PlayTown
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PlayTown
Founder's Pitch Retail Sophisticated
Financial Model
Overview Financial Model Revenue Buildup Scenario Derivation IPO Basis Beyond Rawang

PlayTown Single-Entity Financial Model · Live Sliders

One company — PlayTown Ventures Sdn Bhd. RM 7m raise (RM 6m ordinary + RM 1m RPS at RM 1.00/unit) at RM 10m post-money · ECF closes 30 Nov 2026 · LEAP Y3 (governance only) · ACE Y5 / FY2032 (RM 10m primary, 25% new float). Y1 = FY2028 (first full year after the Q4 2027 soft launch); Y5 = FY2032. Move the levers — everything recomputes from the Model v2.1 baseline.
How to read this page. Baseline = Financial Model v2.1 (Oct 2026, aligned to the TCC Capital valuation): gross RM 1.58m Y1 → RM 10.73m Y7, 12-yr cumulative revenue RM 103m · PAT RM 53.3m · distributable cash RM 59.3m; Y7 PAT RM 5.60m × 13.4× = RM 75m target MCAP. ACE Y5 mcap = P/E × Y5 core PAT RM 2.98m; 25% new float raises the proceeds for Site 4 (RM 7m) + 2 satellites (RM 1.5m each). Y7 hold = cumulative dividends + Y7 equity at the same P/E — no re-rate. The scenarios below use the RM 6m external line (60% at close → 45% post-ACE): 7.24× / ~32% IRR hold-to-Y7 is the headline; at the RM 7m maximum raise the same model gives 6.59× / ~31%. Why lower: at max raise (RM 7m OS), 11M total shares post-money vs 10M at target → external 63.6% pre-ACE (vs 60% at target), but per-RM MOIC drops to 6.59× because the fixed Y7 MCAP (RM 75m at 13.4× P/E on PAT RM 5.60m) divides across more shares.
ScenarioP/EACE Y5 mcapRM raisedSell at ACE Y5Hold to Y7Reference
Downside10×RM 30mRM 7.5m2.24×5.81×Below band · soft launch
Base13.4×RM 40mRM 10m3.0× / ~25%7.24× / ~32.7%Below Genting Malaysia 14× LTM and FEC peer-set Q1 15.8× (TCC Capital, Sep 2026) · Y7 mcap RM 75m
Upside20×RM 60mRM 15m4.47×10.01×In-band pricing

Live levers — stress the plan yourself

Operations

Revenue slider flexes the venue + events top line Y1–Y7 (45% pre-tax flow-through, 24% tax). Sites timing shifts the Sites 4–6 PAT stream by one year. RPS: RM 1m principal (1,000,000 units at RM 1.00), cumulative coupon Y2–Y6 (RM 0.08/unit/yr at 8%; PS Term Sheet v10 Clause 4(i)), principal redeemed end-Y6 at par from operating cash → expected ~1.4× MOIC / ~6.5% IRR (tentative). Unpaid coupons accrue and rank ahead of OS dividends; payment and redemption subject to Board declaration and distributable reserves under Companies Act 2016 S.131.

Listing & your ticket

RM 1,000 buys 0.01% at RM 10m post-money (RM 6m external line = 60% at close → 45% post-ACE). Y5 exit values the diluted stake at the listing mcap (realisable ~6 months post-listing under Bursa's moratorium). MOIC is ticket-size invariant.

Company P&L — one entity, 12 years

Y5 core PAT (listing anchor)
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Y7 consolidated PAT
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12-yr cumulative PAT
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12-yr cum. distributable
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Bars: core PAT (Rawang + events + royalty) and Sites 4–6 PAT (ACE-funded). Line: cumulative distributable cash build-up (right axis) — Company-level cash available for distribution, not amounts committed or paid to investors. Depreciation RM 700k/yr Y1–Y10 added back; RM 1m RPS principal leaves in Y6.

