Citi analysts have dug deeper into web site traffic and app downloads for the Buy Now, Pay Later sector in general. Their conclusion is that Afterpay Touch had a solid October in the USA.
Read MoreMorgan Stanley considers the stock oversold amid concerns around the payments review announced by the Reserve Bank of Australia. The RBA will recommence a review of card payment regulations in early 2020.
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The big test of Australia’s still frothy listed tech sector intensifies from today as investor luvvies like Afterpay Touch, Zip, and WiseTech Global come under renewed pressure from suddenly sceptical traders.
Read MoreCiti has initiated coverage of Afterpay Touch with a Neutral rating and $33.70 price target. The analysts hold the view the market might be underestimating the growth levers embedded inside this business model.
Read MoreAfterpay Touch shares jumped yesterday after a board and management shake-up which is aimed at presenting new faces to investors and regulators.
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The Australian Stock Exchange’s status as the global home of listed buy now pay later stocks is under scrutiny and yet the bandwagon keeps rollin’ on.
Read MoreAfterpay Touch is required to appoint an AUSTRAC-approved external auditor to look into its compliance with the anti-money laundering regulations. The company must provide AUSTRAC with a copy of the final audit report within 120 days of the external auditor being engaged.
Read MoreAfterpay Touch shares fell another 6% yesterday as investor disquiet saw another round of selling with more than 4.5 million shares traded.
Read MoreA day after consumer credit group, Afterpay Touch raised more than $300 million and the three founders sold shares worth more than $100 million to two US investment companies, the shares plunged 12% after the financial intelligence regulator, AUSTRAC revealed it believes the company had been involved in money laundering.
Read MoreAnd its fund raisings all-around at buy now pay later service Afterpay Touch – the three founders are pocketing at least $100 million from selling some of their shares to two new US investors while the company itself is asking investors for $300 million to fund its expansion into the United States.
Read MoreThe company has provided key metrics in its Australasian business, along with an update on its expansion in the US and UK. The main positive, for Morgans, was US business, which was substantially higher in terms of sales, merchants, and customers in the second half.
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Not everything’s going right for the smaller banks, but the findings of the Hayne Royal Commission present a perfect opportunity to woo discontented Big Four customers. Should investors follow?
Read MoreThe company has reported solid business momentum with strong initial traction in the US and positive trends in Australasia. Morgans found no large surprises in the disclosure but conservatively alters international forecasts for the near term.
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