News
Datasonic now a billion ringgit company
KUALA LUMPUR: Datasonic Group Bhd’s (DSONIC) share price continued to sizzle, surging to a fresh record high of RM7.41 in late morning trade on Wednesday, bucking the weaker broader market.
At 11.19am, it was up 22 sen to RM7.41. Turnover was 310,700 shares traded.
The share price of the ICT solutions provider has surged from RM1.46 at end-May. At the current market price of RM7.41, its market capitalisation is now RM1bil based on the paid-up of 135 million shares.
Meanwhile, the FBM KLCI fell 7.91 points to 1,786.89. Turnover was 922.30 million shares valued at RM638.09mil. Declining stocks beat advancers 475 to 176 while 274 counters unchanged.
RHB Research has initiated coverage of Datasonic (DSONIC 5216) with a BUY and fair value of RM10.51, based on 15 times FY14 price-to-earnings, which is at 10% discount to its peers due to relatively lower liquidity.
“We expect the group to register core earnings of RM76.7mil to RM106.6mil from FY13F-15F, which implies a CAGR of 55.9% over FY12’s RM28.1mil.
“We like Datasonic’s strong earnings growth trajectory, committed management team, and proven track record in implementing security-enhanced identification measures,” said the research house on Tuesday.
Source: The Star
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2013-11-13 19:52