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<Research>HSBC Research Trims GANFENGLITHIUM TP to $34, Expects Earnings Recovery in 2Q24
Recommend 4 Positive 22 Negative 7 |
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GANFENGLITHIUM (01772.HK) reported a loss in 1Q24, due to a drop in lithium prices, but results improved from the last quarter, HSBC Global Research issued a research report saying. HSBC Global Research expected the Company's earnings to turn positive in 2Q24, as lithium chemical prices stabilize and spodumene costs fall. HSBC Global Research expected earnings to grow at a CAGR of 25% from 2024 to 2026, due to lower base effects. Combining its latest demand outlook, lithium price forecasts and expense forecasts, HSBC Global Research lowered its earnings estimations for 2024 to 2026 by 4%/ 5%/ 4%, respectively. HSBC Global Research trimmed its target price on GANFENGLITHIUM's H-shares by $2 to $34, with rating kept at Buy. AAStocks Financial News |
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