VITROX – Fundamental Analysis (14 Dec 2014)

VITROX Analysis:-

Excel – http://1drv.ms/1uqayE7

Notes – http://tinyurl.com/kjzbcf7

My View:-

– Valuation:
  – Absolute EY%:
    – Trailing:
      – FY13 (EPS: 0.099) – Fair value 1.83 (Fair Value Uncertainty: VERY HIGH)
      – R4Q (EPS: 0.175) – Fair value 3.21 (Fair Value Uncertainty: MEDIUM)
    – Forward:
      – FY15 (EPS: 0.196) – Fair value 3.6 (Fair Value Uncertainty: LOW)
      – FY16 (EPS: 0.224) – Fair value 4.12 (Fair Value Uncertainty: LOW)
    – EPS applied to reach the current stock price (2.28): 0.124
    – At 2.28, the market assumed EPS 0.124. R4Q EPS already exceeded 0.124.
  – Absolute PE:
    – FY14 (EPS: 0.189) – Fair value 2.31 (Fair Value Uncertainty: HIGH)
    – R4Q (EPS: 0.175) – Fair value 3.35 (Fair Value Uncertainty: LOW)
  – VITROX is slightly undervalued.
– I still sees a lot of growth in Vitrox – the catalysts from Agilent’s exit in 2016 and competitive products should help it compete to get individual orders.

Latest Financial – Q3 2014 Financial Report (20 Nov 2014) http://www.bursamalaysia.com/market/listed-companies/company-announcements/1799725

At the time of writing, I  did not own shares of VITROX.

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