Argus Research Initiates Coverage On HeartCore; Sees Huge Upside

  • Argus Research initiated coverage on HeartCore Enterprises Inc HTCR with a fair value estimate of $6.
  • HeartCore shares closed at $1.85 on April 21.
  • Argus noted HeartCore developed a robust suite of commercial software programs and is well-positioned to roll out new products across Japan while also growing its nascent U.S. business.
  • HeartCore has developed and commercialized a customer experience management (CMX) platform, accounting for 80% of its 2021 revenues. Over the past four years, HeartCore developed a Digital Transformation (DX) platform for data mining, task mining, and robotic process automation.
  • Argus expects HeartCore to integrate its DX Platform further into its core CMX software, thus supporting its customers' shift to cloud computing and developing peripheral products around both platforms. 
  • Given its favorable view of steady 90%-plus retention rates for paying customers of CMX business, Argus expects HeartCore to likely improve the adoption of paying DX customers upon pandemic recovery.
  • Argus views HeartCore adequately funded to invest in its expansion into the U.S. market, build key personnel, and potentially engage in merger and acquisition (M&A) activities.
  • Price Action: HTCR shares traded higher by 6.49% at $1.97 on the last check Friday.
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