OxPay Financial (Catalist:TVV) - Share price, News & Analysis

Q: What is the Fair Price of TVV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TVV (SGD0.16) is trading below our estimate of [[fair value]] (SGD2.11)

TVV fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	6/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

TVV Stock Overview

OxPay Financial Limited provides merchant payment and digital commerce enabling solutions in Singapore, Malaysia, Indonesia, and Thailand.

Rewards

Trading at 92.5% below our estimate of its fair value

Earnings are forecast to grow 94.14% per year

Risk Analysis

Does not have a meaningful market cap (SGD44M)

OxPay Financial Competitors

Revez

Catalist:RCU

S$17.6m

Plato Capital

Catalist:YYN

S$12.0m

Azeus Systems Holdings

SGX:BBW

S$219.0m

CSE Global

SGX:544

S$238.3m

Price History & Performance

Summary of all time highs, changes and price drops for OxPay Financial
Historical stock prices
Current Share Price	S$0.16
52 Week High	S$0.50
52 Week Low	S$0.14
Beta	0
1 Month Change	-4.24%
3 Month Change	-9.20%
1 Year Change	-67.42%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	1,655.56%

Shareholder Returns

	TVV	SG IT	SG Market
7D	0.6%	0.09%	-0.5%
1Y	-67.4%	-4.5%	-4.1%

Return vs Industry: TVV underperformed the SG IT industry which returned -4.5% over the past year.

Return vs Market: TVV underperformed the SG Market which returned -4.1% over the past year.

Price Volatility

Is TVV's price volatile compared to industry and market?
TVV volatility
TVV Average Weekly Movement	6.4%
IT Industry Average Movement	6.3%
Market Average Movement	4.9%
10% most volatile stocks in SG Market	11.3%
10% least volatile stocks in SG Market	2.3%

Stable Share Price: TVV is not significantly more volatile than the rest of SG stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: TVV's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2005	n/a	Chee Keong Tan	https://oxpayfinancial.com

OxPay Financial Limited provides merchant payment and digital commerce enabling solutions in Singapore, Malaysia, Indonesia, and Thailand. The company offers online-to-offline financial service through its integrated platform with a focus on servicing merchants in the retail, transportation, and food and beverage industries. Its products include payment solutions, such as card acceptance and alternative payment; cross border and local payout solutions; and online and offline solutions.

OxPay Financial Fundamentals Summary

How do OxPay Financial's earnings and revenue compare to its market cap?
TVV fundamental statistics
Market Cap	S$43.53m
Earnings (TTM)	-S$27.06m
Revenue (TTM)	S$17.54m

2.5x

P/S Ratio

-1.6x

P/E Ratio

Is TVV overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TVV income statement (TTM)
Revenue	S$17.54m
Cost of Revenue	S$7.29m
Gross Profit	S$10.26m
Other Expenses	S$37.32m
Earnings	-S$27.06m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	-0.098
Gross Margin	58.47%
Net Profit Margin	-154.24%
Debt/Equity Ratio	10.3%

How did TVV perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is TVV undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TVV?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TVV. This is calculated by dividing TVV's market cap by their current preferred multiple.
What is TVV's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	S$43.53m

TVV key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1x
Enterprise Value/EBITDA	5.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does TVV's PS Ratio compare to its peers?

TVV PS Ratio vs Peers

The above table shows the PS ratio for TVV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	4.9x
RCU Revez	2.3x	n/a	S$17.6m
YYN Plato Capital	11.3x	n/a	S$12.0m
BBW Azeus Systems Holdings	5.6x	n/a	S$219.0m
544 CSE Global	0.5x	3.5%	S$238.3m
TVV OxPay Financial	2.5x	20.3%	S$43.5m

Forward PS

Price-To-Sales vs Peers: TVV is good value based on its Price-To-Sales Ratio (2.5x) compared to the peer average (4.9x).

Price to Earnings Ratio vs Industry

How does TVV's PE Ratio compare vs other companies in the Asian IT Industry?

Price-To-Sales vs Industry: TVV is expensive based on its Price-To-Sales Ratio (2.5x) compared to the SG IT industry average (2.5x)

Price to Sales Ratio vs Fair Ratio

What is TVV's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TVV PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.5x
Fair PS Ratio	1.6x

Price-To-Sales vs Fair Ratio: TVV is expensive based on its Price-To-Sales Ratio (2.5x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

Share Price vs Fair Value

What is the Fair Price of TVV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TVV (SGD0.16) is trading below our estimate of fair value (SGD2.11)

Significantly Below Fair Value: TVV is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate TVV's PEG Ratio to determine if it is good value.

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Future Growth

How is OxPay Financial forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

6/6

Future Growth Score 6/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

94.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TVV is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.8%).

Earnings vs Market: TVV is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: TVV is expected to become profitable in the next 3 years.

Revenue vs Market: TVV's revenue (20.3% per year) is forecast to grow faster than the SG market (7.8% per year).

High Growth Revenue: TVV's revenue (20.3% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TVV's Return on Equity is forecast to be high in 3 years time (27.9%)

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Past Performance

How has OxPay Financial performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-39.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TVV is currently unprofitable.

Growing Profit Margin: TVV is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: TVV is unprofitable, and losses have increased over the past 5 years at a rate of 39.7% per year.

Accelerating Growth: Unable to compare TVV's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: TVV is unprofitable, making it difficult to compare its past year earnings growth to the IT industry (20%).

Return on Equity

High ROE: TVV has a negative Return on Equity (-503.51%), as it is currently unprofitable.

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Financial Health

How is OxPay Financial's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: TVV's short term assets (SGD30.0M) exceed its short term liabilities (SGD25.0M).

Long Term Liabilities: TVV's short term assets (SGD30.0M) exceed its long term liabilities (SGD24.0K).

Debt to Equity History and Analysis

Debt Level: TVV has more cash than its total debt.

Reducing Debt: TVV had negative shareholder equity 5 years ago, but is now positive and has therefore improved.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable TVV has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: TVV is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 320.2% per year.

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Dividend

What is OxPay Financial current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate TVV's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TVV's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TVV's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TVV's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as TVV has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

1.0yrs

Average management tenure

CEO

Chee Keong Tan

Tenure

Mr. Chee Keong Tan serves as Director at OxPay Financial Limited since March 2022. He had been Non-Executive Independent Director of OxPay Financial Limited (formerly known as MC Payment Limited) since Jun...

Leadership Team

Experienced Management: TVV's management team is not considered experienced ( 1 years average tenure), which suggests a new team.

Board Members

Experienced Board: TVV's board of directors are not considered experienced ( 1.1 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/07/03 00:00
End of Day Share Price	2022/07/01 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31