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Oniontech: Victorian's 3rd kantang rally recovery

victorian2
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11-Aug-2007 12:59

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Oniontech: Part IV. Shareholder trends and conclusion

Perceived Share float status & trading volume

last 6mth Price Range from AR	10 yr highs	Share float from AR	Share float Status from AR
0.1-0.185-0.11	29c 06 IPO	-62,578,950	cornered

Observations:

1. Share buyback activities of almost 11m shares since November 2006 between 8 to 16c with the latest in June 2007. Share buy back activities are always very good indicators of shareprice movements as company is confident of future cashflows.

2. Share trading volumes since the publication of the annual report in March stand at 88m shares from 10c to 18c till the last 1 week with the price coming down to 11c with the latest half year marginal loss but marginal increased growth in topline esp from core markets in Korea while increased cost of operations integrating acquisitions in Australia and China in the last 6mths.

3. 3. Last 16 trading days with 5 selldowns saw 7m shares trading or an average of 400,000 shares a day with vol thinning out in the last 5 days.

4 4. The short term marginal losses coupled with the current weak sentiment will keep the price of oniontech depressed. Trading just 2c above NTA. Any major turnaround in net profits with high levels of cashflow in the next 6mths once CAPEX for future growth is expected to complete hopefully in the next 6 mths & integration of overseas sales subsidiaries in time for sale of 3G and IDM service.

Conclusion/recommendations

Classis IPO stock raising funds for growth. Listed in 2006 at 29c and then sank down to under 10c. Some encouraging numbers looks in the way the company is managing growth within operating cashflow within resorting to debt or bonds. In fact, conducting a share buyback just 1yr after IPO show management commitment to shareholder value.

With such a small free float of almost 14m shares and its share trading patterns, again the float would be easily cornered. In my opinion, a stock to look out for post rally recovery.

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victorian2
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11-Aug-2007 12:56

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Oniontech Limited: Part III : Shareholder thrends:

The greatest predictor of historical, present and future shareprice moments.

6-mth Stock Price

High: 0.19 Low: 0.09 current 11c

Shareholder Structure

	15-Mar-07
Size of shareholdings	No. of shareholders	%	No. of shares	%
1 ? 999	2	0.53	1,000	?
1,000 ? 10,000	105	28.00	587,000	0.35
10,001 ? 1,000,000	257	68.54	19,810,000	11.67
1,000,001 and above	11	2.93	149,383,950	87.98
Total	375	100.00	169,781,950	100.00

Top 20 Shareholders

15-Mar-06		10-Nov-05
Name	No. Of Shares	Name	No. Of Shares
KIM ENG SECURITIES PTE. LTD.	98,345,600	PUBLIC	42,000,000
O,W&W INVESTMENTS II LIMITED	13,636,350	OTHER INDIVIDUALS	22,718,150
DAIWA SECURITIES SMBC SINGAPORE PTE LTD	9,134,000	STIC	20,000,000
UNITED OVERSEAS BANK NOMINEES PTE LTD	8,075,000	OWW	13,636,350
RAMESH S/O PRITAMDAS CHANDIRAMANI	4,752,000	EMPLOYEES	12,352,350
VISION CAPITAL PRIVATE LIMITED	4,500,000	NEOPLUX	10,000,000 (OUT)
PROVIDENCE INVESTMENTS PTE LTD	2,000,000 + 1,000,000	SYSINVESCO	5,000,000
HSBC (SINGAPORE) NOMINEES PTE LTD	2,500,000	DUTCH ASIA	5,000,000
DUTCH ASIA PRIVATE EQUITY FUND C.V.	5,000,000 ? 2,500,000	KIC	4,000,000
PHILLIP SECURITIES PTE LTD	1,741,000	HUR JUNG YOUNG	2,374,000
WONG AH WAH @ WONG FONG FUI	1,200,000	HEESUNG	2,100,000
HONG LEONG FINANCE NOMINEES PTE LTD	966,000	PROVIDENCE	2,000,000
OCBC SECURITIES PRIVATE LTD	918,000	YOO BYUNG MIN	1,500,000
TAI TAK SECURITIES PTE LTD	900,000	CJOI JIN GI	1,485,000
LOW HAN SENG	750,000	LEE JEI HOON	616,000
OCBC NOMINEES SINGAPORE PTE LTD	583,000
YIP WAI MUN	500,000
SIONG AI POH JOANNE	448,000
CHIAM WEI JUN IRVINE (ZHAN WEIJUN IRVINE)	381,000
DBS VICKERS SECURITIES (SINGAPORE) PTE LTD	380,000
Total	155,209,950	Total	144,781,850
Free Float	14,572,000

Note: There?s only FY 2006 shareholder structure list. The 10 Nov 2005 list is from Oniontech?s Prospectus; hence most of the Top 20 are from the IPO.

