IFCA MSC

Re: IFCA MSC

Postby winston » Sat Jan 17, 2015 5:05 am

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IFCA gets UMA query

KUALA LUMPUR: IFCA MSC Bhd has been issued an unusual market activity query by Bursa Malaysia on Friday due to its recent hike in share price.

The solutions provider group reached its all-time high of RM1.01 in the morning.

IFCA's share price has been climbing up since early January, where it stood at 69 sen on Jan 6, 82.5 sen on Jan 8, 92 sen on Jan 12 and to a high of RM1.01 on Friday.

At midday, it fell 3.5 sen to 96 sen with 26.7 million shares done.

The FBM KLCI was down 2.63 points to 1,742.37. Turnover was 970.81 million shares valued at RM838.47mil. There were 265 gainers, 397 decliners and 277 counters unchanged.

Source: The Star
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Re: IFCA MSC

Postby winston » Tue Apr 14, 2015 4:11 pm

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The world’s top-performing software company is in Malaysia

KUALA LUMPUR: Forget Silicon Valley, Tel Aviv and Bangalore. To find the world’s top-performing software company, you have just to go to Kuala Lumpur.

Better known as the home of state-owned energy giant Petroliam Nasional Bhd, it’s also where shares of IFCA MSC Bhd, a maker of cloud-based software for property companies, have jumped 14-fold over the past 12 months.

IFCA’s earnings are surging just as fast as its stock after the company took an 80% market share among Malaysian developers and began expanding into China, where early adopters of its sales tracking and payment processing software include billionaire Wang Jianlin’s Dalian Wanda Group Co. IFCA CEO Ken Yong Keang Cheun (pic) predicts that the world’s second-largest economy will become the biggest market for his US$198mil software firm by 2018.

“The growth in China is incredible,” Yong said in Petaling Jaya. He plans to double the number of IFCA offices in the country to 16 by year-end.

IFCA has about 100 clients in China, where the National Bureau of Statistics estimates there were more than 90,000 real estate companies as of 2013. The country last month announced measures to make buying and selling a home cheaper, giving a boost to developers as authorities seek to cushion a slump in the property market that has weighed on economic growth.

The stock gained as much as 1.5% toward a record close before ending unchanged at the noon break in Kuala Lumpur.

Wanda uses IFCA’s software for its cost systems, bidding and capital leases, Huang Chunlei, an assistant to the president of Dalian Wanda and deputy general manager of the company’s IT department, said via email.

In Malaysia, 800 of the biggest 1,000 property developers are its customers, Yong said. The company’s software sales in the country surged 76% in 2014 as a new goods and services tax prompted companies to upgrade their software to comply with the change. Profit jumped 12-fold last year to RM21.1mil and Yong said he’s “confident” earnings would climb to another record in 2015.

“The good thing about the software is that it is niche for property developers,” Chow Yuh Seng, general manager for IT at Mah Sing Group Bhd, Malaysia’s fifth-biggest developer by market value, said.

Shares of IFCA have surged 1,321% over the past 12 months, the most among software companies worldwide with a market value of at least US$150mil (RM550mil), data compiled by Bloomberg show. That compares with an average gain of 46% for global peers.

“There was a strong theme for IT and software-related development companies last year, and this year is a continuation,” said Danny Wong, chief executive officer of Kuala Lumpurbased Areca Capital Sdn., which owns shares in IFCA. “The shift to Internet and technology is the new way of doing things.”

IFCA isn’t the only Malaysian software company with booming sales. Grabtaxi Holdings Pte, a mobile application that assigns cabs to nearby commuters, has grown to become South-East Asia’s largest taxi-booking mobile application, luring investments from Temasek Holdings Pte, Singapore’s state-owned investment company, and SoftBank Corp, the Japanese wireless carrier controlled by billionaire Masayoshi Son.

While Malaysia isn’t known as a hub for technology companies, the government has tried to support the industry since 1996, when it introduced the Multimedia Super Corridor, a special zone to attract technology investments and multinational companies.

The success of IFCA’s business may already be reflected in the share price, according to Ang Kok Heng, the chief investment officer of Phillip Capital Management Sdn Bhd, which manages US$428mil (RM1.57bil), said by phone in Kuala Lumpur. Shares are valued at 30 times reported earnings, versus 17 times for the benchmark FTSE Bursa Malaysia KLCI Index, according to data compiled by Bloomberg.

“We normally don’t chase a stock,” Ang said.

