[ET Net News Agency, 21 November 2018] J.P. Morgan maintained its target price for
AviChina Industry & Technology Company (02357) unchanged at HK$6.2 but downgraded its
rating to "neutral" from "overweight".
The research house said the stock has rallied 27% since end June versus MSCI China
Index's decline of 15%. It noted that the stock's re-rating in the recent months was
deviating from the quantified indicator of geopolitical volatility PVIX China Index, and
JPM thinks there's limited valuation upside from here.
JPM raised its EPS estimates slightly (by <1%) for FY2019-20 to factor in its purchase
of CBs issued by Jonhon Optronic (Shenzhen code: 002179). JPM expects 8-14% EPS growth
p.a. in FY2018-20 mainly driven by subsidiaries such as Jonhon Optronic, China Avionics
(Shanghai code: 600372) and AVIC Helicopter (Shanghai code: 600038). (KL)
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02357 AVICHINA
Nominal 
3.430 +0.060 (+1.780%) Others
21/11/2018 11:39
[I-bank focus]JPM downgrades AviChina (02357) to "neutral"
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