Sharebuyback activities commenced final quarter of last year November which saw 11m share bought back with the latest in June 300,000 at 16c.

Shareholder Trends

Freefloat latest year	Shareholder report date in latest Annual Report	Vol traded after latest AR 15 March 2007
14,679,050	15-Mar-07	88,100,000

Perceived Share float status & trading volume

last 6mth Price Range from AR

10 yr highs

Share float from AR

Share float Status from AR

0.1-0.185-0.11

29c 06 IPO

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victorian2
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11-Aug-2007 12:51

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Oniontech Limited: Part II : FinancialsCore Business

Price (As at 080807)	0.11
Shares outstanding	159,781,950
Mkt cap (S$)	28,014,022

US$	1^st Half 2007	FY2006	FY2005
Revenue	6,577,000 (1.3%)	12,944,000	12,234,000

Gross Profit	-321,000	4,876,000	6,270,000

Net Profit	-608,000	446,000	1,552,000

Gross Margin (%)		37.6700%	51.2506%

Net Margin (%)		3.4456%	12.6860%

NTA (US cents)	9.02	8.67	8.72

EPS (US cents)	-0.038	0.26	1.29

ROE (%)		2.9073%	14.1567%

Dividend per share (US cents)		0.1578	0.0967

Operating Cash Flow	-476,000	3,098,000	3,895,000

Investing Cash Flow	-827,000	-5,926,000	-27,000,000

Financing Cash Flow	-791,000	-1,656,000	4,956,000

Cash Per Share (US$)	0.029	0.0311	0.0556

PE (As at end of FY)		29.7675	14.4477

P/B (As at end of FY)		0.8495	1.4896

PEG		-37.2816561	-34.705961

Financial Analysis:

a. Company?s operating cashflow has been positive and high in 2005 & 2006. At the later part of 2006, company embarked on 2 overseas acquisitions in Australia and China to increase their customer bases. Cost of acquisitions & integration cost has weight in on the 1^st half 2007 numbers with core market Korea contributing to growth in revenue.

b. A key potential that has attracted my attention is the start up revenue from 2 new businesses in 3G value add services and IDM products. Cost of development is sunk & one off and outsourced showing management keen eye on cost & not having a high number of development team. If executed well, the ready products with modifications/enhancements would see incremental costs in development but maybe able to derived significant high margin revenue when sold in different markets that the company has diversified into. Ie China, Aussie, Japan, Vietnam, Russia through fast growing 3G services.

c. Core operations and new businesses in Korea are generating free cashflow unfortunately being used in overseas ventures esp Australia.

d. Company has also used quite a bit of cash for share buy backs which in some ways to good for long term shareholder value and demonstrate confidence of the company of future operating cashflow without resulting to share financing or debt. Company has a very low level of debt.

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victorian2
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11-Aug-2007 12:45

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Oniontech Limited: Part I : Core Business

Starting coverage of oniontech as a potential post IPO growth stock which may spring major surprises in the next 6-9mths. Company is growing its core businesses in Korea?s 3G broadband market with 2 new businesses of 3G products/services and IDM services showing decent top-line contributions. Company has started to widen its international coverage in Russia, Japan through tie ups with NEC, Australia, Vietnam and China where potential market growth for its 3G and IDM services may yield high net margin revenue as cost is sunked in the development and any new costs for market localisation would be incremental.

