DPI Holdings Berhad (KLSE:DPI): A Tiny Developing Market Aerosol Paint Manufacturer/Distributor with 16%+ Operating Margins, Wholesale Pricing Power and 12 to 15 Years of Growth Capex in the Bank
Write-up by Warwick Bagnall DPI is a Malaysian manufacturer/distributor of aerosol paint and paint solvents. It’s listed on the ACE market, a secondary board of Bursa Malaysia. It listed in early 2019 and was heavily oversubscribed so it’s not exactly overlooked. Market cap is around MYR 85 MM (one USD is a little over four MYR at the time of writing) so it is a microcap. Normally I wouldn’t bother to look at a recent IPO but two things made me take a closer look...
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