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IPO shares. E Commerce
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mikethong88
Elite |
01-Sep-2020 12:56
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ok bro will load up
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FrancisLim
Elite |
01-Sep-2020 12:55
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Target 45 cent based on UOB Kay Hian analysis of August 2018. https://research.sginvestors.io/2018/08/synagie-corporation-uob-kay-hian-research-2018-08-27.html Initiate coverage with BUY and P/S-based target price of S$0.45. Our target price takes into account Synagie&rsquo s high growth and is based on a 25% discount to that of comparable peers. We think the discount is reasonable vs the higher discount rates (40-50%) utilised in small new-economy businesses. This is because of Synagie&rsquo s asset-light business model and seamless technology adoption, making it well positioned to scale up operations easily. Valuations are compelling as Synagie is currently trading at a discount to peers. This is based on annual revenue of 38 million, now 1H 2020 has already reached 38.3 million. If you assumed 2H 2020, nil revenue, the share price is 45 cent (25 discount of the p/s ratio at IPO).
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Kai189
Veteran |
01-Sep-2020 12:51
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me too bro unless they buy up more shares to have a majority say. buy more if u can.
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mikethong88
Elite |
01-Sep-2020 12:44
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hopefully all retail shareholder vote NO
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FrancisLim
Elite |
01-Sep-2020 12:41
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The buyers including the substantial shareholders and key managment are trying to buy out the profitable e-commerce and logisitc business and leave the loss making insure business behind. Also, they are buying it cheap - after the company has turned around and become very profitable in the first half. When they listed they used 5..75 times of the then proforma sale of 12 million to work out 27 cents. Now when half year revenue is 38 million, they changed the basis to net asset value. Why changed the basis after merely 2 years of listing. Basically, trying to take out the profitable business to themselves at the cheap at the expense of minority shareholders who bought at 27 cents at IPO or higher at the SGX. These big boys including Meranti Asean Growth Fund, Alibaba Singapore Holding and Synagie' s founders are not charitable insitutitutions.
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mikethong88
Elite |
01-Sep-2020 12:36
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i will vote NO.
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Kai189
Veteran |
01-Sep-2020 12:34
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vote wisely. TP is 0.45.
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mikethong88
Elite |
01-Sep-2020 12:32
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still subject to shareholders voting
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humbleman
Senior |
01-Sep-2020 12:22
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But then why sell?
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FrancisLim
Elite |
01-Sep-2020 12:11
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Very bright prospect for this fast growing company in the region e-commerce, and data analytic field as evident by the recent paid article in BT Feb 13, 2020.
FEB 13, 2020, 8:00 AM SGT BTPUBLISHED Local firm&rsquo s one-stop e-commerce solutions help SMEs to expand and scaleFeng Zengkun
It takes just about five clicks to complete an online purchase, from filling your shopping basket to paying for your items and arranging for delivery. But behind your computers and mobile phone screens, retail companies wrestle with a complex web of logistics to make sure these parcels arrive at your doorstep &mdash in one piece and on time. In 2014, siblings Clement Lee, 51, and Zanetta Lee, 44, formed Synagie Corporation with their friend Ms Olive Tai, 45, when they realised that businesses needed help navigating these processes. The company offers firms end-to-end e-commerce services, from cataloguing and marketing to warehousing and lastmile delivery, as well as a cloud-based platform, powered by real-time data analytics and artificial intelligence. Synagie Corporation offers retail businesses one-stop e-commerce solutions, and counts brands such as Johnson & Johnson and Shiseido among its over 280 customers. It has more than 100 employees across five South-east Asian countries, and counts brands such as Johnson & Johnson and Shiseido among its over 280 customers. E-COMMERCE MADE EASYSynagie&rsquo s industry foresight has helped it to reap the benefits of South-east Asia&rsquo s booming e-commerce sector, which is on track to hit US$153 billion (S$213 billion) by 2025 &mdash more than four times its current annual value. This is based on a 2019 report by Temasek, Google and Bain & Company. According to a study by global research firm Statista and The Straits Times, Synagie is now the fastest-growing company in Singapore with a compound annual growth rate of nearly 340 per cent. &ldquo It&rsquo s a huge market that is growing at a phenomenal speed,&rdquo said Mr Lee, Synagie&rsquo s chief executive officer. &ldquo And selling goods and services online is especially important for Singapore companies because of our small domestic market.