Your return — hold to Y7

ACE Y5 market cap
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RM raised at listing (25%)
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MOIC
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IRR
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Distributable cash build-up ≥ RM 7m raise
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Total cash back to you
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Y7 hold = pro-rata dividends (round stake pre-ACE, diluted stake post-ACE) + diluted stake at the same P/E as the Y5 listing. Y5 exit = diluted stake × listing mcap only (banked Y1–Y5 dividends excluded — conservative, consistent with the Sophisticated brief). IRR = MOIC-to-CAGR over the hold (suite convention: 7.24× over 7 years = ~32.7%); the dated-cashflow IRR is higher and shown in the breakdown.

Year-by-year distributable cash build-up

RM '000. Y1 cash retained for working capital. Distributable = PAT + depreciation − RPS principal (Y6). Baseline reproduces v2.1 exactly: [0, 907, 1,668, 2,164, 3,683, 4,066, 6,292, 7,579, 8,044, 8,542, 8,218, 8,122] — cumulative RM 59.3m (RM 4.7m by end-Y4, RM 8.4m by end-Y5 vs the RM 7m raise).

Cap table at round close Ken 40% · External 60%

HolderSharesStakeBasis
Ken Ong (founder, direct)4,000,00040%Pre-live founder shares (100% pre-campaign)
External investors (ECF)6,000,00060%RM 6m ordinary shares at RM 1.00 — target scenario
Total10,000,000100%RM 10m post-money · RM 4m pre-money
RPS holders1,000,000 RPS–RM 1m non-convertible preference shares at RM 1.00 — no ordinary equity; excluded from the RM 10m OS-only post-money (RM 11m fully diluted incl. RPS). Terms: see Live levers note.
Min RM 4m campaign: Ken 50% / External 50% (8m shares). Max RM 7m: Ken 36.36% / External 63.64% (11m shares). Founder shares constant at 4,000,000 in every scenario.

Cap table post-ACE Y5 25% new float

HolderStakeNote
Ken Ong (founder)30%40% × 0.75 · 6-month moratorium from listing
External investors45%60% × 0.75 · 6-month moratorium from listing
Public float25%New shares — RM 10m primary raised
Total100%Target-scenario basis (RM 6m external line)

Assumptions & provenance

AnchorValue (RM '000 unless stated) · Financial Model v2.1, 1 Oct 2026, single entity
Gross revenueY1 1,580 → Y5 9,420 → Y7 10,730 → Y12 11,610 · 12-yr cumulative 103,000 (intermediate years interpolated to v2.1 anchors for slider flow-through; PAT and distributable lines are the v2.1 series exactly)
PATY1 −650 → Y5 2,983 core → Y7 5,592 → Y10 7,842 → Y12 8,122 · cumulative 53,335
Depreciation · taxRM 700/yr Y1–Y10 (RM 7m capex, 10-yr straight line) · 24% on positive PBT
RPSRM 1,000 principal · 8% cumulative coupon Y2–Y6 (in baseline PAT) · redeemed end-Y6 from operating cash · expected ~1.4× / ~6.5% IRR (tentative; Board declaration, CA 2016 S.131)
ACE Y5 (FY2032)Mcap = P/E × Y5 core PAT · 25% new float · proceeds: Site 4 RM 7,000 (opens Y6) + Site 5 RM 1,500 (Y7) + Site 6 RM 1,500 (Y8)
Sites 4–6 PAT1,000 (Y6) → 2,150 (Y7) → 3,600 (Y8) → 4,600/yr mature (Y10–Y12)
Distributable cash build-upRM 4.7m end-Y4 · RM 8.4m end-Y5 → exceeds the RM 7m raise in Y5 (Company-level cash available for distribution, not amounts committed or paid to investors)
Base Y7 hold decompositionY1–Y7 distributable RM 18.78m company-level → ~RM 9.7m pro-rata to the external line (60% pre-ACE, 45% post-ACE) + terminal equity 45% × (13.4× × Y7 PAT RM 5.60m ≈ RM 75m) ≈ RM 33.8m = ~RM 43.45m on RM 6m → 7.24× / ~32.7% IRR · same P/E as listing, no re-rate