Prestariang  announced  last  Friday  that  it  had  entered  into  a collaboration agreement with UoM Commercial Ltd (UoMC), which is the commercial  engagement  services  company  of  the  University  of Melbourne (UniMelb), for the provision of annually external examination services at its boutique university, UniMy.  

- Partnering  with  UniMelb.  UniMy  had  previously  on  31  Jan  that  it  will collaborate  with  the  University  of  Melbourne’s  (UniMelb)  School  of Engineering  -  regarded as one of Australia’s best tertiary education institutions with a high standing in IT, computer science and engineering - to  produce  qualified  computer  scientists  and  engineers  for  the  country. This collaboration means that UniMy’s entry requirements and curriculum would have to undergo stringent annual reviews by UoMC and would be equivalent  to  and benchmarked against UniMelb’s standards to ensure quality  control  in  its  academic  programmes.  We  believe  that  this  would enhance  UniMy’s overall niche  as  a  unique  education  player  in  the private education tertiary space.

- Internship  opportunities.  This  collaboration  will  also  involve  existing UniMelb  students  being  offered internship opportunities from UniMy’s global  IT  industry  partners,  including  Microsoft,  IBM,  EC  Council,  Dell, Huawei    and  Autodesk,  and  vice  versa.  This  arrangement  would  give UniMy  students  better  exposure  to  the  latest  developments  in  the  ever-changing IT industry.  

- Reiterate  BUY.  With  the  new  tie-up  in  place  and  the  partnership  with UniMelb  sealed,  we  see  Prestariang  moving  ahead  to  build up UniMy’s branding  and  creating  greater  awareness  among  potential  students. Going  forward,  we  continue  to  expect  UniMy  to  generate  MYR15m  to MYR20m of the company’s core earnings once it reaches full capacity. We  maintain  our  BUY  recommendation,  with  an  unchanged  FV  of  MYR 2.36, pegged to the existing 10x FY14 P/E.

Source: RHB