Top Calls
|
||
Initiate Coverage � Scicom (MSC) (BUY, TP:
RM2.56)
- An attractive e-government service play With 47% of earnings expected from processing of foreign student visas by FY17, Scicom should rapidly morph into a significant e-government service player from merely being a Business Process Outsourcing (BPO) operator. Being the sole agent to the Ministry of Education in the processing of foreign student visas, Scicom is set to benefit from the arrival of foreign students into the country as Malaysia promotes itself as an education hub in the region. As such, this e-government service is expected to propel Scicom�s 3-year EPS CAGR of 28%. Given its exciting growth prospects and strong stable recurring income, we value Scicom at RM2.56 based on 20x CY15E EPS at a 17% valuation discount to its e-government service peer. With an upside potential of 34%, we initiate coverage with a BUY.
|
Other Calls
|
||
|
||
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.