[ET Net News Agency, 12 July 2018] Citi Research lowered its target price for Johnson
Electric (00179) to HK$36 from HK$40 on lower valuation of global comps, and reiterated
its "buy" rating.
The research house raised its FY2019-21 earnings estimates by 1-4% in view of higher FX
gain of US$34m in 1Q FY2019, and slightly higher sales.
Citi said Johnson posted organic rev growth (excluding FX gain and one-month
contribution of acquired Halla Stackpole) by 10% yoy to US$826m which is remarkably faster
than 3% a year ago. APG (automobile product group) organic revenue growth stood at 12% yoy
- higher than 4% the year earlier. This should underpin GM improvement.
However, the auto industry seems to be a key industry targeted in the US-China trade
war. Johnson has corrected more than 30% over the past 3-4 mths mainly on the softening
sentiment. (KL)
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00179 JOHNSON ELEC H
Nominal 
9.740 -0.250 (-2.503%) Others
12/07/2018 17:11
[I-bank focus]Citi lowers Johnson Electric (00179) to HK$36
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