5 Key Insights I Learned From Excel Force’s 2018 AGM

Excel Force MSC Berhad was established on 6 February 2002. EForce is a leading information technology solution provider involved in the development, provision and maintenance of application and system solutions for the financial services industry, specifically the stockbroking companies and investment banks.

EForce organises its business activities into three (3) segments. They are:

  • Application Solutions (“AS”) – Sales of software applications and product on outright purchase basis.
  • Maintenance Services (“MS”) – Provision of maintenance services.
  • Application Services Provider (“ASP”) – Provision of application services on monthly recurring fixed and variable charges.

On 30th May 2018, it held 16th Annual General Meeting for Financial Year Ended December 2017. We went for the AGM to know more about the future prospects of the company and here are the 5 key takeaways from the Excel Force AGM:

#1: Excel Force was founded by Wang Kuen- Chung @ Jeff Wang and he is still responsible for the strategic planning of the business. During the AGM, the founder was not present. A shareholder asked why the MD was not present in the AGM. The Chairman Dato’ Dr. Norraesah said Jeff Wang is currently unwell and having treatment in Taiwan. She further adds on that there is no major illness and the founder will be back very soon.

#2: By comparing FY 2016 and 2017, one shareholder asked why the Receivables in FY 2017 have so much difference compared to 2016. The director said that this is due to late collections on ‘market research activities’, which Excel Force has provided to their clients.high receivables

Source: Excel Force Berhad 2017 Annual Report

#3: Recently, Excel Force share price has dropped substantially after the change in Malaysia government. This is due to Excel Force Chairman being Executive Chairman of MYEG. A few shareholders have raised their concern on whether new government will have impact on Excel Force existing business. As described by Chairman:

  • Excel Force’s core businesses provide services to stock broking, consumer banks and insurance clients. Some of their clients are Maybank, Kenanga, Hong Leong, Public bank and UOY Kay Hian.
  • There are no government concessions in their existing client portfolio and their businesses are not government related.

excel force share price

Source: Malaysiastock.biz

#4: As part of the initiatives to stimulate Malaysia’s capital market, the previous government has included Alternate Trading System (ATS) in the 2018 federal budget. A shareholder asked whether this will be materialised and whether Excel Force would the benefactor. According to Excel Force directors, Securities Commission had engaged with several parties including Excel Force, however there is no news from SC yet.

#5: A shareholder asked on the current strategy Excel Force would be utilising moving forward. Director said the current strategy is to focus on core clients and cater for their needs. They are also looking into providing big data analysis as additional services to current core clients. At the same time, Directors mentioned that they have very close relationship with current core clients.

Liked our key insights on Excel Force’s AGM? click here to read more articles on AGM we’ve attended. You can also check out some of our past articles on REITs or increase your investing knowledge by browsing through my articles on  Investing 101

An equity investor and co-founder of Stocks Insights. Prior to this, he was attached with an International Bank in Private Banking segment serving sophisticated high net worth clients. He has also passed Certified Financial Planner's examinations during his engineering undergraduate degree.

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