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00581 CHINA ORIENTAL
RTNominal down1.040 -0.030 (-2.804%)
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07/08/2019 17:48

{I-bank focus}CS lowers China Oriental (00581) to HK$4.2

[ET Net News Agency, 7 August 2019] Credit Suisse lowered its target price for China
Oriental (00581) to HK$4.2 from HK$6.2 and maintained its "outperform" rating.
Following the company's profit warning release, the research house revised down China
Oriental's 2019 earnings forecast by 19.4% to Rmb2.9bn to reflect its lower margins
assumption.
Credit Suisse estimated mills' current margin to be close to breaking even, mainly due
to soft demand and high iron ore price. If iron ore price peaks out, steel mills would
benefit. Also, infrastructure investment is likely to accelerate in 3Q. (KL)

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