Vicom - DBS Research 2022-03-10: HOLD For Stable Performance

Vicom - HOLD For Stable Performance

  • VICOM (SGX:WJP) reported a firm set of FY21 results, with revenue and profit ahead of our expectations as the non-vehicle testing business recovered strongly. A special dividend of S$0.02 was declared along with a final dividend of S$0.0324 to reward shareholders, bringing FY21 yield to 4%.
  • VICOM’s vehicle inspection business is largely stable and resilient against economic downturns. We expect SETSCO’s performance to continue to improve in FY22, with the main driver being the biomedical industry due to demand for COVID-related products such as surgical gloves and testing.
  • While we see earnings continuing to improve into FY22, we believe VICOM’s earnings resilience is already fully priced into the current VICOM's share price.

Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Paul YONG CFA DBS Group Research | 2022-03-10

Price targets by other brokers at VICOM Target Prices.
Listing of research reports at VICOM Analyst Reports.

Relevant links:
VICOM Share Price History,
VICOM Announcements,
VICOM Dividends & Corporate Actions,
VICOM News Articles

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