0052 GMT - Subscriber growth is the most important number for investors in Hipages to watch in FY 2026, says Morgan Stanley. It notes that Hipages's subscribers have only grown at a compound annual rate of 2% over the past three years. Revenue, in contrast, has risen at a 10% rate over the same period. Analyst Andrew McLeod says most of this growth results from lifting revenue per average user. That's positive as it highlights the value proposition of the product. Still, it raises questions about the potential market penetration of Hipages's platform. "Hipages's platform is best in class, and we think they are well placed to win if there is incremental demand from customers," MS says. It has an equal-weight call on Hipages. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

August 24, 2025 20:52 ET (00:52 GMT)

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