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ISOTerm...huat huat...arhh
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Msport
Elite |
13-Jan-2017 08:43
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ISOTeam (ISO SP) Earnings-accretive Deal At A Good Price ISOTeam announced S$22.7m of new wins and its latest acquisition in a cash-andtreasury share deal with the shares priced at a 5% premium. We find this earningsaccretive acquisition to be a positive and done at a good price as at least a S$13m orderbook and 12% pre-tax margin until Sep 19 will be guaranteed. We raise our FY17-18 net profit estimates by 15% and 14% respectively. Maintain BUY with a higher target price of S$0.60 (+13% from S$0.53) on higher-than-expected earnings. WHAT&rsquo S NEW Acquisition of Rong Shun through a cash-and-treasury share deal. On 5 Jan 17, ISOTeam announced the acquisition of Rong Shun Engineering & Construction in a S$6.45m deal with 57% in cash and the rest using treasury shares. Treasury shares to be delivered in three tranches priced at 5% premium. The treasury shares will be delivered in three tranches at a transfer price 5% above the 30- day volume weighted average before the deadline for each tranche. The first (S$1.58m) will be settled before the completion date, while the second and the third tranches of S$0.6m each will be settled one and two years respectively after the completion date. Seller guarantees at least S$3m NTA, maintenance of S$13m orderbook and 12% pre-tax margin until Sep 19. The seller has guaranteed that as of Sep 16, the NTA will be at least S$3.03m with all account receivables warrantied. It has also guaranteed to maintain an orderbook of at least S$13.1m with a 12% pre-tax margin until Sep 19. New contract wins to replenish orderbook. On 10 Jan 17, ISOTeam announced S$22.7m worth of new project wins, increasing total new contract wins to S$42.8m since the start of FY17. Notably, it has won its largest solar panel installation project worth S$6.3m for 150 blocks of HDB flats from Sunseap. While the win comes a bit later and smaller than what we had estimated (200 blocks), it nevertheless marks a good start and more should follow for the subsequent phases as Singapore continues its drive for green and renewable energy. KEY FINANCIALS Year to 30 Jun (S$m) 2014 2015 2016 2017F 2018F Net turnover 69.9 81.7 94.1 106.9 123.6 EBITDA 7.5 12.5 14.3 17.6 19.8 Operating profit 7.1 9.8 10.7 14.3 16.8 Net profit (rep./act.) 6.1 8.1 9.2 13.0 15.1 Net profit (adj.) 6.1 8.1 9.2 13.0 15.1 EPS (cent) 2.6 3.2 3.2 4.5 5.3 PE (x) 15.6 12.6 12.5 8.9 7.7 P/B (x) 3.7 2.2 2.2 1.8 1.5 EV/EBITDA (x) 10.8 5.8 6.2 4.8 3.7 Dividend yield (%) 1.2 1.4 1.9 2.0 2.3 Net margin (%) 8.7 9.9 9.8 12.1 12.2 Net debt/(cash) to equity (%) (51.9) (63.3) (51.7) (47.8) (54.2) Interest cover (x) 20.0 38.8 27.9 37.4 33.5 ROE (%) 23.5 17.5 17.3 20.2 19.8 Consensus net profit - - - 12.5 13.8 UOBKH/Consensus (x) - - - 1.0 1.1 |
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hardwired
Senior |
12-Jan-2017 16:09
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Resistence at 40.5c is very strong. Have to fight hard to break out of it. |
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Snipermode
Member |
12-Jan-2017 16:01
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Isoteam is deeply undervalued! Based on 41cts, mkt cap is 113.85m. It has 34.2M cash and only 2.2M long term debt. 28% of Mkt cap is cash (11.5cts per share). At 41 cts, you are buying the biz for 29.5cts per share. Very rarely you come across a high growth company with so much cash. It is also a cash cow if you look at the cash flow statement. It has generated 10.9M FCF in FY 2016 and 14.6M FCF in FY2015. The management has brought back millions of share between 37.5cts to 39.5cts and that has become the floor. |
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sunview
Veteran |
12-Jan-2017 10:03
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ISOTeam (ISO SP) (ISO SP/BUY/S$0.405/Target: S$0.60) Acquisition of Rong Shun through a cash-and-treasury share deal. On 5 Jan 17, ISOTeam announced the acquisition of Rong Shun Engineering & Construction in a S$6.45m deal with 57% in cash and the rest using treasury shares. Treasury shares to be delivered in three tranches priced at 5% premium. The treasury shares will be delivered in three tranches at a transfer price 5% above the 30- day volume weighted average before the deadline for each tranche. The first (S$1.58m) will be settled before the completion date, while the second and the third tranches of S$0.6m each will be settled one and two years respectively after the completion date. Seller guarantees at least S$3m NTA, maintenance of S$13m orderbook and 12% pretax margin until Sep 19. The seller has guaranteed that as of Sep 16, the NTA will be at least S$3.03m with all account receivables warrantied. It has also guaranteed to maintain an orderbook of at least S$13.1m with a 12% pre-tax margin until Sep 19. New contract wins to replenish orderbook. On 10 Jan 17, ISOTeam announced S$22.7m worth of new project wins, increasing total new contract wins to S$42.8m since the start of FY17. Notably, it has won its largest solar panel installation project worth S$6.3m for 150 blocks of HDB flats from Sunseap. While the win comes a bit later and smaller than what we had estimated (200 blocks), it nevertheless marks a good start and more should follow for the subsequent phases as Singapore continues its drive for green and renewable energy. Earnings-accretive deal is a positive. We opine the acquisition is a positive as it is earnings-accretive (being a cash-and-treasury share deal) done at an attractive price (1.9x book and 5x historical PE on S$1.7m profit as of FY16). Other than the seller' profit guarantee, management also shared its confidence on the subsidiary and its ability to perform going forward, given that Rong Shun historically wins and executes S$15m-20m of projects a year with pre-tax margins in excess of 12%. EARNINGS REVISION/RISK Maintain BUY and raise our DCF-derived target price to S$0.60, based on 10% WACC and 0% terminal growth. ----- Technical The stock could continue to head higher as share price looks poised for a breakout after forming a lengthy consolidation (support: S$0.37) during 2H16. Any weakness towards S$0.39 could just be another opportunity to add. The retracement after the tweezer formed during the last trading session could find support. Closing above S$0.42/3 gives good odds for the share price to break out of the trading range and test the psychological S$0.50 level, which happens to be a measureable target as well. Protective stop: S$0.365 Approximate timeframe on average: 3 weeks. (from UOBKH) |
