15:06 | 12.03.2010
eResearch Initiating Report: SELECTCORE LTD.
UPFRONT
Although prepaid cards have been around for a while, SelectCore is the first to
have a prepaid reloadable credit card that is sold to consumers through retail
locations. Known as the Iridium MasterCard, it can be used at ATMs and for
on-line purchases, and is accepted everywhere that MasterCard is. Given the
adverse economic and financial environment, consumer credit has become
difficult to acquire. This product is readily available, and easy to use and reuse.
Its acceptance should generate significant revenue growth for the
Company and at exceptional margins. In turn, this should lead, eventually, to
an upwards multiple revision.
RECOMMENDATION
We recommend SelectCore Ltd. as a Speculative Buy for risk-tolerant
investors. Our 12-month Target Price range for the stock is $0.35 to $0.40,
significantly above its current price.
PROFILE
SelectCore Ltd. (“SelectCore” or the “Company”) provides prepaid telecom
and financial services for the credit-challenged and “un-banked” consumer
markets. The Company offers products and services to consumers through its
nation-wide retail channel and also provides wholesale solutions to its
corporate clients.
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