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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: 17.06.2020
Kursziel: USD 1,10 (vorher USD 1,20)
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Hasler

Achiko announces successful capital increase
 
Achiko today announced the successful completion of a capital increase. The
company's share capital was increased by kUSD 20.0 from kUSD 91.4 to kUSD
111.4 by issuing 2.0 million bearer shares with a par-value of USD 0.01.
All new shares have been placed at a price of USD 1.00 per share,
substantially above yesterday's closing price of USD 0.22. Gross proceeds
from the capital increase in the amount of USD 2.0 million will be used to
strengthen the equity base and to support the company's organic growth and
the further rollout of its platform strategy. The new shares were
subscribed by major shareholder MNC Group (PT Media Nusantara Citra), one
of Indonesia's largest integrated media groups and also a significant
shareholder in Achiko.
 
In addition, a USD 2.0 million convertible bond has been announced, to be
completed within 20 days.
 
Only recently, the company reiterated its guidance and continues to expect
an increase in revenues to USD 50 million and USD 110 million and an
increase in the number of unique users to 5 million and 12 million in 2020e
and 2021e, respectively, which is significantly above our own predictions.
The organic growth expected is mainly based upon two sources: Firstly, on
Achiko's leading e-payment solution in Indonesia which enables the
settlement of credit card payments, online transfers, and e-commerce
transactions without customers being required to have an own bank account
or financial services provider. Secondly, on the planned introduction of
its e-payment services, video games, and messenger services in neighbouring
territories with similar population structures and a similarly low
percentage of bank account holders along with a high Internet penetration
rate.
 
With this growth story fully intact, in our view, we reiterate our Buy
rating for the shares of Achiko Ltd., but reduce our discounted cash flow
entity model (primary valuation method) driven price target to USD 1.10
from USD 1.20, following the increased number of shares outstanding.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/21089.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.-------------------


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Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
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