Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

<div><div><div><div><ul><li>PAX Global (“PAX”) posted a reasonable set of 1H23 results with net profit decreased by 7.0% y/y to HK$650.6mn, in-line with our forecast.</li><li>Its revenue decreased by 14.7% y/y to HK$3.6bn, as the slowing global economic growth and high interest rates have resulted in more conservative terminal deployment plans among customers.</li><li>An interim DPS of 21 HK cents was declared (1H22: 17 HK cents), translating into a payout ratio of 34.8% (1H22: 26.3%). </li></ul></div></div></div></div>

PAX Global (“PAX”) posted a reasonable set of 1H23 results with net profit decreased by 7.0% y/y to HK$650.6mn, in-line with our forecast.Its revenue decreased by 14.7% y/y to HK$3.6bn, as the slowing global economic growth and high interest rates have resulted in more conservative terminal deployment plans among customers.An interim DPS of 21 HK cents was declared (1H22: 17 HK cents), translating into a payout ratio of 34.8% (1H22: 26.3%). 

PAX Global (327 HK) - 1H23 Payout Ratio Increased to 35%

<ul><li>PAX Global (“PAX”) posted a satisfactory set of 2022 results with net profit increased by 16.7% y/y to HK$1.3bn, in-line with our forecast.</li><li>Its total revenue increased by 12.0% y/y to HK$8.1bn, driven by the strong performance in EMEA (+41.5% y/y) and USCA (+35.4% y/y).</li><li>A final dividend of 19 HK cents was declared, combining with the interim payout, full-year dividend stood at 36 HK cents (2022: 27 HK cents), translating into 30.8% payout ratio.</li></ul>

PAX Global (“PAX”) posted a satisfactory set of 2022 results with net profit increased by 16.7% y/y to HK$1.3bn, in-line with our forecast.Its total revenue increased by 12.0% y/y to HK$8.1bn, driven by the strong performance in EMEA (+41.5% y/y) and USCA (+35.4% y/y).A final dividend of 19 HK cents was declared, combining with the interim payout, full-year dividend stood at 36 HK cents (2022: 27 HK cents), translating into 30.8% payout ratio.

PAX Global (327 HK) - 2022 Results In-Line; Payout Ratio Increased

<ul><li>PAX Global Technology ("PAX") posted a solid set of 1H22 results, with attributable net profit surging by 35.9% y/y to HK$703.8mn, in line with our expectations.</li><li>Thanks to solid revenue growth in all operating regions, its total revenue was up 26.0% y/y to RMB4.2bn.</li><li>An interim DPS of 17 HK cents was declared, up 41.7% y/y and translating into a payout ratio of 26.9%.</li></ul>

PAX Global Technology ("PAX") posted a solid set of 1H22 results, with attributable net profit surging by 35.9% y/y to HK$703.8mn, in line with our expectations.Thanks to solid revenue growth in all operating regions, its total revenue was up 26.0% y/y to RMB4.2bn.An interim DPS of 17 HK cents was declared, up 41.7% y/y and translating into a payout ratio of 26.9%.

PAX Global Technology Limited (327 HK) -1H22 Results in Line Under the Accelerating Cashless World

Hong Kong

PAX Global Technology develops and sells electronic funds transfer point-of-sale (EFT-POS) products, including Android smart e-payment solutions, unattended solutions, and classic e-payment solutions. The company also provides software services such as MAXSTORE for terminal management and value-added services. It was founded in 2000 and is headquartered in Wan Chai, Hong Kong.

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PAX Global Technology (327 HK)

PAX Global (327 HK) - 1H23 Payout Ratio Increased to 35%

PAX Global (“PAX”) posted a reasonable set of 1H23 results with net profit decreased by 7.0% y/y to HK$650.6mn, in-line with our forecast.

Quam Securities

PAX Global (327 HK) - 2022 Results In-Line; Payout Ratio Increased

PAX Global (“PAX”) posted a satisfactory set of 2022 results with net profit increased by 16.7% y/y to HK$1.3bn, in-line with our forecast.

Quam Securities

PAX Global Technology Limited (327 HK) -1H22 Results in Line Under the Accelerating Cashless World

PAX Global Technology ("PAX") posted a solid set of 1H22 results, with attributable net profit surging by 35.9% y/y to HK$703.8mn, in line with our...

Quam Securities

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