ETF Idea IPAY: An integral part of our day-to-day lives in to | FSMOne SG - Research Highlights

ETF Idea

IPAY: An integral part of our day-to-day lives in today’s “e-conomy”

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• We believe that the driving force of the payments industry is still intact and the expansion of the digital payment industry seems to be inexorable.

• Growth in consumer spending is one of the main drivers that will support the earnings of the global digital payments providers.

• Rising e-commerce and smartphone penetration rate will continue to drive digital payments adoption as well.

• In the face of rising competition, we believe that the large players have a better chance to safeguard their market share. Coupled with their strong free cash flow generating capabilities, we believe they are also likely to continue making accretive acquisitions to accelerate their capabilities.

• We arrived at our target price of USD 81.0 for ETFMG Prime Mobile Payments ETF, which translates to an upside potential of over 50% by 2023E.

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: ETFMG Prime Mobile Payments ETF (NYSE:IPAY)