PSG Konsult | Hitting a speed wobble
PSG Konsult (KST) reported a 4% increase in recurring HEPS. We are disappointed in the growth rate compared to our forecast of 16% growth and KST's rating. Benchmark underperformance and declining asset management performance fees will affect FY ‘20f earnings growth. However, KST continues to attract net inflows in both wealth and asset management. We remain positive on KST's long-term business model and growth outlook. However, we believe KST is trading at an elevated valuation relative to its short-term earnings prospects.PSG Konsult Limited is an independent financial services company. The Company offers clients access to a range of financial products to meet their financial planning needs, ranging from investments to insurance and wealth management services in-between. The Company operates through three segments: PSG Wealth, PSG Asset Management and PSG Insure. The PSG Wealth segment offers a range of personalized services, including portfolio management, stockbroking, local and offshore investments, estate planning, financial planning, local and offshore fiduciary services, multi-managed solutions and retirement products. The PSG Asset Management segment offers a range of local and global investment products, including both local and international unit trust funds. The PSG Insure segment offers a range of short-term insurance products and services from personal (home, car and household insurance) to commercial (business and agri-insurance) requirements.
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