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ACE Market-bound Autocount Dotcom gets bullish target price of 61 sen

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ACE Market-bound Autocount Dotcom gets bullish target price of 61 sen FMTNews FMTBusiness

Proceeds from Autocount Dotcom Bhd’s listing exercise will be used on R&D for its software, and setting up offices in Thailand, Indonesia, Vietnam and the Philippines.

It said the TP of 61 sen was based on FY2023F earnings per share of 2.8 sen and a price-to-earnings ratio of 22x, which is a 10% discount to the technology sector’s FY2023F PE. Autocount has so far sold about 70,000 software licences for use by about 210,000 businesses and companies in Malaysia and Singapore to support its finance and accounting functions, it added.

“The company intends to leverage on the success of its business growth in Singapore by diversifying its revenue stream and expanding its business across various countries such as Thailand, Vietnam, Indonesia, and the Philippines with the primary focus of selling cloud-native software.” said Mercury.Autocount plans to facilitate this expansion along with other research and development efforts to enhance existing software and develop new software using proceeds from the IPO.

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