Australia's Kogan.com at near 2-year low as H1 results miss expectations

Kogan.com

27/01/2022 24:46

** Online retailer Kogan.com Ltd  KGN.AX  plunges as much as
17.7% to A$5.77, its biggest intraday pct drop since January
2020
    ** Co logs https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02479096-3A585956?access_token=83ff96335c2d45a094df02a206a39ff4
 1H22 gross sales of A$698.0 mln ($496.35 mln), up 9% from last
year, but misses RBC Capital estimate of A$708 mln and market
consensus of A$717 mln
    ** Adds that its 1H22 gross profit was affected by
continuing supply chain interruptions due to the COVID-19
situation and fluctuating demand
    ** While KGN has not provided any outlook commentary, and
adding onto expectations of growth normalisation post COVID-19,
think demand conditions would present a tougher backdrop heading
into 2H22 - RBC
    ** Brokerage rates KGN "sector perform" with a price target
of A$9.00
    ** KGN at its lowest level since April 7, 2020; on track for
a third straight session of losses 
    ** About 2.2 mln shares change hands, vs the 30-day average
of about 700,000 shares
    ** KGN down 20.5% so far this year, as of last close

     ($1 = 1.4063 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))