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Cityneon to deliver 'explosive' growth even with fewer-than-expected exhibition sets, says DBS

Michelle Zhu
Michelle Zhu8/6/2018 12:18 PM GMT+08  • 2 min read
Cityneon to deliver 'explosive' growth even with fewer-than-expected exhibition sets, says DBS
SINGAPORE (Aug 6): DBS Vickers Securities is maintaining its “buy” call on Cityneon Holdings with a lower price target of $1.57 compared to $1.60 previously, after shifting earnings projections to blended FY18F and FY19F earnings instead of FY18F.
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SINGAPORE (Aug 6): DBS Vickers Securities is maintaining its “buy” call on Cityneon Holdings with a lower price target of $1.57 compared to $1.60 previously, after shifting earnings projections to blended FY18F and FY19F earnings instead of FY18F.

The new target price is still based on a P/E valuation peg of 14.4 times, which is at a 20% discount to peers’ average of 18 times P/E.

The lower targets price comes on the back of FY18F and FY19F earnings forecast cuts by 15% and 11%, respectively, after reducing assumptions of the number of exhibition sets to eight for FY18F and nine for FY19F, compared to ten each previously – which still remains higher than consensus.

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