News Alert: Jul 2022 GMV increased by 11% y-o-y, largely in line with market expectations
- GMV increased by 11% y-o-y in Jul, largely in line with market expectations
- Average order volume increased by 17% to 47,400
- The y-t-d GMV growth remains on track to meet full-year GMV target despite the further easing of social distancing measures
- Maintain BUY with TP of HK$12.5
What’s New
– HKTV (1137 HK) announced its Jul operating statistics on 10 Aug after market close.
– GMV in Jul 2022 increased by 11% y-o-y to HK$631m, largely in line with market expectations.
– GMV y-t-d grew by 34% yoy to HK$4,818m.
– Average daily order number in Jul 2022 increased by 17% to 47,400, implying 0.5% m-o-m decline.
– Average order value decreased by 4% y-o-y to HK$430.
– Number of unique customers who make purchases increased by 11% y-o-y to 533k.
Our View:
– The normalization of GMV growth (vs 25% in Jun 22) should be well-expected by the market amid the further easing of social distancing measures.
– The company has guided HK$8-8.5bn GMV target for FY22 or 22-29% growth, implying a 7-24% y-o-y GMV growth for Aug-Dec 22. We believe the company is still on track to meet the GMV target this year, supported by solid user growth and wider product offerings.
– We currently BUY with TP of HK$12.5 as HKTV remains the key beneficiary of increasing demand for online shopping.