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samudra
Veteran |
11-Jan-2017 11:53
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isoteam have good book orders and if executed well , share price should go up just like STi breaching the 3000 points. |
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luckyfa
Elite |
11-Jan-2017 07:30
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Looking good for a Vicom 'type' company.....Hope this could be fast and furious up.... | ||||
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Just4win
Supreme |
10-Jan-2017 15:16
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I am waiting for the boat to come back... dont know got chance or not
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samudra
Veteran |
10-Jan-2017 15:09
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those who ccumulate at 37 to 385 huat big big
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hardwired
Senior |
10-Jan-2017 10:45
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Isoteam seems to be doing everything right. Stock buyback, acquisition of coy, winning multiple new contracts. I am glad I stocked up when it was cheaper and won' t sell anytime soon. Definitely more great things to come. |
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Msport
Elite |
10-Jan-2017 10:36
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break 40c.. next resistance 44c |
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sunview
Veteran |
10-Jan-2017 09:29
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ISOTeam Ltd ($0.415, up 0.5 cents) announced that its has secured S$22.7mln worth of new projects for 2017, including its single largest renewable energy project worth S$6.3mln. These new contracts, comprising a mix of R& R and A& A projects as well as the single-largest renewable energy installation job won by the Group to-date, are expected to be completed between January 2017 and June 2018. The government-led SolarNova programme aims to have solar power contribute 350 megawatt-peak to Singapore&rsquo s energy supply by 2020. There were 400 HDB blocks with solar panels in 2015 and the programme targets to have around 5,500 blocks by 2020, or clean energy for 55,000 four-room fl ats annually. Management commented that ISOTeam has had a record-breaking year in FY2016 and, despite the less than ideal economic environment currently, they are pleased to begin 2017 on the back of such positive news for its stakeholders. It was highlighted that they have secured their third and single largestrenewable energy installation project, worth around S$6.3mln, since entering this segment less than a year ago. The Group' s growing track record in this area will be highly advantageous to ISOTeam as the adoption of solar power in Singapore under the government' s SolarNova programme looks set to grow dynamically in the coming years. (Lim & Tan) ISOTeam has been trading within a band ($0.375 - $0.40) for the past few months. The resistance at $0.40 has been tough. |
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samudra
Veteran |
07-Jan-2017 08:47
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At current price good to accumulate. Orders are good
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hardwired
Senior |
06-Jan-2017 18:48
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This is another Super 800 in the making. |
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hardwired
Senior |
06-Jan-2017 18:30
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Isoteam started the year with a bang, having announced last night that it is acquiring a highly profitable coy called Rong Shun Eng. & Constr. which is expected to add about 10% to Isoteams bottom line. The market showed its approval today pushing the stock price to 40.5c in early trading. It closed at 39.5c . This move is yet another plus for this stellar coy. Expect more great things to come in 2017. |
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chiongster88
Member |
20-Dec-2016 11:49
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anyone accumulating at current levels .37-.38? |
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johnng
Supreme |
14-Dec-2016 11:51
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break 385...no need delay turbo up... |
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desmondquek
Senior |
14-Dec-2016 11:39
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NIPPON PAINT + MYANMAR = HUAT MAN!!! |
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johnng
Supreme |
14-Dec-2016 11:14
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CHIONG ARH!! |
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chiongster88
Member |
26-Nov-2016 23:29
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recent share buyback may function as a price support |
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HAITUNI
Member |
26-Nov-2016 17:44
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this is a hidden gem... steady and recurring income model |
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