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00551 YUE YUEN IND
RTNominal up12.000 +0.200 (+1.695%)
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15/07/2020 14:11

{I-bank focus}Goldman chops Yue Yuen's (00551) 2020 earnings

[ET Net News Agency, 15 July 2020] Goldman Sachs revised down Yue Yuen Industrial
(Holdings)'s (00551) earnings estimate from US$27mn losses to US$89mn losses in 2020, with
an 11-13% downward adjustment in 2021-22, mainly reflecting the challenging OEM outlook
and margins.
The research house said Yue Yuen's OEM sales dropped 25% in 2Q and visibility into 2H
remains dim. Goldman currently expects 27%/18% OEM sales drop in 3Q/4Q. Management is
actively adjusting the cost structure including workforce reduction. Goldman currently
expects the margin to return to the level of 2019 in 2022.
Goldman remains "neutral" on Yue Yuen and kept its target price unchanged at HK$13.5.
(KL)

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