Wollte euch mal kurz auf das im Thread-Titel genannte Unternehmen aufmerksam machen und euch um Eure Meinungen bitten. Wenn jemand Lust hat kann er die Ratings übersetzen. da ich es zwar sinngemäß verstehe aber schriftlich nicht 100%ig niederschreiben kann.
Zur Info: Bin seit heute erst angemeldet, aber seit etwa 1 Jahr stiller mitleser hier im Forum.
Persönliches Ziel: 0,45 ? bis zur 2.Hälfte 2011, aufgrund der sich weiter ausdehnenden Tätigkeiten im Ausland
(keine Handelsaufforderung)
Unternehmen:
AsiaSoft Corporation Public Company Limited wurde in Thailand im Jahr 2001 gegründet.
Aufgrund der kontinuierlichen Expansion im In-und Ausland, besteht die AsiaSoft Gruppe derzeit aus 6 Unternehmen einschließlich ihrer Tochtergesellschaften, die alle im Online-Entertainment-Services , in der südostasiatischen Region, tätig sind.
Es werden zunehmen bessere Betriebsergebnisse erzielt (siehe AR 2008 ? 2010). Des Weiteren wird geplant in ausländische Märkte (Indonesien) vorzudringen. Darüber hinaus plant das Unternehmen 2 weitere Launches von Online-Games in der 2 Hälfte des Geschäftsjahres.
Unternehmensergebniss / Ratings:
(in Mio. Baht / 1 Baht = 0,02377 EUR)
2008, 2009, 2010
EBIDTA: §406, 389, 464
Pre-Tax Profit: 263, 274, 359
Net Profit: 185, 174, 264
Rating vom 26.August 2010
DBS Group Research Equity
Quelle: http://as.listedcompany.com/newsroom/2010-08-26_DBS_AS_en.pdf
Breakeven of overseas unit will
boost group profit
Strong 2Q10 profit of Bt74m (+58% y-o-y, +18%
q-o-q) was due to successful launch of new game in
Thailand and an overseas unit turning profitable
Earnings should recover further in 2H10F with
launches of more new popular games in Thailand
and cost-saving measures at overseas unit
Earnings will jump 48% in FY10F led by both
domestic and overseas units; upgrade earnings, and
TP to Bt14.00 based on 16.0x FY11F PE
Given the strong earnings recovery and attractive
FY10F valuation (12.7x PE, 7.5% dividend yield), we
maintain our BUY rating
Overseas unit remained profitable in 2Q10. It is
encouraging that its overseas unit continued to post net
profit in 2Q10. Asiasoft implemented services sharing
measure between Singapore and Malaysia units and cut
its overseas staff count from 200 in 2009 to 140 in 2010.
Absence of overseas losses a boost to group profit. The
overseas unit generated Bt40m loss in 2009, which
means its breakeven should boost group bottomline by
at least the same quantum in 2010.
Maintain BUY. Given its strong earnings momentum and
attractive valuations at 12.7x FY10F PE and 7.5% FY10F
dividend yield, we reiterate our BUY rating for Asiasoft.
Rating vom 20.August 2010
PHILLIP Securities
Quelle: http://as.listedcompany.com/newsroom/2010-08-20_PST_AS_en.pdf
2Q10 net profit up 59.72% YoY
z Online game maker AS posted a revenue drop of 1.90% in 2Q10 compared
to a year ago as offline game revenue declined. As SG&A expenses fell more
sharply than revenues, net profit for the quarter therefore jumped 59.72%
YoY to Bt73.88m, but the profit figure fell short of our forecast of Bt79.24m.
Following results announcement, AS also declared a 1H10 dividend of Bt0.43/
share. The stock will trade ex-dividend (XD) on Aug 26, 2010.
z We believe 2H10 will be better than 1H10 due to higher seasonal factors and
strong popularity of the newly launched games. AS is finding ways to cut
costs through a partnership with One-2-Call, expand further into utilities soft-
ware and invest abroad. AS is eyeing investments in Vietnam and Indonesia
by the end of this year.
z We raise our 2010 net profit outlook for AS to Bt279.91m. Looking ahead into
2011, we expect net profit to grow by 12.13% to Bt313.87m. Rolling over our
valuation window to 14x 2011 P/E, we set a price target of Bt14/share for AS.
We reiterate a 'BUY' rating on AS.
2Q10 net profit up 59.72% YoY but short of estimates
Online game maker AS posted a revenue drop of 1.90% in 2Q10 from a year ago
to Bt354.26m. Online game revenue grew 2.5% as revenue from domestic opera-
tion rose 4.07% on the back of revenue contribution from new game title 'Twelve
Sky 2' launched in 1Q10 but revenue from overseas operations slipped 0.94%.
Offline game revenue plummeted 95.76% as revenues from both domestic and
overseas operations edged lower. Costs declined 14.87% due to the absence of
license fees for existing games and a fall in license fees for new games. SG&A
expenses dropped 15.70% following a cut in overseas staff levels from 200 to
140, a relocation of a customer service center from Singapore to Malaysia where
costs were cheaper, and a fall in marketing expenses along with the delay in new
game launches. Net profit for the quarter jumped 59.72% YoY and 17.57% QoQ
to Bt73.88m, but the profit figure fell short of our forecast of Bt79.24m. In this
period, profit from domestic operation rose 27.16% YoY to Bt67.98m and over-
seas operations posted a profit of Bt5.90m from a loss of Bt7.21m over the same
period of last year.
For 1H10, AS generated revenue of Bt714.46m, up a marginal 0.26% from the
same period of last year. Tight cost and expense controls however led AS to
report net profit growth of as much as 83.26% in 1H10 from a year ago to
Bt136.71m. Following results announcement, AS also declared a 1H10 dividend
of Bt0.43/share. The stock will trade ex-dividend (XD) on Aug 26, and the dividend
is scheduled to be paid on Sep 9, 2010
mit freundliche Grüßen aus Bremen, Rechtschreibfehler dürft ihr behalten :)
stephan
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