[ET Net News Agency, 21 August 2019] J.P. Morgan lowered its target price for Value
Partners (00806) to HK$6.4 from HK$7.8 and maintained its "overweight" rating.
The research house said Value Partners' 1H results came in slightly ahead of JPM's
expectation due to better than expected mark-to-market gains from its seed capital
investments. However, JPM revised down its earnings forecasts by 19%/39% for FY2019/20 to
factor in lower performance fees given the more challenging market conditions expected in
2H 2019 and 1H 2020.
JPM noted the latest NAVs of two flagship equity funds (Classic Fund and High Dividend
Stock Fund) are still 9%/7% below the high watermark so it sees the lower likelihood for
material upside surprises on performance fees in 2H given the increasingly challenging
market conditions. (KL)
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00806 VALUE PARTNERS
Nominal 
1.720 +0.020 (+1.176%) Research Report
21/08/2019 09:30
{I-bank focus}JPM lowers Value Partners (00806) to HK$6.4
| Remark: | Real time quote last updated: 26/04/2024 12:11 |
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