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CSE.SAS
Posts : 263
Join date : 2014-02-23

AEL - Corporate Update - BUY - 20 09 16 Empty AEL - Corporate Update - BUY - 20 09 16

Tue Oct 04, 2016 8:41 pm
Message reputation : 100% (5 votes)
Access Engineering PLC

Corporate Update – BUY        

Current Price: LKR 24.5           Fair Value: LKR 31.5

“Diversified Portfolios. Unveiling Value”

Click the below link to download the Report of FC Research - AEL - Corporate Update - BUY - 20 09 16  

[You must be registered and logged in to see this link.]

Access Engineering PLC, the premier Civil Engineering firm in Sri Lanka is expected to grow its revenue at a CAGR of c.10% FY16-19E reaching c.LKR 21.1Bn in FY18E and c.LKR 23.1Bn in FY19E. AEL’s revenue prospects are largely dependent on its order book. The GoSL’s infrastructure development policies and overall macroeconomic & construction sector prospects are thus key determinants of revenue. FC Research expects AEL to provide an annualized return of 22% at LKR 25.3. BUY.

AEL’s topline boosted by construction sector boom: AEL’s revenue is expected to grow at a CAGR of c.10% through FY16-19E. We expects AEL’s order book to grow by LKR 25Bn over next 3 years amidst to the new projects which support with well-established Partners. Revenue growth can be accredited to it’s with government’s initiative to rehabilitate the current road network as well as to develop new roads. AEL’s future projections are driven by its order book and well-established foreign strategic alliance.  

Steady Growth in Secondary Segments, Geographical Diversification and New Acquisitions: Sri Lanka’s rise as a knowledge services hub and robust GDP prospects are likely to be key drivers within Property Development Supply shortages in Colombo’s current office space imply strong occupancy rates and steady revenue streams from Access Towers I & II. AEL also growing through regional expansion in Papua New Guinea and vertical diversification through Blue Star Construction for the purpose of constructing a condominium project.

AEL to provide a return of C.22%: FC Research expect a fair value of LKR 31.5 [LKR 31.2 DCF based and LKR 31.83 PER based] providing an annualized total return of +22%. FY17E fair value stands at LKR 27.5. [DCF based LKR 27.6 and PER based 27.3].

Disclosure on Shareholding:

First Capital Group and its affiliates do not hold shares in AEL. Neither, First Capital Group nor its affiliates have traded in the shares in the three trading days prior to this document, and will not trade in the shares for three trading days following the issue of this document.
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