Moving Card (09923) fell by more than 4%, to a low of HK$11.7, a new low since listing. As of press release, it decreased by 4.1% to HK$11.7, with a turnover of HK$5,0394 million.
The Zhitong Finance App learned that the mobile card (09923) fell by more than 4%, with a low of HK$11.7, a new low since listing. As of press release, it decreased by 4.1% to HK$11.7, with a turnover of HK$5,0394 million.
According to the news, the 2023 annual results previously released by Mobile Card show that during the period, the company achieved revenue of 3,951 billion yuan (RMB, same below), an increase of 15.6% year on year; profit attributable to the company's equity holders was 11.627 million yuan, a decrease of 92.45% year on year; and gross profit of 738 million yuan, a decrease of 28.4% year on year. This is also the first time since the company went public that gross profit declined. In addition, the company's in-store e-commerce service revenue during the period was 103 million yuan, a year-on-year decrease of 71%.
BOC International believes that although there is potential for business growth in the Chinese market, the growth rate will slow down under a high base, and the target price for card transfers will be lowered by 12.5% from HK$16 to HK$14. The bank expects that the revenue of moving cards will increase by 23% to 4.3 billion yuan in 2024, and the short-term increase in in-store revenue will be limited, but UE is expected to continue to optimize or achieve break-even in 2024.