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PETALING JAYA: Agmo Holdings Bhd’s revenue and core earnings is expected to grow at a three-year compound annual growth rate (CAGR) of 15% and 8.9% to RM25.1mil and RM8.6mil, respectively, in its financial year ending 2025 (FY25).
According to TA Research, the ACE Market-bound group expects top line growth to be driven by its mobile and web applications development segment, as a growing number of businesses beef up their digitisation initiatives to remain competitive in an increasingly digitised world.
It said near-term visibility is also supported by Agmo’s order book of RM11mil as at July 4, 2022, with RM9.4mil expected to be recognised in FY23.
“At the bottom line, we expect core earnings to grow at a slower pace on the back of higher tax rate upon the imminent expiry of the second term of its pioneer status on Dec 10, 2022.
“We also expect Agmo’s core net profit margin to moderate towards 39.6%, 33.5%, and 34.4% in FY23, FY24 and FY25, respectively.
“We forecast its pre-tax profit to grow at a three-year CAGR of 17.8% to RM11.4mil in FY25,” said TA Research in a report.
Agmo’s initial public offering (IPO) is priced at 26 sen but TA Research has a target price of 41 sen, based on a valuation of 18 times of price-to-earnings (PE) multiple for calendar year 2023.,
The research house derived this value from Agmo’s IPO price at a trailing PE of 12.6 times against its FY22 core earnings per share.
“This has taken into account Agmo’s established track record, experienced management team and technical expertise, as well as its robust margins and earnings growth prospects,” it said.
From its FY19 to FY22, Agmo’s revenue and net profit grew at a three-year CAGR of 44.9% and 40.5% to RM16.5mil and RM6.7mil, respectively.
“The robust growth was largely driven by the development of mobile and web applications segment, as well as the provision of subscription, hosting, technical support and maintenance services segment,” it said.
In addition, Agmo’s revenue growth in FY21 and FY22 were contributed by a new revenue stream from the provision of digital platform-based services segment.
“Revenue from this segment accounted for 8% and 7% of Agmo’s FY21 and FY22 revenue, respectively.
“It was underpinned by the launch of the group’s in-house remote participation and voting platform to facilitate the organisation of virtual meetings, which involve online voting such as AGMs and EGMs.”