Opportunities in China's Waste Water Sector

In the previous article HERE, we provided an overview of the China's Water and Waste Water situation. In this article, we will look at the potential opportunities in the WWT and WWT related segments.

 

RHB (Apr, 2017) has categorized the waste water segment into:

WWT: Waste Water Treatment
HWT: Hazardous Waste Treatment
Sludge Treatment (by product of WWT)
WTE: Waste to energy (by product of WWT is used to generate electricity)

According to Uob Kayhian (Jan, 2017), the WWT market is quite mature in bigger cities. The WWT industry in counties has developed faster than expected in the 12th FYP period, with the treatment ratio reaching 85%, exceeded its target of 70% in 2015. However, the ratio is still low in towns. The 12th FYP targeted a 30% treatment ratio and the 13th FYP targets to aggressively raise the ratio to 70%. In less developed regions, such as the central and west regions, the ratio should reach 50%. Therefore, going forward, Uob Kayhian thinks that the WWT will focus on towns and villages, which are now lagging behind in terms of treatment ratio.

Further, Uob Kayhian reported that the treatment of sludge, which is mainly the byproduct from WWT, has been largely overlooked in the past five years. So far, most of the sludge is buried after dewatering. However, this is not a good solution as all the pollutant content still exists, suggesting high possibility of a second round of pollution to soil and rivers. Over the next few years, the government would focus on the conversion of sludge into other useful materials, depending on the type of sludge. Hence, there are opportunities in the sludge treatment area.

Overview of Hazardous Waste Situation

The Hazardous Waste Management industry in China is engaged in the collection, storage, utilization, and disposal of hazardous waste. According to ResearchInChina, China is a big producer of industrial hazardous waste, which arise from electronic circuit board production, oil & gas and chemical production processes. It was estimated that China produced 40 million tons of industrial hazardous waste in 2013, representing an increase of 15.4 % over the previous year. By 2016, China will create 70 million tons of hazardous waste. However, as of 2013, Chinese licensed companies could only treat 50 %-60% of hazardous waste. With the country attaches more importance to environmental issues, laws and regulations are enforced more and more stringently, the utilization and disposal rates of hazardous waste will be to some extent raised, and the hazardous waste treatment industry will embrace huge potentials.

The Ministry of Environmental Protection (MEP), National Development and Reform Commission (NDRC), and Ministry of Public Security (MPS) jointly released the National List of Hazardous Waste (2016 edition), effective 1 August 2016.

The updated List reclassifies hazardous waste into 46 categories. Out of the 479 items on the List, 117 are newly added.

While there are hundreds of enterprises in Beijing, Jiangsu, Zhejiang, Guangdong, Henan, and Tianjin that engage in the front line of hazardous waste treatment, most of the capacities are idle due to scarce policy support of the local government and low efficiency of garbage collection (ReportsmReports, 2014). Companies with government support in the collection of the hazardous waste will have huge growth opportunity in this area.

Technology Barrier

Compared to municipal waste water, it is more difficult to treat industrial wastewater as its chemical composition is more complex. As industrial wastewater is often toxic, the wastewater treatment system must be designed to largely remove or substantially reduce the concentration of these effluents to an acceptable level as required under environmental protection and public health laws and regulations.

Sludge is the by-product resulting from wastewater treatment and contains a large amount of nitrogen, phosphorus, potassium and organic ingredients as well as toxic and harmful components such as dioxins. Sludge treatment is a complicated process. Only less than 30% of wastewater treatment plants in cities in China can properly compress, stabilize and dehydrate sludge. According to the data collected by Ernst & Young in 2013, over 56% of wastewater treatment plants do not have stabilization treatment and nearly 49% do not have a dehydration process. Only operators with industrial solid waste certificates under the operation certificate of environmental pollution treatment facility are allowed to conduct sludge treatment business.

Hazardous waste treatment requires the most advanced technology and specified treatment process is required for each type of waste.

Overall Assessment of Waste Water & Hazardous Waste Sector:

Source: Stock Sniper

Competition

The Water & WWT industry is a highly competitive and fragmented market in China. The main players are the State-Owned- Enterprises (e.g. Beijing Enterprises Water, Beijing Capital, Shanghai Industrial, Tianjin Capital Environment) and local private companies (China Water, Kangda, Sound Group) as well as a number of international environmental services companies (Suez Environement, Veolia Environment).

