Price (Bt) 1.40
Target (Bt) 1.55
Set Index 554.02
Change of shareholders and tender offer at Bt1.40/share
Major shareholders sell off SVI shares
SVI informed the SET that the largest shareholder, Asia Pacific Electronics (BVI) Ltd. (H&Q), has
sold all of its SVI shares, 877mn shares or 58.48% of total shares, to MFG Solution Co., Ltd. (99.96% owned
by SVI CEO Mr.Pongsak Lothongkam) at a Bt1.40/share for Bt1,228mn, which closed on May 22. As MFG Solution
had previously held 9% of SVI, the current percentage holding is now 69.45%.
Tender offer at Bt1.40/share
Under SET rules, MFG Solutions has to make a tender offer at Bt1.40/share for the remaining 458mn
shares (or 30.55% of the total) from minority shareholders, including the SVI-W2 at Bt0.40/unit. There was
no statement about any intension to delist the company from SET, thus we do not expect a raise in the
offering price. In addition, the official tender offer is scheduled to be submitted on June 1.
Business remains the same / Maintain HOLD rating
Our concerns on management changes is relieved as the company has informed us that this will not
effect any change in the management team or in business operations. Furthermore, the previous major
shareholder was not involved in business operations. We are reiterating our HOLD rating on SVI with
Bt1.55/share value based on a 2009 PER of 5x.
Earnings summary
2006 2007 2008 2009F 2010F
Sales 5,104 5,820 7,143 6,998 8,223
EBITDA (Btmn) 379 479 826 731 827
Normalised Profit 275 352 626 529 597
Net Profit 295 384 647 529 597
Normalised EPS (Bt)* 0.19 0.24 0.42 0.32 0.32
EPS (Bt)* 0.2 0.26 0.43 0.32 0.32
PER (x) 6.9 5.3 3.2 4.4 4.4
EV/EBITDA (x) 4.8 2.6 1.4 1.3 1.4
CF/share (Bt) 0 0.6 0.4 0.4 0.2
BV per shr (Bt) 1.5 1.7 2.1 2.3 2.3
Price/BV (x) 0.8 0.7 0.6 0.6 0.6
DPS (Bt) 0.06 0.06 0.06 0.06 0.06
Dividend yield (%) 4.30% 4.30% 4.30% 4.30% 4.30%
Gearing 0 net cash net cash net cash net cash
ROA (%) 10.10% 11.40% 15.80% 10.90% 10.80%
ROE (%) 14.50% 16.60% 23.40% 15.30% 14.60%
Note * Fully diluted
Source : Company reports and KELIVE Research estimates
By Kim Eng Securities (Thailand) Company Limited on May 25, 2009
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