Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/24110" target="_blank" data-smartkarma-citation="entities:24110:1">Procurri Corporation Limited (PROC SP)</a> stock price has continued to fall by another 25% since my initial insight on 9th of May 2017. <a href="https://investor.procurri.com/news.html/id/583257" target="_blank">Weak 1Q17</a> results did not help to turn sentiment around.Please read my previous insight here:<a href="https://www.smartkarma.com/insights/discover-singapore-procurri-proc-sp-after-failed-ipo-does-company-deserve-a-second-chance" target="_blank" data-smartkarma-citation="insights:10527">Discover Singapore: Procurri (PROC SP); After Failed IPO Does Company Deserve a Second Chance?</a>The company is close to "celebrating" its 1-year listing anniversary next month and the question now becomes:<div class="content-highlight">
What will its largest shareholder <a href="https://www.smartkarma.com/entities/7924" target="_blank" data-smartkarma-citation="entities:7924:1">Declout Ltd (DLL SP)</a> do?
With the <a href="https://investor.procurri.com/news.html/id/580282" target="_blank">resi</a>…
</div>

Procurri Corporation Limited (PROC SP) stock price has continued to fall by another 25% since my initial insight on 9th of May 2017. Weak 1Q17 results did not help to turn sentiment around.Please read my previous insight here:Discover Singapore: Procurri (PROC SP); After Failed IPO Does Company Deserve a Second Chance?The company is close to "celebrating" its 1-year listing anniversary next month and the question now becomes:
What will its largest shareholder Declout Ltd (DLL SP) do?
With the resi…


Procurri (PROC SP): Trading at My Bear Case Level. What Will Its Largest Owner Declout Do?

<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?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

An entrepreneurial spirit runs deep in Sean Murphy's blood.
Driven by an innate need to create and build, the IT industry veteran dares to live his dreams, and is passionate about turning possibilities into reality.
"Entrepreneurship is my passion," said the global Chief Executive Officer of Procurri Corp, a Singapore-listed provider of data centre equipment and maintenance services.
"It's about embracing challenges, solving problems and taking risks. And most of all, it shows that no matter where you come from, what your background is, you can achieve tremendous success if you are willing to work for it."

An entrepreneurial spirit runs deep in Sean Murphy's blood.
Driven by an innate need to create and build, the IT industry veteran dares to live his dreams, and is passionate about turning possibilities into reality.
"Entrepreneurship is my passion," said the global Chief Executive Officer of Procurri Corp, a Singapore-listed provider of data centre equipment and maintenance services.
"It's about embracing challenges, solving problems and taking risks. And most of all, it shows that no matter where you come from, what your background is, you can achieve tremendous success if you are willing to work for it."

Procurri Dreams Boldly in Race to Change Tech World

Singapore

Procurri is a global independent provider of IT lifecycle services and data center equipment. The company offers hardware resale, independent maintenance services, and IT asset disposition (ITAD), including data destruction and e-waste recycling. Procurri's global headquarters are located in Singapore, and it was incorporated in 2013.

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Procurri (PRCRF US)

Procurri (PROC SP): Trading at My Bear Case Level. What Will Its Largest Owner Declout Do?

Procurri Corporation Limited (PROC SP) stock price has continued to fall by another 25% since my initial insight on 9th of May 2017. Weak 1Q17...

Nicolas Van Broekhoven

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

Procurri Dreams Boldly in Race to Change Tech World

An entrepreneurial spirit runs deep in Sean Murphy's blood. Driven by an innate need to create and build, the IT industry veteran dares to live his...

Singapore Exchange Ltd (SGX)

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