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RTNominal down4.130 -0.010 (-0.242%)

06/08/2019 17:50

{I-bank focus}Morgan lowers China Agri (00606) to HK$2

[ET Net News Agency, 6 August 2019] Morgan Stanley lowered its target price for China
Agri-Industries (00606) to HK$2 from HK$2.3 and maintained its "underweight" rating.
The research house expects demand pressure to be the overhang. Soybean crushing margin
could bottom in 2H but it will take time for a meaningful recovery to emerge.
Morgan said the share price is down 20% year-to-date, underperforming MSCI China's +6%
on weak fundamentals due to the uncertainties in the feed demand affected by African
Swine Fever and US-China trade negotiations. Morgan thinks it is still too early to see a
meaningful recovery in demand and industry crushing margins. (KL)

Remark: Real time quote last updated: 16/12/2019 14:17
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