&rdquo This is Synagie&rsquo s area of speciality. The company helps retail businesses to set up virtual stores on websites and online shopping platforms such as Lazada, Shopee and Qoo10. It also creates marketing strategies for these companies, based on the regions and audiences they are targeting. &ldquo South-east Asia is a &lsquo jungle&rsquo , which means the strategy has to be different from country to country,&rdquo said Mr Lee. &ldquo We have experience writing compelling content, and use artificial intelligence to detect flaws, such as descriptions that are not attention- grabbing or emotional enough.&rdquo One of the company&rsquo s key selling points is its role as an integrated &ldquo back office&rdquo for retail businesses. It helps to manage and automate value chains, overseeing everything from inventory management to last-mile deliveries, and provides data- driven insights to improve its clients&rsquo businesses. &ldquo For example, if people often buy snacks and soft drinks at the same time, we would suggest that some of our clients explore a cross-brand promotion,&rdquo he said. FROM LOCAL TO REGIONALSynagie&rsquo s easy-to-use services have helped it to expand its footprint across Asia. In 2019, the company inked a number of partnerships with regional brands such as Lazada, Kosé and global sporting giant Amer Sports Malaysia to strengthen its foothold in the region. It plans to open a new office in Indonesia this year, adding to its bases in Singapore, Malaysia, Vietnam, Thailand and the Philippines. It is also working with enterprise development agency Enterprise Singapore to help small and medium enterprises (SMEs) in Singapore go global through e-commerce. The project will provide SMEs with end-to-end solutions, including business advisory, content development, big data analytics, cross-border warehousing and fulfilment, and will help companies to sell online in regional and international marketplaces, using Synagie&rsquo s cloud-based e-commerce platform. &ldquo Our technological capabilities and regional network offer unique advantages to SMEs. We look forward to helping them manage and scale their businesses digitally across borders,&rdquo said Ms Tai, Synagie&rsquo s executive director. Mr Lee added that Synagie plans to expand its market share in South-east Asia to better help companies prepare for the future. &ldquo We just created an entire department to help SMEs sell in other countries. We want to have a firm foothold in the region and we want our presence to be able to better serve our brand partners.&rdquo SYNAGIE&rsquo S JOURNEY TO REGIONAL GROWTHBy the time the founders of Synagie had set up the company in 2014, they had chalked up decades of business experience between them. Mr Clement Lee had spent more than 20 years in the lifestyle and entertainment sector, his sister more than 15 years in the automotive and retail industry, and Ms Olive Tai more than 20 years in companies handling fast-moving consumer goods. &ldquo We could see that more and more people were buying things online rather than in stores, and many brands that we were working with were asking us for help to sell on different online channels,&rdquo said Mr Lee, Synagie&rsquo s chief executive officer. Seeking out strategic partners While the co-founders were convinced that their company met a pressing need in the market, they realised that finding the right partners was key to growth. Last May, Synagie partnered postal service SingPost to provide on-demand warehousing and fulfilment services to small and medium enterprises (SMEs) in South-east Asia (SEA). &ldquo This gave us access to 70,000 sq ft (6,503 sq m) of warehouses, and lets us ride on SingPost&rsquo s international delivery network if we need to,&rdquo said Mr Lee. A month later, it partnered Weimob, a solutions provider for mobile app We- Chat, to help firms in SEA enter China&rsquo s social e-commerce market. Mr Lee explained: &ldquo Weimob has the experience and infrastructure in China. It can tell us how we should position products, whether prices are too low or high, and how to create social media buzz.&rdquo Planning ahead Growing a business isn&rsquo t without its risks. Last year, Synagie approached Enterprise Singapore for support in crafting an enterprise risk management policy. The framework is expected to be finalised by the end of this year, and will help the company to manage potential risks as it expands in the region. &ldquo Through this process, we can institute ways to mitigate risks,&rdquo said Synagie&rsquo s executive director Olive Tai. &ldquo For example, we have made it mandatory to password- protect job ré sumé s so we don&rsquo t break any personal data protection laws.&rdquo |
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Joelton
Supreme |
01-Sep-2020 09:34
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Synagie should grow, not sell its e-commerce business
TWO years after it raised nearly S$10 million in an initial public offering, and just eight months after it raised another S$3.8 million from a rights issue, e-commerce services provider Synagie Corporation wants to sell its e-commerce business. The proposed deal will deprive Synagie' s shareholders of a business that has only just turned profitable, and will instead leave them holding an insurtech startup that is still loss-making.