However, foreign companies are increasingly finding it difficult to compete with the local companies in the WWT, except for segments that requires more advanced technology.

The WWT companies compete on financial strengths, project execution capability, research and development capability, understanding of the local governmental landscape, quality and price of wastewater treatment and industrial water supply services, brand reputation, marketing and customer services.

The wastewater treatment industry is capital intensive. It is generally easier for medium to large players with good financial strength to win bids for wastewater treatment projects, as they are able to afford the start-up cost and can obtain financing from banks or the government more easily.

In municipal wastewater projects, relationships with the local government play a vital role in winning the tender as well as in subsequent operations. A good relationship with the local government often enables a player to better understand the government’s requirements, and hence a higher chance to win the contract.

In 2017, up to May, there are two new IPOs, namely Luzhou Xinlu Water Group and Kunming Dianchi Water Treat which were listed in HKSE.

Summary of Business Scope of Listed Companies Operating in Water and WWT

   Source: Stock Sniper

¹Engineering, Procurement and Construction (EPC) service provision to 3^rd party as part of its core business)

Comparison of WWT Companies Listed in SGX, SSE & HKEx

Data Source: Morningstar, Annual reports

Coming soon... Next, we will be looking at a few of the listed companies above operating in the China's Waste Water Sector.. Click HERE To Subscribe For New Updates by Email

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Dividend: Romance Of The Three Telcos – Singtel, Starhub & M1

Telcos have been the traditional favourite investment choice for many dividend investors.

Since the news of the 4^th Telco entry and the potential heighten competition from Netflix on the pay-TV segment, share prices of the existing 3 listed telcos in Singapore have not been doing well, particularly from September 2016.

From January 2016 to October 2017, the share price of M1 & Starhub have retreated by more than 30% and 24% respectively while Singtel is relatively resilient, edging up by 6.2%

Investing in Singapore Telcos

Without delving into their operational performances and speculating about the future, let’s run some quick trailing twelve month (TTM) numbers to see how each Telco stacks up against one another.

Company	Share Price	Dividend (cts)	Dividend yield	EPS (cts)	PE	ROE	P/B	Debt/ Equity	*Dividend payout ratio	*Free cashflow/ share cts)
Singtel	3.76	17	4.5%	23	16.3	14%	2.1	0.34	74.8%	11.93
Starhub	2.68	19	7.1%	17	15.8	96%	11.7	2.48	110%	5.19
M1	1.785	11	6.2%	14	12.8	35%	4.3	1.15	77.6%	10.76

Reference: MorningStar dated 19 Oct 17                       
* Indicates calendar year-end data information

In terms of financial matrices, it seems that Starhub scored the worst among the three due to its highest debt ratio and dividend payout ratio exceeding both EPS and free cashflow. This implies that the current rate of dividend payment might not be sustainable for Starhub.

Conversely, Singtel has the strongest balance sheet (lowest debt ratio) and while its PE seems to be the highest, its Price-over-Book ratio is the lowest among the three telcos. So it would mean the price that the investors are paying for Singtel are backed by more assets. Also, Singtel has the headroom capacity to gear up its balance sheet further should it need to and still could maintain its dividend payment (note that Singtel’s free cashflow/share for FY17 was 17.36cts and in the current period, it has received S$1.1bil in proceeds from Netlink IPO)

In conclusion, it seems that the financials of Singtel is rather strong and it has probably the best ability to sustain its current dividend among the three telcos.

On another side note, all three companies have engaged in share buy-backs as their share prices declined over 2016 - 2017. Let’s us take the hindsight view of the outcome:

Interestingly, despite larger amounts spent on buy-backs, the share prices of M1 and Starhub continued to decline further. M1 which utilized the highest amount of S$28M on share purchases, saw its share price still decline 26% below its average price paid. For this year, Starhub seems to have “thrown in the towel” and stopped buying back its shares to-date 2017 while Singtel actually increases its share buyback this year, but spending a modest amount of only S$4.7M vis-à-vis its market capitalization (probably main purpose of Singtel's buy backs is for its employee stock option scheme?).  

An Overview of China’s Water and Waste Water Situation

According to ABD, China is home to about 20% of the world’s population, but endowed with only 7% of global water resources. Water resources in the PRC are remarkably unevenly distributed. Southern China encompasses 69% of the country’s available water supply and has four times the groundwater resources of northern China; whereas, the north only has one-fifth of the China’s total water resources, yet it covers roughly 60% of arable land for agriculture and is home to some of the country’s largest cities.

