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Isoteam Ltd. Date: 30 August 2019

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Isoteam Ltd. Date: 30 August 2019 ISOTeam Ltd. Date: 30 August 2019 BUY Target Price: S$0.325 FY19 revenue surged 63.0% (Maintained) (+38.5%) ISOTeam Ltd, and together with its subsidiaries ISOTeam (5WF.SI) (“ISOTeam” or the “Company”, or the “Group”) reported Price: S$0.235 (as at 29 August 2019) a revenue of S$136.6 million for FY19, a 63.0% increase S$ as compared to the S$83.8 million recorded in FY18. In addition, other income also rose S$1.4 million or 67.2% to 0.35 S$3.1 million mainly due to fair value gain on investment, which was partially offset by a decrease in government 0.30 grants received. In tandem with the strong revenue growth and an increase in other income, ISOTeam achieved a net 0.25 attributable profit of S$6.8 million in FY19 as compared to the restated net attributable profit of S$0.5 million in FY18. 0.20 Poised for greater growth. Driven by the revised tendering 0.15 strategy, ISOTeam is able to secure more and relatively Aug-2018 Nov-2018 Feb-2019 May-2019 Aug-2019 higher margin contracts. As at 31 July 2019, ISOTeam’s Share price 1M 3M 6M 1Y order book stood at S$113.5 million which is expected to be progressively delivered over the next two years. Recently, ISOTeam Ltd. -4.1% 6.8% 14.6% -16.1% the proposed acquisition of Pure and their entry into an -7.0% -4.1% -9.3% -28.2% Catalist Index asset transfer agreement with Singapore Mobike are also Market capitalisation S$66.7 million expected to contribute positively to the Group going forward. Current price S$0.235 Positive industry tailwinds. With its strong capabilities and Shares outstanding 283.6 million proven track records, ISOTeam is well-positioned to take advantage of the slew of projects that are progressively Free Float 32.94% being rolled out. These include 1) government initiatives such as the repainting of external walls, Neighbourhood Substantial ADD Investment Holding 41.96% (1) shareholders Renewal Programme, Hawker Centre Upgrading Nippon Paint (Singapore) 5.56% Programme, Home Improvement Programme I & II and Recommendation of 2 BUY Round Island Route Programme; 2) opportunities from the other brokers integrated resorts’ future plans and other private sector Source: Annual Report, SGX StockFacts, Bloomberg, SAC Advisors projects both domestically and regionally and; 3) green (1) Key management team initiatives such as the SolarNova Programme, Offshore Analyst Floating Solar Farms and Land Transport Master Plan 2040. Lam Wang Kwan Maintained BUY. In view of their strong FY19 performance +65 6232 3237 and potential for growth, we have maintained our target [email protected] price of S$0.325 per share backed by our DCF model Terence Chua (WACC: 4.8% and Terminal Growth: 1.2%). +65 6232 3236 [email protected] Key risk: Uncertainty in job tendering. Key Financials Year ended 30 June FY2017 (restated) FY2018 (restated) FY2019 FY2020F FY2021F Revenue 82,922 83,801 136,601 182,900 210,500 % Growth -11.9% 1.1% 63.0% 33.9% 15.1% Gross profit 21,636 12,963 21,635 29,264 33,680 Gross profit margin (%) 26.1% 15.5% 15.8% 16.0% 16.0% Profit attributable to owners 6,447 491 6,757 7,813 8,885 Profit before tax margin (%) 8.4% -1.0% 5.3% 5.3% 5.2% Profit after tax margin (%) 7.8% 0.6% 4.9% 4.3% 4.2% Basic EPS (S$ cents) 2.27 0.66 2.37(1) 2.75 3.13 P/E (x) 10.4 35.6 9.9 8.5 7.5 P/B (x) 1.3 1.3 1.1 0.9 0.8 EV/EBITDA (x) 6.4 16.8 7.5 6.2 5.6 Net Debt/Equity 11.6% 28.4% 52.1% 36.6% 32.3% Source: Annual Report, SAC Advisors (1) Based on the weighted average number of ordinary share in issue of 284,725,505 and 284,508,757 in FY2019 and FY2018 respectively 1 ISOTeam Ltd. ISOTeam achieved strong revenue growth across all segments as FY19 revenue surged 63.0% Revenue (By Segment) ISOTeam reported a revenue of S$136.6 million for FY19, a 63.0% increase as compared to the S$83.8 million recorded in FY18. All four Revenue FY19 FY18 Change (S$million) business segments of the Group achieved strong double-digit growth following the successful adoption of the Group’s new tendering R&R 27.3 19.8 37.9% strategy which had helped to mitigate increasingly intense industry competition. In line with revenue growth, the Group’s gross profit rose A&A 67.7 36.2 86.8% 66.9% to S$21.6 million while gross profit margin improved slightly to C&P 14.4 9.9 45.0% 15.8%. In addition, other income also rose S$1.4 million or 67.2% to S$3.1 million mainly due to fair value gain on investment, which was Others 27.3 17.9 52.6% partially offset by a decrease in government grants received. In tandem Total 136.6 83.8 63.0% with the strong revenue growth and an increase in other income, ISOTeam achieved a net attributable profit of S$6.8 million in FY19 as Source: Company Data, SAC Advisors compared to the restated net attributable profit of S$0.5 million in FY18. Business Overview: Poised for greater growth. Driven by the revised tendering strategy, ISOTeam is able