[ET Net News Agency, 31 March 2020] CLSA cut its target price for Yue Yuen Industrial
(Holdings)(00551) to HK$13.3 from HK$22.2, given no more luxury to pay high dividends in
the medium term. CLSA maintained its "outperform" rating.
While Yue Yuen's FY2019 core margin missed estimates slightly, dragged down by its OEM
business, the research house considers the dividend miss and future dividend uncertainty
as more concerning.
For 2020, CLSA expects both Yue Yeun's OEM (2H 2020) and retail business (1H 2020) to
experience meaningful gross profit pressure and the group cash flow to come under
pressure. It lowered its 2020/21/22 earnings forecasts by 72%/21%/7%. (KL)
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00551 YUE YUEN IND
Nominal 
11.800 +0.200 (+1.724%) Others
31/03/2020 17:18
{I-bank focus}CLSA cuts Yue Yuen Industrial to HK$13.3
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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