ISOTEAM: Orderbook $70.5 m, target price 82 cent

ISO CEOGM4.14 Anthony Koh (left), CEO of ISOTeam, and his GM, Richard Chan, speaking with an analyst. NextInsight file photo.
Excerpts from analyst's report

RHB Research analyst: Jarick Seet (left)

ISOTeam (ISO SP) have announced that they have placed out 9 million new shares at SGD0.58/share, representing a 8.9% discount to the volume weighted average price of SGD0.64. This represents approximately 6.72% of the groups existing issued and paid up capital.

One of the placees is an institutional investor who has subscribed for 6.5 million Placement Shares while the remaining 2.5 million Placement Shares have been subscribed by individual investors.

The transaction will raise approximately SGD5.04m in net proceeds which the Group intends to use to fund its capital expenditures, inorganic business expansion and general working capital. Its orderbook rose to SGD70.5m as of Jan 2015, which provides good visibility into 2015 through 2016, and is a reflection of the market’s belief in its proven track record. In view of its bright outlook, we maintain BUY with a DCF-backed TP of SGD0.82.

Counter Name	Last	Change
AEM Holdings	2.350	0.030
Best World	2.460	0.010
Boustead Singapore	0.960	0.010
Broadway Ind	0.128	0.001
China Aviation Oil (S)	0.905	-0.005
China Sunsine	0.410	-
ComfortDelGro	1.490	0.010
Delfi Limited	0.900	0.005
Food Empire	1.250	-0.040
Fortress Minerals	0.310	0.005
Geo Energy Res	0.310	-
Hong Leong Finance	2.500	0.010
Hongkong Land (USD)	3.030	0.110
InnoTek	0.525	-
ISDN Holdings	0.305	0.010
ISOTeam	0.043	0.001
IX Biopharma	0.043	-
KSH Holdings	0.250	-
Leader Env	0.050	-
Ley Choon	0.043	-
Marco Polo Marine	0.065	-0.003
Mermaid Maritime	0.138	-0.001
Nordic Group	0.340	0.010
Oxley Holdings	0.089	-
REX International	0.136	-0.001
Riverstone	0.800	-0.005
Southern Alliance Mining	0.430	-0.020
Straco Corp.	0.490	0.005
Sunpower Group	0.200	-0.005
The Trendlines	0.069	-0.001
Totm Technologies	0.022	-
Uni-Asia Group	0.835	-
Wilmar Intl	3.450	0.040
Yangzijiang Shipbldg	1.720	-0.030

Counter Name

Last

Change

AEM Holdings

2.350

0.030

Best World

2.460

0.010

Boustead Singapore

0.960

0.010