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03383 AGILE GROUP
RTNominal down0.380 -0.020 (-5.000%)
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25/03/2020 17:37

{I-bank focus}Goldman lowers Agile Group (03383) to HK$12.6

[ET Net News Agency, 25 March 2020] Goldman Sachs lowered its target price for Agile
Group (03383) by 14% to HK$12.6 and maintained its "buy" rating.
The research house said Agile's 2019 underlying profit of Rmb7.7bn was 13% below
Goldman's estimates on lower-than-expected revenue booking and margins. Goldman revised
down its 2020-22 underlying EPS forecasts by 14%/8%/8% to reflect lower 2020 contracted
sales estimate, rising margin pressures, and latest project acquisitions.
It lowered its 2020 contracted sales forecast to Rmb110bn (down 7%) from Rmb122bn
previously, implying 50% sell-through rate based on Rmb220bn saleable resources but a
smaller share of new projects among total projects to be launched in 2020. (KL)

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