Thursday, April 30, 2015

IPS Securex

IPS Securex: Share price surged 20.2% in today’s trading, after the group announced that it has received a letter of intent (LOI) from a dealer for the supply of PepperBall Technologes worth US$54.8m to a government body in ASEAN over a period of two years commencing 3Q15.

Analysts guide that the Pepperball contract sets the precedence of many more to come, and the size and scale of the contracts are larger than what was previously estimated (US$25-30m), adding that the segment will offer positive surprises going forward.

As a guide, PepperBall is a newly designed forced compliance weapon which launches pepper-spray projectiles from a launcher, and has a much longer range compared to the traditional pepper spray. This makes PepperBall suitable to be deployed in times of conflict where employment of lethal force is prohibited or undesirable.

IPS added that the group is encouraged by the recognition of PepperBall’s technology by the market and are systematically looking to broaden its marketing efforts for PepperBall products to more customers in the Asia-Pacific region.

The above contracts is not expected to have a material impact on the earnings per share and net asset value per share of IPS Securex for JunFY15.

IPS Securex currently trades at 8.1x FY16 P/E.

Only one broker covers the stock with a Buy call and TP of $1.01.
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