Posted by AC Gan > 2018-01-08 08:51 | Report Abuse

http://www.en.bullbearbursa.com/2018/01/04/why-you-should-buy-binacom/?utm_campaign=shareaholic&utm_medium=whatsapp&utm_source=mobile

Posted by kentrade888 > 2018-01-08 09:08 | Report Abuse

limit up today？

Posted by AC Gan > 2018-01-08 09:23 | Report Abuse

https://www.thestar.com.my/business/business-news/2017/12/29/binasat-q1-earnings-at-rm1pt5m/

Posted by kentrade888 > 2018-01-08 09:30 | Report Abuse

为什么（周一）8-1-2018 上市的BINACOM是值得投资的选择？
Author: Bullbearbursa | Publish date: Fri, 5 Jan 2018, 11:12 AM

为什么BINACOM是值得投资的选择？
兆光通讯Binasat Communications Bhd（BINACOM）计划于2018年1月8日，也就是下周一在马来西亚交易所ACE市场上市。在本文中，我们将分享您可能需要了解有关该公司的一些事情。

BINACOM的业务是什么？
BINACOM主要为各公司提供卫星，移动和光纤电信网络的支持服务，其中包括安装，调试，营运以及维修服务。

BINACOM的市场占有率有多少？ 谁又是BINACOM的主要客户？
BINACOM管理层表示，它目前在维修位于油站的卫星地面收讯站拥有57％的市场份额。此外，在营运及维修 (O&M) 卫星地面收讯站方面，则拥有64%市场份额。

Maxis宽频私人有限公司 (Maxis Broadband Sdn Bhd) 和华为技术马来西亚私人有限公司 (Huawei Technologies Malaysia Sdn Bhd) 则是该公司的主要客户。在FY17里， Maxis贡献了约49.5％的收入，而华为贡献了大约26.3％。

IPO募集资金使用方式
资金使用方式 RM （百万） 时限
建立传送电塔 14.36 24个月之内
加强运营和维护服务能力 4.90 12个月之内
增强光纤网络安装和调试服务能力 4.80 12个月之内
注重区域业务拓展，特别是越南，缅甸和寮国 1.50 18个月之内
营运资本 10.79 24个月之内
预计上市费用 3.20 3个月之内
总数额 39.55
资料来源：公司招股说明书

行业前景如何？
就现有的因素支持，电讯网络支援服务分部的前景仍算正面：

政府在数字基础设施方面所增加的支出如下：
根据2018年的财政预算案，马来西亚政府将拨款10亿令吉发展沙巴及砂拉越的电讯基建及宽频设施。
在第十一马来西亚发展计划中，其中一个计划是通过扩展和升级高速宽频2以及郊区宽频的基础设施，以提高数字基础设施的覆盖范围，质量以及价格的可负担性。
电信网络支持服务提供商预计将受益于电信公司持续增加的资本开支，其中包括升级，维护以及部署额外的网络基础设施，以改善他们为客户提供的服务素质。
2. 增加网络设备重新校准工作以及可能提高频谱工作重新分配的前景
提供电信网络支持服务的运营将会因此而受益，因为电信运营商可以从事网络设备重新校准工作，并安装和调试新的网络设备。
BINACOM的竞争优势是什么？
强大的专业知识和丰富的业绩记录
在经验丰富的管理团队和264名技术人员的庞大网络的推动下，BINACOM拥有约13年的良好营运记录，主要服务于信息和通信技术（ICT）行业的客户，其中包括马来西亚所有主要电信公司（直接或间接通过设备供应商）。
长期固定的获利能力
BINACOM平均有71％的收入来源于卫星的运行及维护工作（包括上游和下游业务）。在过去四个财政年度里，移动和光纤业务的收入也是稳定的。 这为BINACOM在这段合同期间提供了长期固定的现金流保证。
质量管理体系 （ISO 9001）
该集团已于2017年7月31日获得ISO 9001：2015质量管理体系认证，以提供卫星及其他电讯工程服务（安装，测试及调试）。ISO 9001是一项标准，规定了质量管理系统。 该认证可以为客户提供信心保证，也为BINACOM在提供支持服务时得以遵守的质量标准及流程。
BINACOM的财务状况如何？
净利
由于客户群扩大，收入实现了两位数的增长，同时也带动净利润实现两位数的增长。 总收入的45％以上是长期固定的。
利润率
过去三个财政年度的利润率均保持在25％以上。 除利润率较高的工单以外，利润率的提高也得益于成本削减的努力。 这其中包括资源共享以及内包工程，以实现成本效益和资源效率。
资产负债率
上市后，该集团的负债率将从原本的0.34倍降至0.14倍。


