Business News

Tuesday, 15 September 2015 | MYT 9:08 AM

Aemulus stages strong debut at 38 sen


KUALA LUMPUR: Aemulus Holdings Bhd made a firm debut on the ACE Market of Bursa Malaysia on Tuesday at 38 sen, which was 10 sen above its offer price of 28 sen.

At 9.02am, the automated test equipment (ATE) manufacturer was trading at 39.5 sen, up 11.5 sen. There were 22.53 million shares done at prices ranging from 36.5 sen to 41.5 sen.

The FBM KLCI rose 11.48 points or 0.7% to 1,651.11. Turnover was 95.52 million shares valued ar RM48.48mil. There were 142 gainers, 63 losers and 115 counters  unchanged.

AffinHwang Capital Research initiated coverage with a “buy” rating and a 12-month target price of 37 sen.

The target price for Aemulus’ shares would represent a 32% upside to the initial public offer (IPO) price of the latter’s shares at 28 sen each.

“We like Aemulus’ strong growth profile and prospects, underpinned by new product launches and continuing refreshment to its existing line-ups,” it said.

The target price for Aemulus was based on 10 times the company’s estimated earnings per share for 2016.

It said Aemulus was projected to achieve a net profit compounded annual growth rate of 32% from the financial year ended Sept 30, 2014 to 2017.

“Apart from the traditional product upgrades and new line ups, the expansion into the data centre storage testers will provide an additional revenue kicker in FY16,” it said.

Tags / Keywords: Markets

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