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apple developer account:Giving VSTECS a second look

admin2021-02-1856

In fact, Kenanga Research noted that VSTECS is often looked at as a laggard in the technology sector. But riding on the hope of its future business, the research house has put a “trading buy” call on the stock with a fair value of RM3.60 a share PETALING JAYA: Apart from order backlogs due to strong end-point device demand and ICT distribution, VSTECS Bhd’s enterprise solutions (ES) unit should not be overlooked. In fact, Kenanga Research noted that VSTECS is often looked at as a laggard in the technology sector. But riding on the hope of its future business, the research house has put a “trading buy” call on the stock with a fair value of RM3.60 a share. “We believe there is a widespread misperception towards VSTECS as merely an ICT hardware distributor. This is not the case as its ES and ICT services (related to ES) segments’ for the first nine-months of financial year 2020 profit before tax contribution (53%) has overtaken ICT distribution (47%), ’’ the research house said. Furthermore, the group, via its 40%-owned associate ISATEC, is also involved in software and mobile app development with over 30 coders. The research house said there are order backlogs due to strong end-point device demand. The other catalysts for the group are ICT distribution boost from Permai and Cerdik initiatives as well as potential introduction of Alibaba Cloud products and solutions to Malaysia. It is also a possible beneficiary of the RM1.16bil immigration systems contract won by Iris, who is a customer of the company. The stock, according to Kenanga, is currently trading at an attractive financial year 2021 price to earnings ratio of merely 12.5 times, offering a laggard angle to the technology sector’s monster rally. Following the work-from-home (WFH) trend, it said the demand for endpoint devices has surged. Lead-times for popular endpoint devices like laptops and some tablets have doubled to four to eight weeks. Building on this demand surge, it believes the seasonal decline in the first quarter of financial year 2021 revenue will be significantly smaller (vs the first quarter of financial year 2020 -31.3% quarter-on-quarter). Over the next six-12 months, laptop demand is expected to remain elevated, while the introduction of more 5G-enabled devices will be a boon for the group. It said the ES segment is expected to be boosted by accelerated adoption and upgrade of back-end infrastructure such as cyber/network security, and workforce mobility to support the work from home trend. In August 2020, the group’s major shareholder VSTECS Holdings (Singapore) Limited entered into a partnership with Alibaba Cloud for cloud computing services. “Naturally, we believe Alibaba’s range of cloud products and solutions could soon be brought into Malaysia through VSTECS, which could serve as another share price catalyst, ’’ Kenanga said.
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