MY : GHL Systems Bhd - Near-term challenges persist

1Q21 results missed expectations due to drop in shared services POS terminal volume and lower than expected blended TPA spread. We cut FY21-23F EPS by 3-12% to reflect lower maintenance revenue under shared services and lower share of merchant discount rates (MDR) for TPA. Reiterate Reduce. Our lower TP of RM1.50 is still based on 33x CY22F P/E.

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