[ET Net News Agency, 24 March 2020] Nomura lowered its target price for Agile Group
Holdings (03383) to HK$8.65 from HK$11.3 and maintained its "neutral" rating.
Management reiterated its guidance for 15% EPS CAGR over FY2020-22 but expects a choppy
trajectory: <15% growth in FY2020 compensated by higher growth after FY2021.
Management's confidence was premised on bottoming out of GPM with sales recovery in
Hainan, an expectation of more aggressive sales growth after FY2021, and rising profit
contribution from the non-property segments.
However, the research house believes current valuations seem fair at 3.4 FY2020 P/E and
15% yield (peers: 3.9x and 12%). Furthermore, OPM deterioration at the environmental
business (22% in FY2019 versus 32% in FY2018) poses a downside risk to management's
target. Nomura cut its FY2020-21 EPS forecasts by 6%/3% on slower property delivery. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
03383 AGILE GROUP
Nominal 
0.375 -0.025 (-6.250%) Others
24/03/2020 11:28
{I-bank focus}Nomura lowers Agile Group (03383) to HK$8.65
| Remark: | Real time quote last updated: 19/04/2024 11:27 |
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