Pulp

67%

Packaging Products and Others

Corrugated Carton Containers

100%

#N/A Field Not Applicable

Power Plant

58%

Paper Mill and Recycle Fibre

Printed Cartons & Labels

45%

Specialty Papers

Paper Packaging

100%

#N/A Field Not Applicable

Production of Packaging

100%

#N/A Field Not Applicable

Corrugated Boxes Manufacturing

100%

#N/A Field Not Applicable

Manufacturing Paper Products

100%

#N/A Field Not Applicable

Galvanized Iron Sheet

Cardboard Cartons Manufacturing
Food Packages

95%
100%
100%

Installation Services
#N/A Field Not Applicable
#N/A Field Not Applicable

0%
25%

EQY_FUNDS_SEGMENT_NUMBER
3
PG_REVENUE_NAME
Business Segment 3
#N/A Field Not Applicable
Contract Packing Services

32%

Others - Investment Holding

0%

18%

Unallocated Asset

0%

Investments in Associates

0%

12%

Contract Manufacturing

9%

45%

Reconciliation

0%

14%

Intersegment Adjustments

0%

24%

Others - Property Letting

0%

13%

Packaging

8%

#N/A Field Not Applicable

Investment Holding

0%
4%

Revenue (%)

0%

0%
5%

Revenue (%)
0%
4%

3%

Eliminations

-14%

42%

Colour Seperation and Printing

14%

6%
23%

Eliminations
Paper Packaging Product

-7%
2%

10%

Printing division

7%

24%

#N/A Field Not Applicable

0%

12%

Others - Paper Packages

1%

33%

#N/A Field Not Applicable

0%

0%

#N/A Field Not Applicable

0%

41%

Others

1%

33%

Trading of Packaging Products

20%

0%

#N/A Field Not Applicable

0%

0%

#N/A Field Not Applicable

0%

0%

#N/A Field Not Applicable

0%

0%

#N/A Field Not Applicable

0%

5%

#N/A Field Not Applicable

0%

0%
0%

#N/A Field Not Applicable

#N/A Field Not Applicable

0%
0%

EQY_FUNDS_SEGMENT_NUMBER
4
PG_REVENUE_NAME
Business Segment 4
#N/A Field Not Applicable
Other-Industrial Engineering Service & Letting Factory Building

Revenue (%)
0%
0%

Plantation - Tea & Palm Oil

0%

Tax liabilities

0%

Finance Costs

0%

Investment & Property Holding

4%

#N/A Field Not Applicable

0%

Elimination

0%

Unallocated Corporate Assets

0%

Renewable Energy

1%

#N/A Field Not Applicable

Property

0%
1%

Unallocated

0%

Others - Investment Holding and Outdoor Advertising Media Services

0%

#N/A Field Not Applicable

Elimination

0%
0%

Packaging division

7%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

Corrugated Containers

2%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

0%

#N/A Field Not Applicable

#N/A Field Not Applicable

0%
0%

Trading Comparables Analysis

Country Risk Premium ("CRP")

1
2
3
4
5
6

Country
Malaysia
Indonesia
Philippines
Singapore
Thailand
Vietnam

Risk Free Index

MAGY10Y Index
GIDN10YR Index
PDSF10YR Index
MASB10Y Index
GVTL10YR Index
USGG10YR Index

No
1
2
3
4
5
6
7
8
9
10
11
12
13
14

Comparables
LONG_COMP_NAME
Name
BOX-PAK (MALAYSIA) BERHAD
CENTURY BOND BHD
ORNAPAPER BHD
PUBLIC PACKAGES HOLDINGS BHD
KYM HOLDINGS BERHAD
MASTER-PACK GROUP BHD
KEDAWUNG SETIA INDUSTRIAL TB
STENIEL MANUFACTURING CORP
NEW TOYO INTERNATIONAL HLDGS
TAT SENG PACKAGING GROUP LTD
S PACK AND PRINT PCL
THAI PACKAGING &PRINTING PCL
UNITED PAPER PCL
BIEN HOA PACKAGING JSC

COUNTRY_ISO
Country
MY
MY
MY
MY
MY
MY
IJ
PH
SG
SG
TH
TH
TH
VN
Min
Median
Max
Average

COUNTRY_RISK_MARKET_RETURN
Market return (%)
8.379
10.825
9.015
9.364
12.395
9.387

PX_LAST
Risk Free Rate (%)
3.884
7.517
4.061
2.139
2.643
1.864

COUNTRY_RISK_PREMIUM
Risk Premium (%)
4.495
3.308
4.954
7.225
9.752
7.523

CURRENT_EV_TO_T12M_EBITDA
EV/EBITDA
9.19
4.84
4.75
5.13
26.22
6.02
3.70
#N/A N/A
4.41
3.72
52.43
42.56
5.79
4.85

Outlier(s) Excluded
EV/EBITDA
9.19
4.84
4.75
5.13
0.00
6.02
3.70
0.00
4.41
3.72
0.00
0.00
5.79
4.85

PE_RATIO
P/E
17.75
13.46
9.85
7.77
#N/A N/A
8.60
3.66
#N/A N/A
10.79
5.96
#N/A N/A
47.26
14.73
6.34

0.00
4.58
9.19
5.24

Outlier(s) Excluded
P/E
17.75
13.46
9.85
7.77
0.00
8.60
3.66
0.00
10.79
5.96
0.00
0.00
14.73
6.34
0.00
7.06
17.75
9.89

PX_TO_BOOK_RATIO
P/B
0.93
1.08
0.72
0.61
0.97
0.66
0.41
#N/A N/A
0.71
0.64
1.48
1.60
1.59
1.45

Outlier(s) Excluded
P/B
0.93
1.08
0.72
0.61
0.97
0.66
0.41
#N/A N/A
0.71
0.64
1.48
1.60
1.59
1.45
0.41
0.93
1.60
0.99

PX_TO_SALES_RATIO
P/S
0.39
1.14
0.35
0.63
0.03
0.55
0.10
#N/A N/A
0.40
0.25
0.93
4.42
1.43
0.35

Outlier(s) Excluded
P/S
0.39
1.14
0.35
0.63
0.03
0.55
0.10
0.00
0.40
0.25
0.93
0.00
1.43
0.35
0.00
0.37
1.43
0.54