Asiasoft Corporation

Asiasoft Corporation - AS
Positive view on overseas business ventures
Bloomberg │ Reuters
AS.TH │AS9
Thailand Equities Research
16 March 2012
Asiasoft Corporation
Report type: Company Update
Rating
- Previous Rating
1.00
1.00
Target Price (Bt)
19.7
Company Overview
- Previous Target Price (Bt)
19.7
AS provides online game services in Thailand, Singapore,
Indonesia and the Philippines. It also grants sub-license to
its partner in Vietnam.
Closing Price (Bt)
15.50
Expected Capital Gains (%)
27.1%
9.1%
Expected Total Return (%)
Raw Beta (Past 2yrs w eekly data)
36.2%
0.33
Market Cap. (USD mn)
159
Enterprise Value (USD mn)
128
Market Cap. (Bt mn)
4,897
Enterprise Value (Bt mn)
3,919
3M Average Daily T/O (mn)
0.2
52 w eek range
9.8 - 15.9
Closing Price in 52 w eek range
0%
16.00
50%
100%
4
14.00
3
12.00
2
10.00
1
8.00
0
Feb-12
Jan-12
AS TB EQUITY
Dec-11
1. Mr. Promoth Sudjitporn
Nov-11
Major Shareholders
The expansion of customer base in overseas markets
coupled with more services provided will become catalysts
to maintain earnings growth momentum for CY12.
Oct-11
What is the news?
Sep-11
Volume, mn
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
• 4QCY11 net profit came out stronger than expected
largely attributed to local business recovery. However,
the Indonesia operation, which was just opened,
registered a net loss. Following earnings announcement,
AS declared 2HCY11 dividend of Bt0.343/share. XD sign
will be posted on May 3.
• An expansion of the customer base by entering into
Indonesia and the Philippines where population density is
high will likely benefit AS’s earnings performance.
Furthermore, AS plans to mark its footprints into other
countries.
• New service is geared up to provide to a new partnership
“Trion Worlds” and anticipated success in the newly
launched online game will be the catalysts to earnings
growth. AS is also expected to reverse 2 investment
impairment transactions worth Bt70mn this year.
• Our ‘BUY’ recommendation remained unchanged with a
target price of Bt19.70/share. This still has not yet
factored in the investment impairment reversals.
Expected Dividend Yield (%)
Buy
Buy
SETI rebased
(%)
41.5
2. Mr. Tan Tgow Lim
9.5
3. Asia Investment Partners Ltd.
9.5
CG Report - 2011
How do we view this?
Earnings are expected to be shining stronger than expected
given the impairment reversals of two items, a possibility of
more acquisitions, and new overseas business ventures.
Key Financial Summary
FYE Dec
Revenue (Btmn)
Net Profit (Btmn)
Investment Actions?
We maintain our ‘BUY’ recommendation with a target price
of Bt19.70/share for CY2012 and dividend payment valued
Bt1.41/share.
EPS (Bt)
Net Profit, adj. (Btmn)
EPS, adj. (Bt)
12/10
1,512
12/11
1,638
12/12F
2,287
264
296
432
519
0.84
0.94
1.41
1.69
264
296
432
519
0.84
0.94
1.41
1.69
P/E (X),adj.
18.5
16.5
11.0
9.2
BVPS (Bt)
4.05
4.17
4.52
4.96
P/B (X)
DPS (Bt)
Div. Yield (%)
3.8
3.7
3.4
3.1
0.84
0.76
1.41
1.69
5.4
4.9
9.1
Source: Bloomberg, PSR est.
*All multiples & yields based on current market price
Valuation Method
P/E'12 (14x)
Analyst
Siam Tiyanont Reg#17970
Tel. 662-2-635-1700 Ext. 483 Email: [email protected]
Ref. No.: CO2555_0243
1 of 6
12/13F
2,569
10.9
Asiasoft Corporation - AS
Thailand Equities Research
16 March 2012
An investment in Vietnam marched slowly due to the
government’s stringent regulations are still unfavorable to
the online game service business. Only thing it can do is
to seek for a sub-license. If there would be an opportunity,
Vietnam will become a very attractive market as its online
game market is considered the largest in South East Asia.
4QCY11 came out healthier than expected
AS reported a slight increase in 4QCY11 net profit by
7.07% y-y to Bt74.11mn, versus our projected figure at
Bt60.03mn. Despite the recent inundation had slightly
dragged down local revenue, profit turned in better.
Overseas businesses posted higher revenue, but lower
profit due to a recognition of losses in the Indonesia
business, which was recently opened.
Moreover, AS has a plan to venture into other countries,
such as Myanmar, Cambodia, Australia and New Zealand.
