YuuZoo: (S$0.225) Stronger 1Q16 earnings but still not cash-generative
-1Q16 net profit of $12.8m (+197% y/y, -41% q/q) on revenue of $45m (+243% y/y, -10% q/q), largely from ecommerce sales (~70% of revenue)
-Despite profit growth, cash fell to $2.2m from $10.4m a year earlier, as a chunk of sales ($16.4m) were non-cash.
- Growth will come AliSports eSports events, and IAH
- Management provided revenue and EBITDA forecasts of $202.8 m and $48.1m for FY16, implying 3x EV/EBITDA
- Despite good P&L, focus on cash flow management.
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