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If Eco-Shop’s P/E were adjusted to Mr DIY’s 23.1x, its fair value would drop to ~RM0.85–0.90 (a 20–25% downside from IPO price).
Some investors questioned whether Eco-Shop’s RM6.49 billion valuation (post-IPO) is justified, given its smaller store count (349 vs. 99 Speed Mart’s ~2,000+) and lower dividend yield (1.5% vs. 99 Speed Mart’s 1.8%)
Ipo is about expansion and growth..since there has less stores compared to mrdiy, so eco has more room to open new outlet than mrdiy which is more saturated