Vicplas International - CGS-CIMB Research 2021-09-24: FY21 Net Profit Grew 108% Y-o-y To S$10.4mil

VICPLAS INTERNATIONAL LTD (SGX:569) | SGinvestors.io VICPLAS INTERNATIONAL LTD (SGX:569)

Vicplas International - FY21 Net Profit Grew 108% Y-o-y To S$10.4mil

  • Vicplas International is a plastic injection moulding company focusing on construction-related piping and plastics for medical usage (devices and consumables).
  • On 24 Sep 2021, Vicplas International reported its FY21 (Aug 2020 to Jul 2021) results with net profit rising 108% y-o-y to S$10.4m.
  • Vicplas's share price trades at a historical FY21 P/E of 13.2x with FY21 net gearing of 0.05x.



Vicplas International - Listed on SGX since 1999

  • Vicplas International (SGX:569) was listed on SGX on 22 Apr 1999. Its core business then was the manufacturing and distribution of proprietary unplasticised polyvinyl chloride (uPVC) pipes, pipe fittings and electrical conduits in Singapore.
  • On 31 Jan 2007, Vicplas entered into the medical business via the acquisition of Forefront Medical Technology (Pte) Ltd (FMT) from Venner Capital SA.


Vicplas's current key businesses

  • Vicplas’s piping systems [30% of FY21 revenue; 20% of earnings before interest expense and unallocated costs (EBIT)] are used for waste and sample collection tube (for COVID-19 detection). The medical segment accounted for 70%/80% of Vicplas's FY21 revenue/EBIT.


Management guidance

  • In its piping business, Vicplas's management mix, plant efficiency and utilization rate (source: FY21 results commentary). FMT is also assessing the need to establish a factory outside China to meet customers’ requirements, as per the company. The group is optimistic about the long term growth opportunities in medical device manufacturing.


Vicplas's historical valuation






William TNG CFA CGS-CIMB Research | https://www.cgs-cimb.com 2021-09-24
SGX Stock Analyst Report NOT RATED MAINTAIN NOT RATED 99998 SAME 99998



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