not vested
Pentamaster International (1665 HK)
Profit Growth On Track Despite Lower Top-line Growth
We conducted a post 3Q19 results update with Pentamaster International’s management.
Given the issue of engineer shortage, Pentamaster is set to take the following measures – cherry-picking high-margin projects, implementing new employee incentive scheme, and acquiring tech companies with ample engineers.
As such, we slightly lower our revenue and profit forecasts.
Target price is lowered to HK$2.82, pegging to 15x 2020F PE.
Maintain BUY.
Source: UOBKH
https://research.uobkayhian.com/content ... fc5932d323