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PublicInvest values SNS NETWORK TECHNOLOGY BERHAD SNS (0259)  at 33 sen

KUALA LUMPUR (Aug 17): PublicInvest Research has valued SNS Network Technology Bhd at 33 sen, and said over the years, SNS had continued to expand its presence by setting up other brand specialty stores.

This includes Acer, AMD, Asus, Dell, HP, Huawei, Lenovo, Mi, MSI and Omen, following the launch of its first Apple Store, branded under the brand name “iTworld” in Ipoh.

In an initial public offering (IPO) note on Wednesday (Aug 17), the research house said SNS had a wide market coverage, as its information and communications technology (ICT) product and service offerings are sold to customers through its physical store channel and online store channel, in addition to customers via its commercial channel.

“We derive a fair value of 33 sen based on about 13 times price-earnings multiple to its FY24 (financial year ending Jan 31, 2024) earnings per share of 2.5 sen.

“The IPO is expected to raise approximately RM90.7 million, from the issuance of 362.9 million new shares.

“Besides utilising 36.9% of the proceeds as capital expenditure, 19.8% of the proceeds will be allocated for the construction of a regional hub, and 14.5% as general working capital,” it said.

PublicInvest said SNS’s growth will be dependent on: i) the expansion of its retail operations; ii) setup of its regional hub; and iii) expansion of its device-as-a-service subscription-based service.

“Key drivers may include: i) the replacement cycle following wide usage of ICT products; ii) continuous technological advancement in rolling out new ICT products; iii) government initiatives for the digital transformation; and iv) incorporation of ICT to digitalise education,” it said.


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