PLY playside studios limited

0.00%

23.0¢

A case for Playside at 15c, page-2

First 2 Last

Share
Profile

Follow
CGTDreaming

271 Posts.

26

13/05/25

07:42

Post #: 79016445
Share

Originally posted by baney64: ↑

I’ve been tracking PLY for a while now. FWIW I personally worked in the local industry for around 8 years in a middle management role. I think today this is a strong buy, and I'd love people's insight to help me flesh out the idea.

In regards to the recent announcements, this is pretty much what always happens in game studios. You start with charismatic, creative types who can inspire the teams but they are often too confident in their own ability to execute. The goal of every studio ever is to develop their own IP that people care about, but it's so hyper-competitive out there it almost never works out. You don't get that many bets, and really you have no real competitive advantage on creativity. The company's strategy of investing heavily into building out original IP at the expense of everything else is a losing one, most of the time. Often when these big bets fail, the leaders lose interest or are discredited and they are soon out.

What then usually happens is the bean counters get their shot. That's what's happening now and it’s a good thing. Let's look at the complete opposite strategy, i.e. ~50M in revenue but no new IP investment. Suddenly you don't need anywhere near 300 people, you don't need 2 offices. Your games still make roughly the same amount of money in live-service (maybe more with more of a focus here) but at a fraction of the cost. The company could go from unprofitable to a 1x free-cash flow multiple tomorrow if it wants to, and they are very highly incentivised to do that given their staff own stock. Of course, you throw away that lottery ticket you were keeping in your back pocket.

In reality you probably want to be somewhere in between. They are can build new games, which is nothing to be scoffed at, so you probably want to be working on some new stuff. But what is the point if your just on a treadmill, always looking to the next new thing.

So what should we be looking for moving forward? Personally, I want to see a renewed focus on the efficiency of the studio, the optimisation of its current portfolio and the work-for-hire pipeline, and less about making big bets on new IP in the hope that one will miraculously stick.

Expand

I tend to agree: MC of ~$55m, still on track for FY25 revenue of $50-54m, with operating loss of $6-10m.

you throw in the restructure which is meant to be saving $4-5m p/a suddenly this is a company that’s back just shy of positive cash flow and all it takes is 1/2 more WFH contracts to put it back there.

PLY Price at posting: 14.5¢ Sentiment: Hold Disclosure: Held
4 Upvote

0 Great analysis

Reply

Top Stories

RNU

Renascor produces graphite concentrate at Siviour, right on time to meet ex-China demand

ASX Market Close: Fading miners drag bourse as iron ore price slumps | July 25

What is going on here? Watch out for DroneShield, Pure Hydrogen, and Nel ASA

Most investors will get this earnings season wrong. Will you?

Friday's HotCopper trends: Renascor concentrate, Larvotto raise | July 25

Rokeby, BHM, more: The 10 hot stocks HotCopper users watchlisted in Week 30

Listen: HotCopper Wire Podcast 019 – Dreaming of the 9,000s

FTL

Firetail scoops up untested land around Excelsior – including juicy mineralisation target

ASE

Astute delivers high-grade lithium hits at Red Mountain

SGQ

St George banks $5M from placement to ramp up Araxá Rare Earths Project

First 2 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last 23.0¢		Change 0.000(0.00%)		Mkt cap ! $94.12M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

Buyers (Bids)

No.	Vol.	Price($)
2	25000	23.5¢

Sellers (Offers)

Price($)	Vol.	No.
23.5¢	3496	1

View Market Depth

No.	Vol.	Price($)
2	25000	0.235
6	103922	0.230
3	34132	0.225
6	79173	0.220
1	2589	0.215

Price($)	Vol.	No.
0.235	3496	1
0.240	212139	1
0.245	219444	3
0.250	98246	3
0.260	85655	3

Last trade - 16.31pm 25/07/2025 (20 minute delay)

PLY (ASX) Chart

Day chart unavailable

A case for Playside at 15c, page-2

Renascor produces graphite concentrate at Siviour, right on time to meet ex-China demand

ASX Market Close: Fading miners drag bourse as iron ore price slumps | July 25

What is going on here? Watch out for DroneShield, Pure Hydrogen, and Nel ASA

Most investors will get this earnings season wrong. Will you?

Friday's HotCopper trends: Renascor concentrate, Larvotto raise | July 25

Rokeby, BHM, more: The 10 hot stocks HotCopper users watchlisted in Week 30

Listen: HotCopper Wire Podcast 019 – Dreaming of the 9,000s

Firetail scoops up untested land around Excelsior – including juicy mineralisation target

Astute delivers high-grade lithium hits at Red Mountain

St George banks $5M from placement to ramp up Araxá Rare Earths Project

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

A case for Playside at 15c, page-2

Top Stories

Renascor produces graphite concentrate at Siviour, right on time to meet ex-China demand

ASX Market Close: Fading miners drag bourse as iron ore price slumps | July 25

What is going on here? Watch out for DroneShield, Pure Hydrogen, and Nel ASA

Most investors will get this earnings season wrong. Will you?

Friday's HotCopper trends: Renascor concentrate, Larvotto raise | July 25

Rokeby, BHM, more: The 10 hot stocks HotCopper users watchlisted in Week 30

Listen: HotCopper Wire Podcast 019 – Dreaming of the 9,000s

Firetail scoops up untested land around Excelsior – including juicy mineralisation target

Astute delivers high-grade lithium hits at Red Mountain

St George banks $5M from placement to ramp up Araxá Rare Earths Project

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News