MORNING CALL:20/11/23 - video Dailymotion

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11/19/2023

Apex thinks the case for Panda Eco is very black and white

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00:00 We start this week with an upcoming IPO, retail ecosystem specialist, Panda Ecosystem,

00:06 which is due to list on the ACE market at the end of this month.

00:10 Apex Securities has a subscriber in the company with a 23 cent target price, which is 44%

00:16 higher than its 16 cent IPO price.

00:19 Founded in 2003, Panda principally is involved in the development, customization, implementation

00:24 and integration of retail management ecosystems.

00:28 Panda's customer base has grown steadily from 8 retailers in 2010 to 137 retailers in 2023.

00:35 Breaking it down, the bulk of its IPO proceeds will go towards R&D of new solutions, regional

00:41 ASEAN expansion, establishing of additional service hubs and expanding its workforce and

00:46 expanding its HQ, among others.

00:49 In fact, to expand their reach into the ASEAN region, the group plans to open a new service

00:53 hub in both Indonesia and the Philippines by 2025.

00:57 Given the prospects in these countries, this makes their proposed expansion a strategic

01:01 move for the group to diversify their presence regionally.

01:05 Panda's strong financial track record, with a revenue expanding from $4.2 million in FY14

01:11 to $28.1 million in FY22, demonstrates the resilience of their business model.

01:17 Apex actually projects the core earnings to improve from sequential additions of new customers

01:22 across all its business segments.

01:24 Based on the latest crop of reports on Panda Eco, only Apex has a subscriber while PIVB

01:29 and TA all have fair values but no recommendations.

01:32 Taking that into account, the average target price works out to $0.205, which is $0.45

01:38 more than its IPO price.

01:40 [music]

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