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@Heng if take historical opening of Sunmed & Skyechip of PE =100x which was undertaken by Maybank IB, it will be RM 5.84. But this is unlikely and ridiculous for STRATUS which is done by UOBKH (Poor track record for IPO).
Wow such an impressive 1Q2027 results released by Stratus!!
Although annualized revenue and net profit are significantly lower at RM 140mil and RM 38mil respectively, however, this cannot be implied as the nature of the company is contract basis (similar to Pentamaster).
The net profit margin for 1Q2027 improved to 27.4% from FYE2026 of 25%. This impressive margin is better than Penta's (13%), Greatch (15%) and KGB (13%).
The cash flow and balance sheet looks better than FYE2026.
It has an outstanding orderbook of RM 108 mil (RM 75mil to be recognized in FYE 2027 and RM 33mil FYE 2028).
Currently Stratus has 4 active tenderbooks (each tender worth between RM 85mil to RM 190 mil).
Assuming it managed to get 2 tenders for FYE2027 of RM 85mil each, the outstanding orderbook will increase to RM 278mil. If it obtained 2 tenders worth RM 190mil each, then it will further swell to RM 488mil.
Assuming its orderbook is RM 488mil for FYE 2027 and 50% of it to be recognized in the current financial year, therefore the expected revenue will be RM 75mil + RM 190mil = RM 265mil.
Assuming it maintains the net profit margin of 27.5% for the year, its net profit will be RM 73mil for FYE 2027.
EPS = 73/1250 = 5.84sen.
Apply lower range PE of 30X due to smaller revenue but higher net profit margin (PE Penta = 50X, Greatech=75X, KGB 43X), fair value for Stratus is RM 1.75.