Revenue from services inched up 0.66% y-y to
Bt441.03mn. Local revenue slid 2.14%, but overseas
revenue rose 6.28%. Revenue contribution from local
amounted to 65% with the remaining 35% from overseas.
Costs and SG&A charges increased by 6.76% y-y and
14.88% y-y in line with new online games launched
thereby increasing royalty fees and marketing charges.
Investment in new servers and new recruits to cope with
business expansion also added to the expense items.
Meanwhile, other revenues surged 82.75%. On the profit
side, local operation saw a growth of 10.47%, while
overseas’ posted gloomy performance with a drop of
62.77% y-y. Stripping out the Bt15mn losses in Indonesia,
the overseas units recorded a fantastic earnings growth of
140% y-y.
Collaboration with Trion World and providing
more services
As mentioned earlier, AS was an authorized distributor of
offline game for Blizzard Entertainment. Recently, the
company joined hand with another large online game
Trion Worlds by providing the @Cash to top up the value
for the online game “RIFT”. The @Cash is put on the
market in six countries--Indonesia, Malaysia, the
Philippines, Singapore, Thailand and Vietnam. In addition
to the @Cash via Facebook, AS also provided 1-2-call top
up card which definitely help increase its revenue.
Anticipating more success in online games
In CY2011, AS launched a total of 11 online games. Of
this there was only one web game “Packet Ninja” which
obtained an impressive success with a 9% market share.
Note that AS has never captured market share in the web
game segment. For CY2012, it plans to release 27 games
with an anticipated success rate of 30-40%. The soon-tobe-released games are categorized in MMORPG
(Massively multiplayer online role-playing game) and
Casual. AS has dominated the largest market shares in
these segments and thus expected to increase market
shares in FPS and web game.
For the entire CY11, overall revenue increased 8.32% to
Bt1,637.57mn. Its net profit grew by 12.08% y-y to
Bt296.42mn. Local businesses recorded a 5.66% drop in
profit versus a 252.76% skyrocketed growth in overseas
businesses. AS declared an interim dividend of
Bt0.343/share for 2HCY11. XD sign will be posted on May
3 and payment on May 21. The whole-year dividend for
CY2011 is Bt0.756/share with a payout ratio at 80.60%,
lower versus the earlier expectation of 100% as AS’s
subsidiary “Asiasoft International” was at a loss and
unable to pay dividend to AS.
Possibly to book impairment reversals this year
Over the past two years, AS set aside a Bt40mn provision
for the investment impairments in Malaysia due to loss
performance, and about Bt30mn doubtful debt of
Vietnamese partner. Since earnings performance of both
companies has been stronger, AS’s management
expected to book reversals of these two impairments
transactions. The provision for investment impairment in
Malaysia affected Asiasoft International to be unable to
pay dividend to AS. Hence, these reversals will enable AS
to pay dividend at 100% ratio in CY2012.
Customer base expansion in overseas markets
remain positive to earnings performance
AS’s overseas business ventures included (i) an
acquisition of a 61.68% stake in the top Malaysian online
game firm “CIB Development” and (ii) an opening of a
new company in Indonesia; and (iii) an expansion of new
branches in the Philippines.
(i) The partial acquisition in CIB Development, coupled
with AS’s subsidiary in Malaysia, helped increased AS’s
market share to 43%. CIB plans to offer Malaysian
language online game which will obviously capture more
market share. (ii, iii) Indonesia and the Philippines has
combined population of approx 350mn people, 4x larger
than 191mn people in its current customer base. We
therefore foresee high success opportunity in these
markets. Although the business in Indonesia recorded
Bt15mn losses in CY2011, we are optimistic of a brighter
earnings prospect supported by more new online games
to be launched and a full-year operation. In spite of a
moderate response of the first released online game in
Indonesia, an ARPU/month (average revenue per user)
turned in surprisingly stronger than those in Singapore
and Thailand.
‘BUY’ stance maintained at Bt19.70 target price
We maintain our revenue projections for CY2012 at
Bt2,287mn. Net profit would stand at Bt432.25mn. the
figure still has not yet factored in the booking of
investment reversals and unforeseen acquisitions. Based
on a 14xP/E, our target price is at Bt19.70/share and we
expect full-year dividend of Bt1.41/share on a 100%
payout ratio. Our ‘BUY’ recommendation is maintained.
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Asiasoft Corporation - AS
Thailand Equities Research
16 March 2012
Ratings History
Target Price
Market Price
22
20
18
16
14
12
10
8
6
4
Source: Bloomberg, PSR
Phillip Group Rating System
Total Returns
Recommendation
Rating
> +20%
Buy
1
+5% to +20%
Accumulate/Trading Buy 2
-5% to +5%
Neutral
3
-5% to -20%
Reduce/Trading Sell
4
>-20%
Sell
5
Remarks
We do not base our recommendations entirely on the above quantitative return bands. We
consider qualitative factors like (but not limited to) a stock's risk rew ard profile, market
sentiment, recent rate of share price appreciation, presence or absence of stock price
catalysts, and speculative undertones surrounding the stock, before making our final
recommendation
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Jun-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Sep-10
Jun-10
Mar-10
Dec-09
1
2
3
4
5
Asiasoft Corporation - AS
Thailand Equities Research
16 March 2012
Research Department
Fundamental:
Name
Analyst Reg No.
