NETX (0020) Netx控股 – NETX可否烏鴉变鳳凰?

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NETX自从转型重组计划后,2015年收购一家付款方案公司PayAIIZ,,目前已取得不错的业绩,公司正从事的金融科技业务(Fin tech),是接下来3年会强劲增长的领域,因此,公司在扩展时,也有意收购本地或区域金融科技公司,根据执行董事Steve Tan指出,他看好该业务可在未来显著增长.
公司早前透过只发售附加股,約筹3千万左右,目前也是净现金公司,净现金达8.3m



目前以电子付款服务(Electronic payment services)成为核心业务,可以从近2个季度的盈利表現,这转型重组计划已盈经开始看到一些成果,看来已摆脱连续亏损多年的窘境.而且,最吸引人的 是,公司电子付款业务的賺幅驚人,可达60%左右的稅前盈利.
NETX HOLDING BERHAD
A12 MATERIAL EVENTS SUBSEQUENT TO THE END OF THE INTERIM REPORTING PERIOD

1)Ariantec Sdn Bhd, a wholly-owned subsidiary has on 4 April 2017 entered into a Licensing Agreement with Payallz International Limited for the licensing of Ariantec’s products, namely Allz mPos, AIIZ+ , AIIZ 360 ºand AIIZ Wallet, based on a 50/50 revenue model sharing depending on the sales of the Products.

2)Payallz Sdn Bhd, a subsidiary of the company has on 12 April 2017 entered into a Technology Collaboration Agreement with XOX Wallet Sdn Bhd, to develop an electronic payment mobile exchange that enables every XOX Berhad subscribers to be an e-commerce merchant and have interconnect ability with both local and international payment gateways.

3)Payallz Sdn Bhd, a subsidiary of the company has on 19 April 2017 entered into a Partnership Agreement with M3 Online Sdn Bhd, to develop an electronic payment exchange that enables every XOX Berhad subscribers to be an e-commerce merchant and have interconnect ability with both local and international payment gateways.

4)Payallz Sdn Bhd, a subsidiary of the company has on 5 May 2017 entered into a Technology Partnership Agreement with E-DO Business Technology Corporation (“E-DO”), a Company incorporated in China, for the provision e-commerce online payment, e-wallet and loyalty programme solutions in territories of Cambodia, Malaysia and Thailand. E-DO specializes in the provision of payment services for Alipay, WePay and Union Pay.
PETALING JAYA (May 25): NetX Holdings Bhd, which saw a surge in investor interest since the beginning of May, announced today a three million renminbi (RM1.87 million) subscription of shares, representing a 51% stake, in a Chinese food and beverage (F&B) company.

NetX said Flavours of Malaysia (FOM), which offers Malaysian specialty F&B products in China, will work with the group to establish new fulfilment centres in Hangzhou.
“These fulfilment centres will conduct research and development on Chinese national acceptance of Malaysian products and to use the research findings to acclimatize the product to suit the local taste buds,” NetX said in a statement
管理层也积極參与和其它公司共同合作,从年头至今有5页协议,及一页收购,其中一页已签署成为正式合作协议,这个合作的项目,預计将从截止30/6/18 財政年,可为公司带来正面的贡献.NetX现在拓展至电子付费方案–一个具有巨大潜力的业务,因为全球市场从脱机到在线到无现金状态。

我国与马云合作打造的数码自貿区(DFTZ),虽然目前还未开跑,但却似乎成功塑造一个美好的愿景,已有不少科技公司皆探討进軍电子商务領域,目前 GHLSYS已启动付费系統,已超过100个商家,共有500间商店接受Alipay用户付费,GHLSYS預计,接下來会有更多的商家会启用接受 Alipay付费的系統,相信Netx也会从中受益,在电子商务領域,大家比較看好GHLSYS,而且它已经与Alipay合作,目前GHLSYS的 p/e是52倍,預测Netx截至30/6/18財政年的eps可达0.5分,以20倍p/e来计算,合理价=Rm0.10,以25倍p/e来计算,合理 价=Rm0.125.目前在电子商务領域,大家給的p/e都很高,所以給Netx20-25倍p/e是相当合理.
正面:DFTZ+马云10月再度来马,电子商务风潮又会继续吹,及DFTZ可能也是未来的主題.
负面:Receivables有稍微高一点.
(只供參考,若有买卖,盈亏自负)

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