Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Plover Bay Technologies (1523 HK): Starlink Mobile Is a Tailwind; Spin-Off Expected in 2027

Plover Bay 1523 HK: Solid FY25 Results, Growth Intact, Investor Focus Shifts To Spin-Off

Plover Bay (1523 HK): Postcard from Hong Kong, Growth For The Future Lining Up

Plover Bay (1523 HK): Slight Deceleration But Solid H1 FY25 And Optimistic Future Growth

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Plover Bay Technologies / Equity Bottom-Up

<ul>
<li>Revenue up 18.5% and net profit up 27.9%, with gross margin at 58.8% (up 320 bps YoY) and net margin at a record 37.2% (up 280 bps YoY).</li>
<li>Recurring revenue grew 24.7% to 29.6% of sales; subscription take-up rate rose to 41.4% from 38.6%. Cash on the balance sheet declined due to an increase in inventories/receivables.</li>
<li>Following a recent ~12% correction in share price, the stock trades at 17.3x FY26e P/E, 13.6x EV/EBITDA, and a 5.5% yield with a net cash position.</li>
</ul>


Revenue up 18.5% and net profit up 27.9%, with gross margin at 58.8% (up 320 bps YoY) and net margin at a record 37.2% (up 280 bps YoY).
Recurring revenue grew 24.7% to 29.6% of sales; subscription take-up rate rose to 41.4% from 38.6%. Cash on the balance sheet declined due to an increase in inventories/receivables.
Following a recent ~12% correction in share price, the stock trades at 17.3x FY26e P/E, 13.6x EV/EBITDA, and a 5.5% yield with a net cash position.


Plover Bay Technologies (1523 HK) H1 FY26 Results: Margins Inflect Higher, Spin-Off On The Horizon