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  • BY: Andrew Hore |
  • POSTED: 25/09/2014 |

House broker Allenby believes that SyQic could generate cash in the second half. 

SyQic provides live and on-demand TV access for mobile internet-enabled electronic devices via a subscription service. It reported a jump in interim profit from 35,000 to 960,000 on a 424% increase in revenues to 4.59m. There was a 548,000 cash outflow in the first half of 2014.

Indonesian telecoms company PT Nextnation Prisma (PTNP) is continuing with its payment plan for past years and it recently paid the money it owed for February a six month lag. From now on it is expected that the payments will be made regularly.

Allenby forecasts a 2014 cash outflow of 278,000, which suggests a 270,000 second half inflow. Three months ago Allenby forecast a 149,000 cash outflow for 2014. The forecast for cash generated during 2015 has increased from 2.35m to 4.12m. That cash inflow includes payments relating to previous years. This is on the back of a profit forecast upgraded from 3.48m to 4.22m.

If this happens it will mean that the total cash inflow over the six years to the end of 2015 will be 1.31m, which is less than one-fifth of the reported and forecast profit over the period. If cash forecasts are accurate then net cash could be more than 5m by the end of 2015. 

Net cash was 426,000 at the end of June 2014, but there is also 231,000 due to directors and shareholders.

Recently acquired Maaduu, which provides online video on demand Korean content, should make a contribution this year but it will be next year before it makes a significant contribution. The acquisition and the related 1.85m placing at 50p a share happened after the end of June.

At 63.5p a share, up 4.5p, SyQic is valued at 17.1m. The core business generated revenues of 1.96m in the most recent two months period and if that can be replicated over the next four months then SyQic could beat the 2014 forecast revenues of 9.5m.

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