Thorn Group Ltd

TGA Details
· Mixed Results: Thorn Group Ltd (ASX: TGA) stock fell 11.87% on November 16, 2016 while the company announced for subsequent dividend/ distribution. TGA will distribute AUD 0.055 and the record date is January 05, 2017 while the payment date is January 20, 2017. The group has also been working with Australian Securities and Investment Commission (ASIC) on breaches of lending obligations between 2012 and 2015. In the first half 2016, the group reported a decent 2.8% increase in the revenue from the ordinary activities even though there was a 1.4% fall in the reported profit after tax. Meanwhile, TGA stock has risen 37.32% in the last six months as on November 15, 2016.

· Recommendation: We give a “Speculative Buy” recommendation on the stock at the current price of – $ 1.67

1H 2016 Financial Performance (Source: Company Reports) 

Bravura Solutions Ltd

· Fall on ASX Debut: Bravura Solutions Ltd.’s (ASX: BVS) stock fell about 13.9% on November 16, 2016 post its ASX Debut owing to market volatility post US Elections. The group’s issue price was $1.45. Bravura reported a statutory net loss of $6.5 million while the revenue was of the order of $184.7 million in FY16. The group generates revenue under license fees (which comprises 7% of FY2016 revenue); maintenance/hosting/support fees (which accounts 50% of FY2016 revenue) and professional services fees (which comprise 43% of FY2016 revenue). The group expects to enhance their Professional services fees in FY2017, especially from their new Sonata client implementations. The group’s Sonata revenue rose from $5 million in FY2013 to $67 million in FY2016, which is a CAGR of 137%, while BVS expects to enhance $92 million in FY2017.

· Recommendation: We give an “Expensive” recommendation on the stock at the current price of – $ 1.25

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