OPENSYS is an ACE Market company whose share price dropped a lot since the frenzy of 2020. 

Write-ups and research videos on OPENSYS had been posted sporadically in the past. 

I am writing a brief report derived from its Annual Report.

From its Annual Report, revenue decreased since 5 years ago but profit increased. 

From data obtained on this website, it holds a proud record of never suffering a loss in any quarter since 2012 and give dividends non-stop each year since 2012. 

Its business is closely related to banks with a bit of tech.

Why?

Its revenue is mainly from Cash Recycling Machines (CRM), Business Process Outsourcing (BPO) and Maintenance (of its hard and software products). It has around 80% market share in CRM.

Fourthly, its revenue is from Cash-in-Transit (CIT) using Smart CIT.

Lastly, a solar photovoltaic marketplace called buySolar.

From its Annual Report, it is a net cash company. Business is resilient due to most recurring revenue from CRM, BPO and Maintenance. Many customers are in essential services sector. (banks, telecoms, etc.)

I like its strong track record.

I like its steady and boring business.

I like a net cash company that always gives dividends to shareholders. No need to get heart attack like other companies doing rights issue. 

I don't like its diversification into solar photovoltaic online marketplace. I hope they can prove me wrong.  

I have OPENSYS since 2021. Looking to add more in 2022.