14-May-2020:  iCar Asia Trading Update

Headlines:

• Unaudited revenue year to date until April 2020 reached A$4.3m, an increase of 18% YoY despite COVID-19
• Net Operating Cash Flow improved substantially in April 2020, with an outflow of only A$0.4m resulting from effective cost control and revenue enhancement measures
• Q2 2020 outlook improving with the Group’s two largest markets by revenue, Malaysia and Thailand, relaxing movement and business restrictions from the beginning of May 2020

Click on the link for more.

ICQ up +6% on that update so far today.  I used to hold them, but not currently.  ICQ is 28.66% owned by its parent company, Patrick Grove's Catcha Group, and Catcha Group's investors include News Corporation, REA Group, Star Media Group (Malaysia), Intel Capital, Carsales.com Limited, Australian Foundation Investment Company, BlackRock, Goldman Sachs, Credit Suisse, Fidelity Funds Management, and Sky PLC. 

As well as Catcha Group being ICQ's largest shareholder (28.66%), ICQ also has Paul Moore's PM Capital (8.58%) and carsales.com (ASX: CAR) (13.16%) on their register.

Still waiting for that inflection point - where they become profitable and cashflow positive on a sustainable basis.

08-Apr-19:  On March 11th (1 month ago), iCarAsia (ICQ) presented their 2018 Full Year Results and the presentation accompanying those results can be viewed here.

They are now operating profitably in Malaysia and Thailand, and they have a clear path to profitability in Indonesia, with their monetisation strategy progressing well, losses decreasing, their cost base remaining flat, and they are forecasting positive monthly EBITDA by the end of this current calendar year (2019) and that they will be cashflow positive in early 2020.  After years of an SP that drifted steadily SE as more and more shareholders went from being believers to being disillusioned / bored / impatient / uninterested... we are now witnessing the sort of progress and inflection point (move from being unprofitable to being profitable) that perhaps had been expected a few years before this.  Better late than never.  I don't think we can reasonably expect the sort of growth trajectory that we saw with CAR (Carsales.Com) in prior years, but we will see significant growth.  Remember:  CAR still own 13.3% of ICQ.  Paul Moore's PM Capital also own 7.74% of ICQ.  

I don't currently own any ICQ or CAR, but I have ICQ on my watchlist, and may buy some soon, or some time this calendar year.