The opening speech was done by chairman Dato Azlam Shah. Apparently Dato Azlam was a key figure in Tesco Malaysia (now called Lotus's). He has since joined MrDIY as chairman of the board.
Then some words from MrDIY company secretary. I like how MrDIY is modeling the branding style of Airasia where all the board members wore MrDIY caps.
The company performance, future plans and activities were briefed by their CEO Adrian Ong.
MrDIY's market share in the home improvement sector saw year to year increase despite the Covid19 pendemic.
Topline (revenue) and bottom line (sales) saw single digit increases. Adrian mentioned that stores in rural areas outperform the stores in urban area. MrDIY plans to continue its store expansion of 175 stores in year 2021, 100 MrDIY, 25 MrToy and 50 Mr Dollar.
For those who don't know, MrToy and MrDollar are also businesses under MrDIY.
As a listed company now, Mr DIY participates in various CSR (corporate social responsibility) programs. They were involved in Covid19 relief programs and lend a helping hand to Zoo Negara when the zoo highlighted their financial plight in the news.
Personally, I'm a fan boy of MrDIY as I'm a DIY enthusiast also. I like to fix things and I got things to fix at some of my rental properties so MrDIY is my goto place every time.
To be frank, I used to think MrDIY was just some wannabe modernized hardware shop but as I researched this company I feel it's got more "oomph" factor in the company. The company invests a lot in technology, it has robotic warehouses, green energy savings tech, invests in online store (SEO, digital marketing, social media, Lazada/Shopee). I do not think it can be valued as just a modernized hardware store, probably should be valued as a technology company.
I noticed MrDIY also moves very fast in testing out new products, constantly on lookout for useful and interesting products and use the backend data to analyze its demand, profitability etc. Long time ago MrDIY didn't sell food stuff but now can find dry goods (food).
MrDIY now even sells condom and are located at the counter area. It's quite unheard of for a hardware shop or even a home improvement store to sell condoms but that's how forward thinking MrDIY is as a company.
I didn't subscribe to the company (MRDIY) IPO (kicking myself right now) as based on normal textbook valuation the company's valuations were far off the charts. I was waiting for the share price to drop post IPO but it didn't happen, then I bought 1 lot of MRDIY after it announce its maiden dividend couple with good financial results. MrDIY now has a 19 billion market cap and the stock is now included as one of the constituent of FBM KLCI Index (replacing glove giant Supermax).
I will be closely monitoring the performance and share price of this company. No door gifts were announced for attending the AGM. I was half expected vouchers for MrDIY online store 😏.
📍Links
https://www.mrdiy.com/project/
https://www.mrdiy.com.my/
