RM2.6m within expectations.. nothing spectacular but still good. Second best results since listing. 3Q will be
the best ever.

Thanks guys! Im just here to help and dispel misinformation. Btw, im more conservative than you AK, im looking at about RM3m haha

Extremely conservative. Alliance is projecting a net profit of about RM11-12m for FY20. Numbers for FY20 could be higher than RM15-16m based on the avg value traded so far in 3Q.

I got it from AllianceDBS' report. Think you can ask any of your friend who has a brokerage account with Alliance. Sellside brokers extract their PE data from Bloomberg Terminal.

All these comments about eforce not gaining from high daily volumes/value really amazes me. Eforce is a direct benificiary from high trading volumes/value.

Eforce claims that it has a 50% market share of total volumes/value traded (from its website). If you want to get a sense of how it works, you can work backwards for 4Q19 and 1Q20. Dividing ASP segment revenue by 50% of total volumes or value traded. Then when u get the average revenue/per value traded, multiply it by 2Q20 value traded. All these information are available on the bursa website. Eforce gets a fixed percentage cut out of every trade from its clients.

After doing this, you'll see that Eforce will likely record its best ever quarterly profit since its listing. If not the best, at least 2nd best (1Q13; RM2.7m). 2Q results will be at least 100% up y-o-y.

This is a boring tech stock but its probably one of the most fundamentally sound ones. 5 year average PE is 45x, assuming a 30x PE based on FY20 earnings, Eforce could be worth at least RM1. This is on the assumption that average trading value for 2H20 is RM5bn/day, which is much lower than 3QTD average value traded. N2N is also a beneficiary but it is not as direct as Eforce as only 40% of its revenue is from Malaysia.

Do your numbers before you speculate.