In August, Synagie announced that it had managed to turn its first profit since its 2018 listing. For the half year to June 30, the company reported earnings of S$4.1 million - a reversal from its S$3.7 million loss in the year-ago period. Revenue had more than quadrupled to S$38.3 million, from S$9 million a year ago, led by contributions from its e-commerce segment.
Synagie is just the sort of company that could be expected to do well during the Covid-19 pandemic. It sells body, beauty and baby (BBB) products online, and provides marketing support services to brands - mainly those in the fast-moving consumer goods (FMCG) industry.
The company was one of six business-to-consumer partners that were pre-approved by Enterprise Singapore and the Infocomm Media Development Authority for an initiative called Grow Digital, which co-funds up to 70 per cent of the cost for small- and medium-sized enterprises that want to use an e-commerce platform like the one offered by Synagie.
It makes sense, therefore, that Synagie has attracted the attention of investors. The week before it released its results, Synagie announced a proposal to sell its e-commerce and e-logistics arms for S$61.7 million.
The buyer is a consortium that will eventually consist of the Meranti Asean Growth Fund, Alibaba Singapore Holding, and Synagie' s founders Clement Lee, Zanetta Lee and Tai Ho Yan. The Meranti fund is managed by pan-Asian venture capital firm Gobi Partners.
Shareholders are being offered what seems a handsome payoff to approve the deal. Synagie said it would distribute 18 Singapore cents per share to shareholders from the sale proceeds. Its stock had closed at 18.9 cents just before the deal was announced.
But for shareholders who had bought Synagie' s stock at IPO for 27 cents a share, the deal is actually a loss-making proposition. Shareholders who had participated in the rights issue would have a lower adjusted cost of 26.71 cents a share, but would still be out of pocket. Synagie' s total return since its listing is a negative 21.4 per cent.
Synagie' s argument for selling the e-commerce business is that the business is fundamentally unchanged and that the recent profitability is due only to a one-off surge in demand for products related to Covid-19 and higher e-commerce activity due to stay-home measures in the first half of this year.
But rather than build on this surge for the benefit of the company and all its shareholders - as most other Covid-19 beneficiaries are now trying to do - Synagie' s founders are taking the business out of minorities' hands. Its minority shareholders would be left with an insurtech business that brought in only S$800,000 in revenue in H1 2020.
Slower growth
Should shareholders reject the deal instead? Unfortunately, there is no straightforward answer.
Around the time it came to market, Synagie had actually been a fast-growing company. In 2017, it reported that its revenue more than doubled thanks to the addition of 77 new brand partners. The company said it had more than 250 brand partners as at June 20, 2018.
Since then, net additions in brand partners have slowed. Synagie said it had more than 270 brand partners at end-2018, and more than 280 brand partners at end-2019.
The slower pace of growth is unsurprising given the relatively small size of Singapore' s market and the finite pool of global FMCG players with headquarters in Singapore to which Synagie can offer its end-to-end e-commerce solutions.
At the same time, more and more companies are choosing a direct-to-consumer (DTC) e-commerce model in order to build a stronger relationship with customers. Both Procter & Gamble and Unilever, for instance, have been increasing their DTC investments in order to seize control of the customer experience.