Both regions register seriously low per capita water availability ratios. The south, with water availability at 1,100 cubic meters (m³) per capita, is within a hairline of the international water scarcity threshold of 1,000 m3 per capita, while the north is operating at only 424 m³ per capita or nearly 50% below the threshold.

 

 According to a Goldman Sachs report in 2015, the China’s Market for environment potential is tremendous due to under-investment as a percentage of GDP and as unprecedented growth in the past has led to record levels of pollution in China’s air, water and soil. The pollution issues must be addressed as there will be growing national and social concerns on food & water safety and sufficiency.

 

Source: Goldman Sachs, July 2015

In 2016, the Chinese government announced various policies under the 13th Five-Year Plan to promote environmental protection, while tightening the laws and regulations to define more clearly the responsibilities of environmental protection bodies. According to Uob Kayhian (Jan, 2017), the 13^th Five Year Plan (FYP) from 2016-20 estimates total investment of Rmb564b, up 31% from the amount in 12^th FYP, which will mainly be used as capex for WWT facilities. For the river clean-up in main cities, the total budget is around Rmb170b in the 13^th FYP. The 13^th FYP guided that local governments are responsible for these projects by means of:

 

a) Raise funding through Waste Water Treatment (WWT) tariff to attract investment;

b) Invite more social and private capital (PPP: Public-Private-Partnership); and

c) Offer more support to less developed regions.

 

Other than driven by policies, the demand for water and water treatment is also expected to increase due to the continuing urbanization and industrialization in China.

 

Urbanization is one of the factors that contribute to the increased discharge volume of domestic sewage. According to Frost & Sullivan, China’s urban population grew from 669.8 million in 2010 to 793.0 million in 2016. In the same period, China’s urbanization rate saw an increase of 7.4% from 49.9% to 57.3%. Frost & Sullivan estimates that by 2020, and Chinese urbanization rate to reach 63%. This urbanization trend is likely to lead to an increase in demand for clean water and wastewater treatment in urban areas, which in turn would increase the growth potential of the municipal wastewater treatment industry.

 

Between 2010 and 2015, the water consumption volume in China increased from 602.2 billion ton to 634.2 billion ton. During the same period, per capita water consumption has also increased from 450.2 ton to 461.2 ton. Frost & Sullivan expects China’s water demand will keep growing and has estimated that by 2020, total and per capita water consumption will increase to 666.9 billion ton and 464.3 ton respectively.

While official industrial wastewater discharge reported a declining trend since 2008, ChinaWaterRisk points that it could be under-reported as it does not synch with the economic growth in China.
 

 

Water tariffs have experienced growth in the past decade. Wastewater treatment fee for residential users rose from RMB0.76 per m³ in 2010 to RMB0.85 per m³ in 2015 and running water tariffs increased from RMB1.84 per m3 in 2010 to RMB2.11 per m³ in 2015. Industrial water tariffs and waste water treatment fee are higher than residential users and Frost & Sullivan believes wastewater treatment tariff will continue to grow and this bodes well for the WWT operators.

 

  

Furthermore, the tariffs rate in China are still very low compared to those in developed countries. According to Goldman Sachs (2015), one key reason for China’s chronic and deteriorating environmental system is due to its low pricing of utilities & water treatment. Cleaning up pollution across the ecosystem will require a rationalization of utilities prices, meaning users and polluters will need to pay more realistic costs so that suppliers of pollution reduction services are appropriately incentivized to provide good environmental protection and improvement services.

Coupled with the continued economic growth, government measures and demographic trends, it is expected that there would be an increased demand for clean drinking water, industrial water and wastewater treatment, sludge and hazardous waste treatment services in China and these investments would be supported by the expected tariff increases.

(Source: Stock Snipers)

Wastewater Treatment Operating Modes

Wastewater treatment is usually conducted by means of either a BOO or BOT project. In addition, there is also the O&M project model, in which an enterprise is retained to operate and maintain wastewater treatment facilities in return for a fee. Generally, for BOO & BOT, the project company is exposed to financing risks as a large sum of capital is required at the start up of the project and only gets paid back after a long period of time.
 

