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希世康 (SCICOM)- 柬埔寨之旅


根据最新的获得柬埔寨旅游项目的收入预测, 该项目让希世康(SCICOM)接触到柬埔寨充满活力的旅游业,并有机会将该集团2019-2020年每股盈利提升30-35%。




最 近,希世康获得了柬埔寨旅游部的一个项目,用于开发,实施,运营和维护完全一体化的柬埔寨旅游管理系统。 该合同的收入取决于来往柬埔寨的航空旅客人数。 该项目让希世康接触到快速发展的柬埔寨旅游市场(2016年:2.7亿国际游客到达空中,旅游总收入达32亿美元)。 假设每个国际游客支付1美元费用给希世康,EBITDA利润率为45%,那么该项目应该在接下来一两年中贡献1200-1600万令吉的净利润约占集团净 利润的22-27%。

希世康的股价从去年四月下跌34%,归因于连续三个季度净利下滑(收入下降和马币加强,下跌16%)。进入2018,预计希世康会增加收取EMGS费用以减轻外国学生申请数量较少的影响。 此外,也预计BPO业务量将在下半年稳定下来和慢慢恢复。

 


 总体来说,希世康在电子政务服务/电子解决方案领域的专业知识,高股东权益报酬率业务模式42%,2017-2020财年盈利年复合增长率为10%,低本益比使得估值有吸引力与5%高股息收益率。此外,希世康拥有强劲的资产负债表和净现金去支撑接下来的营运。 柬埔寨旅游项目是主要的盈利催化剂。



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