Given the relatively low price points for many FMCGs, it is unlikely that these brands will give up working with e-commerce enablers entirely. And Synagie has shown that it is still capable of stitching up some good partnerships.
In June 2020, Synagie increased its access to more brands by partnering with media investment group GroupM. Synagie will provide end-to-end e-commerce platform store management and fulfilment services to GroupM' s clients in South-east Asia, consisting of multinational corporations, telcos and banks.
But there is no guarantee that Synagie can improve on its current performance. In fact, the company' s track record is uninspiring.
Ideally, Synagie should secure the buyers of its business as new investors in the listed entity - as Singapore Post (SingPost) had previously done. In 2014, Alibaba took a stake in SingPost and subsequently also invested in a SingPost subsidiary. Synagie should also seize the opportunity created by a growth in the e-commerce marketplace to offer new and value-added services to its customers, perhaps by offering consultancy services, branching into new specialisations or targeting brand partnerships outside the FMCG sector.
As it is, Synagie' s shareholders are being asked to choose between two very unexciting options.
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Kai189
Veteran |
31-Aug-2020 23:58
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caught me by surprise the sell down...was in q and went for a nap.. at 4.41pm q done..wtf |
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johnyap89
Veteran |
31-Aug-2020 19:18
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market suddenly uturn and drop.. see tmr how
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johnyap89
Veteran |
31-Aug-2020 14:33
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no worries . we all here to huat tgt ! im watching samko, just waiting for a safer reentry. thanks though 
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Fluffyclouds
Master |
31-Aug-2020 14:28
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Thanks for the honest reply, appreciate it alot. Can look at samko, still got meat.
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johnyap89
Veteran |
31-Aug-2020 14:26
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i think 24/245 i run liao. this counter usually up about 10-15% only. but bb has been accumulating for quite long 21x-22x so today might push further but i not betting on that la. this counter just for extra $ only
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Fluffyclouds
Master |
31-Aug-2020 14:22
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TP?
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johnyap89
Veteran |
31-Aug-2020 14:17
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heng i buy some already.. looks like bb in for the push liao. later should move more 0.22 got 14m buy up.. huge accumulation
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OngBak
Veteran |
31-Aug-2020 10:08
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10m shares done in 1 hr. Keep topping up at 0.22 Breaking soon | ||||
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FrancisLim
Elite |
25-Aug-2020 14:08
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UOB 27 Aug 2018 Synagie Corporation (SCL SP) Propelling E-Commerce In The Fast Lane Synagie is the fastest growing e-commerce solutions provider in Southeast Asia, focusing on beauty, body and baby care sector. The group&rsquo s platform entails endto-end services for more than 250 brand partners. Furthermore, Insurtech is a disruptor that complements its ecosystem. Investors can look forward to growth propulsion as Synagie rides on Southeast Asia&rsquo s undeveloped e-commerce opportunities. Initiate with BUY and 4.2x P/S-based target price of S$0.45. Valuation Initiate coverage with BUY and P/S-based target price of S$0.45. Similar to a number of new-economy stocks, particularly companies that are not profitable, we believe P/S would be a more appropriate benchmark. In using P/S, we would also attempt to reflect an appropriate P/S valuation that commensurates with the growth rate of Synagie&rsquo s topline. Riding on a potentially sizeable Southeast Asian e-commerce market of US45.6b by 2022 (according to Frost and Sullivan), we like Synagie for its: a) value-add ecosystem, b) seamless technological adoption, c) asset-light business model, and d) fast-track revenue growth We value Synagie at S$0.45/share, based on a 25% discount to peers&rsquo average. We input a discount due to Synagie&rsquo s smaller market capitalisation and shorter operating history but the discount could narrow with a steady execution of business plans and positive newsflow. With an eye on growing the business after its public listing, management is looking to expand by penetrating new geographical locations, developing its investments in information technology capabilities, and potential M& As. |
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