Vertex Technology Acquisition Corp (VTAC) - CGS-CIMB Research 2023-11-20: Going LIVE

Vertex Technology Acquisition Corp (VTAC) - Going LIVE

Vertex SPAC (SGX:VT1) | SGinvestors.ioVertex SPAC (SGX:VT1)
  • Vertex Technology Acquisition Corporation (VTAC), a special purpose acquisition company (SPAC), announced on 2 Oct 23 that it is proposing a business combination with 17LIVE Holding Limited (17LIVE).
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  • Shareholders will be required to decide whether to redeem their shares in VTAC by 28 Nov 23. An EGM will thereafter be held on 1 Dec 23 for shareholders to either vote in favour of or against the proposed business combination.

Market leader in live streaming industry in Japan and Taiwan

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  • In terms of key operating metrics, as of 1HFY23, monthly active users (MAU) and monthly paying users (MPU) declined 64% and 36%, respectively, compared to peak levels in 2HFY21. 17LIVE attributes these trends to easing social distancing measures post COVID-19.
  • Average revenue per spending user (ARPPU) trend was mixed, having declined in Japan since 2HFY21 but rising significantly in Taiwan over the same period.
  • Going forward, management will be focusing on higher-quality (paying) users, which could catalyse its profitability, in our view.

Purchase consideration of S$923m is below F&S’s valuation range

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

ONG Khang Chuen C CGS-CIMB Research | Andrea CHOONG CGS-CIMB Research | 2023-11-20

Price targets by other brokers at Vertex SPAC Target Prices.

Listing of research reports at Vertex SPAC Analyst Reports.

Relevant links:
Vertex SPAC Share Price History,
Vertex SPAC Announcements,
Vertex SPAC Dividends & Corporate Actions,
Vertex SPAC News Articles


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