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06098 CG SERVICES
RTNominal up4.910 +0.220 (+4.691%)
Research Report

20/03/2020 15:59

{I-bank focus}Nomura upgrades CG Services (06098) to HK$33.6

[ET Net News Agency, 20 March 2020] Nomura raised its target price for Country Garden
Services (CGS)(06098) to HK$33.6 from HK$28.7 and upgraded its rating to "buy" from
"neutral" as the risk/reward becomes increasingly attractive.
The research house thinks CGS' valuation premium (versus a peer average FY2020 P/E of
24x) is justified by its EPS growth outperformance (38% CAGR in FY2020-22 versus peers'
32%) supported by high AuM visibility (reserved GFA/AuM 1.5x as of FY2019), increasing
penetration in VAS2C, and 3S1PM as a new earnings driver.
Nomura expects GP of VAS2C/3S1PM to increase at 53%/77% CAGRs in FY2020-22, contributing
26%/10% of total GP by FY2022 (FY2019: 19%/5%). (KL)

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