$GRNQ Checks All The BoxesUp almost 80% YTD, Greenpro Capital Corp. (NASDAQ: GRNQ) may still have more room to run since the company announced the date its incubated company, Angkasa-X, is going to launch a Malaysian satellite. Furthermore, earlier in March, GRNQ’s wholly-owned Green-X Corp. signed an agreement with myESG to provide rating modules and a guiding platform after it had merged with CryptoSX earlier in the same month. GRNQ has also established its new official headquarters in Malaysia to better access the ASEAN market. Given the potential of the ASEAN market, GRNQ stock appears to be well-positioned to continue running over the coming weeks.
GRNQ Fundamentals
Satellite Launch
Angkasa-X is planning to launch a Malaysian satellite on June 27 to lead the Association of Southeast Asian Nations (ASEAN) in advancing its spacetech ecosystem. GRNQ is currently the second largest shareholder of Angkasa-X, which means that the satellite launch will be a huge catalyst for GRNQ stock and it may run after a successful launch of the satellite On June 27.
With this in mind, GRNQ recently climbed 17% as more investors are starting to take notice of the upcoming launch. In this way, GRNQ stock could continue running up until the launch date given the significance of this catalyst – especially with its low float of 4.4 million.
New Headquarters
GRNQ is shifting its focus to the Malaysian market as it recently established its official headquarters in the Asian country. The reason behind this move is GRNQ’s confidence in Malaysia becoming a gateway to the rapidly growing ASEAN market. On that note, the Asian Development Band (ADB) has forecasted ASEAN’s growth for 2023 at 4.7% which is higher than the global growth of 2.7% as forecasted by the International Monetary Fund (IMF). If GRNQ keeps making smart investments in the ASEAN market as it grows, it can see exponential growth itself – which could reflect on the GRNQ stock price eventually.
Green-X Merger
Back in March, GRNQ’s wholly-owned Green-X merged with CryptoSX, one of the earliest digital asset exchanges under the Cagayan Economic Zone Authority in the Philippines, which has had 10 Security Token Offerings (STO) listed since 2019. The crypto market in Malaysia and the Philippines is currently valued at around $6 billion and is expected to keep on growing in the future.
GRNQ believes its expertise in Islamic banking and finance can help grow the adoption of cryptocurrency in Halal communities. At the end of 2022, Islamic financing accounted for 41% of all financing in Malaysia and it is expected to outperform conventional financing in the future. If GRNQ can break into this market and introduce cryptocurrencies to it, its revenues could skyrocket.
GRNQ Financials
In its Q1 2023 report, GRNQ’s assets decreased 2% QoQ from $15.6 million to $15.3 million, and its cash and cash equivalents decreased 13% QoQ from $3.9 million to $3 million. GRNQ’s total liabilities decreased by 1% QoQ from $15.6 million to $15.4 million.
Revenue has increased 10% YoY from $575 thousand to $637 thousand. Operating costs decreased almost 1% from $904 thousand to $891 thousand, which contributed to the operating loss decrease of 73% YoY from $530 thousand to $332 thousand. As a result, GRNQ reported a net income of $21.9 thousand – a YoY increase from the $1 million net loss it incurred last year.
Technical Analysis
GRNQ stock’s trend is neutral with the stock trading in a sideways channel between $1.77 and $2.21. Looking at the indicators, the stock is trading above the 200, 50, and 21 MAs which are bullish indications. Meanwhile, RSI is overbought at 70 and the MACD is bullish. With the stock trading near resistance and the RSI overbought, GRNQ could pull back soon and retest the 200 MA before running again.
As for the fundamentals, GRNQ has a major upcoming catalyst in the launch of Angkasa-X’s satellite on June 27. Given the significance of this catalyst, GRNQ stock could continue running over the coming week – especially if the launch is successful.
GRNQ Forecast
GRNQ is seeing a number of its investments reach significant milestones. With Angkasa-X preparing to launch its satellite on June 27, GRNQ could continue surging up until the launch. Furthermore, the merger of Green-X and CryptoSX and potentially introducing cryptocurrencies to a new market could see GRNQ’s revenue increasing substantially in the future. In light of these catalysts, GRNQ stock is one to watch closely over the coming weeks.
