KUALA LUMPUR (May 5): Public Invest Research has valued ACE Market-bound Salutica Bhd (formerly known as Blue Ocean Gennius Sdn Bhd) at 99 sen.
In an IPO note today, the research house said Salutica, a vertically integrated manufacturer which is mainly focused on Bluetooth-enabled electronic products is slated for listing on 18 May 2016, raising approximately RM62.4 million from the issuance of 78 million new shares.
It said Salutica manufacturers Bluetooth devices for external brands as well as its own in-house brand, FOBO.
“Our fair value for Salutica is 99 sen, based on a 12x PE multiple to its estimated EPS of 8.3 sen.
“Our earnings expectations are supported by i) contribution of new capacity, assuming commencement end-2016, ii) efficiency improvements through the upgrading of its manufacturing facilities, iii) increasing adoption of Bluetooth technology in other areas,” it said.