Added to YB: 2025-09-10
Pitch date: 2025-09-10
BCY.SI [bullish]
Powermatic Data Systems Limited
+23.84%
current return
Author Info
Company Info
Powermatic Data Systems Limited, an investment holding company, manufactures, markets, distributes, and sells wireless connectivity products and related services in Singapore, rest of Asia, the United States, Europe, and internationally.
Market Cap
SGD 116.8M
Pitch Price
SGD 2.69
Price Target
N/A
Dividend
1.50%
EV/EBITDA
27.29
P/E
39.47
EV/Sales
4.12
Sector
Communications Equipment
Category
special_situation
Hidden Asset Strikes Back
BCY.SI (new position): Redeveloping Harrison Food property (freehold, B1/B2, 42 strata units) est. to sell for S$79-137M (84-145% of market cap) by 2027-28, with proceeds returned as dividend. Current net cash S$59M. Post-sale, EV turns negative even before core wireless biz (24% EBIT margin, Qualcomm ADC, 45-55% gross margin). Bear case: 2x return in 1.5-3yrs. Risks: valuation miss, tariffs, customer concentration, CEO transition. Initiated 10.5% position.
Read full article (22 min)