 

BOT

Municipal projects are using build-operate-transfer (BOT) model, where local governments are responsible for tariff collection and payment. BOT projects involve the design, construction and operation of wastewater treatment plants where concession is granted (usually for 25-30 years) by the local government according to the relevant concession agreement. At end of the concession period, the plant is transferred to the local government at zero consideration.

 

BOO — A B2B business model with higher returns as well as risks

The build-operate-operation (BOO) method is widely used for developing industrial WWT projects. BOO projects are built, owned and operated by the operator. Local governments may act in an initiator/coordinator role in industrial projects. Generally, operators of industrial WWT projects need to sign contracts with customers one by one, with no guaranteed treatment volumes.

Given that BOO projects generally bear greater risk from potential uncertainty in utilization and tariff collection and the operator is able to get higher margin by directly negotiate the tariffs with the industrial users.

 

 

Coming soon... Next, we will be looking at the potential opportunities in the China's Waste Water Sector.. Click HERE To Subscribe For New Updates by Email

 

Goldpac: Discussion Points And Comments

Dear Readers,

Thank you for your interests in the articles on Goldpac (金邦达:3315.HK)  and your points raised. For the benefit of the other readers, some discussion points and comments are reproduced here.

If this is your first visit to this blog, you may want to read the previous postings on Goldpac before proceeding with this write-up.

Previous Posts:

31 July 2017 - Goldpac: Is There Gold in Goldpac?

16 September 2017 - Goldpac: Operating Profit Increased 16.3% For First Half 2017, But Net Profit Hit By Exchange Loss

30 September 2017 - Goldpac: Scored Double First As Selected Provider for New OTO Initiatives To Improve the Banking And Payment Ecosystem 

The discussions here contain the opinions and ideas of the author. It is not a recommendation to purchase or sell the securities of any of the companies or investments herein discussed. Please refer to the disclaimer found at the bottom of this page.
 

Discussion Point 1: Goldpac is hoarding huge cash, is it a bane (or a boon)?

Comment:

The ROE of Goldpac is actually significantly under-stated due to the huge cash holdings which are not invested to generate business income.

However, having huge cash holdings may have the following significance:

(a)    Prudence spending by Management

Goldpac raised HK$975M in late 2013 IPO.

 

Amazingly, HK$345M (35%), mostly related to R&D, expansion of production facilities and future strategic M&A, still remained unutilized as of end 2016. This demonstrates the prudence on the part of its Management in making new investments and there will be ready cash to deploy once good investment opportunity arises.

 

In January 2017, Goldpac has announced the acquisition of a piece of land in Zhuhai and the development of Goldpac Fintech Innovation Hub to grow its Fintech business. (Refer to more information here)

(b)    Highly cash generative business

Since IPO, from 2014-2016, Goldpac had generated a total of RMB813M in operating cashflow while cumulative CAPEX over the same period was RMB117M, giving a free cashflow of RMB696M. This is almost 40% of its current market capitalization!

 

This shows that Goldpac is a highly cash generative business with low maintenance CAPEX. In fact, Goldpac has invested a lot on technology to improve its manufacturing process and has recently signed a strategic cooperation with Infineon to improve its production through Industrial 4.0.

(c)      Rewarding its shareholders and sustainability of dividends

Goldpac had been paying its shareholders dividends every year since IPO. In fact, it has been raising its dividend per share each year and special dividends had been introduced since FY15. 

 

From 2013 to six month ended 2017, a cumulative dividend amount of RMB351M had been paid. With high free cashflow, it is likely that Goldpac could continue to reward its shareholders with dividends. Also, Goldpac had executed share buybacks in 2015 & 2016 and cancelled a total of 1.4 million shares. 

From these actions, it can be seen that Management had been returning excess cash to the shareholders.

 

In fact, Goldpac was honored with the “Best Shareholders’ Return” award in the 2016 Golden Hong Kong Stock Award Competition which recognized the Group’s profitability and consistent dividend policy. (Refer to Chinese article here)

 

Discussion Point 2: Mobile payments such as AliPay and WeChat Pay are growing rapidly in China. Will credit card be skipped altogether?

Please refer to comments under Discussion Point 3.

Discussion Point 3: Would NFC (Near-field communication) payment replace credit card payment?

