Advertisements

9M21 results are in-line/ahead of our/consensus earnings estimates despite disruptions to GHL retail merchants from MCO 2.0. The earnings resilience was underpinned by its online merchants (eGHL) and gradual economic reopening during the period. With improving visibility with regards retail expenditure recovery, GHL is well positioned to expedite TPV growth recovery from 4Q21 onwards. We maintain our BUY call, and our TP of MYR2.25 based on unchanged 51x FY22 PE target. 

Advertisements