Refund dari Clicks dah terima..bole tengok2 pulak pasal Caring..
22-Oct-2013,
11:16:48 CSECC69815 CREDIT ADVICE
CSECC69815 EIPO REFUND FOR MIH XXXXX
Caring Pharmacy IPO Target Price
Recently there are few IPO coming up. Now let us look at Caring Pharmacy IPO target price. Caring Pharmacy IPO price is RM1.25 and closing of application is on 30/10/2013.
Kenanga give Caring Pharmacy fair value at RM1.55 based on 13x CY14 EPS of 11.9 sen. They expect Caring to register net profit of RM23.8m and RM27.4m in FY14 and FY15, respectively. They conservatively forecast a 17% revenue growth each in FY14 and FY15, which is conservatively lower than the past three years average of 20% on the back of same-store-sales growth and opening of new outlets. They have factored in marginally lower margins taking into account higher advertising and promotion activities in an effort to increase or sustain its market share in our forecasts. Based on their earnings estimate and a 30% dividend payout assumption, they expect FY14 and FY15 net Dividend Per Share of 3.3 sen and 3.8 sen respectively, translating to an average Caring Pharmacy dividend yield of 3%.
Their fair value is RM1.55 is based on 13x CY14 EPS of 11.9 sen. The Caring Pharmacy PE ratio of 13x multiple is at 22% and 30% discount to Berjaya Food’s 1-year forward PER of 17.0x and Berjaya Retail’s 18.5x PER valuation, respectively, when it was taken private.