SYM- FY23 Analyst Briefing Takeaways,(AKD Off the Analyst's Desk Nov 22, 2023)
AKD, Off the Analyst's Desk
SYM- FY23 Analyst Briefing Takeaways
SYM conducted its analyst briefing today to discuss their FY23 performance. Some brief pointers from the session are mentioned below:
- Banks/DFIs constitute 33% of the revenue base, with 18% coming from tech, 17% from telcos and the remainder from other industries/sectors.
- 62% of the revenue is generated in Pakistan, with 38% coming from exports. Company plans to increase the export share to 50% within 2 years. Geographically, MENA region earns the company 31% of the total export revenue, where Qatar and North American market has recently opened up.
- A channel partner contract with Alibaba.com has been authorized strengthening the commerce vertical.
- Out of the IPs in development, Mobits and Survit are 67% completed, whereas Influsense, Coral performance and Cartsight stand at 33%, 25% and 13% completion respectively.
- Of the total cost, 56% is attributable to HR (100% local currency), 21% relates to ‘others’ and the rest is travelling and IT related cost.
- Company aims to cross PKR100bn in revenues within the next 2 years.
- As per the management, 4 out of 5 IPs will be fully functional by Dec’24. Commercial deployment of Survit and Mobits is expected during the 3d quarter of FY24, whereas Corral performance and Influsense are expected to be deployed by 2nd quarter FY25. 1st minimum viable product (MVP 1) of Corral performance and Influsense is deployed in HBL, Jazz and P&G. Management expects to sign more contracts till Dec’23.
- Out of the 5 IPs in production, Cartsight remains of immense importance to SYM owing to its purpose of collecting data on customer spending. The management believes that Cartsight’s application is more relevant in underdeveloped countries, where research and collection of data remains a huge hurdle. Owing to its importance and careful development, the company expects to deploy this IP in 2025.
- SYM is targeting the startup ecosystem, with a focus on accelerators and incubators worldwide to fulfill their tech needs, alongwith their digital strategy to introduce their products to the market.
- SYM is eyeing an office/branch office in KSA in the next few months.
AKD Research
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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