hyphensgroup.com KEY FINANCIALS Y/E Dec, (S$'000) FY19 FY20e FY21e FY22e Revenue 119,442 131,776 144,982 160,729 EBITDA 10,130 12,564 12,222 12,801 NPAT 6,530 8,243 7,778 8,261 EPS (S$ Cents) 2.2 2.7 2.6 2.7 P/E (x) 20.7 16.4 17.4 16.4 P/B (x) 3.1 2.7 2.5 2.3 Div Yield 1.2% 2.2% 2.2% 2.2% ROE 18.7% 15.7% 17.7% 15.0% Source: Company Data VALUATION METHOD DCF @ WACC = 7.2%, g = 2.0% Tay Wee Kuang (+65 6212 1853) Research Analyst taywk@phillip.com.sg