CIOXY - PAX Global Still Facing Some Significant Issues
Although the shares are up about 15% since my last update, PAX Global (PXGYF) (0327.HK) remains a frustrating company and stock in many respects. The mid-teens revenue growth is certainly positive, as is the company’s relationship with fast-growing PagSeguro (PAGS) in Brazil, but management has repeatedly missed its own targets for the North American business and the Chinese business has eroded drastically. What’s more, management took a regrettable turn towards less disclosure earlier this year despite a prior pledge to be more open with shareholders.
For every positive