CJ Logistics (CJKE) listed in Korea, with market capital of about RM15 billion. Century will be a mini-CJ Logistics for Asean countries, easily should worth RM1.5 billion in next few years (only 10% of CJKE).
1. The CJ "brandname" is under appreciated. 2. Its ambition to grow its revenue 5 fold by 2020 in ASEAN is also overlooked. 3. So, at 122, is it expensive? Looking into next couple of years, doubling Century's profits will deemed as an "underperformance" for CJ.
Century trying to achieve what GDex's revenue of RM240m by 2020. That will contribute about RM29m to RM36m. Let just said, Century can attain about RM30m x PE40x (still continue to grow) = RM1.2 billion. Just the B2C itself is already RM1.2b.
What about the B2B, assuming growth 20% in 3-2 years, PAT of B2B is about RM26m x PE18x = RM500m.
Fair value of B2B and B2C = RM1.7b divided by 391m shares, it is about RM4.35 per share or PE of 30x, still lower than POS and GDex PE of 45x and 86x respectively. Even GDex can double their profit by 2020, its PE is 43x.
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Posted by Flintstones > 2017-04-06 23:28 | Report Abuse
Nice write up. Where can i find Gdex md comment about the b2c business?