[ET Net News Agency, 26 August 2019] HSBC Global Research lowered its target price for
Crystal International (02232) to HK$3.7 from HK$5.3 and downgraded its rating to "hold"
from "buy" given the uncertainties arising from its capacity reallocation and also the
current trade tensions.
The research house said Crystal's greater magnitude of profit decline in 1H is
attributable to US$14m one-off cost associated with the accelerated production capacity
reallocation programme.
Meanwhile, the company's gross profit margin continued to drop and, reflects a difficult
business transition including not only the efficiency loss during its capacity
re-allocation but also adjustments to its denim business and sweater business, both of
which registered lower revenue and lower gross profit margins.
HSBC cut its 2019-20 profit forecasts by 19%-21% to reflect the weaker-than-expected
revenue trend. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
02232 CRYSTAL INTL
Nominal 
3.600 0.000 (0.000%) Others
26/08/2019 15:58
{I-bank focus}HSBC lowers Crystal Int'l (02232) to HK$3.7
| Remark: | Real time quote last updated: 19/04/2024 09:29 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |