Projected Income Statement: VSTECS

Forecast Balance Sheet: VSTECS

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt - - - - - - - -
Change - - - - - - - -
Announcement Date 22/02/22 21/02/23 27/02/24 26/02/25 27/02/26 - - -
Estimates

Cash Flow Forecast: VSTECS

Fiscal Period: December 2022 2023 2025 2026 2027 2028
CAPEX 1 1.784 1.901 6.306 2.3 2.9 3.9
Change - 6.56% - -63.53% 26.09% 34.48%
Free Cash Flow (FCF) 1 - - -21.5 35 43 -
Change - - - 262.79% 22.86% -100%
Announcement Date 21/02/23 27/02/24 27/02/26 - - -
1MYR in Million
Estimates

Forecast Financial Ratios: VSTECS

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) - 2.87% 3.02% 3.1% 3.45% 3.38% 3.29% 3.23%
EBIT Margin (%) - 2.77% 2.91% 2.98% 3.33% 3.36% 3.3% 3.24%
EBT Margin (%) - 2.89% 3.04% 3.21% 3.58% 3.44% 3.32% 3.22%
Net margin (%) - 2.15% 2.47% 2.43% 2.73% 2.62% 2.53% 2.45%
FCF margin (%) - - - - -0.6% 0.81% 0.83% -
FCF / Net Income (%) - - - - -21.9% 30.79% 32.88% -

Profitability

        
ROA - - - 8.33% 10.04% 9.5% 9.4% 9.9%
ROE - 15.17% 15.54% 14.72% 17.13% 18% 18.33% 19.03%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) - 0.06% 0.07% - 0.18% 0.05% 0.06% 0.06%
CAPEX / EBITDA (%) - 2.24% 2.31% - 5.08% 1.57% 1.71% 1.92%
CAPEX / FCF (%) - - - - -29.33% 6.57% 6.74% -

Items per share

        
Cash flow per share 1 - - - - - - - -
Change - - - - - - - -
Dividend per Share 1 - 0.0207 0.022 - 0.0227 0.039 0.0465 0.054
Change - - 6.43% - - 72.03% 19.23% 16.13%
Book Value Per Share 1 - 0.3833 0.4267 0.47 0.5367 0.605 0.69 0.8
Change - - 11.31% 10.16% 14.19% 12.73% 14.05% 15.94%
EPS 1 0.0513 0.0557 0.063 0.066 0.0917 0.1064 0.1185 0.136
Change - 8.46% 13.17% 4.76% 38.89% 16.11% 11.33% 14.77%
Nbr of stocks (in thousands) 1,071,004 1,069,666 1,069,666 1,069,666 1,069,666 1,069,666 1,069,666 1,069,666
Announcement Date 22/02/22 21/02/23 27/02/24 26/02/25 27/02/26 - - -
1MYR
Estimates
2026 *2027 *
P/E 17.2x 15.4x
PBR 3.02x 2.65x
EV / Sales 0.45x 0.38x
Yield 2.13% 2.54%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
1.830MYR
Average target price
2.267MYR
Spread / Average Target
+23.86%

Annual profits - Rate of surprise