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Stock With Momentum: Managepay Systems
by Cals Fri 11 Dec 2015, 21:48
Stock With Momentum: Managepay Systems
By Asia Analytica / The Edge Financial Daily | December 11, 2015 : 10:18 AM MYTThis article first appeared in The Edge Financial Daily, on December 11, 2015.
[size=16]Managepay Systems Bhd ([You must be registered and logged in to see this image.] Valuation: 0.30, Fundamental: 0.60) (-ve)
ACE market-listed electronic payment solution provider MPAY (Fundamental: 0.6/3, Valuation: 0.3/3) triggered our momentum algorithm yesterday, closing 3.6% higher at 29 sen on heavy volume.
Last Monday, the company announced that it has accepted a letter of intent from Oversea-Chinese Banking Corporation Limited (OCBC) ([You must be registered and logged in to see this image.] Valuation: 2.55, Fundamental: 2.20) to provide payment terminal services to the bank’s merchants.
For 3Q2015, revenue decreased 44.7% y-y to RM1.0 million. The company slipped into the red with a net loss of RM9.4 million, mainly due to impairment charges totalling RM7.2 million on older technology inventories and fixed asset.
During the quarter, MPAY raised RM30 million via a private placement and received additional RM35.5 million from a warrant conversion exercise. 65.5% of the total proceeds raised will be used for capital expenditure.
To recap, MPAY obtained the approval to issue electronic money (eMoney) via online wallet and prepaid card in February. The company expects to roll out relevant eMoney products by 1Q2016.
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