Nanofilm Technologies - Ready To Grow
- NanoFilm Technologies (SGX:MZH)'s FY21 revenue grew 13.0% y-o-y but missed expectations at 92% of our/Bloomberg consensus full-year expectations. Net profit grew 8.0% y-o-y to S$62.2m and was in line at 98% of our/Bloomberg consensus expectations.
- We have lowered our FY22-23F revenue expectations by 9.5-9.9%, leading to a 1.8-2.0% decrease in our FY22-23F EPS estimates. Although NanoFilm Technologies is optimistic on its FY22F outlook, we apply a 10.0% discount to this PEG ratio to factor in earnings risks from disruptions related to the COVID-19 pandemic and impact on consumer demand from the Ukraine-Russia tensions.
- Reiterate ADD. However, our target price for NanoFilm Technologies is lowered to reflect risks to consumer demand from the macro environment.
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 2022-02-24 2022-02-24
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.