March 2021:  Euroz Hartleys: Yojee (YOJ): Speculative Buy: Dec’Q Update

Analyst: Seth Lizee - Associate Research Analyst, +61 8 9488 1414

Target Price: $0.50/sh, Recommendation: Speculative Buy

Dec’Q Update

Investment case

YOJ recently provided an update on its December quarter. We remain pleased with the company’s progress on rollouts in addition to receiving its first expansion order from an existing client during the Q. Revenue and volumes growth (%QoQ) were broadly flat as a result of recent rollouts occurring in the final weeks of the Q, in addition to unprecedented weather events and COVID-19 lockdowns occurring in the Philippines which was the only live enterprise country during the Q. Notwithstanding, going forward we look towards significant transaction volume growth in coming quarters from recent and coming rollouts. In parallel, YOJ continues to provide commentary on a strong pipeline of additional opportunities to expand existing agreements (as has recently occurred last month) and sign potentially new ones all together. The business remains well funded for growth, boasting a solid balance sheet.

The Global logistics industry accounts for +US$9 trillion annually, parcel movements alone are forecasted to surpass 100 billion this year and double to 200 billion by 2025. Industry wide changes are creating new demands and issues driving rapid increases in digitisation. YOJs comprehensive cloud based logistics SaaS platform is well placed to solve these issues. YOJs recent agreements show growing demand for the platform, securing agreements with three major global logistics companies who have $100 billion in combined revenues. The YOJ investment case is predicated on the rollout of its logistics platform with Geodis, Kuehne+Nagel, and Maersk’s in parallel to signing new SaaS agreements, thereby growing revenue scale through rapidly increasing market share.

We Maintain our Speculative Buy recommendation and $0.50/sh. Price Target.

Key points

• The company continued to make strong operational progress during the Q
  • 3 Enterprise countries went live into billing phase during the Q (single client), transactional billing to commence post Q end
  • YOJ received expansion order for Indonesia during Q
• A further 4 Enterprise countries (2 clients) are moving close to ‘Go-live’
• YOJ finished the Q with a total of 8 signed enterprise clients, 4 of which are live and transacting
• 1.25m ‘planned deliveries’ during the Q
  • Recent ‘Go-lives’ only occurred in the final weeks of the Q, hence as anticipated a bulk of volumes are likely to have originated from the Philippines
  • YOJ further notes volumes during the Q were impacted by unprecedented weather events and COVID-19 related lockdowns during the period, especially within the Philippines
  • YOJ however notes it is expected that online business will offer promotions and aggressively market into early CY’21 to make up for the lower than anticipated volumes
• Financial Highlights:
  • $235k cash receipts
  • $204k revenue
• YOJ finished the Dec’Q with $21.1m cash providing the company a strong run-way for growth
• We maintain our Speculative Buy recommendation with a $0.50/sh. Price Target.

Yojee Ltd - Year End: 30 June

• Share Price: 0.15 A$/sh (0.135 on 01-Apr-2021)
• Price Target: 0.50 A$/sh
• Valuation: 0.50 A$/sh
• Shares on issue: 1143m, diluted
• Market Capitalisation: 171.5 A$m
• Enterprise ValueL 147.4 A$m
• Debt: 0.0 A$m
• Unpaid cap: 3.0 A$m
• Cash: 21.1 A$m
• Turnover: 3 sh/day [assume they mean 3m ?]
• 12 Mth Hi-Lo: 0.29-0.012 A$/sh

Click on the link above for the full report, or open the attachment below.

The ASX released two new updates from Euroz Hartleys on Yojee on Friday (26-Mar-2021):

Latest:  04-Mar-2021:  Business Update: Further Rollouts, Value add Demonstrated

And:  22-Jan-2021:  Business Update

Analyst (for both):  Seth Lizee - Associate Research Analyst, Euroz Hartleys, +61 8 9488 1414

From the latest (04-Mar-2021) Note:

Business Update:  Further Rollouts, Value add Demonstrated

Key Points

YOJ has provided a business update:

