An SOE with clear five-year targets
? COPH delivered a strong set of FY21 results with core profit up 40% yoy, 9%
above our estimate, primarily on strong topline growth.
? We believe its five-year goals, such as 30% net profit CAGR, should continue
to drive COPH’s fast expansion on 3P and growth from VAS.
? We expect its gross margin to be stable at 17% over FY22-24F on increasing
contribution from VAS and carpark trading, which enjoys high GPM.
? We raise its EPS by 17-21% over FY22-23F and raise our PEG-based TP to
HK$11.6 – which offers 31% upside. We upgrade to Add from Hold.