Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/7924" target="_blank" data-smartkarma-citation="entities:7924:1">Declout Ltd (DLL SP)</a> partly spun-off Procurri via IPO on SGX mainboard in July 2016</li><li><a href="https://www.smartkarma.com/entities/24110" target="_blank" data-smartkarma-citation="entities:24110:1">Procurri Corporation Limited (PROC SP)</a>'s IPO failed and is trading almost 45% below introduction price</li><li>2016 full year results announced in February 2017 significantly below expectations due to heavy investment</li><li>Recent company visit offer some explanations why growth has been disappointing versus IPO projections</li><li>2017 could be a year of recovery and re-rating for stock</li><li><a href="https://www.smartkarma.com/entities/24110" target="_blank" data-smartkarma-citation="entities:24110:1">Procurri Corporation Limited (PROC SP)</a> trading at 9x 2017 EPS; 4.2x EV/EBITDA; 1.3x book value</li><li>Fair Value: bear case (25% downside), base case (50% upside) and blue-sky scenario (+136% upside)</li></ul>

Declout Ltd (DLL SP) partly spun-off Procurri via IPO on SGX mainboard in July 2016Procurri Corporation Limited (PROC SP)'s IPO failed and is trading almost 45% below introduction price2016 full year results announced in February 2017 significantly below expectations due to heavy investmentRecent company visit offer some explanations why growth has been disappointing versus IPO projections2017 could be a year of recovery and re-rating for stockProcurri Corporation Limited (PROC SP) trading at 9x 2017 EPS; 4.2x EV/EBITDA; 1.3x book valueFair Value: bear case (25% downside), base case (50% upside) and blue-sky scenario (+136% upside)

Discover Singapore: Procurri (PROC SP); After Failed IPO Does Company Deserve a Second Chance?

Singapore

Procurri Corporation Limited provides enterprise data center equipment and lifecycle services to clients in Singapore and internationally. It offers IT distribution services, including hardware resale and supply chain management; and lifecycle services, such as independent maintenance, Hardware-as-a-Service, and IT asset disposition.

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Procurri Corporation (PROC SP)

Discover Singapore: Procurri (PROC SP); After Failed IPO Does Company Deserve a Second Chance?

Declout Ltd (DLL SP) partly spun-off Procurri via IPO on SGX mainboard in July 2016 Procurri Corporation Limited (PROC SP)'s IPO failed and...

Nicolas Van Broekhoven

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