IFCA planned to boost recurring income by introducing a software rental service that would make its offerings more affordable for customers via monthly subscriptions, Yong said. The firm also plans to set up a property listing website by year-end.

IFCA’s profit will probably jump at an annual rate of 228% over the next three years, according to CIMB analyst Nigel Foo.

Source: Bloomberg
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Re: IFCA MSC

Postby winston » Sun Jun 14, 2015 6:17 am

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Why the selldown on IFCA MSC?
Friday, 12 June 2015

KUALA LUMPUR: After a massive rally, the wake of an unusual strong bout of selling pressure sent IFCA MSC shares tumbling from an all-time peak of RM1.87 on May 20 to a four-month low of RM1.10 in mid-morning trade on Friday.

The recent weakness saw the shares of this software and IT systems counter violating the 23.6% Fibonacci retracement (FR) support floor of RM1.45 and the 38.2% FR of RM1.18 in the latest selloff.

Based on the daily chart, prices are in great danger of testing the important 200-day simple moving average, resting at the 99 sen level, or the 50% FR of 97.5 sen in the near-term.

A futile attempt to stabilise above these two lines will bring about more downward move and in this case, the 61.8% FR of 76 sen will be vulnerable.

The tumble in the share price in the absence of any fresh negative news.

At 10.32am, it was down nine sen to RM1.12. There were 14.88 million shares done at prices ranging from RM1.10 to RM1.20.

At RM1.10, this was the lowest since Feb 5 when it was trading at RM1.15.

The fall in the share price was earlier triggered by news that its chief financial officer (CFO) Philip Voo Lip Sang had resigned to “pursue other career opportunities” on Friday, May 22.

On May 25, its shares were sold down by some 15% triggering an unusual market activity query from Bursa Malaysia.

Only on that day did IFCA announce the appointment of its new CFO Chow Chee Keng. Chow had been the company’s chief accountant from early-2007 until the middle of 2009. He rejoined IFCA as CFO in 2013.

On a positive note, IFCA’s management had sought to engage fund managers in clearing the air that the resignation of its CFO was not because of any disagreement with management on the company’s financials, as speculated by the market.

Source: The Star
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Re: IFCA MSC

Postby winston » Sat Jun 20, 2015 6:43 am

IFCA's property e-commerce platform to boost revenue

KUALA LUMPUR: Property business solutions provider, IFCA MSC Bhd expects the soon-to-be-launched e-commerce platform for property companies to be a major driver for revenue growth in the future.

Chief executive officer Ken Yong Keang Cheun said the platform, slated for launch in September, would enable property companies to receive bookings and sell properties online including through smartphones and mobile Internet.

"There is an addressable market size in Malaysia which has 2,000 property companies.

"Our competitors' major income is from advertising revenue but we're talking about subscription income against advertising revenue and other revenue from the e-commerce aspect," he told reporters after the company's annual general meeting on Friday.

Yong said IFCA MSC was also planning to expand the e-commerce platform to Indonesia after the conclusion of the RM32mil acquisition of PT IFCA Consulting Indonesia.

He said the acquisition was targeted to be concluded next month.

"With a mass population, e-commerce is going to do well. So, that is our business plan going into Indonesia," he said.

Apart from Indonesia, he said the company was also eyeing China's market as part the e-commerce service expansion.

Currently, the Malaysian operation contributes about 70% to revenue while the rest comes from overseas.

On outlook, he said the company remained extremely positive on its performance projection this year based on its strong fundamentals.

"Our market leadership is still there and we have quite a number of solutions offerings," he said, adding, the e-commerce service launch would further consolidate its business as companies would turn to the service during the economic slowdown for efficiency.

For the first quarter ended March 31, 2015, IFCA MSC's net profit rocketed to RM9.7mil from RM421,000 in the same period last year, following a strong billing quarter for software implementation.

Revenue for the quarter jumped 134% to RM32mil from RM13.7mil previously.

Source: Bernama
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Re: IFCA MSC

Postby winston » Fri Aug 07, 2015 5:58 am

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CIMB Research retains Add for IFCA MSC

KUALA LUMPUR: CIMB Equities Research is maintaining its Add call for IFCA MSC and the potential catalysts are completing the acquisition of its Indonesia distributor and strong take-up rates for its Software as a Services (SaaS).

It said on Thursday the stock’s deep correction over the past two months should have reflected most of the negative news. It is bullish on Indonesia and this could add RM4mil to RM5mil net profit to its bottomline once the acquisition is completed.

