IPS Securex Holdings - RHB Invest 2016-02-02: New reseller agreement with UnderSea Sensor Systems

IPS Securex Holdings - RHB Invest 2016-02-02: new reseller agreement with UnderSea Sensor Systems IPS SECUREX HOLDINGS LIMITED 42N.SI 

IPS Securex Holdings - New reseller agreement with UnderSea Sensor Systems 

  • IPS Securex (IPSS SP) has entered into a new reseller agreement with UnderSea Sensor Systems, Inc. for the distribution of USSI’s Hyperspike range of acoustic hailing devices, for a period of five years. 
  • The Agreement now covers the geographical regions of Australia , Brunei, Cambodia, China, Hong Kong, Indonesia, Macau, Malaysia, Myanmar, Japan, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, and Vietnam on an exclusive business, with India on a non-exclusive basis. 
  • China is a new addition to the list and is on an exclusive basis, whereas Hong Kong and Macau which was previously on a non-exclusive basis under the existing reseller agreement, is now on an exclusive basis under the Agreement. 
  • The Agreement will commence with immediate effect and supersedes the existing reseller agreement between IPSPL with USSI. 
  • We remain positive on IPS and maintain BUY with a DCF-backed TP of SGD0.40. (TG 0%, WACC 10.5%)



Jarick Seet RHB Invest | http://www.rhbinvest.com.sg/ 2016-02-02
RHB Invest SGX Stock Analyst Report BUY Maintain BUY 0.40 same 0.40


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