ISEC

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30 May 2017 00:57 #23835 by josephyeo
josephyeo created the topic: ISEC
Sharing some notes on ISEC:

Revenue:
2014 - $22 mil
2015 - $27 mil
2016 - $31 mil

Earnings:
2014 - $2 mil
2015 - $2.7 mil
2016 - $6.4 mil
Note: figures rounded up to the nearest.

Debt: - Zero

Cash: $20 mil

Number of shares: 517 mil

Dividend: 0.99 cts

Dividend yield: 3.1% (31.5cts)

Price history:
52 weeks: high - 35.5 cts low - 27 cts
2 year range: high - 43.5 cts low - 20.5 cts
5 year range: high - 51.5 cts low - 20.5 cts

Just sharing. Am vested.

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30 May 2017 01:00 #23836 by josephyeo
josephyeo replied the topic: ISEC
Below are some reasons for my being vested:

1. improving top line - year 2014, S$22 mil year 2016 S$31 mil

2. improving bottom line - year 2014, S$2 mil year 2016 S$6.4 mil

3. cash S$21.1 mil with no debt

4. decent dividend yield of 3.0% on price of 33 cts

5. current price of 33.5 is still below the all time high of 51.5 cts

6. it has the lowest valuation against other healthcare companies

7. active management. Since listing on 28 oct ' 14 company had been
busy acquiring companies, getting into joint ventures n eliminating non-performing
units -
a) acquired SSEC (Southern Specialist Eye Center Sdn Bhd) in Dec 2015
b) cease operation of clinic operation at Mount Elizabeth Novena Specialist Center (ISEC Singapore),
a loss making company
c) acquired JLM companies in Dec 2016. This acquisition come with a profit guarantee of above S$1 mil.
d) joint venture in Sibu
With a cash horde of S$21.1 mil and no debt, company is in a good position to expand its business.

Above are reasons why i am vested.
Just sharing ..not a buy or sell call.

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30 May 2017 01:00 #23837 by josephyeo
josephyeo replied the topic: ISEC
Samples of valuation for some healthcare companies:

Raffles Medical Group Ltd - price $1.38, PE 34.4X

Singapore Medical Group Ltd - price 57 cts, PE 100X

Singapore O& G Ltd - price 68.5 cts, PE 37X

Health Management International Ltd - price 61 cts, PE 75X

IHC, International Healthway Corp - price 10.5 cts, PE 477X

ISEC Healthcare Ltd - 34 cts, PE 27X

Clearly ISEC has the lowest valuation compared to the other companies mentioned above.

Just sharing ..

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01 Jun 2017 15:43 #23844 by Joes
Joes replied the topic: ISEC
Nice growth but I am deterred by the relatively high PE of 26X

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02 Jun 2017 15:23 #23847 by josephyeo
josephyeo replied the topic: ISEC
Yes Joes, the pe is a bit high. As a norm I dont invest in high
pe stocks, however i take exception to this one (ISEC) mainly due to
its low valuation in relation to other healthcare stocks. Most healthcare stocks
seem to be able to command pe of 30X and above.

The other reasons are: quite dramatic growth in top n bottom line, no debt n
sizable cash of S$21.1 mil plus a fair dividend yield of around 3%.

Company is actively managed and i expect more jv/acquisitions.

Above are just my thoughts. Could be wrong.

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05 Jun 2017 16:10 #23851 by josephyeo
josephyeo replied the topic: ISEC
http://aspire.shares...lthcare-sector/

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