• Further 2 enterprise countries have entered revenue generating ‘go-live’ across two enterprise clients
  • Total of 6 enterprise countries are now live and revenue generating
  • 5 of these have gone live since December 2020
  • A further 2 are currently undergoing platform implementation
• YOJ have further stated they expect revenue growth over the coming quarters as a result of these recent rollouts, this in line with our expectations
• YOJ continues to highlight a robust pipeline of opportunities which include:
  • New enterprise countries and hubs with existing clients, YOJ stating they are in advanced discussions; and
  • Advanced discussions with potentially new enterprise clients
  • The company have further stated they expect to sign new agreements and undertake additional deployments of the platform through CY’2021
• YOJ has further highlighted the strong value add being provided by the platform, specifically:
  • The company has demonstrated 62-89% increase in delivery attempt efficiency in the logistics channel
  • This represents a material savings and revenue opportunity benefits for clients
  • Essentially meaning fewer costly failed delivery attempts occur
• We maintain our Speculative Buy recommendation and $0.50/sh. Price Target

Investment Thesis

YOJ continues to deliver on its platform rollouts, announcing 2 enterprise countries have entered revenue generating ‘go-live’ phase, this brings the total to 6, 5 more than December 2020. Going forward we look towards continued rollout successes and significant transaction volume growth in coming quarters from these recent and coming rollouts. In parallel, YOJ continues to provide commentary on a strong pipeline of additional opportunities to expand existing agreements and sign potentially new ones all together, the company stating they are in advanced discussions with multiple potential new enterprise clients. The business is funded for growth, boasting a solid balance sheet. The Global logistics industry accounts for +US$9 trillion annually, parcel movements alone are forecasted to surpass 100 billion this year and double to 200 billion by 2025. Industry wide changes are creating new demands and issues driving rapid increases in digitisation. YOJs comprehensive cloud based logistics SaaS platform is well placed to solve these issues. YOJs recent agreements show growing demand for the platform, securing agreements with three major global logistics companies who have $100 billion in combined revenues. The YOJ investment case is predicated on the rollout of its logistics platform with Geodis, Kuehne+Nagel, and Maersk’s in parallel to signing new SaaS agreements, thereby growing revenue scale through rapidly increasing market share.

Yojee Ltd (YOJ):

• Share Price: 0.155 A$/sh ($0.135 on 26-Mar-2021)
• Price Target: 0.50 A$/sh
• Valuation: 0.50 A$/sh
• Shares on issue: 1146 m(dil)
• Market Capitalisation: 177.6 A$m
• Enterprise Value: 156.5 A$/m
• Debt Nil: A$/m
• Cash: 21.1 A$/m

--- click on the 1st link at the top for the full report ---

25-Sep-2020:  Euroz: Yojee Ltd (YOJ $0.20): Speculative Buy

Euroz Analyst: Seth Lizee, 25th September 2020, Speculative Buy, Price Target: $0.50/sh (up from $0.43/sh)

20m Equity Raise – Funded for Growth

Investment case

YOJ has successfully completed a $20m placement. This raising places YOJ in a strong position to grow its transactional volume and expand its overall market share, through existing and new agreements. Our Price Target increases as a result of the capital injection serving to derisk YOJs financial capacity to secure and roll-out its platform into new markets. To that end, the opportunity is huge.

The Global logistics industry accounts for +US$9 trillion annually, parcel movements alone are forecasted to surpass 100 billion this year and double to 200 billion by 2025. Industry wide changes are creating new demands and issues driving rapid increases in digitisation. YOJs comprehensive cloud based logistics SaaS platform is well placed to solve these issues. YOJs recent agreements show growing demand for the platform, securing agreements with three major global logistics companies who have +$100 billion in combined revenues. The YOJ investment case is predicated on the rollout of its logistics platform with Geodis, Kuehne+Nagel, and Maersk’s in parallel to signing new SaaS agreements, thereby growing revenue scale through rapidly increasing market share.

We maintain our Speculative Buy recommendation with an increased $0.50/sh.

Price Target.

