小资女向前冲（大马股市）

Quarter report released date: 28 Feb 2017

I like this kind of company, but unfortunately too late ~

Business

- 外包服务的公司。专注于客户联系服务系统，其中心位于吉隆坡，Colombo及Jakarta。目前业务也扩展至教育与政府电子系统服务 e-government

- Services:

   > Online application of visa for foreigner students 

Revenue segment

- Customer Lifecycle Management

- Education Solutions

- e-Commerce

- Solutions and e-Government Solution

- 重复性的收入: 公司一旦获得一位顾客，也就意味着和这位客户有着长期合作的关系。系统的maintenance charge就是一个重复性的收入。CLM, E-Government Solution 及 E-Commerce Solution都是可以得到重复性收入的生意。从年报中也可以看出marketing expenses并没有什么变化，只是telecommunication expenses和traveling expenses增加了。

Management team

-CEO:Leo Ariyanayakam

Customer industry

- 企业业务流程外包

- 教育中心

- 政府电子服务都是SCICOM的主攻市场

Geography area

- Company's centres in Malaysia and Sri Lanka

- and provides premier customer care and technical support services to customer across 37 countries

- The group plans to expand its operation into emerging markets such as Afica, South America and the Middle East

Financial performance

- Malaysia contributed 55.4% of total revenue, Philipines contributed 32.1% abd Sri Lanka 0.7%

- Net cash company

- Revenue for FY2016 was RM192mn, to exceed this aount, Scicom still need RM46.341mn per quarter. Over the last few quarter, Scicom's revenue was maintain at around RM44-50mn. So following this trend, RM46mn is quite easy for Scicom to achieve.

- Scicom's revenue keep decreasing, however its net profit increase continuously. This reduction was due to....

News

2/3/2017

- Scicom's Multimedia Super Corridor (MSC) status expires in November 2017 and the company's business income is 70% tax exempt instead of 100% tax exempt

- Scicom E solutions Sdn Bhd has been granted the MSC status,which may mean that new contracts can qualify for the 100% tax exemption

Share price

- Support level: RM2/RM2.04

- Resistance Level: RM2.23

- 补位RM2.088-RM2.136

- Current share price: RM2.22 (6/3/2017)

- PE: 17.16

- DY:4.06

- ROE:46.21

- Assume next quarter EPS is  3.6, sum up 4 quarter is 13.52

- Given PE17: Share price is RM2.29

- Upside potential 3.1%

- If long term invest, need to find a price level to reduce your risk. Can enter now, if price being adjusted, buy again to lower down your average price

Risk

- Company's revenue model rely on contract, need to actively seeking new clients

- Highest revenue was RM53.mn, it would become a resistance for company

Target price

- RM2.74 (Affin Hwang)

Reference:

http://wesharenwetrade.blogspot.my/2016/09/scicom-msc-berhad-0099.html

http://wesharenwetrade.blogspot.my/2016/10/scicom-2016.html

http://www.theborneopost.com/2017/03/02/scicom-continues-to-enhance-bpo-and-emgs-business/

http://www.sinchew.com.my/node/1584700/%E5%A4%96%E5%8C%85%E8%AE%A1%E5%88%92%E8%BF%9B%E8%B4%A6%EF%BC%8E%E5%B8%8C%E4%B8%96%E5%BA%B7%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%87%80%E5%88%A9%E5%A2%9E23