List of :
Intrinsic ATC Numbers FYE 2024
&
Intrinsic Earning Values FYE 2024 (ROIC Model)

of IT Stocks

$VSTECS / 5162 (VSTECS BERHAD)
$SMRT / 0117 (SMRT HOLDINGS BERHAD)
$INFOTEC / 0253 (INFOLINE TEC GROUP BERHAD)
KLSE-INFOM
KLSE-CLOUDPT
KLSE-LGMS
KLSE-SNS

1.

Vstecs

Intrinsic ATC Number FYE 2024
= ROIC × √( EPS × [ ROIC_Ratio × NCAVPS ] )
= 13.9237259374×√(0.1979105608×(0.1392372594×1.2393010896))
= RM 2.57

Intrinsic Earning Value FYE 2024 (ROIC Model)
= 13.9237259374×0.1979105608
= RM 2.76

2.

Smrt

Intrinsic ATC Number FYE 2024
= ROIC × √( EPS × [ ROIC_Ratio × NCAVPS ] )
= 28.6059434646×√(0.0595055481×(0.2860594346×0.1370165939))
= RM 1.38

Intrinsic Earning Value FYE 2024 (ROIC Model)
= 28.6059434646×0.0595055481
= RM 1.70


3.

Infotec

Intrinsic ATC Number FYE 2024
= ROIC × √( EPS × [ ROIC_Ratio × NCAVPS ] )
= 26.16×√(0.0481×(0.2616×0.1283763136))
= RM 1.05

Intrinsic Earning Value FYE 2024 (ROIC Model)
= 26.16×0.0481
= RM 1.26

4.

Infom

Intrinsic ATC Number FYE 2024
= ROIC × √( EPS × [ ROIC_Ratio × NCAVPS ] )
= 20.3758848245×√(0.0537164241×(0.2037588482×0.2376582121))
= RM 1.04

Intrinsic Earning Value FYE 2024 (ROIC Model)
= 20.3758848245×0.0537164241
= RM 1.09


5.

Cloudpt

Intrinsic ATC Number FYE 2024
= ROIC × √( EPS × [ ROIC_Ratio × NCAVPS ] )
= 24.9300887995×√(0.0382×(0.249300888×0.1012095561))
= 0.773977222
= RM 0.770

Intrinsic Earning Value FYE 2024 (ROIC Model)
= 24.9300887995×0.0382
= RM 0.950


6.

Lgms

Intrinsic ATC Number FYE 2024
= ROIC × √( EPS × [ ROIC_Ratio × NCAVPS ] )
= 12.9668158796×√(0.0271×(0.1296681588×0.1538640351))
= RM 0.300

Intrinsic Earning Value FYE 2024 (ROIC Model)
= 12.9668158796×0.0271
= RM 0.350

7.

Sns

Intrinsic ATC Number FYE 2024
= ROIC × √( EPS × [ ROIC_Ratio × NCAVPS ] )
= 8.1349243634×√(0.01808316×(0.0813492436×0.0930468481))
= RM 0.0951739895

Intrinsic Earning Value FYE 2024 (ROIC Model)
= 8.1349243634×0.01808316
= RM 0.145


Note:

Intrinsic ATC Number belongs to the Intrinsic Value family.

Intrinsic ATC Number makes sense by integrating the profit, profitability and the net productive asset namely the NCAVPS of the balance sheet together to forge a equilibrium state.

The defective Graham Number could be replaced by ATC NUMBER.

Intrinsic ATC Number is intrinsically more profound, abstruse and has more qualitative contents than Graham Number.

Intrinsic ATC Number
= ROIC × Geometric Mean(EPS, ROIC_Ratio×NCAVPS)
= ROIC × √( EPS × [ ROIC_Ratio × NCAVPS ] )


****


KLSE-INFOTEC

Additional Intrinsic Values (Various Models)


A.

Extrapolated Forward 12 months FYE 2025F :


i.

Extrapolated Forward Intrinsic EVA Value FYE 2025
(formulated by the Nobel Prize Laureates Franco Modigliani and Merton Miller)
= Extrapolated Forward Economic Spread × Extrapolated Forward Invested Capital Per Share
= ( Extrapolated Forward ROIC - WACC ) × Extrapolated Forward Invested Capital Per Share
= (52.30-8.3)×(89,549÷363,229)
= 10.8475810026
= RM 10.85

MOS 50%
= RM 5.42


ii.

Extrapolated Forward Intrinsic Earning Value FYE 2025
(ROIC Model)
= Extrapolated Forward ROIC × Extrapolated Forward EPS
= 52.30×0.1289434489
= 6.7437423775
= RM 6.74

MOS 50%
= RM 3.37


B.

FYE 2024 Intrinsic Values :


i.

Intrinsic EVA Value FYE 2024 (formulated by the Nobel Prize Laureates Franco Modigliani and Merton Miller)
= (ROIC - WACC) × Invested Capital Per Share
= (26.16-8.3)×(66,138+218+376)÷363,229
= RM 3.28

MOS 50%
= RM 1.64


ii.

2-year Net Profit CAGR factor
= ((17,458÷12,118)^(1÷2))
= 1.2002777915

WACC = 8.3% (Finbox)

Discounted Earning Value (Gnp, Wacc & ROA Model)
= 0.0481×(1.2002777915÷1.083)×(1-(1.2002777915÷1.083)^(18.79))÷(1-1.2002777915÷1.083)
= RM 2.91

MOS 50%
= RM 1.45


iii.

MoAT Ratio FYE 2024 (Competitive Return On Asset Ratio)
= ∛(Revenue × Gross Profit × Net Profit) ÷ Total Assets
= ∛(101,326 × 47,298 × 17,457)÷92,917
= 0.470705475

Intrinsic Earning Value FYE 2024 (MoAT Model)
= MoAT × EPS
= 47.0705475 × 0.0481
= RM 2.26