Earnings Alert:Revising down FY3/22 revenue growth guidance to 20-23%

What’s New

  • 2QFY3/22 revenue increased by 29% y-o-y to Rmb219bn
  • Net-GAAP net profit dropped by 39%, below expectations
  • Revised down non-GAAP net profit by 14% and 21% for FY3/22F and FY3/23F on lower CMR growth and higher investments loss in new initiatives
  • Maintain BUY with lower TP of HK$228/ US$234