ICQ – Morgans rates the stock as Add

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Icar Asia has updated on July to August trading. Malaysia and Indonesia are rebounding from pandemic lows in the second quarter, reports Morgans, however, Thailand is underperforming expectations.

The broker sees potential improved monetisation. This may arise from increased usage of the platform by dealers, price increases and new products.

The analyst stresses near-term funding needs to be arranged and now assumes the company will utilise their current debt facility provided by major shareholder Catcha Group.

The Add rating is unchanged and the target price is increased to $0.39 from $0.388.

Sector: Media.

Target price is $0.39.Current Price is $0.33. Difference: $0.06 – (brackets indicate current price is over target). If ICQ meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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