In addition, IFCA’s new e-commerce platform (I-e), to be launched in 4Q15,could surprise. I-ecan link property developers’ front-end and back-end systems, allowing a customer to book a property unit and also pay the deposit online.

I-ewill allow developers, agents and customers to communicate with each other, integrating technology into the property sector.

To recap, it said IFCA is expected to announce its 2Q15 results on Aug 25. In 1Q15, it posted a record RM9.7m net profit, its most profitable quarter ever.

“But there are signs of softening in China and the domestic market for 2015. The company might not be able to meet our full-year forecast,” it said.

CIMB Research maintained its EPS estimates for now but may review them after the release of the financial results.

The research house said its target price of RM2.04 was unchanged, still based on sector peer valuations (2016 21 times price-to-earnings).

“The stock remains an Add. Potential catalysts are completing the acquisition of its Indonesia distributor and strong take-up rates for SaaS.

CIMB Research pointed out seasonally, 1Q is the weakest quarter for the company but it should be different this year.

For 1Q15, the quarter could be the strongest quarter for the year due to the domestic GST software upgrade jobs ahead of the nationwide start of GST on April 1.

“However, we project a slowdown in both its major markets, Malaysia and China. It has been three months since GST kicked in in Malaysia and businesses remain cautious and this trend could persist over the next 1-2 quarters. This should lead to slower-than-expected sales in the domestic market.

“In China, we understand that IFCA’s business has also experienced some sluggishness so far this year. In addition, we understand that the clampdown on corruption in China has affected its business.

“All these issues are a disappointment as it looks like we were too optimistic in our outlook for the company. We may cut our FY15-17 EPS by 10-20% after 2Q15 results are announced to take into account the duller domestic and China market outlook.

Our target price could fall 10%-20%, if our valuation basis is unchanged but the stock remains an Add,” it said.

Source: The Star
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Re: IFCA MSC

Postby winston » Wed Apr 20, 2016 8:46 am

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IFCA MSC

RM3.3bn inventory listed for sale on P365

As at Apr, P365 has RM3.3bn inventory for sale from 52 property projects.
So far, 2,000 negotiators have registered on P365, one seventh of the market size.
Around 50 listed and unlisted property developers have participated in P365.
Maintain Add and target price, based on 21x CY17 P/E, in line with peers. Re-rating catalysts include strong sales from P365 and the China market.

Source: CIMB

https://brokingrfs.cimb.com/V_qTQSR1rN1 ... IkG3w2.pdf
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Re: IFCA MSC

Postby winston » Tue May 31, 2016 8:59 am

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1Q16 results: Hit by provisions

1Q16 net loss of RM4.5m was below our expectation due to doubtful debt provisions, P365 startup costs, and higher amortisation charges.

P365 should see first sale in the next three months.

Maiden revenue contribution from recently-acquired Indonesian distributor.

Balance sheet has RM56.4m or 9sen net cash per share.

Maintain Add; share price weakness due to poor 1Q results an opportunity to accumulate.

Source: CIMB

https://brokingrfs.cimb.com/zn59oXCPXhR ... F4LAA2.pdf
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Re: IFCA MSC

Postby winston » Wed Aug 24, 2016 9:23 am

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IFCA MSC downgraded to Hold from Add at CIMB Research

Source: The Star

http://www.thestar.com.my/business/busi ... -research/
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Re: IFCA MSC

Postby winston » Thu Sep 01, 2016 9:29 am

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Why did IFCA MSC suffer losses leading to shares being downgraded?

BY EUGENE MAHALINGAM

Source: The Star

http://www.thestar.com.my/business/busi ... 5mil-loss/
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Re: IFCA MSC

Postby winston » Sat Nov 19, 2016 9:59 pm

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3Q16 results back in the black, a positive sign

9MFY16 RM4.5m net loss is within expectations vs. our full-year forecast of RM0.70m as 4Q is seasonally the strongest quarter of the year.

Malaysian operations still in the red but China and Indonesia covered up the losses.

P365 has more than 3,000 negotiators but finalised sales remain weak.

Healthy balance sheet, RM58.8m net cash or 9 sen net cash per share.

Cash is 26% of the current share price.

Share price down 25% in the past month, valuation less demanding but no sight of strong earnings recovery. Remains a Hold.

Source: CIMB

https://brokingrfs.cimb.com/OgeYwEe36N- ... DPfEg2.pdf
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