Glonghui, January 5 丨 UBS published a research report stating that Hong Kong Science and Technology Exploration (1137.HK) announced a 26% year-on-year increase in total commodity transaction volume (GMV) in 2022 to HK$8.2 billion (same below), which is about 3% higher than the bank's forecast, mainly driven by increased order volume. The company expects GMV to reach HK$8.8 billion to HK$9.2 billion in 2023, an increase of 6% to 11% year-on-year under a high base. In terms of EBITDA, the company expects the adjusted EBITDA of the e-commerce business in Hong Kong to reach 440 million to 506 million yuan, partly offset by new business losses. According to UBS, Hong Kong Science and Technology's GMV performance last year and this year's growth guide were slightly higher than expected, and the adjusted EBITDA forecast for 2023 to 2024 was raised by 1% to 3% accordingly. It is expected that the company will continue to develop new business opportunities this year and raise its revenue forecast for 2022 to 2024 by 3% to 7%, adjust the EBITDA forecast by 3% to 19%, raise the target price from 7.6 yuan to 7.9 yuan, and the rating is “buy”.