Key points

• $20m Placement, single tranche 100m shares at $0.20/sh.
• Funds to be used for:
  • Support and fast track new and existing agreement rollouts
  • Fast tracking additional platform features and functionality
  • General working capital
• YOJ now has $24.3m in pro-forma cash at bank
• This additional funding now places YOJ in a strong position to grow its transactional volume and overall market share via new agreements and additional market rollout
• The associated dilutionary impact is more than off-set by the reduction in funding risk, a consequence of the capital injection
• As a result our Valuation and Price Target has increased to $0.50/sh up from $0.43/sh
• We maintain our Speculative Buy recommendation with key catalyst going forward:
  • Country Rollout:  Rollout of the platform within the initial countries and beyond. We see additional country rollouts providing further third party validation of the platform in addition to being a leading indicator of volume growth.
  • Volume Growth:  Demonstrating increasing transactional volume through the YOJ platform, to which YOJ is paid a variable transactional fee. Increased volume highlights the scalability and stability of the platform in addition to growing revenues.
  • New SaaS agreements:  Signing further SaaS agreements with companies of the ilk of K+N, A.P. Moller – Maersk, and Geodis. The sheer global scale of these companies creates significant opportunities for YOJ.

Analysis

• YOJ has secured $20m in additional equity funding. This strengthens the Balance Sheet providing a robust run-way for growth.
• YOJ is now in a very strong position to roll out its platform, grow transactional volume, and market share.
• On top of this, YOJ further comments on using funds to fast track new features and functionally for the platform. This should further build on and strengthen YOJs platform offering – potentially driving new agreements in the medium term.
• YOJ currently has agreements with 3 major global logistics and shipping companies, all signed in the last 12 months:
  • Kuehne+Nagel
  • Geodis
  • A.P. Moller Maersk
• The Kuhne+Nagel project has already gone live ahead of schedule in the Philippines with significant headway made – we estimate already achieving most of the +1 million movements which occured in the first two months of this financial year;
• We anticipate further transactional growth to come from this existing project in the coming months. Beyond this we see potential for its reach to expand into other countries: there remains significant volume growth opportunities in the region. An expansion of this Agreement’s scope would provide further third party validation of the platform and its success.
• In addition to this, we remain focused on the rollouts of Geodis and A.P. Moller – Maersk: Maersk is slated to go live in November this year.
• The basis of our current valuation relies on estimating what revenues we believe YOJ can achieve in 3 years’ time from each of the existing agreements.

However, the investment thesis for YOJ is more about market penetration and growing market share into a massive and growing global logistics market. 

New agreements and roll-outs into new countries will exponentially grow transactional volume and with it the implied revenue run-way.

Price Target

Our new $0.50/sh. Price Target has increased post equity raising, we see this justified as a result of de-risking funding and providing runway for growth. Similarly our Price Target per the analysis requires YOJ achieving the level of growth we describe, achieving ~A$49.5m in annual revenues within 3yrs time. As discussed we see further potential upside should YOJ expand these agreements beyond the constrains of our assumptions or win new SaaS agreements altogether. The factors surrounding these assumptions further drive our Speculative Buy recommendation.

--- click on the link at the top for the full Euroz Securities Report on YOJ, including their disclaimer ---

10-Sep-2020:  Euroz: Quick Comment: Yojee Ltd (YOJ $0.27) Speculative Buy, Platform Update – The Growth Continues

Analyst: Seth Lizee, 10th September 2020, Price Target: $0.43/sh., Recommendation: Speculative Buy.

Platform Update – The Growth Continues

Key Points

• YOJ has announced +1 million planned deliveries this financial year (1-July to 31-Aug);
  • August deliveries are up 23% on July and 182% on June
• The math of this would imply ~550k deliveries in August which is ~6.6m annualised;
• This volume growth follows the go-live for eCommerce logistics announced on 24 June, this suggesting most of this is likely from the Kuehne+Nagel agreement alone;
• Beyond this there still remains other previously announced agreements to go-live in the coming months – such as recently announced agreement with shipping giant A.P. Moller – Maersk;
• On top of rollout growth, we highlight major upcoming eCommerce campaigns later into the year (such as Singles Day and Christmas);
• YOJ has further provided an update on its strengthening platform enterprise capabilities:
  • There are now over 450 APIs (vs 310 in 2017)
  • Key features and capabilities have been strengthened in YOJs eCommerce and fulfilment offerings – including: in Dispatch and its Mobile app
• We maintain our Speculative Buy recommendation and $0.43/sh. Price Target

Investment Thesis

Today’s announcement continues to show the solid progress being made. The company today announcing +1 million deliveries in the first 2 months of the financial year, this a leg up from the ~200k announced in July following the first 30 days from its go-live back in late June. The growth continues to build on the platforms stability and scalability. If YOJ can continue to show volumes growth, we can see the potential for significant revenues being generated in time. We highlight YOJs strong growth position, with major clients still due to go live in the coming months in parallel to major upcoming eCommerce campaigns ahead. The YOJ investment case is predicated on driving material revenues through the rollout of its logistics platform with the likes of Geodis, Kuehne+Nagel, and Maersk’s in parallel to signing new SaaS agreements. We maintain our Speculative Buy recommendation and $0.43/share Price Target.

