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RTNominal up4.690 +0.190 (+4.222%)

03/09/2019 17:12

{I-bank focus}Citi cuts China Transmission (00658) to HK$3.6

[ET Net News Agency, 3 September 2019] Citi Research cut its target price for China
High Speed Transmission Equipment (CHST)(00658) to HK$3.6 from HK$4 and maintained its
"sell" rating.
The research house said CHST's net profit was down 11% to Rmb128m in 1H. Citi assumed
its sales volume in China to rise around 20% in 2020 for rush installation prior to tariff
subsidy cancellation post end 2020.
It said CHST's GP margin was down 4.2ppts to 19% in 1H mainly due to sales price cuts.
Citi assumed the margin to rise in 2020 for rush installation but retreat in 2021.
Citi forecast CHST's net profit to grow 6% in 2019 for more disposal gain and 33% for
2020 for more wind gearbox sales from rush installation. It likes the company's disposal
of non-core business but is uncertain of its future business strategy. (KL)

Remark: Real time quote last updated: 06/12/2019 17:59
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