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02600 CHALCO
RTNominal up2.600 +0.030 (+1.167%)

04/09/2019 12:35

{I-bank focus}Goldman lowers Chalco (02600) to HK$2.8

[ET Net News Agency, 4 September 2019] Goldman Sachs lowered its target price for
Chalco (02600) to HK$2.8 from HK$3.2 and maintained its "neutral" rating.
The research house said Chalco 1H net profit was Rmb706mn. If excluding one-off gains,
its recurring loss would be Rmb171mn, better than Goldman's estimate. Operating cash flow
was at Rmb3bn, down 55%. Net gearing increased to 194% versus 172% as end of 2018.
Goldman revised up Chalco 2019 net profit to Rmb420mn (prior loss at Rmb790mn) to
reflect better unit EBIT reflected in 1H results and partly offset by higher SG&A cost and
it revised down earnings by 9% for 2020 to reflect higher SG&A cost. (KL)

Remark: Real time quote last updated: 16/12/2019 09:02
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