各位读者，大家安好！
这一次，笔者想介绍一支股名为EDARAN。在去年10月2017年，EDARAN接收到一份大合约。合约价值高到近RM150 mil。这个新闻预料大大改善EDARAN之前一直亏损的情况。
| Corporate Name | : EDARAN BERHAD |
| Symbol & Code | : EDARAN (5036) |
| Industry | : Trading-Services |
| Number of share | 60 million |
| Par value | RM1.00 |
The commencement date for the Contract is 1 September 2017 and will expire on 31 August 2019.
This Contract has significant effect on the earnings per share of the Company for the financial year ending 30 June 2018. The EPS is estimated to increase by 16.00 cent.
Proceeds from the Contract shall contribute towards the earnings of EDARAN Group for the financial year ending 30 June 2018.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5579533
EDARAN 这项价值RM150 mil 的CUSTOMS INFORMATION SYSTEM CONTRACT 可为EDARAN 在这2018至2019年带来每股盈利16 cent！平均每年8 cent。
而且，这项合约早已经在1 Sept. 2017 开始实行同时为EDARAN带来盈利了！
接下来的2nd，3rd， 和4th 这三个季报每股盈利（EPS）FY2018 相信可录取1.50 cent至2.20 cent 不等。
Edaran IT Services Sdn Bhd
Edaran IT is a full fledged IT services and solutions provider company, providing end-to-end IT systems solutions that include the provisioning, installation, commissioning, integration and maintenance of IT systems and related services. Edaran IT commenced its operation in 1988 and now heading toward its 30 years of operation in 2018.As a committed member of the Information Technology industry, Edaran IT provides a full spectrum of IT services and solutions and has its branches nationwide.
Among the MAJOR customers of EDARAN IT included：
- Jabatan Kastam Diraja Malaysia (JKDM).
- The Ministry of International Trade and Industry (MITI).
- 3. Universiti Teknologi MARA (UiTM).
- Jabatan Kehakiman dan Syariah Malaysia.
- Universiti Teknologi Petronas.
- Jabatan Perdana Menteri (JPM).
- Kementerian Sains Teknologi dan lnovasi (MOSTI) .
- Lembaga Hasil Dalam Negeri (LHDN).
At EDARAN, they are trained in both technical and soft skills to fulfill the country’s need. Edaran will be hiring more graduates under this SL1M initiative for this JKDM Project.
In 2015, Edaran IT has also been appointed by JKDM as a National Single Window (“NSW”) Service Provider. EDARAN IT will undertake all the activities in providing services as a NSW Service Provider through its subsidiary, Edaran Trade Network Sdn Bhd.
Quantum and Funding
The maximum aggregate number of Shares, which may be purchased by theCompany or held as Treasury Shares shall not exceed ten percent (10%) of the
issued and paid-up capital of the Company for the time being.
As at 30 September 2017, the issued and paid-up capital of the EDARAN is
RM68.02 million divided into 60 million ordinary shares.
Based on the present issued and paid-up capital, the maximum number of Shares which EDARAN may purchase or hold as Treasury Shares is 6.0 million.
THE Share Buy-Back should not result in the issued and paid-up share capital
of the Company falling below RM60 million (being the prescribed minimum
issued and paid-up share capital of a company listed on the Main Board of
Bursa Securities) or such other amount as may be determined by Bursa
Securities from time to time.
Working Capital
The Share Buy-Back will reduce the working capital of the Group, the quantum beingdependent on the number of Purchased Shares, the purchase price(s) and the
amount of financial resources to be utilised for the purchase of EDARAN Shares.
However, it is not expected to have a material effect on the working capital and cash
flow of EDARAN Group. For Shares so purchased which are retained as Treasury
Shares, upon its resale, the working capital and cash flow of the Company will
increase. Again, the quantum of the increase in the working capital and cash flow will
depend on the actual selling price of the Treasury Shares and the number of
Treasury Shares resold.
Earnings per Share (EPS)
The effect of the Share Buy-Back will INCREASE the EPS of EDARAN in future.The extent of which will depend on the number of Purchased Shares, the purchase(s) and the effective funding cost to finance the purchase or loss in interest income to EDARAN.
Dividends
Assuming the Share Buy-Back is implemented, dividends would be paid on theremaining issued and paid-up share capital of EDARAN excluding the Purchased
Shares which are retained as Treasury Shares.
PUBLIC SHAREHOLDING SPREAD
As at 30 September 2017 the public shareholding spread of EDARAN was 31%
comprising 1,625 public shareholders (as defined in the Listing Requirements)
holding not less than 100 shares each.
