[ET Net News Agency, 30 August 2019] Morgan Stanley lowered its target price for Value
Partners Group (00806) to HK$3.8 from HK$5.6 much faster business mix shift to less
profitable products and maintained its "equal-weight" rating.
The research house said FI funds contribute 48% of group AUM, up further from 36% in
2018. Morgan were previously assuming FI funds to exceed 50% of AUM by 2021. It now
changed its forecast of FI funds' proportion to 50%/55% in 2019/20.
Morgan said this puts more downside pressure on VP's profitability as FI funds don't
carry performance fees. The downward pressure will continue to drag down multiples. It cut
its performance fees forecast, the key driver of our 40%-50% cut in 2019/20 EPS. (KL)
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00806 VALUE PARTNERS
Nominal 
1.700 -0.030 (-1.734%) Research Report
30/08/2019 12:19
{I-bank focus}Morgan chops Value Partners (00806) to HK$3.8
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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