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新2投注平台出租:GHL’s shared services to continue seeing margin pressure

时间:1个月前   阅读:3

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PETALING JAYA: The share price of GHL Systems Bhd has seen a sharp correction following weaker earnings in the second quarter ended June 30, 2022 (2Q22).

Despite expectations of lower year-on-year earnings in financial year 2022 (FY22), RHB Research believes this negative sentiment has been priced in and the stock’s current price “presents a significant upside and an opportunity to buy into a proxy for Asean’s payment digitalisation and the secular trends of switching to e-payment and cashless channels”.

The research firm said GHL’s first-half 2022 (1H22) core profit of RM10.2mil came in at only 28.8% and 30.7% of its and street’s full-year forecasts, respectively.

The lower profitability was mainly due to the margin compression in the shared services segment and lower than-expected contribution from the solution services segment.

Going forward, it said the shared services segment will continue to be undermined by margin pressure, given the downward trend of average selling price and rental rates and higher depreciation charges for the newer terminals.

However, the transaction payment value is expected to trend higher amid the full reopening of the economy and borders, alongside the secular trends of switching to e-payment and cashless channels.

The solution services segment will also likely be better in 2H22 with the certain rollout of one-off hardware and solution sales, which are lumpy in nature, it added.

In view of the potential slowdown in retail spending, RHB Research said it is adjusting its FY22-FY24 forecast earnings downward by 7.2%-6%.

The research firm has upgraded the stock to a “buy” from “neutral”, with a new target price of 88 sen. GHL shares were last traded at 69.5 sen apiece yesterday.


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