Jefferies Research initiated coverage on Agile Group Holdings (03383) with a "hold" rating and a target price of HK$11.13.
It said Agile is a national player with low-tier-city focus. Jefferies sees low earnings visibility due to large gross margin squeeze on lower sales contributions from Hainan, though its overall sales may remain steady at 20+%.
Jefferies expects more stake disposals in its mega projects to offset the earnings gap and believes a potential spin-off of its environment protection/ construction segments is a medium-term catalyst.
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