Nanofilm Technologies - Focusing On Long-Term Growth
- We think NanoFilm Technologies (SGX:MZH)’s 4Q21F was likely better than 3Q21 as production picked up pace.
- Our previous revenue expectations for FY21-23F may need to be lowered for now pending stronger growth recovery for its customers.
- We also think NanoFilm Technologies will continue to see higher operating expenses as it spends to prepare the company for future growth.
- We ascribe a 15% premium to P/E-to-growth ratio of 1.0x (for its potential growth prospects and proprietary technology) and value NanoFilm Technologies at 25.59x FY23F EPS, leading to a lower target price of S$3.92 (previously S$4.02 using 30.44x FY22F EPS).
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
William TNG CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-01-18 2022-01-18
Read also CGS-CIMB's most recent report:
2022-04-20 Nanofilm Technologies - Confident Of Growing In FY22
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