--- click on link above for more ---

07-Sep-2020:  Euroz:  Yojee Ltd (YOJ: $0.205): Speculative Buy: "YOJ Signs Agreement with A.P. Moller - Maersk"

Analyst: Seth Lizee, 7th September 2020, Price Target: $0.43/sh (up from $0.21/sh)

Investment case:

YOJ has signed a SaaS agreement with Siam Shoreside Services (SSS), a subsidiary of shipping giant A.P. Moller – Maersk. Maersk is the world’s largest overseas cargo carrier, responsible for one in five of all global sea freight. This agreement follows recently announced scope extension with top 10 logistics company Geodis.

The global logistics industry is immense, globally logistics cost an estimated US$9 trillion annually. Global parcel movements are estimated to surpass 100 billion in 2020 and forecasted to reach +200 billion pa by 2025. Over the last 12 months YOJ has secured agreements with three major global logistics and shipping companies. The YOJ investment case is predicated on driving material revenues through the rollout of its logistics platform with the likes of Geodis, Kuehne+Nagel, and Maersk’s in parallel to signing new SaaS agreements.

We maintain our Speculative Buy recommendation with an increased $0.43/sh. Price Target

Key points

• This announcement marks the second major agreement signed in the last 2 weeks
• YOJ now has agreements with 3 logistic and shipping heavyweights, all of these signed in the last 12 months:
  • Kuehne+Nagel: Second largest global 3PL
  • Geodis: Top 10 global logistics company
  • A.P. Moller Maersk: World’s largest overseas carrier
• All of these agreements add to third party validation, specifically from industry leading global multi-national corporations
• YOJ announced it has signed a 3-year SaaS agreement with Siam Shoreside Services (SSS) who is part of APM Terminals, a A.P. Moller – Maersk Group company
• The initial statement of work will see YOJ logistics platform integrated into SSS’s Thailand headquarters, in addition to supporting locations in South East Asia for end-to-end supply chain usage
• This “Phase 1” project is anticipate to go-live (tracking container movements on ongoing basis) in November 2020
• Contract terms:
  • Initial 3 year term, which will renew for successive 12-month periods
  • A per-transaction fee will be charged on top of minimum monthly fees for container movements (YOJ has previously quoted a US$1.20/container fee in its last presentation)
  • Subject to standard termination clauses (including termination by either party on 90 days’ notice, after the initial 12 month period)
  • Implementation and configuration fees will be charged for the roll-out
• We see the potential for this contract to be a stepping stone towards bigger opportunities with the wider Maersk Group
• The potential is immense considering Maersk’s size and status: specifically being the worlds largest overseas cargo carrier, responsible for 1 in 5 of all sea freight and generating ~US$39 Billion in 2019
• In addition to this, YOJ announced recently it had extended the scope of its agreement with Geodis.
• The announcement signalled to the market that YOJs previously forgotten and discounted agreement with Geodis is very much alive, rightly so we have seen YOJ re-rate on this announcement
• The new agreement builds on the initial one to increase the scope across new countries and provided a more comprehensive product offering
  • The project will see YOJ rolled out across three ASEAN countries including Malaysia, Singapore, and Thailand
• We maintain our Speculative Buy recommendation with key catalysts going forward:
  • Rollout and Execution – Execution of YOJs existing agreements and a rollout beyond the initial project scopes. We would view this a significant third party validation. This would further drive increased market share.
  • Volume growth – demonstrating increasing transactional volume through the YOJ platform, to which YOJ is paid a variable transactional fee. Increased volume highlights the scalability and stability of the platform in addition to growing revenues.
  • New SaaS Agreements – signing further SaaS agreements with companies of the ilk of K+N, Geodis, and Maersk. As explored below, such agreements can open up significant revenue opportunities.