资料来源：公司招股说明书

BINACOM的真实价值是多少？
鉴于马来西亚电信领域缺乏可比性（因为它服务于一个利基市场），为BINACOM评估一个合理的价值是相当困难的，我们可以通过行业平均市盈率 (Average P/E Ratio) 来了解它的估值大约多少。

以此为例，电信业务2018年市盈率约为27.6倍。 根据BINACOM的每股0.46令吉的IPO价格以及2017年每股0.038令吉的EPS，我们将得出12.1倍的市盈率。 这也表明了由于与行业平均水平相比，存在巨大的估值差异，BINACOM潜在的估值重估的情况。

另一方面，最接近可比性的公司是OCK集团，这是另一家主要涉及电信网络服务的公司。 该公司的股价已经达到了27倍的市盈率，这是一个像MAXIS，AXIATA和DIGI这样的大规模公司正目前享有的PE Ratio。 因此，这也表明同行竞争对手BINACOM正在以相对便宜的估值上市。

假如我们采用相对保守的16倍市盈率，再加上其2017年EPS的数据，我们相信BINACOM的公允价值接近每股0.61令吉。 因此，我们认为估值上调的可能性很大，暗示BINACOM有着巨大的上涨潜力。

一些市场上的传言（版主从不同的论坛上收集的资料）
对基金公司等机构投资者的股票配置有限，股票上市后将可能导致激烈的竞价。 鉴于首次公开招股（IPO）超额认购23倍，这并非完全不合理。
该公司一直在积极投标联邦政府的一些项目，投机人士称BINACOM相当接近这些项目
该公司股票已经引起一些有名的投资者所注意
免责声明：以上观点是基于事实和主观意见判断。我们不承担任何依靠讨论此文章而做出买卖决定的损失负上任何的责任。版主在撰写本文时并没有持有这家公司的任何股份。

英文链接 ：Why you should buy BINACOM?

Posted by Mgician > 2018-01-08 09:45 | Report Abuse

welcome ... to Bursa

Posted by rachelhltang > 2018-01-08 09:47 | Report Abuse

anyone can share who is BINACOM competitor?

Posted by AC Gan > 2018-01-08 09:52 | Report Abuse

OCK / TimeCom ..!

Posted by NanaBoon > 2018-01-08 10:01 | Report Abuse

http://www.en.bullbearbursa.com/2018/01/04/why-you-should-buy-binacom/?utm_campaign=shareaholic&utm_medium=whatsapp&utm_source=mobile

Posted by 股你悟到 > 2018-01-08 10:18 | Report Abuse

Target price of RM0.46-RM0.58 based on targeted blended PER range of 11.7x-14.5x.



Binasat Communications Berhad (BINACOM) will be raising RM39.6m with a market capitalisation of RM119.6m. The proceeds arising from the IPO is mainly for setting up a teleport, enhancing operational efficiency and regional expansion. With nearly half of its turnover on average derived from recurring income, this will provide earnings certainty during the contracts’ duration. With a targeted PER range of 11.7x-14.5x, we have derived our fair value range of RM0.46-RM0.58.

BINACOM - telecommunication support services specialist with a proven track record in supporting services across satellite, mobile and fibre optics networks. With the group’s edge of having diverse capabilities, it has become a strong telecommunication networks supporting services partner to MAXIS, U Mobile and HUAWEI.

Dominate market share. The group is currently servicing c.1,750 VSAT (Very small Aperture Terminal) ground stations installed at petrol stations, 4,500 overall VSAT ground stations, and 11,000 mobile BTS sites, representing a market share of 57%, 64% and 28% in the respective area. Note that, VSAT is generally a two-way satellite ground station with a dish antenna that is usually less than three meters in diameter. It is mainly used to connect remote sites for specific industries, applications or geographic areas.

Recurring Income for sustainability. The group’s recurring income makes up of c.49% of total revenue on average, widely owing to its operations and maintenance services for the satellite (including uplink and downlink services), mobile and fibre-optic segments. The recurring income contracts’ duration, however, appears short as it merely comes in at an average 1-4 years.

Fund raising for future expansion. BINACOM expects to raise RM39.6m based on 86.0m new shares at IPO price of RM0.46/share. The IPO proceeds will be utilized mainly for funding of new teleport facility, which could give rise to new satellite services offerings while reducing internal reliance on overseas satellite downlink services. Likewise, existing O&M and fibre optics services capability will be enhanced through establishment of new warehouse, R&D facilities as well as procurement of new vehicles and equipment.

Earnings forecast. Although half of BINACOM’s earnings depends on telecom projects flow (which tends to fluctuate), we expect the group’s top-line to perform better than the country’s GDP growth in FY18. However, its staff costs and depreciation are expected to trend higher in tandem with the higher project flow coupled with more assets acquired. All in, we expect the group’s net profit to grow by 3% in FY18 (to RM10.3m) on the back of 6.8% YoY climb in revenue coupled with similar GP margin of 37%. Although management has yet to outline the dividend policy, we expect BINACOM to continue rewarding its shareholders. By assuming a similar dividend pay-out ratio of c.20% (similar to FY17) in FY18, BINACOM is expected to declare a DPS of 0.8 sen, translating into 1.7% dividend yield.

Target price of RM0.46-RM0.58 based on targeted blended PER range of 11.7x-14.5x. We have decided to use the blended PER basis to better reflect the group’s business nature as the mobile segment tends to enjoy higher PER post listing. Thus, with a segmental mix of 60%/40% ratio (60% on non-mobile (i.e. VSAT, which should be value based on the FBMSC’s valuation) and 40% on the mobile segment), we have derived a blended PER of 11.7x-14.5x (implied a targeted fair value of RM0.46-0.58 range) for BINACOM.

Risks to our call include: (i) higher-than-expected project flows and margins, and (ii) impact from the on-going spectrum reallocation plan.

Source: Kenanga Research - 8 Jan 2018

Posted by kizza > 2018-01-08 11:01 | Report Abuse

Is it a good buy at 0.60?

Posted by 恒恒 > 2018-01-08 11:14 | Report Abuse

change to 0.585

Posted by Lim Jess > 2018-01-08 11:29 | Report Abuse

Short term investor : Is it a good buy now?
Long term investor : What do you think?

Posted by omightycap > 2018-01-08 12:16 | Report Abuse

Indeed a company with solid fundamentals... Too bad we didn't go all out with the subscription
Here is our IPO analysis
https://omightycap.wordpress.com/2017/12/15/ipo-binasat-communications/

Posted by NanaBoon > 2018-01-08 12:51 | Report Abuse

omightycap, tq for the nice sharing.

Posted by Mohd Fahmi Bin Jaes > 2018-01-08 12:51 | Report Abuse

Sell

Posted by HENGYUAN Sexy Babe @ RM21 > 2018-01-08 13:21 | Report Abuse

Damn. Miss tht

Posted by Roy Cheong > 2018-01-08 13:33 | Report Abuse

Welcome to the family.

Posted by Lee Yih Yeong > 2018-01-08 13:42 | Report Abuse

this company by looking into the business is base on VSAT ,fiber optic and telecomunication base station setup. by looking into it business,i dont think it worth that value . majority our country already have latest internet cable and base station . i dont see any growth for this company.

Posted by IrisTan > 2018-01-08 14:34 | Report Abuse

Binacom will be ended like KAB, fall below IPO price in the next few days. Sell Binacom now and buy back at 46 sen!

Posted by NanaBoon > 2018-01-08 15:02 | Report Abuse

I received my ipo shares and plan to hold long term. My paper profit now in excess of 30% already. I hope your dream comes true but unfortunately quite difficult to buy cheaper. I hope to add more if possible.

