PUBLIC INVESTMENT BANK
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1 PUBLIC INVESTMENT BANK PublicInvest Research Results Review Wednesday, February 28, 2018 KDN PP17686/03/2013(032117) PRESTARIANG Outperform DESCRIPTION An ICT service provider focusing on ICT training and certification and software licence distribution and management 12-Month Target Price RM1.85 Current Price RM1.67 Expected Return +10.8% Market Main Sector Technology Bursa Code 5204 Bloomberg Ticker PRES MK Shariah-compliant Yes SHARE PRICE CHART Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb Week Range (RM) Month Average Vol ( 000) SHARE PRICE PERFORMANCE Absolute Returns Relative Returns 1M 3M 6M Boosted By Construction Profit Prestariang s FY17 earnings doubled to RM18m, mainly driven by the construction profit from the Sistem Keselamatan Imigresen Nasional (SKIN), project. Nevertheless, the full-year results were below our and the street s expectations, making up only 90% and 84%, respectively. A lower DPS of 0.5sen (vs 0.8sen in 4QFY16) was proposed for the quarter. Despite weaker results, we keep our FY18-20 earnings forecasts unchanged as we expect greater results, mainly driven by bigger construction progress in the SKIN project. Maintain Outperform call with an unchanged TP of RM QFY17 revenue nearly tripled to RM71.9m. Group revenue surged from RM24.7m to RM71.9m, mainly driven by the construction sales from the SKIN project, a comprehensive and integrated national immigration solution aimed at modernizing the core applications and infrastructure of the national immigration and border control system, amounting to RM48m. The stronger revenue was also contributed by education (+199%) and employment services (+5%) despite weaker sales contribution from the software & services and academy segment (-10%). 4QFY17 core earnings surged to RM4.3m. Stripping out the minority interest, which was mainly derived from the 30% stake in Prestariang Services S/B, the company s core earnings of RM4.3m jumped 3-fold in the 4QFY17. On the other hand, software & services and academy earnings tumbled 58% to RM1.5m while losses in education segment halved to RM0.5m. The effective tax of 54.3% for the quarter was also higher than the statutory tax rate. Positive outlook. Management expects to see favourable results in FY18, with the implementation of the SKIN project and continuous improvement on operational efficiencies in existing businesses. KEY STOCK DATA Market Capitalisation (RM m) No. of Shares (m) MAJOR SHAREHOLDERS Dr. Abu Hassan Bin Ismail KWAP AIA Bhd Brahmal Vasudevan % KEY FINANCIAL SUMMARY FYE Dec (RM m) 2016A 2017A 2018F 2019F 2020F CAGR Revenue % Gross Profit % Chong Hoe Leong T F E chonghoeleong@publicinvestbank.com.my Pre-tax Profit % Core Net Profit % EPS (Sen) % P/E (x) DPS (Sen) Dividend Yield Important disclaimer is provided at the end of this report. PUBLIC INVESTMENT BANK Page 1 of 5
2 Figure 1: Results Summary FY Dec (RMm) 4Q17 4Q16 3Q17 QoQ FY17 FY16 Comments Revenue > Mainly driven by the construction revenue from the the SKIN project Cost of sales > Gross profit >100 > >100 Other income >100 > Operating profit >100 > Administrative expenses Other expenses >100 > Finance costs Pre-tax profit >100 > Taxation > Net profit Core net profit > >100 Mainly led by the construction profit from the SKIN project EPS (sen) > DPS (sen) Subject to AGM s approval Gross Margin Pre-tax Margin Net Margin Effective Tax Rate Source: Company, PublicInvest Research 2 Important disclaimer is provided at the end of this report. PUBLIC INVESTMENT BANK Page 2 of 5
3 Figure 2: Segmental Breakdown FY Dec (RMm) 4Q17 4Q16 3Q17 QoQ Revenue: Software & services & Academy FY17 FY Comments Education > Employment services Concession Others Total Profit Before Taxation: Software & services & Academy Education Employment services Concession Others > Total Source: Company, PublicInvest Research 3 Important disclaimer is provided at the end of this report. PUBLIC INVESTMENT BANK Page 3 of 5
4 KEY FINANCIAL DATA INCOME STATEMENT DATA FYE Dec (RM m) 2016A 2017A 2018F 2019F 2020F Revenue Gross Profit Other Income Administrative Expenses Other Expenses Finance Costs Pre-tax Profit Income Tax Effective Tax Rate Minorities Core Net Profit Growth Revenue > Gross Operating Profit > Core Net Profit > BALANCE SHEET DATA FYE Dec (RM m) 2016A 2017A 2018F 2019F 2020F Fixed assets Other long-term assets Cash at bank Other current assets Total Assets ,072.9 Short-term borrowings Long-term borrowings Payables Other liabilities Total Liabilities Shareholders Equity Total Equity and Liabilities ,072.9 PER SHARE DATA & RATIOS FYE Dec 2016A 2017A 2018F 2019F 2020F Book Value Per Share NTA Per Share EPS (sen) DPS (sen) Payout Ratio ROA ROE Important disclaimer is provided at the end of this report. PUBLIC INVESTMENT BANK Page 4 of 5
