At the IPO offer price of RM0.25, SSF is trading at 12.5x based on FY23 core net EPS of 2.1 sen. Meanwhile, SSF’s forward P/E valuation for FY24-25f is estimated at 11.5x and 10.9x, respectively. We arrived at our fair value of RM0.335 (34.1% potential upside from its IPO price) by ascribing a target P/E of 15.0x to our forecasted mid-FY24f EPS of 2.23 sen. The ascribed P/E is a discount of 32% to the Consumer Discretionary Distribution & Retail industry of P/E of 22.1x given its smaller market cap position.