Boku Company Research (BOKU)

Boku reported continued strong growth in H125 (revenue up 27% y-o-y on an underlying basis), with digital wallets and account-to-account (A2A) continuing to be the main engines of growth (+61% y-o-y on an underlying basis). The direct carrier billing (DCB) business remains resilient, generating revenue growth of 15% helped by 70% growth in bundling. With the FY25 and medium-term outlook maintained, our forecasts are broadly unchanged. These results demonstrate that the company is on track to meet its medium-term target of growing revenue at a CAGR of 20% with minimum adjusted EBITDA margins of 30%.