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Hot Stock Salutica active, up on ACE Market-debut
by Cals Wed 18 May 2016, 23:55
- Hot Stock
[size=28]Salutica active, up on ACE Market-debut
By Surin Murugiah / theedgemarkets.com | May 18, 2016 : 9:13 AM MYTKUALA LUMPUR (May 18): ACE Market-debutant Salutica Bhd (formerly known as Blue Ocean Genius Sdn Bhd) made an active start this morning on Bursa Malaysia.
At 9.07am, Salutica was up 3.5 sen to 83.5 sen with 15.94 million shares done.
The company is primarily involved in the design, development and manufacture of consumer electronic products such as Bluetooth-related devices (i.e. Bluetooth stereo headsets, smartwatches, car kits) as well as other electronic products and precision parts and components (i.e. optical light guide, 3D glasses, electronic doorlocks, plastic parts for lighting) for external brands.
MIDF Research has valued Salutica at 88 sen and said the company was at advanced stage of getting new product contract.
In a note today, the research house said Salutica was increasing production capacity to prepare for further growth
“Promoting in-house brand FOBO to diversify income. Growth potential from the wider usage of Bluetooth devices.
“Expect earnings to grow 10% year-on-year to RM31 million in FY17F.
“Fair value of 88 sen based on PER of 11x FY17F EPS,” it said.
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