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CICC estimated HENGAN INT'L (01044.HK)'s 1H19 net profit to drop approximately 4% YoY, less than street consensus, owing to GPM downside as a result of higher proportion of trade revenue in the revenue structure.
CICC lowered the company's 2019E and 2020E earnings by 5% and 4% with target price cut by 6.3% to $71.83.
The rating of Outperform was put on hold, given the current valuation of the stock and attractiveness of the dividend yield, accompanied by the 2H19 profit upsurge outlook.
AAStocks Financial News
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