With impressive revenue growth and even bigger plans ahead, Converge executives tell wary investors that their stock price is just right.
But for its executives and founders, the price is just right, as Converge targets immense growth under the so-called new normal.Dennis Anthony Uy, Converge founder and chief executive officer, emphasized the company's track record:It has 730,000 residential subscribers as of June 30, which was double compared to 2019, and it serves more than 10,000 businesses in the Philippines."I moved to the Philippines from China when I was 11 years old.
In the 1st half of 2020 alone, revenues reached P6.5 billion, a 65% growth compared to the same period last year.Uy noted that there is only 9% subscriber fiber penetration in the Philippines, making it one of the most underpenetrated markets in Asia. According to Uy, Converge dominates a market that is severely underserved, which presents a"blue ocean opportunity" for the company.
Vukovich said they aim to expand their network to tens of thousands of communities in the Philippines., which was raised from the initial public offering, to accelerate growth and get closer to their goal of reaching 55% of total Filipino households by 2025.
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