Boku's Strong Financial Performance and Growth in Local Payment Methods Justify Buy RatingWe expect the stock to be up this morning on a strong print. Figure 1 - Company data, Jefferies estimates, VA cons (21 Jul'25); FCF core = pre-WC chg; MAU = last month of the period. Conclusion: A strong H1 delivery and upgraded guidance show Boku continuing to execute well on its platform, with the ramp in new connections, resilience in DCB (bundling supportive), and take rate expansion showing quality in scaling. This, coupled with the FX business becoming material, strengthens our confidence in it achieving 2025 guidance and >20% CAGR medium-term ambition. The details: In H1, Revenues grew ≥37% in constant currency (+34% reported) to "at least $63m" (JEFe: $57m), driven by +26% c/c growth in TPV (+21%) to >$7bn (JEFe: $7.0bn), while the take rate grew +10% y/y to 90bp (JEFe 82bp), with the effect of higher take rates from LPM.