Posted by shlyw > 2018-01-08 15:08 | Report Abuse

选择语言​▼
新闻
新上市
首日上市表现亮眼 兆光通讯溢价30.4%
Tan Xue Ying
/
theedgemarkets.com

January 08, 2018 13:42 pm +08
-A+A
（吉隆坡8日讯）2018年大马交易所首家上市公司，电讯支援服务供应商兆光通讯（Binasat Communications Bhd）今日在创业板登场，开市溢价30.4%。

该公司在首次公开募股（IPO）活动中，供大马公众认购的1300万股，共收到1万465份申请，认购4亿5802万股，超额认购34.23倍。

每股发售价46仙，兆光通讯寻求筹集3955万令吉，为扩张融资，包括在巴生谷建立电信设施，以及进军寮国、缅甸和越南市场。

该集团今日指出，有信心在卫星、通讯和光纤三大领域实现收入增长，符合政府措施和国内大多电讯公司不断提高的资本开销。

兆光通讯总财务长吴国明出席上市仪式后，向记者表示：“电讯行业一直在发展和壮大，我们预计投资并不会减少，因它们必须迎合网络扩张和覆盖。”

他补充，大马通讯与多媒体委员会（MCMC）也预料在偏远地区推出网络覆盖项目。

IPO所筹资金中，1436万令吉将用于建立电信设施、1050万令吉供购买和建设3至4英亩地、490万令吉用作加强营运和维护服务。

另外，480万令吉将提升光纤网络服务安装和调试服务，包括在柔佛设立仓库。

同时，1079万令吉将充作两年期的营运资本，而150万令吉用于扩展至寮国、缅甸和越南。

该集团目前正在与当地一家支援服务供应商、设备供应商和电讯公司进行初步洽谈，并计划在今年第三季在越南和缅甸，以及2019年第二季在寮国设立办事处。

截至去年9月杪2018财政年首季，该集团取得153万令吉的净利，营业额为1016万令吉。



（编译：陈慧珊）http://www.theedgemarkets.com/article/%E9%A6%96%E6%97%A5%E4%B8%8A%E5%B8%82%E8%A1%A8%E7%8E%B0%E4%BA%AE%E7%9C%BC-%E5%85%86%E5%85%89%E9%80%9A%E8%AE%AF%E6%BA%A2%E4%BB%B7304

Posted by Teoh Jee Wing > 2018-01-08 15:10 | Report Abuse

Estimated PE will be around 19x ...

0.088 x 4 = 0.352 cent
0.352 x 0.85 ( approximated sales) = 0.2992
0.60cent / 0.02992 = PE20++

Posted by shlyw > 2018-01-08 15:13 | Report Abuse

I believe that before the close will bounce back, more than 60 cents.

Posted by IrisTan > 2018-01-08 15:19 | Report Abuse

Learn from recent IPO counters like Inta and KAB, Binacom is no exception! Binacom will fall back to 46 sen before pushing back to 60 sen. Good to have dream, but your dream must be realistic! Take profit while you can. Sell high, buy low!

Posted by Embrace Belief > 2018-01-08 16:13 | Report Abuse

Huh.... who has been trapped above 0.61??

Posted by kllady_fidah > 2018-01-08 17:21 | Report Abuse

agreed with Iris - sound advice.I sold off and buy back later

Posted by bullbullbully > 2018-01-08 18:48 | Report Abuse

take profit first...then buy back low...

Posted by Dakewlest > 2018-01-08 21:19 | Report Abuse

Worth to hold long term?

Posted by LOOK009 > 2018-01-08 21:22 | Report Abuse

今年首家上市公司　兆光通讯大热大起
蓝文添（左4）和蓝文益（右4）在祖蓝冉（左起）、陈于文、阿末弗、拉拉妮查、萧添发与吴国明陪同下，主持上市鸣锣仪式
財经 最后更新 2018年01月8日 20时25分

今年首家上市公司　兆光通讯大热大起
2分享
（吉隆坡8日讯）提供卫星、通讯及光纤网络服务的兆光通讯（Binacom，0195，创业板）于今日在大马交易所创业板粉墨登场，为2018年首家上市公司，该股全天溢价13仙或28.26%，闭市掛59仙，成交量达7263万9800股，位居热门榜第16位。

兆光今日以60仙开盘，相比每股46仙发售价，溢价14仙或30.43%，首宗成交量则高达720万5900股。该股盘中一度上涨19仙或41.30%，至65仙，惟一度收窄涨幅至全天最低的55仙，但最后以59仙闭市。

