BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Yes Securities' IPO Report
We are not optimistic about the upcoming IPO of AGS Transact Technologies Ltd. due to the following key reasons:
We find the revenue outlook for the ATM managed services business, which represents 46% of total revenue of the company, tepid since-
bank ATM management is highly penetrated,
revenue traction for this industry was relatively lacklustre even prior to the pandemic and growth projections are modest,
although AGS is a unique full-service player in ATM managed services, the same has not led to healthy revenue growth,
while AGS enjoys a high market share in ATM managed services, it leaves little headroom for market share gains.
Cash management services is a fast-growing business for AGS but moves the needle less, accounting for 13% of total revenue and has an apparently weak revenue outlook due to industry-level considerations.
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