ELSOFT (0090) - RHB: Elsoft have and indicative fair value of RM4.15- RM4.63 [Goreng Goreng]

We have an indicative fair value of MYR4.15-4.63, as we ascribed a target
FY19F P/E of 26-29x, close to +2SD of its 9-year historical average. We believe
our valuation is justifiable: Elsoft is likely to grow towards a record-high earnings
with a strong orderbook at hand, see a breakthrough in new product
developments, has consistently achieved ROEs of >25% over the past three
years, and booked higher dividend payout ratios. This is backed by sturdy
financials under the helm of an experienced management team. Over time, it
may potentially trade closer to ViTrox Corp (VITRO MK, NR), which is trading at
FY18F P/E of 34x. That said, our assigned fair value is at 15-24% discount from
ViTrox’s forward P/E, given that Elsoft has a smaller market cap.

 

Ooi Kok Hwa: Bull market in stocks has years to run

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Goreng Goreng Goreng.....

RHB: Elsoft have and indicative fair value of RM4.15- RM4.63 [Goreng Goreng]

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Elsoft to ship more test equipment in first half-year [Goreng Goreng]

2017’s exports were mainly driven by E&E products grew RM1.7bil to RM28.7bil [Goreng Goreng]

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Riding Malaysia’s export heroes [Goreng Goreng]

Global semicon sales up 21.5% to US$37.7b in November [Goreng Goreng]

Global semicon sales up 21.9% y-o-y in October to US$37.1 billion, says SIA [Goreng Goreng]

http://klse.i3investor.com/blogs/elsoft_go_up/170290.jsp