兆光通讯首席营运员祖蓝冉在记者会中指出，儘管在2013年超过90%的营业额来自2家主要客户，但目前的营业额比重则降至约70%，显示该公司正在积极多元化客户群。

「这不意味著我们的收入减少，而是因为顾客组合趋向多样化，促使两家主要客户的营收比重下滑。」该公司的两家主要客户为明讯宽频私人公司和华为科技（大马）私人有限公司。展望未来，该公司首席財务员吴国明认为，受惠于大马通讯及多媒体委员会（MCMC）计划在偏远地区推出网络覆盖拓展项目，及多数电讯公司提高资本开销（CAPEX），该公司有信心旗下业务的营收皆能取得成长，包括卫星、通讯和光纤网络业务。

「为了扩充网络覆盖，电讯公司每年都会持续进行革新和拓展计划，我们不认为电讯公司会削减投资。」

进军海外市场

另外，祖蓝冉也表示，新的电信设施（Teleport facility）將位于巴生谷一带，预期可在未来2年內建成。

兆光通讯的营业额多是来自本地市场，其中50%为经常性收入，海外业务只佔总营业额的1%。

有鑑於此，该公司计划进军海外市场，预期会在今年內在缅甸、越南和辽国设立代表办事处，但目前尚在和海外伙伴及供应商商討。

肯纳格投行董事经理拿督谢瑋良指出，兆光通讯是今年上市的首家公司，预示著今年资本市场趋向积极乐观，而该投行也预期会参与更多的IPO活动。

肯纳格投行是兆光通讯IPO的首席顾问（Principal Advisor）。谢氏指出，兆光通讯获得超额认购超过34倍，显示市场对其具有信心。

今日出席者有兆光通讯的董事经理蓝文益、执行董事蓝文添、独立非执行主席丹斯里拿督斯里阿末弗、高级独立非执行董事拿督萧添发、独立非执行董事拿督陈于文及拉拉妮查。

http://www.orientaldaily.com.my/s/227170

Posted by VenFx > 2018-01-08 21:32 | Report Abuse

New Sunshine ?

Posted by emil > 2018-01-08 21:54 | Report Abuse

after few years sure become Instacom or R&A....both "MIA" in bursa.

Posted by gohkimhock > 2018-01-08 22:44 | Report Abuse

I am not impressed by its business prospects.

Posted by mufasa > 2018-01-09 08:32 | Report Abuse

Today in TheEdge https://imgur.com/sPINqkv and I think the business will grow bigger because the heavy capex from big telcos like digi,maxis,celcom,tm,p1,timecom,etc. How much is the capex of those big telcos annually (billions)? Binacom will benefit from their network expansion and modernisation.

Posted by calvintaneng > 2018-01-09 13:24 | Report Abuse

Binasat listing and success is very good for OPCOM

See

The web server used by Binasat.com is located in Malaysia and run by TM VADS DC Hosting. This web server runs a few other websites, mostly in the english language.

Now there will be more Orders of Fibers from Opcom by TM

Hmmm?

No wonder the powerful upsurge in Opcom!

Some new big orders on the way from TM for OPCOM?

https://klse.i3investor.com/servlets/stk/0035.jsp

http://www.opcom.com.my/

Posted by joetay > 2018-01-09 13:46 | Report Abuse

i was looking the risk-reward to buy opcom, but now, after tun @calvin recommend it as a buy, i decided not to buy.

thx for the tip, tun @calvin.

Posted by kentrade888 > 2018-01-09 14:46 | Report Abuse

BINACOM (0195) - First IPO 2018, price target RM1.20
Author: sectionanalyst | Publish date: Tue, 9 Jan 2018, 02:28 PM

BINACOM was the first company to be listed on the ACE market on the local bourse yesterday. The shares rallied to a high of RM0.65 before consolidating at RM0.58 - RM0.60. The Company is involved in three main segments, i) satelite, ii) mobile, iii) network. The company has a proven track record in the Very Small Aperture Terminal ("VSAT") space with a dominant market share of 58%.

