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

<ul><li>PAX Global (“PAX”) posted a satisfactory set of 2022 results with net profit increased by 16.7% y/y to HK$1.3bn, in-line with our forecast.</li><li>Its total revenue increased by 12.0% y/y to HK$8.1bn, driven by the strong performance in EMEA (+41.5% y/y) and USCA (+35.4% y/y).</li><li>A final dividend of 19 HK cents was declared, combining with the interim payout, full-year dividend stood at 36 HK cents (2022: 27 HK cents), translating into 30.8% payout ratio.</li></ul>

PAX Global (“PAX”) posted a satisfactory set of 2022 results with net profit increased by 16.7% y/y to HK$1.3bn, in-line with our forecast.Its total revenue increased by 12.0% y/y to HK$8.1bn, driven by the strong performance in EMEA (+41.5% y/y) and USCA (+35.4% y/y).A final dividend of 19 HK cents was declared, combining with the interim payout, full-year dividend stood at 36 HK cents (2022: 27 HK cents), translating into 30.8% payout ratio.

PAX Global (327 HK) - 2022 Results In-Line; Payout Ratio Increased

Pax Global Technology

PAX Global (327 HK) - 2022 Results In-Line; Payout Ratio Increased