Phillip Securities Research reports on Trendlines

Editor’s notes:

A portfolio of disruptive technologies in untapped markets

By Soh Lin Sin

Key Takeaways

  • Two portfolio companies will enter into revenue stage by end-2017 and two more by 2018. Portfolio values of these companies may increase as they meet certain developmental milestones in 2017/18. As at 31 December 2016, the Group has completed six exits, and taken two companies public; while 16 out of 46 of its portfolio companies are in revenue stage.
  • atTerm Technologies, one of the technologies developed by Trendlines Labs, is estimated to have more than US$2 billion market potential in developed countries alone. However, the technology accounts for zero value in Trendlines’ total portfolio value as they are developed in-house. Successful realization in investment would boost the Group’s revenue.
  • Continuous effort to expand portfolio value: (i) add more than 30 companies to its portfolio over the next three years; (ii) provide support to accelerate the development of the portfolio companies; (iii) explore opportunities to expand into new markets, in particular Singapore, China and Germany; and (iv) grow Trendlines Labs to increase royalties’ income which will provide steady income streams to smoothen out the lumpy revenues arising from the volatile portfolio values.
  • Undemanding valuation. Trendlines’ Price-to-Portfolio Value and Price-to-Net Asset Value are trading at c.53% discount to its peers.

Read the full report from Phillip Securities Research (PDF).

 

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