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Post Info TOPIC: System Access
ahkian


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System Access: Neutral - CIMB-GK Research22 December 2005

Dec 21 close: 10.5 cents
CIMB-GK RESEARCH, Dec 21


SHORT-TERM pain for long-term gain: SYS issued a warning on Dec 16 that its half-time earnings could come in lower than expected and that a loss cannot be ruled out.


The warning was triggered by:




- the loss of a US$10 million potential deal in Pakistan;
- additional expenses to train engineers from Satyam;
- higher R&D costs on software upgrade;
- start-up losses at its 44.7 per cent-owned China joint venture;
- losses from its recently acquired Comex Genesys.



Though the above may affect its near-term earnings, SYS's investments in China and Comex will help the group build scale to support longer-term growth. We have slashed our FY06-08 forecasts by 72-88 per cent, after lowering our revenue and Ebitda margin assumptions. Accordingly, we have cut our target price from S$0.38 to S$0.12, using 1.2x CY06 P/BV instead of 10x CY06 P/E.


We believe P/BV is more appropriate in view of its earnings risk. Our P/BV target is set at a deep 80 per cent discount to the 5.8x P/BV Oracle paid for i-Flex recently. Given the uncertain short-term outlook, we downgrade the stock from OUTPERFORM to NEUTRAL.


COMMENTS
Last week this stock reach a low of $0.10.
This company has low debt and is expanding into relatively unknown locations.
Huge growth potential, its a case of high rise high gain.
Intend to pick up some when it drops below 10c, however, I will limit myself to
less than 5% of my entire portfolio.



-- Edited by ahkian at 09:48, 2005-12-26

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ah Kian
ahkian


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The Straits Times / The Business Times News on System Access
System Access to buy M'sia's Comex Genesys for RM13.8mBy Amit Roy Choudhury - 26 October 2005

HOMEGROWN banking software company System Access Ltd is to acquire Malaysian credit card and payment business Comex Genesys from its investment-company owners.


Sesdaq-listed System Access will pay RM13.8 million (S$6.2 million) for Comex Genesys, in cash and shares to the vendors who control Comex Genesys, which include Barings Asia Private Equity Investment XXIII Ltd, Infocomm Investment Pte Ltd, Technology Fund II Pte Ltd, Visa International (Asia Pacific) Ltd and others. Comex Genesys will become a wholly owned subsidiary of System Access.


Leslie Loh, the founder and CEO of System Access, said the acquisition will help System Access' expansion into the card and payment solutions business, which is enjoying robust growth worldwide.


'Comex Genesys provides us with the domain knowledge and technology needed to penetrate these high growth markets . . . The acquisition will also enhance our distribution support network and customers portfolio substantially, especially in Asia,' he said.


System Access' best-known product is Symbols, a universal banking software system which works with various banking transactions. The company recently signed a deal with Unisys in which Unisys will market Symbols. Unisys is one of the world's largest information technology services and solutions companies.


Comex's executive chairman Michael Yap, said: 'Comex Genesys aims to be the leading provider of card management solutions to financial institutions world-wide . . . System Access will add enlarged resource pool, global distribution networks and financial resources to speed up the process.'


Mr Loh said the combined customer portfolio of System Access and Comex will include more than 150 banks in over 40 countries across Asia, Europe, Middle East, Africa, Australia and New Zealand.


'System Access will continue to work closely with the network of Comex's partners in supporting all its commitments that are related to the distribution and delivery of Comex's product,' Mr Loh added.


Comex's customers include Japan's Shinsei Bank, Ambank in Malaysia and China's Bank of Shanghai. It has a total staff strength of around 130 in offices across Malaysia, Singapore, China and Japan.



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Financial Highlights S$ Million


                                       FY2002 FY2003 FY2004
    Revenue                          50.5 3    3.7      32.7
   Gross Profit                       30.7      18.3     21.5
   Gross Profit Margin            60.8%   54.2%   65.5%
   Profit/(Loss) for the year   6.1       (5.5)     6.6
   Net Profit Margin                12.1%    n.m.     20.2%
   Gross Cash                        1.8        3.0       5.1


Latest Financials : http://ir.asiaone.com/systemaccess/doc/systemaccess_2005.pdf



-- Edited by ahkian at 12:55, 2005-10-23

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The Straits Times / The Business Times News on System Access
System Access reports 12% jump in net profitBy Amit Roy Choudhury - 23 August 2005
The Business Times

SYSTEM Access, which was listed on Sesdaq in June this year, has posted a 12 per cent jump in net profit to $7.4 million for its financial year ended June 30.


Its maiden full-year results show turnover rose 21 per cent rise to $39.7 million.


According to Leslie Loh, its chief executive and founder, the turnover growth was due mainly to more new sales orders secured in the high-growth markets of Asia-Pacific and Middle East during the second half of FY2004 and during FY2005. Sales growth in the Middle East soared more than three-fold while Asia-Pacific revenue grew by 22.5 per cent.


The group's earnings per share (EPS) came to 2.93 cents against 5.84 cents in the preceding year based on weighted average share capital of 252.3 million shares and 113.4 million shares respectively.


The net asset value (NAV) per share as at June 30 this year was 9.69 cents, up from 5.70 cents at end-June 2004.


On a segment basis, System Access' revenue growth was driven by the company's software, development, licensing and implementation services, which enjoyed a surge in sales of 143 per cent, Mr Loh said. Sales in this segment went up from $13.8 million in FY2004 to $33.6 million in FY2005. This division accounted for the bulk or 84.6 per cent of the group's overall revenue.


