To The Moon

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Market has ignored its cybersecurity business, which could be worth S$0.35 per share and is a potential candidate for public listing, in our view 

Ensign has achieved operating profit breakeven in FY23F; we project 20% revenue CAGR at Ensign over FY23-25F 

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BUY with a higher TP of S$1.54. The stock is cheap at 13x FY24F PER vs 5-year average of 18x; offers 8% earnings CAGR over FY23-25F and a 6.2% yield; potential catalyst could be news flow on Ensign’s listing

Ensign InfoSecurity is the largest end-to-end pure-play cybersecurity service company in APAC. It consults on cyber posture, strategy and risk management, designs and builds advanced security operations centres (SOCs), and implements best-of-breed solutions. Ensign also operates end-to-end cybersecurity management, which includes advanced threat detection, continuous monitoring, triage, and response. The company also provides cyber response and recovery services in the event of a cyber breach. Over the last five years, Ensign has grown to 870 employees, with the number of offices growing from three to five, to include Singapore, Malaysia, Hong Kong, South Korea, Indonesia, and Australia. With sustained R&D investment of 6%-9% of group revenue, the company has developed unique cybersecurity solutions.

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