Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][18]. Core Views - The company's significant share buyback plan, utilizing up to $100 million to repurchase up to 10% of its issued shares as of June 13, 2023, reflects strong confidence in its fundamentals [2][3]. - A special dividend of HKD 0.1 per share is expected to be implemented on July 29, 2024, which is projected to enhance the company's value and support a rebound in its stock price [3][4]. - The company is positioned as a leading third-party supply chain financial technology solution provider, benefiting from policies that encourage financial technology to reduce financing costs for SMEs [3][4]. Financial Summary - The company reported total revenue of HKD 867.76 million for 2023, with a projected increase to HKD 1,065.88 million in 2024, representing a year-on-year growth of 22.83% [4]. - Adjusted net profit is expected to improve from a loss of HKD 286.27 million in 2023 to a loss of HKD 35.56 million in 2024, with a forecasted profit of HKD 89.99 million in 2025 [4]. - The report anticipates adjusted EPS of -0.02, 0.04, and 0.12 for 2024, 2025, and 2026 respectively, with corresponding price-to-sales ratios of 2.85, 2.40, and 1.87 [3][4]. Valuation - The target price for the company is set at HKD 1.77, based on a price-to-sales ratio of 3.5 times for 2024 [6][3]. - The current share price is HKD 1.44, indicating potential upside based on the target valuation [6].
重大事项点评：回购股权彰显公司信心，特别派息预期价值回升