NOAH - Noah Holdings: Client Acceptance Of Settlement Plan Priced In
- Noah Holdings' operating income and net profit grew by +48.2% YoY and +49.1% YoY in 3Q 2020, due to increased operating efficiency, lower legal expenses, and positive investment income.
- The overhang from the Camsing case is expected to be gradually removed with clients accepting the settlement plan.
- The changes that Noah Holdings is making to its product mix are paying off, as evidenced by an increase in active clients and transaction value in 3Q 2020.
- Noah Holdings trades at consensus forward FY 2020 and FY 2021 P/E multiples of 19.2 times and 17.1 times, respectively.
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Noah Holdings: Client Acceptance Of Settlement Plan Priced In