[ET Net News Agency, 5 September 2019] Goldman Sachs lowered its target price for
Legend Holdings (03396) to HK$21 from HK$23, factoring in the CNY depreciation and
mark-to-market valuation. The research house maintained its "neutral" rating.
Goldman updated its estimates to incorporate Legend's 1H results and latest operating
trends in the underlying businesses. Looking ahead, it maintained a positive outlook for
IT and expects financial services to deliver moderate growth, helped by Banque
Internationale a Luxembourg's (BIL) full-year consolidation offset by the regulatory scale
back in principal businesses.
Regarding financial investments, Goldman thinks the volatile market conditions amid
geopolitical tensions could spill over to more downside risks to the businesses. Goldman
now revised its FY2019-21 core net profits by -3-2%. (KL)