KUALA LUMPUR: GHL Systems Bhd is well positioned for an accelerated transaction processed value (TPV) growth from the fourth quarter of 2021 (Q4) onwards, with improving visibility on economic recovery and border reopening, according to Maybank Investment Bank (IB) Research.

       The research house added that GHL Systems’ TPV growth will also be reinforced by increasing partnerships momentum, most recently including Lotuss Stores and Atome, within its payments ecosystem.

       Lotuss Stores (previously Tesco Malaysia) has partnered GHL to boost the retailer’s “Order & Collect” personal shopper service with a wider range of payment options, powering its online payment via the WhatsApp messaging platform. It has upgraded the “Order & Collect” service launched in 2020 to now include a secure online payment option, with cards, e-wallets and online banking linked directly to the WhatsApp chat.

       Maybank IB Research also pointed out that GHL Systems’ partnership with Atome allows it to offer a buy now, pay later (BNPL) option to consumers, expanding its payment offerings across the region.

       “GHL Systems’ management highlighted that merchants in Malaysia and Singapore who opted for Atome’s BNPL, which offers consumers the option of spreading their purchase cost across three monthly payments at zero-interest, experienced an average of 17% growth in their ticket order size,” said the research unit.

       Atome is a leading BNPL platform in Asia, partnering retailers to increase conversions and grow average orders and customer segments with over 5,000 partners in nine markets.

       Key merchant partners include Zalora, Sephora, Agoda, SHEIN, Zara, Marks & Spencer, Charles & Keith, Aldo, Furla and Pandora.

       Maybank IB Research noted that broadening the payment channels across thousands of point-of-sale checkouts has been the focus of GHL Systems, in creating a full-fledged payment solution for its merchant universe. The research unit believes that the recently-secured Atome and Lotuss partnerships would have a positive impact to GHL Systems’ overall TPV growth as well as retention of its existing merchants.

       Maybank IB Research maintained its “buy” call on GHL Systems’ stock with unchanged target price of RM2.25 pegged to 51 times FY22 (financial year ending Dec 31, 2022) price-to-earnings target (which is plus one standard deviation above its five-year mean).

       The research unit left its forecast on GHL Systems’ stock unchanged, awaiting tangible earnings contribution visibility from its recently formed partnerships and other new products including micro-lending and micro-insurance, among others.