SASBADI (5252) - Education Solutions Provider

SASBADI 

Sasbadi principally a publisher of educational materials, undertaking print publishing focusing on primary & secondary school education.  While most of their educational materials are based on the Malaysian National School Curriculum, Sasbadi also publish other non-curriculum based educational materials & general title books. Sasbadi also undertake online publishing of educational materials based on the Malaysian National School Curriculum.  Their business is also complemented by the distribution of applied learning products designed to provide hands-on learning experience to students.  These products comprise miniature building blocks & mechanical, electrical & electronic components, as well as devices for measuring and analyzing live signals, and software to create measurement and control systems.

Sasbadi has published millions of books and educational aids for the school-going children of Malaysia since established in 1985. From elite smart schools in the cities to simple schools in the kampungs, Sasbadi has been an essential guide for students and teachers on their journey towards knowledge. In their mission to broaden minds, Sasbadi have created a new imprint committed to the study of literature, art & culture.

Sasbadi products & Services:-

• Print publishing activity includes publishing National School Curriculum based educational materials & supplementary educational materials. They also publish a small range of general titles in English written by Malaysian authors under the imprint of Maya Press.

• Digital/Online publishing is undertaken by Sasbadi Online. The online educational resources were developed for learning and teaching purposes. This is a subscription based service. Access is via the internet.

• Distribution of applied learning products is undertaken by Sasbadi Sdn Bhd. Applied learning products are a range of products that enable learners to experience practical and hands-on learning as well as to stimulate their creativity and higher order thinking skills.

Some good points to share:-

(1) Long term catalysts from potential M&As & new curriculum for secondary schools; 

(2) Unique exposure to Malaysia’s education system;

(3) Defensive yet growing earnings base. Sasbadi has high growth rate & holds a unique exposure to the country’s education system.

(4) Proposed to acquire a parcel of industrial land with a 3-storey factory building in Pekan Baru Sungai Buloh for a total cash consideration of RM7.5m. This proposed to be used as office & warehouse for Sasbadi & its subsidiaries. it will provide more room for Sasbadi’s future expansion. Sasbadi’s current warehouse & office is already reaching towards full capacity.

HLB target price given RM 2.72

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