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

<div><div><div><div><ul><li>PAX Global (“PAX”) posted a reasonable set of 1H23 results with net profit decreased by 7.0% y/y to HK$650.6mn, in-line with our forecast.</li><li>Its revenue decreased by 14.7% y/y to HK$3.6bn, as the slowing global economic growth and high interest rates have resulted in more conservative terminal deployment plans among customers.</li><li>An interim DPS of 21 HK cents was declared (1H22: 17 HK cents), translating into a payout ratio of 34.8% (1H22: 26.3%). </li></ul></div></div></div></div>

PAX Global (“PAX”) posted a reasonable set of 1H23 results with net profit decreased by 7.0% y/y to HK$650.6mn, in-line with our forecast.Its revenue decreased by 14.7% y/y to HK$3.6bn, as the slowing global economic growth and high interest rates have resulted in more conservative terminal deployment plans among customers.An interim DPS of 21 HK cents was declared (1H22: 17 HK cents), translating into a payout ratio of 34.8% (1H22: 26.3%). 

PAX Global (327 HK) - 1H23 Payout Ratio Increased to 35%

Pax Global Technology

PAX Global (327 HK) - 1H23 Payout Ratio Increased to 35%