Sasikorn
Charoensuwan
9744
Rutsada
Tweesaengsakulthai 17972
Danai
Tunyaphisitchai
2375
Naree
Apisawaittakan
17971
Siam Tiyanont
17970
Preeyanun
Tripetchchuporn
17973
Ornmongkol
Tantitanatorn
34100
Rakpatai
Narongsak
Strategy:
Name
Teerada Charnyingyong
Pinkaew Santimetvirul
Waraporn Trakonthanasoontorn
Sainum Tangsombatvisit
Technical:
Name
Sasima Hattakitnikorn
Kanoksak Vutipan
Tel
Email
Sector
66 2 635 1700#480
[email protected]
Banking Finance and Securities
66 2 635 1700#482
[email protected]
ICT Energy Health Care Services
66 2 635 1700#481
[email protected]
Construction Materials Property Development
66 2 635 1700#484
66 2 635 1700#483
[email protected]
[email protected]
Agro & food Industry Electronics
Transportation Media and Publishing
66 2 635 1700#488
[email protected]
Petrochemicals and Chemicals Commerce
Tourism
66 2 635 1700#491
[email protected]
66 2 635 1700#497
[email protected]
Finance and Securities Automotive
Energy. Packaging
Construction Materials Property Development
Analyst Reg No.
9501
37928
Tel
66 2 635 1700#487
66 2 635 1700#491
66 2 635 1700#495
66 2 635 1700#498
Email
[email protected]
[email protected]
[email protected]
[email protected]
Analyst Reg No.
8328
2423
Tel
66 2 635 1700#490
66 2 635 1700#485
Email
[email protected]
[email protected]
Database & Production:
Name
Manunpat Yuenyongwatanakorn
Sutiporn Oupkaew
Tel
66 2 635 1700#492
66 2 635 1700#489
Email
[email protected]
[email protected]
Translation:
Name
Chaiyot Ingkhasorarat
Naowarat Angurasuchon
Tel
66 2 635 1700#493
66 2 635 1700#496
Email
[email protected]
[email protected]
4 of 6
Asiasoft Corporation - AS
Thailand Equities Research
16 March 2012
Bangkok Offices
Head Office
11st Fl., Unit 1102, 14th Fl., Unit 1404
and 15th Fl., Vorawat Bldg.,
849 Silom Rd. Silom,
Bangkok 10500
Tel : 0 2635 1700 , 0 2268 0999
Fax : 0 2635 1615
Yaowarat Branch
19th Fl., Kanchanadhat Bldg.,
308 Yaowarat Rd., Jakawat,
Sampantawong, Bangkok 10100
Tel : 0 2622 7833 , 0 2226 2777
Fax : 0 2622 7844
Hua Lumphong Branch
4th Fl., Tang Hua Pak Bldg.,
320 Rama 4 Rd., Mahaprutharam,
Bangrak, Bangkok 10500
Tel : 0 2639 1200
Fax : 0 2639 1340-1
Srinakarindr Branch
17th Fl., Modernform Tower,
Viphavadi Branch
15th Fl., Lao Peng Nguan Tower 1,
699 Srinakarindr Rd., Suan Luang,
Suan Luang, Bangkok 10250
Tel : 0 2722 8344-53
Fax : 0 2722 8343
333 Soi Chuaypuang, ViphavadiRangsit Rd., Ladyao, Chatuchak,
Bangkok 10900
Tel : 0 2618 8400
Fax : 0 2618 8344 , 0 2618 8381
Bangkapi Branch
8th Fl., The Mall Office Tower-Bangkapi
3522 Lad Prao Rd., Klongchan
Bangkapi, Bangkok 10240
Tel : 0 2363 3263
Fax : 0 2363 3275
Bangkapi 2 Branch
8th Fl., The Mall Office Tower-Bangkapi
3522 Lad Prao Rd., Klongchan
Bangkapi, Bangkok 10240
Tel : 0 2363 3469
Fax : 0 2363 3464
Rangsit Branch
Sindhorn Branch
G Fl., Room#PLZ.G.SHP065A
Future Park Rangsit
94 Paholyothin Rd., Prachathipat,
Thunyaburi, Pathumthani 12130
Tel : 0 2958 5040
Fax : 0 2567 3311
130-132 Sindhorn Tower 3 Building,
19 Floor, Wireless Rd., Lumpini,
Pathumwan, Bangkok 10330
Tel : 0 2650 9717
Fax : 0 2657 9722
Bangrak,
Siam Discovery Branch
989 Siam Tower, 11st Floor,
Unit A2, Rama 1 Rd.,
Pathumwan, Pathumwan,
Bangkok 10330
Tel : 02 658 0776
Fax : 02 658 0773
Provincial Offices
Khon Kaen Branch
Phisanulok Branch
Had Yai Branch
4th Fl., Kow Yoo Hah Bldg.,
359/2 Mittapap Rd., Naimuang,
Muang , Khon Kaen 40000
Tel : 0 4332 5044-8
Fax : 0 4322 5687
2nd Fl., Thai Sivarat Bldg.,
59/15 Baromtrilokanad Rd., Naimuang
Muang, Phisanulok 65000
Tel : 0 5524 3646
Fax : 0 5524 5082
