Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

I am a fundamental-value investment analyst with a bent for events and soft catalysts.

During my time on both the buy-side and sell-side I focussed on small and mid-cap companies in ASEAN, Australia and HK/China.

Although a generalist, my background as an engineer lends itself toward deep-dive research in more practical sectors like consumer and industrials.

Previous recommendations include:

Concepcion Industrial		(CIC PM)	BUY	03/12/2015		+100.1%
OSIM International		(OSIM SP)	BUY	11/12/2015		+36.9%
Bellamy's Australia Ltd	(BAL AU)	SELL	08/06/2016		+60%
Pryce Corp				(PPC PM)	BUY	14/07/2016		+105%
Rukun Raharja			(RAJA IJ)	BUY	16/02/2017		+61%
Asian Pay Television Trust (APTT SP)	BUY	30/12/2016		+67%

Pan-Asia Equity Bottom-up

Procurri (PROC SP): What Would Be a Fair Price for Minority Shareholders?

PROC SP: Trend of Under Promising and over Delivering Continues with 3Q Results

Procurri: Exit DeClout, Enter Novo Tellus. Company Remains Highly Undervalued at 4.4x 2018 EV/EBITDA

DEEP DIVE: Procurri Corporation - Darkest Before Dawn, 180% Upside

Procurri: Recovery in Results Overshadowed by Continued Involvement & Weak Corp Gov at DeClout

Procurri: Main Shareholder DeClout Launches Strategic Review; Sale Process Could Yield 100%+ Upside

Research-Intensive Fundamental Value Advisor

Wickhams Hill

Wickhams Hill Capital is a research-intensive fundamental value advisor, on long and occasionally short investment opportunities concentrated in small and mid-cap public companies.

Equity Bottom-Up

We first wrote about Procurri Corporation in June, with a DEEP DIVE report that a business recovery was underway (<a href="https://www.smartkarma.com/insights/deep-dive-procurri-corporation-darkest-before-dawn-180-upside" target="_blank" data-smartkarma-citation="insights:21705">DEEP DIVE: Procurri Corporation - Darkest Before Dawn, 180% Upside</a>).
The company has just released 2Q18 results that continue to support our view, with strong top-line growth in both IT Distribution (ITD) and Life Cycle Services (LCS) segments converting to consecutive profitable quarters.
From a total $6.92m of EBITDA and $2.75m loss during FY17, the company has now achieved $10.0m of EBITDA and $2.25m NPAT in 1H18 alone.
We now forecast that the company will generate $20.0m in EBITDA and $5.7m for the full year. At such an early point in the recovery, Procurri will trade at 14.3x P/E and 3.3x EV/EBITDA.

We first wrote about Procurri Corporation in June, with a DEEP DIVE report that a business recovery was underway (DEEP DIVE: Procurri Corporation - Darkest Before Dawn, 180% Upside).
The company has just released 2Q18 results that continue to support our view, with strong top-line growth in both IT Distribution (ITD) and Life Cycle Services (LCS) segments converting to consecutive profitable quarters.
From a total $6.92m of EBITDA and $2.75m loss during FY17, the company has now achieved $10.0m of EBITDA and $2.25m NPAT in 1H18 alone.
We now forecast that the company will generate $20.0m in EBITDA and $5.7m for the full year. At such an early point in the recovery, Procurri will trade at 14.3x P/E and 3.3x EV/EBITDA.

Procurri (PROC SP): 2Q18 Result Confirms The Recovery Is Underway