Analysis

A.P. Moller - Maersk Agreement

• A.P. Moller – Maersk, the overall parent company is the largest container and supply vessel operator in the world, responsible for one in five of all global sea freight. Controlling ~17% of global fleet capacity Maersk generating ~US$39 billion of revenue in 2019
• We see this initial agreement potential laying the foundation for YOJ to roll out its platform across the greater Maersk Company, this opening up significant opportunities
• The current and emerging opportunity with Maersk is massive. Its global leading container shipping business on its own has the potential to generate significant revenues for YOJ, as we explore further within the Valuation section.
• Beyond this, Maersk is currently on a transformation journey towards becoming “The global integrator of container logistics”. The foundation of this being to provide a true end-to-end logistic solution.

--- click on link above for the full report ---

31-Aug-2020:  YOJ - Appendix 4E and 30 June 2020 Annual Report

LEADERSHIP IN NUMBERS

• 5 GLOBAL LEADERS
• $50b IN REVENUE GENERATED BY OUR CLIENT BASE
• 65% OPERATING EFFICIENCY GAINS REPORTED BY CUSTOMERS
• 25% COST SAVINGS EXPERIENCED BY CUSTOMERS

SUMMARY AND OUTLOOK

FY 2021 will be a year of focus. As an organisation we now have the clients we need to show the clear pathway to profitability and the team required to deliver it.

We will continue to prioritise customers and use continuous feedback and engagement to ensure our customers are engaged, happy and generating genuine efficiencies and savings from our technology.

Logistics is a referral business, and the Yojee name is growing stronger and stronger every year. We are already experiencing referrals from our multinational clients which is the best possible result and validation.

In 2021 we look forward to a year where that volume growth translates into sustainable recurring revenue growth and a growing global presence.

We encourage all investors to take the time to understand the significance of our technology and capabilities, as there lies the value in our business and the reason we are attracting such significant clientele.

We will keep our investors updated as and when appropriate and invite new investors on our journey.

Ed Clarke, Managing Director, Yojee Ltd.

--- click on link above for MUCH more ---

24-Aug-2020:  Euroz:  Quick Comment:  YOJ Extends Agreement Scope with Geodis

Analyst: Seth Lizee, Recommendation: Speculative Buy, Price Target: $0.21/sh

19-Aug-2020:  Euroz:  The Emerging Opportunity: Yojee

Analyst: Seth Lizee, 19th August 2020, Speculative Buy, PT: $0.21/sh (up from $0.13/sh).

Investment case

YOJ is a logistics software company; its cloud based SaaS platform solves key issues increasingly demanded by the logistics industry across the entire supply chain and is unmatched by its competitors .

The global logistics industry is immense, globally logistics cost an estimated US$9 trillion annually. Global parcel movements are estimated to surpass 100 billion in 2020 and forecasted to reach +200 billion pa by 2025. Over the last 12 months YOJ has secured agreements with two top 10 global logistics providers and has indicated they’re in discussions with a further three. The YOJ investment case is predicated on driving material revenues through the rollout of its logistics platform with the likes of Geodis, Kuehne+Nagel and others in parallel to signing new SaaS agreements.

We maintain our Speculative Buy recommendation and increase our Price Target to $0.21/sh.

--- for the full report, click on the link above, or open ("View") the file attached below ---

23rd July 2020:  Euroz:  Quick Comment: Yojee Ltd (YOJ $0.11):  Speculative Buy

29th July 2020:  Euroz:  Quick Comment: Yojee Ltd (YOJ $0.12):  Speculative Buy

Euroz's call:  SPECULATIVE BUY, PT: $0.13/sh. (under review)

June Quarter Update

Key Points

Key June Q Highlights:

• YOJ signed a 3yr services agreement with Kuehne+Nagel (K+N) during the Q, one of the leading global logistics providers, to roll out its SaaS logistics platform in the Philippines
  • The project went live in late June ahead of schedule
  • YOJ processed 10,000 transactions on the first day
• More recently YOJ has demonstrated multiple 20-25k parcels/day through its platform with total transactions approaching 200k since ‘go-live’
• Recent transactional volume achieved by YOJ begins to speak volumes about the platforms scalability and stability
  • This highlighted in the quarterly: “… We have demonstrated a platform that can deploy cheaply and rapidly, deliver reliably and scale to hundreds of thousands of transactions at a nominal cent transaction cost…”
  • This further shows YOJs readiness for the eCommerce campaign period occurring from July through to Christmas (December)
• YOJ has during the Q further re-focused its strategy towards securing enterprise customer contracts
• YOJ further highlighted that there are several advanced and ongoing conversations with large international logistics operators
• $115k in revenues during the Q, FY’20 revenues totalled $650k
  • Revenues were down QoQ due to revenue recognition in addition to reevaluating customer contracts
• $144k in cash receipts during the Q
• YOJ additionally achieved a ~42% reduction in net operating expenses to -777k during the Q
• $4.32m in cash at end of Q

Investment Thesis

We remain very pleased with the commercial successes achieved by YOJ during the Q, highlighting the K+N agreement signing and rapid rollout accomplished. We remain focused on the heightened and increasing transaction volume being achieved by YOJ; these being indicators of the platforms scalability and stability. If YOJ can continue to show volume growth, we can see the potential for significant revenues being generated. The YOJ investment case is predicated on driving material revenues through the rollout of its logistics platform with the likes of Geodis, Kuehne+Nagel and others in parallel to signing new SaaS agreements. We maintain our Speculative Buy recommendation.

--- click on links above for the full reports ---

[this was an excerpt from the 2nd - and latest - report, but is not the full report]

24-June-2020:  Euroz:  Quick Comment:  Yojee Ltd (YOJ):  YOJ Goes Live in Philippines

Euroz call on YOJ:  Spec Buy, PT: $0.13/share.  [not held by me]

June 2020:  Euroz: Yojee Ltd: Spec Buy

Share Price: 0.049 A$/sh (0.051 on 12-June-2020)
Price Target: 0.13 A$/sh
Valuation (DCF): 0.12 A$/sh
WACC: 11.0%
Terminal Growth: 3.0%
Shares on issue: 923.6 m, diluted
Market Capitalisation (Fully diluted): 49.6 A$m
Enterprise Value: 44.3 A$m
Debt (Mar’20, inc AASB16): 0.3 A$m
Cash (Mar’20): 5.5 A$m

Euroz Analyst:  Seth Lizee

Investment case

The logistics landscape is fast evolving with increasing pressure to build efficiencies and meet growing customer demands – YOJ continues to be well positioned with their end-to-end solution. We continue to see the blue sky opportunity present. Although revenues have not met our earlier expectations for a number of reasons (including COVID-19) we still see them emerging in time. We further acknowledge the solid wins YOJ has made in recent times – topped by the recent Kuehne + Nagel (K+N) agreement signed, K+N is a world leading logistics company. The YOJ investment case continues to be predicated on signing new commercial SaaS agreements, and top 10 global logistics provider Geodis driving material revenue in the medium term.

We maintain our Speculative Buy Recommendation and $0.13/sh. Price Target.

Key points:

• Kuehne + Nagel (Philippines) 3yr services agreement signed
  • Enterprise level project with YOJ for its SaaS logistics platform solution;
  • Platform will be integrated into K+N Philippines and a eCommerce fulfilment customer;
  • Project rollout is underway and is expected to go live by end July 2020
• We are particularly encouraged by prospect of YOJ working with one of, it not the largest global logistics providers and the possibility of further opportunities emerging over time;
  • We see this highlighted by YOJ describing K+Ns “Clear focus on IT-based integrated logistics solutions and growth in Asia”
• Kuehne + Nagel global is a world leading logistics provider, founded in 1890 the company has 83,000 employees across 1,400 locations in over 100 countries;
  • #1 Global Sea freight forwarder
  • #2 Global air cargo forwarder
  • #2 Global contract logistics provider
• The 3-yr services agreement is subject to standard enterprise termination clauses
  • Including K+N termination on 90 days’ notice, following an initial 9 months and only in the event of a discontinuation of its eCommerce fulfilment customer
• Further details at this time are unknown, however we would expect more updates into FY’21 when the project is expected to go live
• We maintain our 0.13/sh. Valuation and Price Target
• YOJ cash at bank stood at ~$5.49m as of Q3, no debt (ex. Lease liabilities)

--- click on link above for more ---

01-May-2020:  Euroz:  Client Note:  Quick Comment (March Qtr Results):  Yojee Ltd (YOJ):  Speculative Buy