4th Fl., Southland Rubber Bldg.,
55 Ratyindee Rd., Had Yai,
Had Yai, Songkla 90110
Tel : 0 7423 4095-99, 0 7423 0537-8
Fax : 0 7422 0908
Khon Kaen-Rim Bueng Branch
3rd Fl., Arokaya Bldg.,
52 Rop Bueng Rd., Nai Muang,
Muang , Khon Kaen 40000
Tel : 0 4322 6026
Fax : 0 4322 6796
Had Yai-Petkasem Branch
Chumporn Investor Center
3rd Fl., Unit 3D, Redar Group Bldg.,
607 Petkaseam Rd., Had Yai,
Had Yai, Songkla 90110
Tel : 0 7422 3044
Fax : 0 7422 3620
25/45 Krom Luang Chumporn Rd.,
Tatapao, Muang, Chumporn 86000
Tel : 0 7757 0652-3
Fax : 0 7757 0441
Suratthani Branch
62/9 Donnok Rd., Talad,
Muang Suratthani, Suratthani 84000
Tel : 077 206 131
Fax : 077 206 151
Laemchabang Branch
83/112, 114 Moo 9, Tungsukla
Sriracha, Chonburi 20110
Tel : 0 3849 0669
Fax : 0 3849 3125
Results Presentation
Score Range
Number of Logo
Less than 50
No logo given
50 - 59
60 - 69
70 - 79
80 - 89
90 - 100
The disclosure of the survey result of the Thai Institute of Directors Association (IOD)
regarding corporate governance is made pursuant to the Office of the Securities and
Exchange Commission. The survey of the IOD is based on the information of a
company listed on the Stock Exchange of Thailand and the Market for Alternative
disclosured to the public and able to be accessed by a general public investor. The
results, therefore, is from the perspective of a third party. It is not an evaluation of
operation and is not based on inside information.
The survey result is as of the date appearing in the Corporate Gavernance Report of
Thai Listed Companies. As a result, the survey result may be changed after that data.
Phillip Securities (Thailand) of securities company does not confirm nor certify the
accuracy of such survey result.
5 of 6
Asiasoft Corporation - AS
Thailand Equities Research
16 March 2012
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accuracy or completeness. Opinions and estimates expressed herein are subject to change without notice. This report is for information
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6 of 6
PHILLIP RESEARCH STOCK SELECTION SYSTEMS
BUY
HOLD
SELL
>15% upside from the current price
Trade within
± 15% from the current price
>15% downside from the current price
We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors
like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or
absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final
recommendation
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SINGAPORE
Phillip Securities Pte Ltd
MALAYSIA
Phillip Capital Management Sdn Bhd
Raffles City Tower
250, North Bridge Road #06-00
Singapore 179101
Tel : (65) 6533 6001
Fax : (65) 6535 6631
Website : www.poems.com.sg
B-2-6 Megan Avenue II
12 Jln Yap Kwan Seng
50450 Kuala Lumpur
Tel : (603) 2166 8099
Fax : (603) 2166 5099
Website : www.poems.com.my
HONG KONG
Phillip Securities (HK) Ltd
THAILAND
Phillip Securities (Thailand) Public Co Ltd
11-12/F United Centre
95 Queensway, Hong Kong
Tel : (852) 2277 6600
Fax : (852) 2868 5307
Website : www.poems.com.hk
15/F, Vorawat Building
849 Silom Road
Bangkok Thailand 10500
Tel : (622) 635 7100
Fax : (622) 635 1616
Website : www.poems.in.th
JAPAN
The Naruse Securities Co Ltd
UNITED KINGDOM
King & Shaxson Ltd
4-2, Nihonbashi Kabutocho
Chuo Ku, Tokyo
Japan 103-0026
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Fax : (81) 03-3664-0141
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120 Cannon Street
London EC4N 6AS
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Website : www.kingandshaxson.com
2