Nanofilm Technologies - CGS-CIMB Research 2022-01-18: Focusing On Long-Term Growth

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 @

William TNG CFA CGS-CIMB Research | 2022-01-18

Read also CGS-CIMB's most recent report:
2023-01-16 Nanofilm Technologies - Holding For Possible Re-Rating In FY24.

Previous report by CGS-CIMB:
2022-11-16 Nanofilm Technologies - FY22 Possibly First Net Profit Decline Since IPO.

Price targets by 2 other brokers at NanoFilm Target Prices.
Listing of research reports at NanoFilm Analyst Reports.

Relevant links:
NanoFilm Share Price History,
NanoFilm Announcements,
NanoFilm Dividends & Corporate Actions,
NanoFilm News Articles

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