Secura

OCF SGD 4m,
Capex 4m,
FCF 1-2m
WC 1.4m quite high
NP 3m

Clients base (% of sales)
8% UOB
6.6% Singtel
5.5% CPF
5.3% MBS
Others: Sg banks etc

700 security guards, mkt share 2% or more (35,000 market size)
1bn market size, based on sales 30m then slightly higher

PE 33x based on 100m mkt cap

Chairman Ho Tat Kin: Japan grad