Beisen Holding (09669.HK) | Preliminary FY24 top line in-line with slight profit beat

Morgan Stanley · May 30 · Researches

Key Takeaways

Preliminary revenue of Rmb837mn-879mn; ARR of Rmb747mn-767mn; HCM revenue of Rmb615mn-659mn, all in-line with MSe
Subscription revenue retention rate came in at 105-107%, a decent level, in our view
Adjusted gross profit of Rmb529mn-573mn, implying GPM of 64.2% at the mid point, ~6ppt YoY improvement.
Non-GAAP net loss of Rmb85mn-120mn, narrower than MSe of Rmb149mn loss, thanks to strong cost control.
We stay OW on the solid earnings.

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Beisen Holding (09669.HK) | Preliminary FY24 top line in-line with slight profit beat

Key Takeaways

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