The firm's maintenance and enhancement services recorded sales of $6.1 million, accounting for 15.4 per cent of total revenue. This is down from the $18.9 million, or 57.8 per cent revenue contribution, in the preceding financial year.


This was largely due to the completion of certain major enhancement services orders received in the previous years.


On a geographical basis, both the high-growth Middle Eastern and Asian markets were the key growth drivers, Mr Loh said.


However, Europe continued to be the largest contributor to revenue, accounting for 55.7 per cent of total revenue at $22.2 million, against the previous year's $22.9 million.


Including proceeds from its share issue, cash and cash equivalents stood at $11.4 million as at the end of FY2005.



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The Straits Times / The Business Times News on System Access


System Access lands first client


By Chuang Peck Ming - 24 September 2005


IT'S taken a while and some heavy investments, but Singapore-based System Access has recently landed its first client in Vietnam. Emboldened, the software provider is planning to open an office in the country.


'We began tracking the Vietnamese market from as early as 1999 and continue to invest time, money and effort in developing this market,' says System Access chief executive officer Leslie Loh. 'Today, we have local sales, business development and technical staff in the country. Plans are underway to set up an office in Hanoi to better respond to the market's needs.' He says that the company has invested more than $1 million in Vietnam - and will step up its investments.


System Access, which specialises in serving financial services institutions worldwide, has only just clinched the Vietnamese deal, with Vietnam International Bank, according to Mr Loh. And it is in 'serious discussions' with several other Vietnamese banks.


'We see good opportunities to increase our market share in the near future,' he says. 'With a total of 50 state and joint-stock banks in Vietnam beginning to modernise their banking services, System Access sees a tremendous opportunity to implement our products and services in the market place.'


According to him, the Vietnamese are eager to modernise and internalise their banking IT infrastructure. 'They are looking to learn and benefit from international experiences and are looking for partners who are committed to not only deliver on-time and on-budget projects, but also to transfer valuable domain, product and international knowledge.'


The company, which aims to deliver 'a seamlessly integrated suite' of software products supporting the entire core operations of banks, has earmarked Vietnam as a market 'where we target to assume leadership position with our 'Global Yet Local' business strategy'.


'We will introduce a globally accepted international standard banking software solution with localisation for the Vietnamese market,' Mr Loh says. 'Our value proposition is in delivering a 'localised world-class' product with cost-effective localised services and commitment through direct market presence and support.'


The breakthrough for System Access in Vietnam came in the 1990s when the World Bank pushed for the country to bring its banking industry up-to-date.


'The initiative began with the funding by the World Bank pilot implementation of international banking software solution for selected state-owned banks in Vietnam,' Mr Loh says.


System Access first entered the Vietnamese market with a network of global and local partners. 'Our global technology partners introduced these local contacts to us,' he says. 'We qualify these partners into our strategic partner eco-system and embark into the market with them as our local guides.'


As with any new market, System Access initially faced problems with the local language and culture but overcame them with the help of its local partners, says Mr Loh. With them holding its hands, the company was able to understand the market requirements, communicate its value proposition and build a relationship with banks in Vietnam.



-- Edited by ahkian at 08:57, 2005-12-26

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The Straits Times / The Business Times News on System Access System Access software to be sold by Unisys S'pore company will gain access to new markets, a new business model
By Amit Roy Choudhury - 20 October 2005

LOCAL banking software maker System Access' flagship product, Symbols, will be marketed by Unisys, one of the world's largest information technology services and solutions companies.


System Access and Unisys signed a memorandum of understanding to this effect yesterday.


Leslie Loh, System Access chief executive and founder, said the partnership will give his company access to mature markets of North America and Western European as well as to the Latin American market.


Symbols, developed in Singapore, competes with products developed by i-flex, another banking software developer in which Oracle recently acquired a majority stake after paying almost US$1 billion.


The New York Stock Exchange-listed Unisys counts 22 of the top 25 global banking institutions as its customers and employs more than 36,000 people. It clocked US$5.8 billion in customer revenues last year and services contributed 81 per cent of that.


'The MoU is part of our strategy of establishing a partner ecosystem between established and reputable companies to tap the global banking software market,' Mr Loh said. System Access already has a strategic partnership with Indian IT major Satyam Computers.


The Unisys partnership is expected to offer System Access potential customer relationship with large banks, project leadership for large-scale project delivery, and advanced and scalable IT infrastructure.


System Access plans to offer its software solutions based on a pay-for-use or utilities model.


According to Mr Loh, in mature economies like North Americas and Western Europe, it is fast becoming a market trend for IT vendors to price their offering on usage.


Unisys is a pioneer in offering such a pricing model, Mr Loh said, adding: 'Unisys can thus assist us in delivering our joint solution using such an innovative pricing model.'


System Access and Unisys will work together to offer the Symbols solution on Unisys ClearPath servers.


The combined solution will help Unisys in its mainframe business by enhancing a package that includes offerings like secure Java with mainframe security, and also promote Unisys' pay-for-use business model.


Mr Loh said the company will seek to establish a string of such partnerships as a part of its growth strategy. 'We plan to set up a consortium of complementary technology and services partners that would provide us the scale and size needed to support banks of all sizes globally across various markets.'



-- Edited by ahkian at 08:57, 2005-12-26

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Company website : http://www.systemaccess.com

-- Edited by ahkian at 12:45, 2005-10-23

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