Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

Plover Bay Technologies / Equity Bottom-Up

<div><div><div><div><ul><li>Plover Bay managed to post a satisfactory set of 1H23 results under the unfavourable global economy’s condition, with net profit increasing by 19.1% y/y to USD12.3mn, which was in line with our expectation.</li><li>Thanks to the wide adoption of its products across many industries, total revenue increased by 11.0% y/y.</li><li>Sales to EMEA grew 14.1% y/y, while sales to N. America increased by 11.3% y/y. An interim DPS of 7.01 HK cents was declared, translating into a payout ratio of 80% (1H22: 80%). </li></ul></div></div></div></div>

Plover Bay managed to post a satisfactory set of 1H23 results under the unfavourable global economy’s condition, with net profit increasing by 19.1% y/y to USD12.3mn, which was in line with our expectation.Thanks to the wide adoption of its products across many industries, total revenue increased by 11.0% y/y.Sales to EMEA grew 14.1% y/y, while sales to N. America increased by 11.3% y/y. An interim DPS of 7.01 HK cents was declared, translating into a payout ratio of 80% (1H22: 80%). 

Plover Bay Technologies Limited - 1H23 Net Profit in Line; Maintain BUY

<div><div><div><div><ul><li>Despite high inflation and unfavourable exchange rate movements, Plover Bay managed to post a decent set of 2022 results, with adj. net profit increasing by 14.7% y/y to USD24.3mn, which was 13% below our expectations.</li><li>Reported profit was up 6.9% y/y due to an FX loss of US$1.7mn.</li><li>Thanks to the wide adoption of its products across many industries, total revenue increased by 17.0% y/y. Sales to North America surged 20.7% y/y, while sales to Asia increased by 19.3% y/y. </li></ul></div></div></div></div>

Despite high inflation and unfavourable exchange rate movements, Plover Bay managed to post a decent set of 2022 results, with adj. net profit increasing by 14.7% y/y to USD24.3mn, which was 13% below our expectations.Reported profit was up 6.9% y/y due to an FX loss of US$1.7mn.Thanks to the wide adoption of its products across many industries, total revenue increased by 17.0% y/y. Sales to North America surged 20.7% y/y, while sales to Asia increased by 19.3% y/y. 

Plover Bay Technologies Limited - Slight Disappointment Did Not Mask Its Superiority

Hong Kong

Plover Bay is the holding company of Peplink. Our vision is to make connectivity reliable through our ecosystem of enterprise LTE/5G routers and software services. Everyday, thousands of enterprises in retail, industrial, public safety, healthcare and government organizations use Peplink technologies in workplaces, factories, outdoor deployments, vehicles, ships, drones, and IoT systems to ensure their network connections are fast and reliable.

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Plover Bay Technologies (1523 HK)

Plover Bay Technologies Limited - 1H23 Net Profit in Line; Maintain BUY

Sales to EMEA grew 14.1% y/y, while sales to N. America increased by 11.3% y/y. An interim DPS of 7.01 HK cents was declared, translating into a...

Quam Securities

Plover Bay Technologies Limited - Slight Disappointment Did Not Mask Its Superiority

Despite high inflation and unfavourable exchange rate movements, Plover Bay managed to post a decent set of 2022 results, with adj. net profit...

Quam Securities

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