Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

Activation Group Holdings / Equity Bottom-Up

<div><div><div><div><ul><li>Activation Group (Activation) posted a reasonable set of 2022 results despite it has been affected by the pandemic outbreak in China.</li><li>The company’s business has demonstrated a strong rebound from a loss in the 1H22 to a profit in the 2H22, thanks to the increase in clients’ demand for data interactive brand promotion following the relaxation of local government restrictions.</li><li>For 2022, it reported a revenue of RMB694.8 mn and an adjusted net profit of RMB54.4 mn, ahead our expectation of RMB663.1 mn and RMB44.4 mn. </li></ul></div></div></div></div>

Activation Group (Activation) posted a reasonable set of 2022 results despite it has been affected by the pandemic outbreak in China.The company’s business has demonstrated a strong rebound from a loss in the 1H22 to a profit in the 2H22, thanks to the increase in clients’ demand for data interactive brand promotion following the relaxation of local government restrictions.For 2022, it reported a revenue of RMB694.8 mn and an adjusted net profit of RMB54.4 mn, ahead our expectation of RMB663.1 mn and RMB44.4 mn. 

Activation Group (9919 HK) - 2022 Results In-Line; Maintain BUY