Core Business

Oniontech was established in 2000 by the current CTO and a team of software engineers. Its first principal activity is the provision of software solutions such as RBT (Ring Back Tone), which is their flagship product, and 3G VMS (Voice Messaging System) solutions to telcos who provide these services to their customers. Oniontech?s other principal activity is the provision of content related services such as mobile games and content aggregation for mobile data services such lifestyle and news information. Its other businesses include Digital Voice Recording and the provision of community entertainment portal services. Apart from expanding its current business activities to Guangdong, Australia, Pakistan, Russia and Japan, Oniontech has also sought to diversify their income streams from solutions (consisting 85% of revenue) to new value-added avenues such as 3G wireless internet portal and iDMB (Digital Multimedia Broadcasting).

History of diversification

Year	Event
March 2000	Founding of Oniontech
March 2001	Provide IVR services to China Telecom in the PRC
March 2002	Provide VMS software to LG Electronics Inc. for S-Telecom in Vietnam
September 2003	Joint project with NEC for GMCC in Guangdong, PRC
2004	Obtained RBT solutions projects in Japan, and Pakistan.
April 2004	Acquired a stake in Mobion (100%), a mobile game development company in Korea and Menta (50%), a Korean company focused on the development and commercialisation of digital video recording software for online security surveillance.
2005	RBT solution was launched in Japan and Moscow, Russia
March 2005	Established OT China in Guangzhou, PRC.
Jan 2006	Acquired Cooeey, a community entertainment portal in Australia

Management Team

Jang Jong Jung (Chairman & CEO)

- Bachelor of Science degree in Computer Science from Dongkook University in Korea

- Joined in October 2001

Hur Jung Yong (VP & CTO)

- Bachelor of Science Degree in Mathematics from Yonsei University in Korea

- One of the founders

Lee Jei Hoon (VP & CFO)

- Bachelor in Business Administration from Yonsei University in Korea

- Master of Science in Finance from University of Illinois at Urbana-Champaign

- Joined in May 2003

Choong Yoon Kian (Non-Executive Director)

- Bachelor of Social Science degree, majoring in economics and accounting, from Bristol University, United Kingdom

- Chartered Financial Analyst and a fellow of the Association of Chartered Certified Accountants

- Appointed to the Board on 31 December 2004

Adrian Chan Pengee (Independent Director)

- Bachelor of Laws degree from the National University of Singapore

- Member of the Governing Council of the Singapore Institute of Directors

- Appointed to the Board on 19 September 2005

Lee Keen Whye (Independent Director)

- Master?s degree in Business Administration from Harvard Business School

- Bachelor's degree in Business Administration from the University of Singapore

- Appointed to the Board on 19 September 2005

Yoo Byung Min (Director, Biz Development)

- Bachelor and Master of Science Degrees in Information Engineering from Sungkyunkwan University

- Joined in September 2002

Choi Jin Gi (Director, Solutions Development)

- Bachelor of Science in Genetic Engineering from Sungkyunkwan University, Korea

- Joined in January 2000

Competitive Edge

Has in-depth experience in Voice Processing Technology and other audio-related technologies and is a total solutions provider (design, develop, install and operate) for the RBT services on a large scale.

Have strong business relationships with telcos, their main customers, in Korea (LGT, SKT, KTF) and also in Japan (NEC). This affords them the opportunity to offer solutions projects including upgrades, enhancements to current service features and functions, or new value added services including 3G-related services and tap NEC?s international marketing network and customer base to provide future solution contracts in both RBT and non-RBT projects.
Has a skilled and experienced team of software engineers with strong development capability.
Was voted as one of the top 100 private companies in Asia by Red Herring magazine, a major technology publication, in August 2005.

Competitive analysis

Oniontech only provides RBT solutions for one of the telcos in Korea, LGT. Widerthan Co., Ltd, Witcom and Wiz Communications Co., Ltd provide certain portions of the RBT system to SKT and KTF.

Outside Korea, they face competition from Comverse, Inc., Alcatel, Siemens AG, Hewlett Packard, Huawei Technologies Co., Ltd and Widerthan Co., Ltd for RBT solutions.

Widerthan Co. Ltd

Subsidiary of RealNetworks company
Currently provide mobile entertainment solutions to more than 50 wireless carriers in 25 countries

Comverse, Inc

Provides services to more than a billion subscribers in over 125 countries around the world.
World?s leading provider of software and systems that enable network-based multimedia enhanced communication and billing services.

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