5 RATING CLASSIFICATION STOCKS OUTPERFORM NEUTRAL UNDERPERFORM TRADING BUY TRADING SELL NOT RATED The stock return is expected to exceed a relevant benchmark s total of 10% or higher over the next 12months. The stock return is expected to be within +/- 10% of a relevant benchmark s return over the next 12 months. The stock return is expected to be below a relevant benchmark s return by -10% over the next 12 months. The stock return is expected to exceed a relevant benchmark s return by 5% or higher over the next 3 months but the underlying fundamentals are not strong enough to warrant an Outperform call. The stock return is expected to be below a relevant benchmark s return by -5% or more over the next 3 months. The stock is not within regular research coverage. SECTOR OVERWEIGHT NEUTRAL UNDERWEIGHT The sector is expected to outperform a relevant benchmark over the next 12 months. The sector is expected to perform in line with a relevant benchmark over the next 12 months. The sector is expected to underperform a relevant benchmark over the next 12 months. DISCLAIMER This document has been prepared solely for information and private circulation only. It is for distribution under such circumstances as may be permitted by applicable law. The information contained herein is prepared from data and sources believed to be reliable at the time of issue of this document. The views/opinions expressed herein are subject to change without notice and solely reflects the personal views of the analyst(s) acting in his/her capacity as employee of Public Investment Bank Berhad ( PIVB ). PIVB does not make any guarantee, representations or warranty neither expressed or implied nor accepts any responsibility or liability as to its fairness liability adequacy, completeness or correctness of any such information and opinion contained herein. No reliance upon such statement or usage by the addressee/anyone shall give rise to any claim/liability for loss of damage against PIVB, Public Bank Berhad, its affiliates and related companies, directors, officers, connected persons/employees, associates or agents. This document is not and should not be construed or considered as an offer, recommendation, invitation or a solicitation of an offer to purchase or subscribe or sell any securities, related investments or financial instruments. Any recommendation in this document does not have regards to the specific investment objectives, financial situation, risk profile and particular needs of any specific persons who receive it. We encourage the addressee of this document to independently evaluate the merits of the information contained herein, consider their own investment objectives, financial situation, particular needs, risks and legal profiles, seek the advice of their, amongst others, tax, accounting, legal, business professionals and financial advisers before participating in any transaction in respect of any of the securities of the company(ies) covered in this document. PIVB, Public Bank Berhad, our affiliates and related companies, directors, officers, connected persons/employees, associates or agents may own or have positions in the securities of the company(ies) covered in this document or any securities related thereto and may from time to time add or dispose of, or may be materially interested in, any such securities. Further PIVB, Public Bank Berhad, our affiliates and related companies, associates or agents do and/or seek to do business with the company(ies) covered in this document and may from time to time act as market maker or have assumed an underwriting commitment in the securities of such company(ies), may sell them or buy them from customers on a principal basis, may have or intend to accommodate credit facilities or other banking services and may also perform or seek to perform investment banking, advisory or underwriting services for or relating to such company(ies) as well as solicit such investment advisory or other services from any entity mentioned in this document. The analyst(s) and associate analyst(s) principally responsible for the preparation of this document may participate in the solicitation of businesses described aforesaid and would receive compensation based upon various factors, including the quality of research, investor client feedback, stock pickings and performance of his/her recommendation and competitive factors. The analyst(s) and associate analyst(s) may also receive compensation or benefit (including gift and company/issuer-sponsored and paid trips in line with the Bank s policies) in executing his/her duties. Hence, the addressee or any persons reviewing this document should be aware of the foregoing, amongst others, may give rise to real or potential conflicts of interest. Published and printed by: PUBLIC INVESTMENT BANK BERHAD (20027-W) 9 th Floor, Bangunan Public Bank 6, Jalan Sultan Sulaiman Kuala Lumpur T F Dealing Line Important disclaimer is provided at the end of this report. PUBLIC INVESTMENT BANK Page 5 of 5
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