Citi sees customer growth, activity levels picking up for NZ's Serko

Serko

16/11/2023 22:42

** Analysts at Citi expects customer growth and activity
levels to pick up for NZ's online travel booking firm Serko Ltd
 SKO.NZ 
    ** SKO on Wednesday posted a smaller HY net loss after tax
of NZ$7.2 mln ($4.30 mln) and said it expects revenue growth
over medium to long term
    ** While completed room nights in H1 FY24 was in line due to
better-than-expected bookings per customer, slowing active
customer growth was the key concern - Citi
    ** Citi, however, sees customer growth picking up in H2 FY24
and FY25
    ** Brokerage sees pick-up in customer growth due to new
business features and redirection of business travellers from
Booking.com's leisure website
    ** Citi upgrades FY24 EBITDA estimate by NZ$1 mln to reflect
stronger revenue growth, offset by lower R&D capitalization
    ** Stock's median PT is NZ$4.85 – LSEG data
    ** Stock up 81.17% this year, as of last close
    

($1 = 1.6748 New Zealand dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))