[ET Net News Agency, 25 November 2019] J.P. Morgan lowered its target price for
GCL-Poly Energy (03800) to HK$0.24 from HK$0.32 and maintained its "neutral" rating.
The research house said a weakening credit risk profile of GCL New Energy (GNE)(00451)
will affect the liquidity situation of GCL, given GCL-Poly owns 62% of GNE.
According to S&P, GCL-Poly has recently pledged 20% of GNE's shares for short-term
borrowings. JPM thinks this would increase uncertainty and potential volatility of GNE's
share price.
JPM cut its FY2020/21 earnings estimates by 43%/9%, largely on a lesser contribution
from GNE, which is consolidated in GCL's financials. (KL)
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03800 GCL TECH
Nominal 
1.090 -0.020 (-1.802%) Others
25/11/2019 16:38
{I-bank focus}JPM lowers GCL-Poly Energy (03800) to HK$0.24
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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