MY : GHL Systems Bhd - Mixed prospects

GHL Systems (GHL) plans to introduce new products such as BNPL scheme and money lending to drive higher margin expansion beyond FY21F. However, we see minimal GP margin recovery in the near-term due to lower contribution from tier four merchants amidst weak consumer sentiment. We retain our Reduce call with a RM1.50 TP, based on 33x FY22F P/E.

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