[ET Net News Agency, 13 March 2018] Macquarie Research lifted its target price for
Value Partners (00806) to HK$8 from HK$6.8, and reiterated its "neutral" rating.
The research house said Value Partners' FY2017 earnings and funds flows had been
pre-announced, but the substantial dividend was a positive surprise: the regular dividend
was tripled and a special dividend of 86c declared (FY2016: 7.2c). It represents 13.6%
yield.
Macquarie noted that net flows retreated in 4Q 2017 after showing promising signs over
the previous 18 months. Equities appear to have been very weak. Whilst FY2017 net outflows
were US$278m, the GCHY Income fund (27% of AUM) alone enjoyed US$2.3bn net inflows,
implying substantial redemptions of equities funds.
Looking ahead, Macquarie significantly reduced its FY2018 net flows forecast to
US$600mn (previously US$1bn) and forecast year-end AUM of US$18.1bn.
It raised its FY2018-19 EPS forecasts by 28% and 36% due largely to higher margins and
higher AUM. (KL)
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00806 VALUE PARTNERS
Nominal 
1.810 +0.110 (+6.471%) Others
13/03/2018 17:34
[I-bank focus]Macquarie lifts Value Partners (00806) to HK$8
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