We believe BINACOM will be a high performer in 2018 due to:

i) Strong fundamentals: The company recorded a strong 5 year average CAGR of 35% and 3-year CAGR of more than 40%. The company is poised to register record high earnings from the recent spectrum reallocation by MCMC with require mobile network operators to upgrade VSAP from 3G to LTE capabilities. With the increase in opex spent by the company's single largest customer, we expect FY2018 earnings to register a YoY growth of more than 50% (from 2017). The company has also a strong relationship with Petronas, which we understand had recently increased their VSAP installation at close to 35 more petrol stations in Malaysia. We estimate one additional petrol station to contribute to 0.2% increase in PATAMI.

ii) Strong relationship with government: We gather that the Non-executive chairman of the company is a former high rank official of the current government. We believe that MCMC's investment of RM1bil in East Malaysia to benefit BINACOM. We gather that the company is close to securing a rolling contract.

iii) Diversifying overseas: In the pipeline is negotiation with Vietnam and Myanmar government on the provision of installation and maintenance of VSAP(s). We believe that the Company is close to completion in negotiations and will be starting its foothold in both of these countries soon, utilizing the proceeds from IPO.

iv) Election play: We gather that BINACOM could be close to securing a largeframe contract from (i) a large network operator and a rolling contract from (ii) a GLC. We believe that premised on this, BINACOM's earning would boost tremendously.

We value BINACOM based on FY19 PER 13x to derive a price target of RM1.20.

http://klse.i3investor.com/blogs/sectionanalyst/143669.jsp

Posted by newbie_2018 > 2018-01-09 15:06 | Report Abuse

Kenanga said 46-58 sen so wait 46 sen better sifus right or not?

Posted by newbie_2018 > 2018-01-09 15:12 | Report Abuse

Kenanga conman?

Posted by fattycat > 2018-01-09 15:16 | Report Abuse

alamak ; trapped at 0.58 :(
Wanna hit n run but can't run now :(

Posted by Beza > 2018-01-09 15:39 | Report Abuse

Its first quarter net profit is just 0.59 cents per share. OVERPRICED ALREADY AT 0.46 IPO.

Posted by BBYFH > 2018-01-09 15:58 | Report Abuse

Beza Its first quarter net profit is just 0.59 cents per share. OVERPRICED ALREADY AT 0.46 IPO.
09/01/2018 15:39


No worries, people start to sell already, soon will back to initial price you want ..... : )

Posted by limch > 2018-01-09 16:39 | Report Abuse

Not all IPO buy open market sure gain. Must study QR as well. Kenanga is right here.

fattycat alamak ; trapped at 0.58 :(
Wanna hit n run but can't run now :(
09/01/2018 15:16

Posted by WiseVictor > 2018-01-09 16:44 | Report Abuse

I bid for this counter for IPO but can't get it.Then first day launched fly up till not realistic at all, maybe all goreng mood after new year. Honestly speaking, IPO price is acceptable but after yesterday, it is overvalued. Happy investing =)

Posted by lcteh88 > 2018-01-09 19:52 | Report Abuse

I have to observe longer before I decide to collect it since I have a bad experience with BCMALL.

Posted by charlie chia > 2018-01-09 20:01 | Report Abuse

Yesterday DOWN To 55 Cts before rebound back
I think 50 cts shouldnt be any problems

Posted by joeshare > 2018-01-09 22:06 | Report Abuse

damn i bought at 60

Posted by mufasa > 2018-01-10 08:48 | Report Abuse

http://www.thesundaily.my/news/2018/01/08/first-ipo-year-hit-investors

Posted by wkkht > 2018-01-10 09:55 | Report Abuse

I believe that today will be high closing price

Posted by Larrytrader > 2018-01-10 10:05 | Report Abuse

starttofreeze

Posted by yiqqre > 2018-01-10 10:10 | Report Abuse

We continue to like BINACOM and ascribe a price target of RM1.20 post listing. We believe that the Company is close to securing frame and rolling contracts from both non-government and government organization. We gather that one pre-requisite of the contract awarders are the Company being listed. With the objective achieved, we believe that BINACOM will secure record high sales and PATAMI for FY2018.

Recall that BINACOM has frame contracts with Maxsis and Huawei. We believe that existing contracts should increase based on purcahse order value due to recent spectrum reallocation exercise with require most VSAP to be upgraded from 3G to LTE. We believe street concensus has not factored this earnings boost into account.

Key shareholders include non-executive chairman (Former KL mayor) and a high rank lady entrepreneur linked to top government officials. We believe this will enhance the Company's ability in securing more contracts in the near future.

Reiterate price target of RM1.20