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CICC Axes HENGAN INT'L (01044.HK) TP to $71.83; GPM Downside May Press Profit
Recommend
9
Positive
17
Negative
8
2019/07/18 14:19
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.
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