Equity Analysis /
Hong Kong

HK : Agile Group - Focusing on deleveraging and liquidity

    Raymond Cheng
    Raymond Cheng

    Head of Hong Kong Research

    Contributors
    Steven MAK
    Will Chu
    CGS-CIMB
    16 May 2022
    Published by

    Agile does not set an official FY22F presales target but has said that it would be satisfied with sales of Rmb100bn. It targets to reduce interest-bearing debt by Rmb10bn in FY22F, supported by ongoing asset disposals (target: Rmb25bn in FY22F). Its offshore/onshore repayment or refinancing activities will last until Aug 22. Reiterate Hold with a lower SOP-based TP of HK$3.3.