Noah Holdings slumps on Q3 results, JPM downgrade

Noah Holdings

24/11/2021 15:18

** U.S. shares of China-based wealth management service
provider  NOAH.N  slip ~16% to $37.05, set for worst day in over
two years after posting Q3 results
    ** NOAH Q3 net income drops 4.2% to $44.1 mln; co estimates
FY net income will be 1.2 bln yuan ($187.7 mln) to 1.3 bln yuan
($203.4 mln)  urn:newsml:reuters.com:*:nPn3NvRtha
    ** J.P.Morgan downgrades stock to "neutral" from
"overweight", citing lackluster growth; says based on co's
guidance, brokerage sees Q4 net profit falling 55%    
    ** While client growth remains steady, wallet share likely
has shrunk - JPM
    ** JPM also sees upside risk to operational expenditure -
particularly staff costs - and expects co to see only mid-teen
EPS growth in FY21-23     
    ** NOAH stock down ~22% YTD

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))