WTC, WISETECH GLOBAL LIMITED

[nipper]

WiseTech Global said it expects full-year revenue of between $420 and $450 million, an increase of 21 to 29 per cent on 2019.

It expects full year earnings (EBITDA) of between $114 million to $132m, an increase of between 5 and 22 per cent on last year.

Previously, the firm guided to revenue of $440 million to $460 million and EBITDA in a range of $145 million to $153 million for the year.

“In considering adjustment to our guidance for FY20 we have prudently taken into account the potential impact of COVID-19 on manufacturing and export trade, along with the continued growth of the group during 1H20, the power of the CargoWise platform, drivers of organic growth, annual customer attrition rate of less than 1 per cent and continued relentless investment in innovation and expansion across our global business," said founder and chief executive Richard White in a statement.

The company reported first-half revenue of $205.9 million, up 31.4 per cent on the same period last year, with operating profit rising 17 per cent to $42 million.

"Organic revenues from our existing and new CargoWise customers delivered $24.3m of growth on 1H19," the company said. "Growth in organic revenue from existing and new CargoWise customers was 24 per cent compared with 1H19."

And down 20%, now around $23.20

[blacksheep]

J Capital Research appears to have raised it's head again, seeking a number of explanations from WTC following their AGM

Questions for management at today’s AGM Full report at http://www.jcapitalresearch.com

Total short positions as at 13/11/19 = 2.43%
https://www.shortman.com.au/stock?q=wtc

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[nipper]

Richard White, has branded an activist short-selling raid on the logistics software firm "misleading and entirely self-serving" and has pledged to stick to his strategy of buying businesses for growth.

WiseTech has become the largest ever Australian target of an activist short report after losing just over a fifth of its $10 billion valuation. Research firm J Capital Research claimed in two reports that WiseTech had inflated its revenues and relied too much on acquisitions to grow.

But Mr White – whose personal shareholding has declined by $1.2 billion since JCap lobbed its first report just over a week ago – told AFR Weekend that he was a "software guy" focused on doing "the right thing".

"You shouldn’t change your strategy because somebody comes at you from a vector that is very misleading and entirely self-serving," Mr White said after a brutal week in which WiseTech responded to two reports published by JCap.

WiseTech soared into the S&P/ASX 100 index after listing in 2016 but its shares have fallen about 22 per cent since JCap's first report was lobbed on October 17.

Correct

[blacksheep]

In Reply To: blacksheep's post @ Oct 21 2019, 01:11 PM

23 October 2019
WTC responds to misinformation in market report

WiseTech Global (ASX:WTC), requested a trading halt to ensure that trading did not take place in an
uninformed market after the release of a second short-seller report by J Capital Research Limited
(the Report) during the first hour of trading on 21 Oct 2019. The Report contains many claims that
are wrong.

WiseTech rejects the claims of financial impropriety and irregularity contained in the Report. The
Report was published without prior inquiry to WiseTech. The publisher of the Report discloses that
it may realise significant gains from a decline in WiseTech’s share price.1

WiseTech Global Founder & CEO, Richard White, said “We are very concerned that claims in this
Report may mislead and manipulate the market to the detriment of WiseTech's business and our
shareholders.

We are resolute in our vision to be the operating system for global logistics. We continue to stand
strongly by our strategy, our technology and our business model, all of which together fuel significant
growth and global expansion. We confirm our guidance for FY20 of revenue of $440m - $460m, with
revenue growth of 26% -32% and EBITDA of $145m - $153m with EBITDA growth of 34% - 42%2

.”
Response to key claims...........read more

https://www.asx.com.au/asxpdf/20191023/pdf/...rtfm13xm97l.pdf

SP up 4.94% currently @ $27.60. All gaps now closed

Short positions @ 12/10/19 = 1.12%
https://www.shortman.com.au/stock?q=wtc

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[blacksheep]

In Reply To: blacksheep's post @ Oct 17 2019, 01:13 PM

J Capital Research has hit again - WiseTech Part II: - https://www.jcapitalresearch.com/uploads/2/...0_wtc_part2.pdf

Trade has been halted again but not before going down 12.33% - last traded @ $26.30

Meanwhile Evans & Partners put out a recent note calling JCap's accusations "complete garbage", retains a positive view and a TP of $35.59.- brave!!

Clearly one of these guys will have egg on their face

https://www.shortman.com.au/stock?q=wtc

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[blacksheep]

In Reply To: blacksheep's post @ Oct 17 2019, 12:03 PM

Interesting to look back at the recent broker price targets on WTC

Morgan Stanley - $29
Macquarie - $28
Citi - $36.30
Bell Potter - 23.75
Ord Minnett - $26.69

[blacksheep]

In Reply To: blacksheep's post @ Oct 17 2019, 11:52 AM

The plunge in the SP coincided with the release of their tweets - "After doing exhaustive research, J Capital is ready to publish its findings on a company valued at more than $7 bln that we think is massively exaggerating profits and revenue" followed by one naming WTC. ->>> https://twitter.com/JCap_Research

[blacksheep]

In Reply To: blacksheep's post @ Oct 17 2019, 11:44 AM

J Capital look like they could be a shorter to me - based in the US - a list of their research reports featured here - > https://www.jcapitalresearch.com/public-reports.html

J Capital Research
Making short work of over-valued companies
​J Capital Research publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. Founded in China in 2010, the company has particular expertise in the Chinese market but looks at over-valued companies throughout the world. When we form a clear view, we publish free, public reports to inform the investing public. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope it speaks for itself.

Total short positions for WTC as at 10/10/19 = 1.41% - not really that high

https://www.shortman.com.au/stock?q=wtc

[nipper]

In Reply To: blacksheep's post @ Oct 17 2019, 11:44 AM

thanks.

• Overstated profit:
  
• Overstated organic growth:
• Suspect European revenue growth:
• How do they get away with it? WiseTech is able to shield subsidiaries from audit scrutiny through an Australian peculiarity called the “deed of cross guarantee.” Simply put, the auditors aren't looking at the numbers closely enough. WiseTech’s Australian subsidiaries, through which much of the international revenue has been channeled, have been shielded from audit scrutiny.
• Chair of Audit Committee resigned:
• IPO magic:
• Who’s making the money?

[blacksheep]

In Reply To: nipper's post @ Oct 17 2019, 11:33 AM

Copy of the report - https://www.jcapitalresearch.com/wtc.html

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