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Original-Research: Achiko Ltd. - von Sphene Capital GmbH

Einstufung von Sphene Capital GmbH zu Achiko Ltd.

Unternehmen: Achiko Ltd.
ISIN: KYG0101M1024

Anlass der Studie: Update Report
Empfehlung: Buy
seit: 18.03.2020
Kursziel: USD 1,20 (bisher USD 1,70)
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Hasler

Partnership with Huawei Tech Investment
 
Achiko and Huawei Tech Investment, a subsidiary of Chinese Huawei
Technologies, announced their intention to partner in providing access to
market and to promote a series of marketing activities. These marketing
activities range from the consumption of digital inventories of Indonesia's
top 3 telco companies, over the creation of exclusive microsites and cross
promotional campaigns to online and offline activities. With a marketing
budget of up to USD 1 million, the partnership is expected to deliver
revenues of up to USD 15 million in the current fiscal year 2020e.
 
Given the market position of Huawei Technologies as one of the leading
telecommunications equipment and consumer electronics companies in the
World, the partnership should further improve the reputation of Achiko as
Indonesia's leading Smart payment company, in our view. While the shares
are trading now even below the intrinsic value of Achiko's existing asset
portfolio, in our view, investors seem to not give credit to the future
strategy and portfolio expansion in current depressed asset markets. Should
the ambitious management expectations be confirmed over the coming years,
we believe that Achiko is trading significantly below its intrinsic value
per share. However, considering the current uncertainty on the capital
markets, we have adjusted our discounted cash flow entity model (primary
valuation method) driven price target by assuming higher risk premiums for
transparency and the early stage character of the business model. These
adjustments result in a revised price target of USD 1.20, down from USD
1.70 per share. Despite the significant underperformance versus the Swiss
equity index (-65.3% vs. SMI's -17.7% since beginning of trading in October
2019), we reiterate our Buy rating for the shares of Achiko Ltd. with an
expected 24 months upside potential for the shares of 140.0%.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/20269.pdf

Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49(89)74443558/ +49(152)31764553
peter-thilo.hasler@sphene-capital.de

-------------------übermittelt durch die EQS Group AG.-------------------


Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. 
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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