 

Comments:

China has managed to frog leap and skip certain stages in its technology adoption due to the lack of historical baggage as it did not previously have huge existing infrastructure in place for payment devices as compared with other developed countries. Thus China can rapidly set up NFC enabled payment systems in its MPOS network without the need to replace huge existing network. In addition, the high adoption rate of smart phone in China has enabled usage of mobile payments such as AliPay and Wechat Pay to grow rapidly for small amount payments through the use of QR codes. AliPay and Wechat Pay have been offering small discounts and Hongbaos (lucky draws) for its users and these have worked well to attract users. These developments have generally reduced the usage of cash, especially in the cities.

So is credit card dead? From the feedback of some PRC friends working and living in China cities, the answers gathered from were resoundingly “NO”. They have commented that most of the people working in China cities do own credit cards and they do use it for the following purposes:

i) for higher value purchases

ii) to get longer repayment period
iii) overseas travels for hotel & purchase payments

It is interesting to know that even students from better known universities are being offered credit cards even though they do not have any income yet. Basically, it is not a binary outcome between ewallets and credit cards, they are different modes in the payment ecosystem that can co-exist, and both aimed at replacing cash transactions.

Compared with NFC payments, it should be noted that credit card also provides an additional important function - CREDIT i.e. lending during payment process, and not just solely to facilitate payment. Mobile payment and credit card payments are different mode of payments with different features, it all will work together to move into cashless society.

Click here for Chinese language interview with Chairman of Goldpac in Nov 2016 on why he thinks e payment cannot completely replace bank card payments.

Discussion Point 4: Debit cards have been replaced, why can’t credit card be replaced by virtual credit card?

Comment:

Debit cards have NOT been replaced. JD.com has just jointly issued its first internet banking card with China Industrial bank and Goldpac has been appointed as the major supplier. (Refer to article here)

Goldpac has also just been appointed to issue a bluetooth ready bank card which can link to mobile phone for download payment apps.

 

There are evidences of e-commerce players and financial institutions using bank cards to link with internet banks & mobile phones to improve O2O connectivity. More importantly, they have chosen Goldpac as the provider of these initiatives and this illustrated Goldpac's leadership in the industry.

You may refer to write-up on the above New OTO Initiatives here.

Currently, none of the major credit card organisations has issued virtual-only consumer credit card. It is highly possible that the credit card networks (VISA, Mastercard etc) & credit card acquirers (banks) still want to be on "top of the wallet" for marketing visibility rather than to be hidden in mobile phones.

Physical bank cards are used as a marketing tools for the banks, clubs and merchants, by portraying income and status differentiation via the criteria used for qualifying each type of credit cards. In China, in order to attract users, the banks have partnered with Goldpac to issue innovative bank cards such as LED smart cards and Sound smart cards. Moreover, the costs of issuing bank cards only constitute a small portion of the overall costs of the banks according to Goldpac.

 

Discussion Point 5: What are the competitive advantages of Goldpac?

Comment:

Advantage #1 – High entry barriers to industry

-      Stringent security, qualification and certification requirements

-     Card manufacturers must have five years of relevant production experience to obtain certification from payment organisations

 

Advantage #2 – Only Card Provider Certified by six leading credit card organisations

 

-     Goldpac is the only card provider in China that is certified by all the 6 leading card issuance organisations ; Visa, Mastercard, Amex, Unionpay, Diners & JCB

 Advantage #3 – High switching cost for customers/ long relationship with customers

-     Goldpac has worked many years with banks in China and counts top banks like ICBC, BOC, ABC & CCB as its customers

-     Over the years, it has expanded its business relations to foreign banks as well as non-banking customers such as Starbucks.

-     Card issuers are reluctant to change card manufacturers frequently due to security and trust issues

-     One non-executive Director was a board representative nominated by BOC group

-      Long time relationships build trust and enhance the chance of winning new business, e.g. providing Fintech solutions to banks

Advantage #4 – Strategic partnership with major supplier

-     Major supplier, Gemalto holds 18.42% share interests and has nominated a board representative in Goldpac

-     Gemalto is the world leading supplier of IC chips and digital security provider

-     According to Management in an investors communication meeting held on 20 April 2017:

Goldpac and Gemalto are important strategic partners. We form powerful combination in the business level and increase the bargaining power and market ability. Gemalto attaches importance to the company`s growth in China market and overseas development. In overseas markets, although the two companies have some competition, we have different market advantages. Goldpac has more advantages in the international development of UnionPay products and in Southeast Asia market. Because of the needs of risk management, the world`s banks are trying to avoid centralized procurement, so the company has great development and cooperation opportunities in overseas markets.

