GHLSYS 0021 QUARTERLY REPORT 31 DEC 2018
Quarterly Report Review:
收入与去年同期相比增加26.9%。
共享服务业务的收入增加主要是提高租金和维护收入和一些销售硬件。
解决方案业务的收入减少主要是网络硬件销售收入减少。
TPA业务收入增加主要是收取的更高MDR交易费用。
马来西亚，菲律宾，泰国和澳大利亚业务都有增加。
该集团在2018年与一家本地的马来西亚银行合作，使现有的EDC终端机能够得到所有6家电子钱包目前在马来西亚市场上。
该集团预计将于2019年开始在菲律宾和泰国各地与国内银行合作的类似计划。
该集团在去年第四季度收购Speed Pay PLC的51％股权并把业务扩展到柬埔寨。
Reference Price:
27.02.2019
Price: RM 1.70
Rolling EPS: RM 0.0343
PE: 49.56
NTA: RM 0.5447
Price/NTA: 3.12
PE*Price/NTA: 154.68
Undervalued: RM 0.49
Fair Value: RM 0.65
Overvalued: RM 0.975
Disclaimer:
The information contained in this research is based on data obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made as to the accuracy, adequacy, completeness or reliability of the info or opinions in the research.
Accordingly, neither 以牛攻熊 nor any of its related companies and associates nor person connected to it accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use or reliance on the info or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. 以牛攻熊 has no obligation to update its opinion or the information in this research.
Investors are advised to make their own independent evaluation of the info contained in this research and seek independent financial, legal or other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this research. Nothing in this research constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise represent a personal recommendation to you.
This research is being supplied to you on a strictly confidential basis solely for your information and is made strictly on the basis that it will remain confidential. All materials presented in this research, unless specifically indicated otherwise, is under copyright to 以牛攻熊. This research and its contents may not be reproduced, stored in a retrieval system, redistributed, transmitted or passed on, directly or indirectly, to any person or published in whole or in part, or altered in any way, for any purpose.
This research may provide the addresses of, or contain hyperlinks to, websites. 以牛攻熊 takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to 以牛攻熊 own site material) are provided solely for your convenience. The information and the content of the linked site do not in any way form part of this research. Accessing such website or following such link through the research or 以牛攻熊 site shall be at your own risk.
收入与去年同期相比增加26.9%。
共享服务业务的收入增加主要是提高租金和维护收入和一些销售硬件。
解决方案业务的收入减少主要是网络硬件销售收入减少。
TPA业务收入增加主要是收取的更高MDR交易费用。
马来西亚，菲律宾，泰国和澳大利亚业务都有增加。
该集团在2018年与一家本地的马来西亚银行合作，使现有的EDC终端机能够得到所有6家电子钱包目前在马来西亚市场上。
该集团预计将于2019年开始在菲律宾和泰国各地与国内银行合作的类似计划。
该集团在去年第四季度收购Speed Pay PLC的51％股权并把业务扩展到柬埔寨。
Reference Price:
27.02.2019
Price: RM 1.70
Rolling EPS: RM 0.0343
PE: 49.56
NTA: RM 0.5447
Price/NTA: 3.12
PE*Price/NTA: 154.68
Undervalued: RM 0.49
Fair Value: RM 0.65
Overvalued: RM 0.975
Disclaimer:
The information contained in this research is based on data obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made as to the accuracy, adequacy, completeness or reliability of the info or opinions in the research.
Accordingly, neither 以牛攻熊 nor any of its related companies and associates nor person connected to it accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use or reliance on the info or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. 以牛攻熊 has no obligation to update its opinion or the information in this research.
Investors are advised to make their own independent evaluation of the info contained in this research and seek independent financial, legal or other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this research. Nothing in this research constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise represent a personal recommendation to you.
This research is being supplied to you on a strictly confidential basis solely for your information and is made strictly on the basis that it will remain confidential. All materials presented in this research, unless specifically indicated otherwise, is under copyright to 以牛攻熊. This research and its contents may not be reproduced, stored in a retrieval system, redistributed, transmitted or passed on, directly or indirectly, to any person or published in whole or in part, or altered in any way, for any purpose.
This research may provide the addresses of, or contain hyperlinks to, websites. 以牛攻熊 takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to 以牛攻熊 own site material) are provided solely for your convenience. The information and the content of the linked site do not in any way form part of this research. Accessing such website or following such link through the research or 以牛攻熊 site shall be at your own risk.
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