On Tuesday at 10:04 AM (Bangkok time), the share price of Bluebik Group Public Company Limited (mai: BBIK) rose by 2.99% or THB 1.00 to THB 34.50, with a trading value of THB 26.51 million.
Maybank Securities reported that BBIK has successfully secured the “Government Super App” project from the Digital Government Development Agency (DGA). With a value of THB 27 million, this project represents 2% of Maybank’s THB1.5 billion revenue forecast for FY24E.
The analyst is optimistic that BBIK will collaborate with DGA to enhance the existing mobile app, Tang Rat, transforming it into a “Super App”.
Tang Rat, which was introduced in 2020, serves as a centralized platform offering access to over 149 online services and transactions with various government agencies. Some of the key services provided by Tang Rat include facilitating utility bill payments and enabling Thai citizens to view information such as child support payments, student debt status, SSO investments, old-age benefits, and personal data stored across multiple government databases.
In its role, BBIK will focus on addressing intricate technical challenges related to the Super App project. The scope of work for BBIK will encompass activities such as system implementation (DX), project management, and ensuring cybersecurity measures are in place.
Maybank Securities gave a ‘BUY’ recommendation for BBIK, setting a target price of THB 44.00 based on discounted cash flow (DCF) analysis. The potential catalyst for a re-rating of BBIK lies in the anticipated improvement in core profits, transitioning from a weaker performance in 2Q24E, with a decline of 37% YoY and 35% QoQ, to a stronger outcome in 3Q24E, forecasted to rise by 5% YoY and a substantial 77% QoQ increase.