Assuming the Proposed Share Buy-Back is implemented in full and all the Shares so
purchased are from public shareholders, the public shareholding spread of EDARAN would be reduced to 26%.
EDARAN will ensure that prior to any purchase of its own Shares, the public
shareholding spread of at least 25% is maintained.
Performance Review of 1st Quarter FY2018
EDARAN’s revenue for the current quarter and financial period ended 30 September 2017 increased to RM18.068 million from RM8.215 million in the prior corresponding quarter and financial period ended 30 September 2016.This resulted in EDARAN recording a profit before taxation of RM240 thousand compared to a loss before taxation of RM952 thousand for the corresponding quarter and financial period ended 30 September 2016.
EDARAN recorded a profit before taxation of RM240 thousand for the current quarter ended 30 September 2017 (1Q18) as compared to RM1.895 million loss before taxation for the quarter ended 30 June 2017 (4Q17).
The variance was mainly attributable to higher gross profit of RM4.491 million registered in 1Q FY2018 as compared to RM2.658 million incurred in 4QFY2017.
THE Prospects of EDARAN
The performance of EDARAN is expected to improve with the completion of the projects EDARAN recently secured.MAJOR CUSTOMERS OF EDARAN
Revenue from major customers, the Government Ministries and Departments, Local Authorities or government linked companies under the control of Government of Malaysia amount to RM78,345,823 (2016: RM29,546,746), arising from sales in the information technology and services segment.在OCTOBER, 2017年Accepted the proposal by EDARAN’s wholly owned subsidiary, Edaran IT Services Sdn Bhd (“Edaran IT”) to undertake the service continuity project of “Sistem Maklumat Kastam” (“SMK”) / SMK enhancement for a period of 24 months at a total contract value of RM149.97 million (“Contract”).
EDARAN 2018-2019财年 实际价值
EDARAN 同行是PRESBHD and MYEG.我们知道Presbhd and MYEG 的比益本各站在：
- Presbhd PE：54.84x 。
2) MYEG PE：41.48x
http://www.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=0138
The EPS of EDARAN 2018 rm0.08 and 2019 rm0.08.
如果笔者用以上EDARAN同行的比益本来作出目标价，获得的答案很让大家不可思议。
RM0.08 with 41.48x =RM3.32.
RM0.08 with 54.84x=RM4.39.
就连笔者都很惊讶。
为了获得安心的目标价，我们就拿以上同行比益本打一个大折扣60%-70%.
那么，我们可以找出的目标价如下表显示：| EDARAN目标价 | 打折60% PE MYEG | 打折70% PE MYEG |
| 2018财政年 | rm0.08 with 16.59x =RM1.33 | rm0.08 with 12.44x =RM1.00 |
| EDARAN目标价 | 打折60% PE Presbhd | 打折70% PE Presbhd |
| 2018财政年 | rm0.08 with 21.83x =RM1.75 | rm0.08 with 16.37x =RM1.31 |
我们可得到一个安心的目标价
EDARAN在2018财政年里实际价值最低RM1.00，最高RM1.75.注意：笔者只是以最新的合约（rm149.97 mil）作为目标价计算而已：不推算续约的机会，更没有计算EDARAN在2016-2017年获得的合约。
为何MYEG and Presbhd 每股盈利会低过EDARAN ？
EDARAN 的EPS会高出这么多呢？那是因为总票数（股本）与盈利对比的事故.
1。MYEG 股本3.606 bil 张票和RM201,511,000盈利对比，那么每股盈利(EPS) RM0.056.
2。Presbhd 股本484 mil 张票和RM15,004,000盈利对比，那么每股盈利(EPS) RM0.031.
EDARAN虽然表面上让大家看得好像是一支没有什么作为的股，可是他的每股盈利EPS且比Presbhd 和MYEG是属于最高的！
Peers of EDARAN
EDARAN 同行是PRESBHD and MYEG.。这两只股已经涨了好几倍。假设笔者不去计算MYEG 和PRESBHD曾经作过的企业活动，如红股/share splited，从RM0.20 算起的话，MYEG公至今涨了整整2500%。换句话来表达，MYEG涨了25倍之多！而，PRESBHD的涨幅至今7倍-8倍。那么，EDARAN的涨幅呢?从25 cent计算的话，笔者可以告诉大家，EDARAN只是涨了200%或2倍。除了别错过EDARAN之外，EDARAN 这一只股绝对是要好好收藏的！
| 排行 | Peers-Stocks |
| 大哥 | MYEG |
| 二哥 | PRESBHD |
| 三哥 | EDARAN |
共勉之！