Analyst: Seth Lizee, Price Target: $0.13/sh (Under Review)

Mar’Q Results
Key Points

• A$225k Revenue, +21% QoQ (vs A$186k in Dec Q)
• A$121k Cash receipts, -14% QoQ (vs A$141k in Dec Q)
• New Platform Adopting during Q:
  • Hub Express Singapore – Singapore logistics operator, 2yr dispatch SaaS agreement;
  • Magic Hand Car Wash Franchisor – 12m Dispatch SaaS agreement
• Major multinational (MNC) clients:
  • As a result of COVID-19 travel restrictions YOJ has not been able to expand footprint or build transaction volume during the Q
  • Travel restrictions have impacted hub expansions, implementations, and implementation teams
• Send Yojee:
  • The standalone business and technology test bed continues to provide great transparency to the SaaS offering and “connected marketplace” from YOJ
  • Clients continue to be attracted as a result of increased freight network volumes during Q
  • 4,061 deliveries logged, +4% QoQ (vs 3,920 deliveries in Dec Q)
• New Chairman David Morton appointed, initially joined YOJ’s advisory board in May 2019.
• NED fees have been voluntarily reduced by 50% of up to 6 months
• $5.49m Cash at bank at end of Q (31-Mar)

Investment Thesis

The Mar Q has highlighted the mixed impact of COVID-19 on the business, despite the pandemic YOJ have continued to add news customers and grow sales, although travel restrictions have slowed YOJs ability to roll out its cross border network solution in SE Asia for a major MNC client. However we see potential new opportunities emerging beyond COVID-19 as the logistics industry begin to re-asses their supply chains and possibly accelerate digitisation and technological adoption, all of this would benefit YOJ who is well placed with their end-to-end offering. The YOJ investment case continues to be predicated on signing new commercial SaaS agreements, and top 10 global logistics provider Geodis driving material revenue in the medium term.

Yojee Ltd (YOJ)  [01-May-2020]

• Share Price: 0.028 A$/sh
• Price Target: 0.13 (under review) A$/sh
• Valuation: 0.13 (under review) A$/sh
• Recommendation: Speculative Buy
• Shares on issue: 1000.1 m(dil)
• Market Capitalisation: 28 A$m
• Enterprise Value: 22.8 A$/m
• Debt: (Inc. AASB16 LL) 0.255 A$/m
• Cash: (Mar’Q) 5.49 A$/m

--- click on link at the top for more --- 

YOJ closed at 2.6 cps today (15-May-2020).

10-Sep-2019:  Euroz Securities:  Yojee Ltd (YOJ $0.09) Speculative Buy - Initiation of Coverage - https://www.asx.com.au/documents/products/yoj-10sep19-initiation.pdf

• Analyst:  Seth Lizee
• PT:  $0.13/sh
• Valuation (DCF):  $0.11/sh
• Call:  "Speculative Buy"
• SP at date of report (10-Sep-2019):  $0.09
• SP as at yesterday's close (27-Sep-2019):  $0.077
• SP increase required to achieve Euroz's 11c Valuation (from 7.7c):  42.9%
• SP increase required to achieve Euroz's 13c Price Target (from 7.7c):  68.8%

Disclosure:  I don't hold YOJ shares.

27-Mar-2020:  Strong Funding Position and Cash Runway Maintained

The market liked this one! 

YOJ up over 30% as the All Ords gives up early gains to drop into negative territory. [Unbelievably - after being up as high as 2.4 cps (+50%), YOJ finished the day flat - unchanged - at 1.6 cps - they can't take a trick!]

31-Oct-2019:  Euroz Securities:  Yojee Ltd (YOJ $0.074) Speculative Buy - Sep’Q Update - https://www.asx.com.au/documents/products/YOJ-quick-comment-31Oct19.pdf

• Analyst:  Seth Lizee
• PT:  $0.13/share
• Valuation (blended):  $0.13/share
• Call:  "Speculative Buy"
• SP at date of report (31-Oct-2019):  $0.074 (7.4c)
• SP as at Friday's close (15-Nov-2019):  $0.071 (7.1c)
• SP increase required to achieve Euroz's 13c Price Target/Valuation (from 7.1c):  83%

Disclosure:  I don't hold YOJ shares.