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03383 AGILE GROUP
RTNominal up0.470 +0.040 (+9.302%)
Others

05/11/2019 15:58

{I-bank focus}Goldman restarts Agile Group at HK$13.8

[ET Net News Agency, 5 November 2019] Goldman Sachs reinstated coverage on Agile Group
(03383) with a "buy" rating and a target price of HK$13.8.
After factoring in US$500mn senior perpetual bonds issued recently, the research house
said its underlying EPS is Rmb2.26/2.44/2.81 in 2019-21, suggesting an 11% CAGR.
Goldman said Agile's 9-month contracted sales increased by 25% to Rmb88bn (versus an
average 21% for peers), representing a 76% run-rate of Goldman's Rmb113bn FY2019
contracted sales estimate.
It is confident that Agile can achieve its full-year presales estimate of Rmb116bn,
which requires only Rmb28bn in 4Q, implying a 25% sell-through on Rmb112bn saleable
resources, versus 55%-60% achieved year-to-date. (KL)

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