VTC Could See A 104% Upside To Listing Price
VTC Could See A 104% Upside To Listing Price
Through its wholly owned subsidiaries, VTC which is scheduled for the ACE Market listing in quarter three is primarily involved in enterprise IT solutions, including the provision of implementation services, maintenance, support and professional services as well as resale of hardware and software.
VTC計劃於第三季度在ACE Market上市，通過其全資子公司主要參與企業信息技術解決方案，包括提供實施服務、維護、支持和專業服務以及硬件和軟件的轉售。
Malacca Securities in its reports said it derived a fair value of RM0.51 (an upside of 104% against the IPO price of RM0.25) for VTC. This fair value is derived by pegging a P/E ratio of 24.0x to the FY25f EPS of 2.14 sen. Although the peer average forward P/E stood at 16.2x, the house believes VTC may pegged to higher P/E of 24.0x given its strong PAT margin of more than 28% in FY23 (as compared to average peer margin of 8.8%), coupled with the AI-theme upcycle environment.As of the latest practicable date (LPD), Vetece Holdings Bhd (VTC) has 80 IT solutions personnel.
馬六甲證券在其報告中表示，VTC的公允價值爲0.51令吉（較首次公開募股價格0.25令吉上漲104％）。該公允價值是通過將24.0倍的市盈率與25財年的每股收益2.14仙掛鉤得出的。儘管同行平均遠期市盈率爲16.2倍，但衆議院認爲，鑑於VTC在23財年強勁的PaT利潤率超過28％（而平均同行利潤率爲8.8％），再加上人工智能主題的升級週期環境，VTC可能將市盈率提高到24.0倍。截至最新的可行日期（LPD），Vetece Holdings Bhd（VTC）擁有80名IT解決方案人員。
MSSB said it projects the revenue to grow at 8.5-30.0% to RM25.1m-RM39.2m for FY24-26f, while the core net profit is expected to increase by 7.3-20.3% to RM7.0m-RM9.6m, supported by the management's aim to take on more complex jobs, higher margins and continued demand in the telecommunication and banking sectors
MssB表示，預計24-26財年收入將增長8.5-30.0％，至2510萬令吉.3920萬令吉，而核心淨利潤預計將增長7.3-20.3％，至700萬令吉960萬令吉，這得益於管理層的目標，即在電信和銀行領域從事更復雜的工作、更高的利潤率以及持續的需求
It said in a note today (Aug 12) that the group plans to use its IPO proceeds to hire an additional 4 IT professionals and 2 sales and marketing personnel.
該公司在今天（8月12日）的一份報告中表示，該集團計劃利用其首次公開募股收益再僱用4名IT專業人員和2名銷售和營銷人員。
Also, the house said that VTC could potentially partner with 2 new or existing technology partners, and RM2.19m is earmarked for this expansions.
此外，衆議院表示，VTC有可能與2個新的或現有的技術合作夥伴合作，219萬令吉專門用於此次擴張。
The house said that the group has consistently improved its PAT margins, increasing from 15.66% in FY21 to 28.38% in FY23, and currently standing at 26.49% as of FPE24.
該公司表示，該集團一直在提高其PaT利潤率，從21財年的15.66％增加到23財年的28.38％，截至FPE24，目前爲26.49％。
Looking ahead, they expected VTC's margins to remain relatively stable, in line with the group's positive outlook.
展望未來，他們預計VTC的利潤率將保持相對穩定，與該集團的樂觀前景一致。
RHB noted that the future of network choices for telcos and their customers is becoming increasingly diverse due to rapid technological advancements.
RhB指出，由於技術的快速進步，電信公司及其客戶的未來網絡選擇變得越來越多樣化。
As of FY23, RHB said that the Telecommunications segment accounts for 46.92% of the group's revenue.
截至23財年，RhB表示，電信板塊佔該集團收入的46.92％。
Given the rapid advancements in telecommunications technology, these developments are expected to positively impact the demand for IT services, positioning VTC well for future growth.
鑑於電信技術的飛速發展，這些發展預計將對信息技術服務的需求產生積極影響，使VTC爲未來的增長做好準備。
Establishment of a Centre of Excellence (COE) for productivity and cost-efficiency. RHB said that the group plans to establish a Center of Excellence (COE) for software solutions, enabling them to undertake projects for overseas clients remotely from Malaysia. The COE, designed to meet IT security standards, will appeal to overseas clients seeking cost-effective IT solutions without compromising data security.
建立卓越中心（COE），以提高生產率和成本效益。RhB表示，該集團計劃建立軟件解決方案卓越中心（COE），使他們能夠從馬來西亞遠程爲海外客戶開展項目。COE旨在滿足IT安全標準，將吸引在不影響數據安全性的前提下尋求具有成本效益的IT解決方案的海外客戶。
RHB believes that this will allow the group to offer more competitive pricing to prospective clients.
RhB認爲，這將使該集團能夠爲潛在客戶提供更具競爭力的價格。
譯文內容由第三人軟體翻譯。