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Project delays, $3 mil doubtful debt allowance to hamper IPS Securex’s prospects going forward: RHB

Broker's Calls

Project delays, $3 mil doubtful debt allowance to hamper IPS Securex’s prospects going forward: RHB

Michelle Zhu Published on Mon, Sep 11, 2017 / 4:43 PM GMT+8

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SINGAPORE (Sept 11): RHB Research has downgraded its call on security solutions provider IPX Securex Holdings to “neutral” from “buy”, while lowering its target price on the counter to 9 cents from 34 cents previously.

This comes after the group announced it had made an allowance of doubtful debt amounting to about $3 million, resulting from the sale of PepperBall and its related equipment to one of its regional customers who has since defaulted on its subsequent payment after making the initial payment of $0.7 million in Aug 2016.

“We think that the odds of the customer repaying in the near term is very low, and the write-off would provide the company with a better base to start afresh. However, any repayments in future ought to provide uplift for IPS’ financials, as it would be recorded as other income [under profit and loss (P&L)],” says analyst Jarick Seet in a Monday report.

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Project delays, $3 mil doubtful debt allowance to hamper IPS Securex’s prospects going forward: RHB

Broker's Calls

Project delays, $3 mil doubtful debt allowance to hamper IPS Securex’s prospects going forward: RHB

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Project delays, $3 mil doubtful debt allowance to hamper IPS Securex’s prospects going forward: RHB

Broker's Calls

Project delays, $3 mil doubtful debt allowance to hamper IPS Securex’s prospects going forward: RHB

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