[ET Net News Agency, 8 August 2019] Citi Research lowered its target price for Xinyi
Glass (00868) to HK$10 from HK$12 and maintained its "buy" rating.
The research house said Xinyi Glass' net profit came in at HK$2.1bn - in line with
consensus - thanks to the one-off gain on reduction in holding in Xinyi Solar
(00968)(HK$486m). Excluding the one-off, core net profit dipped 23% to HK$1.5bn.
Citi fine-tuned its model to better reflect the weak 1H float glass trends, reduced
stake in Xinyi Solar and the tariff hike. It trimmed its 2019/20/21 EPS forecasts by
15%/15%/13% to HK$1.1/HK$1.3/HK$1.5, largely in line with consensus. (KL)