Accessible version Lakala Payment Co Ltd-A (A) New Underperform: Domestic pain before cross-border/SaaS gain Initiating Coverage: UNDERPERFORM | PO: 14.20 CNY | Price: 15.37 CNY Mature domestic acquiring faces growth headwinds We initiate coverage of Lakala with an Underperform rating and RMB14.2 PO. The investment narrative has shifted toward cross-border payments and technology services, but we believe their earnings contribution remains too small to offset pressure in the core domestic acquiring business ...