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AT (0072) AT SYSTEMATIZATION BHD - The Most Under-Valued Glove Maker 

For the past few days of falls created some panic that many forgotten the very reason why they invested in ATS in the first place. It's because ATS is the most under-valued and highest growth potential with real glove factory that is about the start production that is the first among the rest of new glove makers. In fact, their prod line and conveyor system already in trial run at this moment. This fundamental remain the same, unchanged.

Calculation below base on the 1st Single Former Prod Line scheduled to start production in early December. It has a potential growth of between RM0.365 (102%) at PE10 to RM1.095 (508%) at PE30.

Which other glove makers projected at such growth potential in December?

1st Prod Line Projection ONLY

1) Prod Capacity = 9.9mil gloves / month
2) Glove ASP = USD90/k
3) Shares = 4,032mil shares

Assume :
3) Production Occupancy = 75% capacity
4) Exchange Rate USD/RM = 4.10
5) Profit Margin = RM26.445
6) Corporate Tax = 25%


Profit Before Tax = 9.9 x 0.75 x 26.445 = RM196.354 mil

Profit After Tax = (1-t%) PBT = 0.75 x RM196.3548mil = RM147.265 mil

EPS = 147.265 mil / 4,032 mil shares = 0.0365 sen

ATS (0072) Projected Price
PE 10 = RM0.365
PE 20 = RM0.730
PE 30 = RM1.095

Benchmark :
Carepls PE = 17.5X
Comfort PE = 26.7X


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