Moving Card (09923) fell more than 4% in the intraday period. As of press release, it was down 3.7% to HK$13.02, with a turnover of HK$3,04,900.
The Zhitong Finance App learned that the intraday card transfer card (09923) fell by more than 4%. As of press release, it was down 3.7% to HK$13.02, with a turnover of HK$3,04,900.
BOC International released a research report stating that GPV payments are growing unchanged. However, considering the full implementation of Document No. 259 and the development of bill collection compliance; the payment business was adjusted once, it is expected that short-term rates will be lowered or higher than the bank's previous expectations. In the long run, the development of industry compliance or speeding up the clearance of small and medium-sized institutions will help increase industry concentration and benefit leading institutions.
BOC International estimates that the company's GMV arriving at stores in the second half of 2023 will be 1.9 billion yuan, a year-on-year level/decrease of 20% month-on-month. Corresponding to the annual GMV of 4.4 billion yuan, lower than the forecast of > 5 billion yuan in early 2023, mainly due to further intensification of competition among Douyin service providers. The bank expects in-store revenue of 100 million yuan for the full year of 2023, a year-on-year decrease of 69%, and a corresponding commission rate drop of 7.6 percentage points to 2.5%, mainly due to the reduction in the commission rate for the direct management model due to increased competition; the partner model's commission rate is lower.
The bank downgraded the credit card rating to “neutral”, and lowered the 2024 revenue/net profit forecast for 2024 due to increased store competition and short-term pressure on payment rates. Based on a price-earnings ratio of 15 times in 2024, the target price was reduced from HK$21 to HK$16. The company's upward risk is that the industry is clearing out at an accelerated pace, and payment GPV growth/rate improvement is faster than expected. Downside risk: Payment channel expansion falls short of expectations.