bearish
Z Holdings (Neutral) - Q1 22 Results Reaction: Weak Results Highlight Tough Year Ahead
434 Views03 Aug 2022 19:01
SUMMARY
- In the first quarter where full YoY comps are available, ZHD missed Redex and consensus expectations as demand for eCommerce and online ads slowed
- Management has kept FY22 financial guidance intact for now but economic uncertainty and the consolidation of loss-making PayPay in October makes an already-disappointing EBITDA target more challenging
- We think FY22 EBITDA guidance is likely to be revised down heading into Q2 results
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Kirk Boodry
Telco/Internet specialist
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