Aztech Global Valuation

Q: What is the Fair Price of 8AZ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

8AZ (SGD0.7) is trading below our estimate of [[fair value]] (SGD1.42)

Is 8AZ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 8AZ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 8AZ (SGD0.7) is trading below our estimate of fair value (SGD1.42)

Significantly Below Fair Value: 8AZ is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 8AZ?

Key metric: As 8AZ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 8AZ. This is calculated by dividing 8AZ's market cap by their current earnings.
What is 8AZ's PE Ratio?
PE Ratio	6.2x
Earnings	S$86.61m
Market Cap	S$555.69m

8AZ key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.4x
Enterprise Value/EBITDA	2.8x
PEG Ratio	-1x

Price to Earnings Ratio vs Peers

How does 8AZ's PE Ratio compare to its peers?

The above table shows the PE ratio for 8AZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	13.1x
BN2 Valuetronics Holdings	9x	4.7%	S$260.3m
V03 Venture	14.7x	6.8%	S$3.7b
AWZ Multi-Chem	8.5x	n/a	S$255.9m
K29 Karin Technology Holdings	20.1x	n/a	S$66.0m
8AZ Aztech Global	6.2x	-6.1%	S$540.3m

Price-To-Earnings vs Peers: 8AZ is good value based on its Price-To-Earnings Ratio (6.2x) compared to the peer average (13.1x).

Price to Earnings Ratio vs Industry

How does 8AZ's PE Ratio compare vs other companies in the Asian Electronic Industry?

37 Companies	Price / Earnings	Estimated Growth	Market Cap

37 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 8AZ is good value based on its Price-To-Earnings Ratio (6.2x) compared to the Asian Electronic industry average (24.6x).

Price to Earnings Ratio vs Fair Ratio

What is 8AZ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

8AZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6.2x
Fair PE Ratio	8x

Price-To-Earnings vs Fair Ratio: 8AZ is good value based on its Price-To-Earnings Ratio (6.2x) compared to the estimated Fair Price-To-Earnings Ratio (8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 8AZ forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	S$0.70	S$0.77 +10.4%	12.4%	S$0.90	S$0.63	n/a	4
Nov ’25	S$0.75	S$0.77 +3.0%	12.4%	S$0.90	S$0.63	n/a	4
Oct ’25	S$1.02	S$1.22 +19.4%	4.1%	S$1.27	S$1.14	n/a	4
Sep ’25	S$0.96	S$1.22 +26.2%	4.1%	S$1.27	S$1.14	n/a	4
Aug ’25	S$1.04	S$1.22 +17.1%	4.1%	S$1.27	S$1.14	n/a	4
Jul ’25	S$0.97	S$1.22 +24.9%	3.7%	S$1.25	S$1.14	n/a	4
Jun ’25	S$0.96	S$1.22 +26.8%	3.7%	S$1.25	S$1.14	n/a	4
May ’25	S$0.92	S$1.22 +32.3%	3.7%	S$1.25	S$1.14	n/a	4
Apr ’25	S$1.02	S$1.22 +19.4%	3.7%	S$1.25	S$1.14	n/a	4
Mar ’25	S$0.99	S$1.22 +23.0%	3.7%	S$1.25	S$1.14	n/a	4
Feb ’25	S$0.83	S$1.17 +39.8%	6.3%	S$1.25	S$1.08	n/a	4
Jan ’25	S$0.93	S$1.12 +20.2%	6.1%	S$1.23	S$1.05	n/a	4
Dec ’24	S$0.92	S$1.12 +22.1%	6.1%	S$1.23	S$1.05	n/a	4
Nov ’24	S$0.94	S$1.12 +19.5%	6.1%	S$1.23	S$1.05	S$0.75	4
Oct ’24	S$0.81	S$1.02 +27.0%	6.5%	S$1.11	S$0.93	S$1.02	4
Sep ’24	S$0.81	S$1.02 +25.5%	6.5%	S$1.11	S$0.93	S$0.96	4
Aug ’24	S$0.74	S$1.02 +38.2%	6.5%	S$1.11	S$0.93	S$1.04	4
Jul ’24	S$0.72	S$1.00 +38.5%	4.3%	S$1.05	S$0.93	S$0.97	4
Jun ’24	S$0.70	S$1.00 +42.9%	4.4%	S$1.05	S$0.93	S$0.96	4
May ’24	S$0.81	S$1.03 +27.5%	8.3%	S$1.15	S$0.91	S$0.92	4
Apr ’24	S$0.81	S$1.03 +27.5%	8.3%	S$1.15	S$0.91	S$1.02	4
Mar ’24	S$0.83	S$1.03 +24.4%	8.3%	S$1.15	S$0.91	S$0.99	4
Feb ’24	S$0.88	S$0.95 +8.5%	10.5%	S$1.05	S$0.79	S$0.83	4
Jan ’24	S$0.83	S$0.95 +15.1%	10.5%	S$1.05	S$0.79	S$0.93	4
Dec ’23	S$0.81	S$0.95 +17.2%	10.5%	S$1.05	S$0.79	S$0.92	4
Nov ’23	S$0.80	S$0.95 +18.8%	7.6%	S$1.02	S$0.83	S$0.94	4

Analyst Forecast: Target price is less than 20% higher than the current share price.

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