to secure more and relatively higher margin ISOTeam Ltd. is an established and contracts. As at 31 July 2019, ISOTeam’s order book stood at S$113.5 leading player in Singapore’s building million which is expected to be progressively delivered over the next maintenance and estate upgrading industry. The Group also offers a full two years. Recently, ISOTeam also announced the proposed range of services and solutions acquisition of Pure Group to strengthen its commercial and retail fitting- comprising specialist Coating & out capabilities, as well as project and management services across Painting (“C&P”) services as well as Singapore, the Philippines, China, Malaysia and Thailand. On top of complementary niche services that, the Group also entered into an asset transfer agreement with Singapore Mobike to enhance the Group’s market share in the bike sharing industry amidst the Land Transport Master Plan 2040. Summary: Ongoing Projects (FY19) Positive industry tailwinds. With its strong capabilities and proven track records, ISOTeam is well-positioned to take advantage of the Number Value (S$’m) slew of projects that are progressively being rolled out. These include government initiatives such as the repainting of external walls, R&R 25 61.9 Neighbourhood Renewal Programme, Hawker Centre Upgrading A&A 17 101.2 Programme, Home Improvement Programme I & II and Round Island Route Programme. On top of that, the Pure Group acquisition also put C&P 65 32.8 the Group in better position to capitalise on opportunities from the Others 47 39.5 integrated resorts’ future plans and other private sector projects both domestically and regionally. In addition, ISOTeam’s commitment and Source: Company Data, SAC Advisors experience in green solutions also put it in pole position to win contracts from green initiatives such as the SolarNova Programme, Offshore Floating Solar Farms and Land Transport Master Plan 2040. Maintained BUY. Driven by positive industry sentiments and the Group’s capabilities in winning and executing projects, we expect the Group to be able to continue securing more contracts. The Group’s current order book of S$113.5 million as at 31 July 2019 is expected to be further boosted by opportunities arising through the acquisition of Pure Group. In view of the strong FY19 performance and potential for growth, we have maintained our target price of S$0.325 per share backed by our DCF model (WACC: 4.8% and Terminal Growth: 1.2%). The target price is 41.3% above the current share price of S$0.230 per share. 2 ISOTeam Ltd. SAC Advisors Forecast Summary Fiscal Year Ended 30 June Revenue by segment (S$’000) 2015 2016 2017 2018 2019 2020E 2021E Repairs & Redecoration 54,467 40,248 20,900 19,765 27,258 22,250 23,500 Additions & Alterations 17,403 24,390 32,385 36,236 67,674 77,400 80,000 Coating & Painting 3,550 11,750 14,317 9,895 14,350 21,350 23,000 Others 6,232 17,761 15,320 17,905 27,319 61,900 84,000 Total 81,652 94,149 82,922 83,801 136,601 182,900 210,500 Fiscal Year Ended 30 June Revenue % (Y-Y) 2015 2016 2017 2018 2019 2020E 2021E Repairs & Redecoration 12.7% -26.1% -48.1% -5.4% 37.9% 6.0% 5.6% Additions & Alterations -14.6% 40.1% 32.8% 11.9% 86.8% 6.0% 3.4% Coating & Painting N/A 231.0% 21.8% -30.9% 45.0% 6.8% 7.7% Others 445.7% 185.0% -13.7% 16.9% 52.6% 106.3% 35.7% Total 16.9% 15.3% -11.9% 1.1% 63.0% 27.0% 15.1% Fiscal Year Ended 30 June Revenue breakdown (%) 2015 2016 2017 2018 2019 2020E 2021E Repairs & Redecoration 66.7% 42.7% 25.2% 23.6% 20.0% 12.2% 11.2% Additions & Alterations 21.3% 25.9% 39.1% 43.2% 49.5% 42.3% 38.0% Coating & Painting 4.3% 12.5% 17.3% 11.8% 10.5% 11.7% 10.9% Others 7.6% 18.9% 18.5% 21.4% 20.0% 33.8% 39.9% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Fiscal Year Ended 30 June Gross profit 2015 2016 2017 2018 2019 2020E 2021E Gross profit growth 49.3% 19.9% -10.4% -40.1% 66.9% 35.3% 15.1% Gross profit margin 24.7% 25.7% 26.1% 15.5% 15.8% 16.0% 16.0% Gross Profit (S$’000) 20,153 24,156 21,636 12,963 21,635 29,264 33,680 Fiscal Year Ended 30 June Operating profit** 2015 2016 2017 2018 2019 2020E 2021E Operating Profit margin 12.0% 11.3% 9.0% N/A 6.2% 6.0% 5.8% Operating Profit growth y-y 38.3% 9.2% -29.8% -103.0% N/A 29.6% 12.1% Operating Profit (S$’000) 9,771 10,674 7,488 -227 8,419 10,912 12,230 Fiscal Year Ended 30 June Profit Growth (%) (Y-Y) 2015 2016 2017 2018 2019 2020E 2021E Profit before tax 41.9% 8.1% -32.0% N/A N/A 32.4% 13.7% Profit after tax* 34.1% 13.6% -30.1% -92.4% 1,276.2% 15.6% 13.7% Profit before tax (S$’000) 9,519 10,291 6,995 -797 7,255 9,606 10,924 Profit after tax* (S$’000) 8,124 9,227 6,447 491 6,757 7,813 8,885 Fiscal Year Ended 30 June Profit margin (%) 2015 2016 2017 2018 2019 2020E 2021E Profit before tax 11.7% 10.9% 8.4% N/A 5.3% 5.3% 5.2% Profit after tax* 9.9% 9.8% 7.8% 0.6% 4.9% 4.3% 4.2% Source: Company data, SAC Advisors * Profit attributable to owners of the Company ** In-house estimate N/A: Not Applicable 3 ISOTeam Ltd.
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