Vetece Holdings Berhad (VETECE) is an enterprise IT solutions provider that offers a wide range of services, which include implementation services, maintenance, support, and professional services, as well as the resale of hardware and software.
The IPO entails a public issue of 98,000,000 new ordinary shares, and an offer for sale of 39,200,000 shares at an IPO price of RM0.25/share.
1. Proven track record;
2. Having a strong network of technology partners and vendors; and
3. Experienced management team.
At an IPO price of RM0.25/share, VETECE is priced at a trailing PER of 15.2x FY23 core EPS. We value the company at 18x CY25 EPS, arriving at a fair value of RM0.34/share.
Source: TA Research - 13 Aug 2024
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