The Share Price Of EVZ Remains Unaffected By The New Contract Award Of Syfon Systems

  • Jan 07, 2019 AEDT
  • Team Kalkine
The Share Price Of EVZ Remains Unaffected By The New Contract Award Of Syfon Systems

On 7 January 2019, EVZ Limited (ASX: EVZ) announced a new contract won by its subsidiary company Syfon Systems at the new Tun Razak Exchange (TRX) Lifestyle Quarter development located in Kuala Lumpur, Malaysia. The TRX project requires Syfon Systems to design, supply and also install the syfonic roof drainage system at its new Tun Razak Exchange.

The TRX project spreads in the region of 70 acres of land in the heart of Kuala Lumpur. It will include the development of the new international financial and business district which will lay a foundation for the world-class commercial, residential, retail, leisure, and cultural offerings. Seventeen acres of the land out of the total area of the project will consist of a hotel, a new retail mall, and three residential towers, that is easily connected to the multi-layer central park and the MRT station of TRX. The project will enter its initial phase in April 2019.

The consideration amount for the project is approximately A$1.7 million which the company considers its largest secured project in the 21 years history of the Syfon Systems Sdn Bhd.

The official listing of EVZ Limited on ASX is 26 April 1985 where the five years performance of the company was -13.86%. There is an improvement seen in the performance of the company in the past year. The company has performed 20% since last one year. The financial statement of the company also highlights its improved results.

For the FY2018, which ended on 30 June 2018, the company has made a gross profit of $13,135,346. However, as a result of increased corporate cost, the company made a net profit of $2,341,980 and declared its EPS at 0.316 cents. The balance sheet of EVZ shows a net asset of $18,951,199 and a debt to equity ratio of 1.16. The increase in the debt to equity ratio indicates that the company is using external financial sources to fund any financial requirement within the company which is also a sign of risk for the company. EVZ has a total current asset of $21,488,053 and a total current liabilities of $15,835,529 which indicates that the company will be able to manage any working capital requirement and can somehow clear its short-term debts. On the other hand, there is a decrease in accumulated losses in FY2018, which indicates the operating efficiency of EVZ during the period. The total shareholder’s equity is worth $18,951,199.

By the end of FY2018, the net cash and cash equivalent of the company was $1,706,883.

Based on the financial statement of the company and its recent achievement of the contract at Kuala Lumpur of $1.7 million, it appears that the investors have higher expectations from the company shortly. As a result, the share price of EVZ remains unaffected from its previous trading day’s closing price.

At present, the market price of the share is A$0.300 (AEST: 3:25 pm, 7 January 2019) with the market capitalization of A$28.84 million and PE ratio 12.50x.


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