[ET Net News Agency, 28 June 2021] Daiwa initiates coverage of Yeahka (09923) with a
target price of HK$57 and an "outperform" rating.
The research house said it uses SOTP to value Yeahka, with a target PER of 36x for its
payment business and PSRs of 6-20x for its different types of merchant services. It
benchmarks these against its global and domestic peers, and take into account Yeahka's
strength in micro enterprises, high gross-profit margin, and innovative DNA. Its TP
implies a 38x 12-month forward PER. (RC)