PlaySide Studios Limited

ASX:PLY

PlaySide Studios Limited

ASX:PLY
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$0.220 (-2.2%)
Last close price
#144
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12
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60
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Reports (8) My Report Forum Investors
Forum Topics PLY PLY Opportunity and Risk

Pinned straw:
Hackofalltrades
Added 8 months ago

I bought a small parcel a while back and am surprised to see PlaySide down to 17c! That's a huge drop.

It seems that it's come from >

  1. A downgrade in the work for hire situation.
  2. A downgrade in their expectations of house made games revenue.


Point 1 as substantial, but not deal breaking, while point 2 in my view is irrelevant except for the continued failure to hit it big and the short term impact on the cash balance.


So I'm a bit puzzled as to whether it's a good time to invest or not.

I still very much see this company as a lottery ticket company. It will either hit it big, remain small with work for hire, or go to zero.

Some of the ballast (Work for Hire) is gone, but the company is a heck of a lot cheaper and the odds are looking a lot better on that lottery ticket.

It does also look like there is a significant risk of a capital raise and this is usually woeful for the share price.



Has anyone else been tracking this?


Hackofalltrades
Added 7 months ago

@Strawman

@Digs


Any thoughts here?

7
Strawman
Added 7 months ago

@Hackofalltrades I think your summary is on the money. I had hoped the work for hire revenue would have been better, but I don't think theres anything structural behind that. These things ebb and flow.

And their original IP was always going to be a roll of the dice.

I do think they perhaps got a little cocksure after a pretty successful IPO and some decent wins as a listed company. But, perhaps more obviously in hindsight, they really did talk things up (perhaps in part due to the usual incentives and prodding from IR people, but also maybe a bit of hubris), and maybe also lost a bit of discipline operationally. And at the peak it was really priced for a good deal of growth.

Anyway, I've sold off my position in SM for now. Only because it's one of the many stocks I've not kept up with closely enough and need to take a more detailed look before getting back in.

20
tomsmithidg
Added 8 months ago

I haven't been tracking it but I reached out to my mate who was pretty high up in Blizzard and now is with Riot Games. He's relatively well connected in the gaming circles and hadn't really heard of them. He then had a quick look and his initial impression had him describe what they do as 'Shovelware', basically just pumping lots of games out, for apps etc. hoping something goes big, he hadn't heard of most of the titles they had listed on their website. He hadn't heard of them working for Blizzard either when I asked him about it, seems like it may have been really minor work, changing older games to work on different platforms.He didn't make any comment on the company for viability or anything, but I thought people might be interested.

It doesn't sound promising to me. The last couple of entries on Morningstar were a trading halt, and a 'restructure' including redundancies.


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