News As of
20th of June, the acceptance level for the unconditional take-over Offer by
Pinnacle Heritage Solutions S/B stood at 66.45% and 69.01% for SEG ordinary
shares & warrants respectively.
Note that
the acceptance period for the Offer has expired yesterday.
To recap,
Pinnacle Heritage Solutions S/B had tabled a cash offer price of RM1.714 and
RM1.214 per SEG Share and Warrant respectively on 25 April 2012.
Comments The
lacklustre response from the minority shareholders seems to echo our view of
the unattractive offer price.
Based on
the above uninspiring acceptance level, SEG's listing status is likely to
remain unchanged.
Outlook It remains bright underpinned by more new programmes
to be introduced within this year (20-30 programmes) particularly from an
increasing number of SEG University College’s own homegrown programmes (e.g.
medical science), which enjoy higher margins compared to other programmes.
Forecast FY12-FY13E forecasts remain unchanged.
Rating OUTPERFORM rating remains unchanged.
Valuation Maintaining
our SEG’s fair value of RM2.19 based on a targeted FY12 PER of 12.5x (+1SD).
Risks A slowdown in student enrolments.
Source: Kenanga
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