Advantage #5 – Strong Innovation Capability

-      25% of total workforce of 1,600 are engaged in R&D. Invest ~7% of revenue on R&D

-      Collaboration with Wuhan University on IoT solutions

-      Collaboration with Infineon on Industrial 4.0 to improve productivity and cost efficiency

 

 

Evidence: Goldpac won numerous awards for its product innovations over the years, including:

-     GCaas, its Fintech solution for banks and financial institutions

-     ICMA Elan Award, which is the Oscar’s equivalent for the industry

-     Goldpac was selected as major provider for first ever internet savings bank card issued under the partnership between JD.com and Industrial Bank as well

-     Goldpac was selected as major provider for the first Bluetooth bank card

 

Discussion Point 6: What are the opportunities Goldpac’s business?

Comment:

1.       Low Credit Card Penetration Rate

According to estimates, the credit card penetration rate in China is only less than 0.32 per capita compared to 4-6 per capita for debit cards. If conservatively, the credit card penetration rate can increase to 1 per person, then the addressable market is more than twice the current size.

2.       Entry by VISA, Mastercard card and other credit card organization into China

Moreover, due to WTO agreement, China is opening up its domestic credit card market to allow foreign credit card networks such as VISA & Mastercard into China market. Once they entered, it is expected that credit card issuance will increase. The competition for credit card market will intensify and it is likely to bring down the credit card charges and credit card interest rates. This will simulate the growth of credit cards as a form of payment financing.

3.       Low EMV migration rate in Asia Pacific & China UnionPay Belt & Road Initiatives

EMVCO has set a deadline for mandatory migration of existing magnetic stripe credit card to EMV compliant standard for better security.

According to EMVCO statistics, the EMV card adoption rate in Asia Pacific is only 38.8% percent in 2016. Goldpac has made inroads into South East Asia, in particularly, Philippines to take advantage of the EMV migration and it has also set up Fintech operations in Singapore. In 2016, the overseas sales is only RMB103M or less than 8% of its annual sales. The migration to EMV standard is expected to accelerate as the EMVCo deadline approaches.

4.       Growing Recurring Income from Payment Card Replacement Market

Credit card expiry period is typically set at 3 to 5 years due to credit review required on the card holder by the banks. This provides a future recurring income to the providers for credit card replacement market. So even at zero growth, based on the current financials, Goldpac can easy continue its high dividend payout given its low maintenance CAPEX requirement.

 
5.       Growing Innovative Payment Products & Fintech Business

While the current card solution business can be seen as a steady growth cash-cow business, the Star for rapid growth would be its Innovative Payment Products & Fintech business.

                            

Goldpac has developed an award winning Fintech technology for banks and financial institutions, GCaaS, which uses cloud based technology to integrate secured e-commerce, business management and linked up card issuers, merchants and cardholders in data processing.

Goldpac CTO, Li Jun, briefing on Goldpac’s GCaaS at the 2016 AliCloud Fintech Summit

 

In one interview, a Goldpac executive had mentioned that the company is in a good position to leverage on its relationships and trust developed over many years with the PRC banks to implement secured Fintech solutions to help them rationalize their costs. Of the 1,600 workforce in Goldpac, 400 of them are engaged in R&D for secure payment solutions including Fintech.
                                              

High-end Garmin Smart Payment Sport Watch supplied by Goldpac to China Industrial Bank.

According to estimates by HIS Markit reported in Goldpac’s announcement, the wearable market size in China was expected to grow to RMB20B.

In the six months ended 2017, the sales of wearables products was near RMB10M. As both wearable payment products and Fintech solutions are still at its early growth stage at Goldpac, there are great potentials to develop these businesses in years to come.

For a company that is ranked first in China and fourth in the world in the financial cards industry, Goldpac is trading at near 2x ex-cash PE (TTM) at current price. (view valuation here)

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Previous Posts:

31 July 2017 - Goldpac: Is There Gold in Goldpac?

16 September 2017 - Goldpac: Operating Profit Increased 16.3% For First Half 2017, But Net Profit Hit By Exchange Loss

30 September 2017 - Goldpac: Scored Double First As Selected Provider for New OTO Initiatives To Improve the Banking And Payment Ecosystem