What You Should Know About GCCP Resources Limited (SGX:41T)

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Company Background

Malaysia’s GCCP Resources Ltd (SGX: 41T) is involved in the quarrying and processing of limestone through crushing quarried calcium carbonate into varying particle sizes and is one of the largest GCC-grade calcium carbonate reserves and resources in Malaysia. The Group has a market capitalization of S$146.0 million as at 18 Jun 2015.

 

GCCPR has sold 122 million new shares at S$0.23/share. However, since its first trading day on the Catalist, the stock price has continued to plummet, declining to S$0.13/share as at the close of 18 Jun 2015.

 

What Can Calcium Carbonate Be Used For?

There are basically 2 types of commercial based calcium carbonate: Ground Calcium Carbonate (GCC) which is produced by crushing and grinding calcium carbonate rocks and Precipitated Calcium Carbonate (PCC) which is made by carbonization of quarried calcium carbonate rocks. Both types of compounds are being used in manufacturing processes for papers, paints, plastics and rubber.

 

Quick Facts on GCCPR

  • GCCPR has 2 fully-owned quarries, which are Gridland Quarry and Hyper Act Quarry. The combined reserves from both sites have roughly 26.3 mt with a proved reserve of 2.2 mt. GCCPR has stated that their Gridland Quarry has started operations and is currently producing up to 40,000 tons per month with a construction underway for a processing and production plant at the Hyper Act Quarry.
  • The Group so far has yet to make a net profit since FY2011. Pre-tax losses stood at MYR10.7 million in 9M2014, which increased significantly from MYR2.3 million. This is due to its higher operating and financing costs as GCCPR is still in the stage of developing and exploring their limestone reserves.
  • As at end Sep 2014, the Group’s total assets stood at MYR49.2 million, mainly supported by a large liability base of MYR47.8 million. Of the total liabilities, MYR20.7 million accounts for long-term borrowings.
  • The Group has also plans to acquire additional limestone quarries to increase its production capacity with the management indicating that there would be anticipated increase in demand for GCC-grade crushed calcium carbonate driven by an expected increase in production of calcium carbonate powder.

 

Value in Action

The micro-small capitalization company seems to continue bleeding in the red and with such a high leverage to conduct its business, one should ask whether such risks are worth taking.

 

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