Journey to Wealth
Censof Holdings - Awarded PTPTN Project
News CENSOF has been awarded a new project by Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) for the upgrading of the latter's financial management system worth RM1.7m over a 2-year period commencing from 5 February 2013 until 4 February 2015.
Comments According to management, the project is an asset management solution for PTPTN with an estimated gross margin of 40%, implying contributions of a minimum RM310k and RM340k in gross profit a year to FY13 and FY14 respectively.
We believe the contract of RM1.7m (the only one thus far in FY13) is considered a minor contract and it fell within our assumption of a total RM13.2m worth of contracts expected to be awarded to the company in 1Q13.
We are, nonetheless, positive on the announcement as CENSOF has now expanded its clientele base to another government agency (i.e. PTPTN) from its existing clients namely PERKESO, MoF, KWAP and LHDN.
Outlook Remains bright, underpinned by continued projects/contracts flow from the various government agencies.
Forecast No changes to our FY12E-13E earnings.
Rating MAINTAIN OUTPERFORM
Valuation Maintaining our TP of RM0.59 based on a Fwd.
PER of 12.2x on our FY13E EPS of 4.8 sen.
Risks Failure to secure more projects
Reduced government spending on ICT e.g. on upgrade of online payment systems, etc.
Source: Kenanga
Related Stocks
| Chart | Stock Name | Last | Change | Volume |
|---|
Market Buzz
-33.37%More articles on Journey to Wealth
Ekovest: No plan to launch another offer for Iskandar Waterfront City
Created by kiasutrader | Mar 29, 2018
Kenanga Research - On our Portfolio - Parliament dissolution around the corner?
Created by kiasutrader | Mar 25, 2013
Plantation Sector - Proposed accounting standard scrapped OVERWEIGHT
Created by kiasutrader | Mar 25, 2013
Pavilion Reit - Limited upside, earnings upside have been priced in HOLD
Created by kiasutrader | Mar 25, 2013
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Latest Videos
MQ Trading Signals
Time
Signal
Duration
Type
2024-11-26 09:50:00
EMA 5
10 Mins
SELL
2024-11-26 09:35:00
EMA 5
5 Mins
SELL
2024-11-26 09:20:00
ADX
10 Mins
SELL
2024-11-26 09:20:00
TURTLE SYSTEM 20
10 Mins
SELL
2024-11-26 09:20:00
ADX
5 Mins
SELL
Apps
Top Articles
1
2
THE INVESTMENT APPROACH OF CALVIN TAN
3
4
save malaysia!
6
Koon Yew Yin's Blog
7
8
CEO Morning Brief
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
