[ET Net News Agency, 1 November 2019] Citi Research lowered its target price for Fuyao
Glass Industry (03606) to HK$25 from HK$25.4 and upgraded its rating to "buy" from
"neutral".
The research house said the 3Q earnings call hosted by Fuyao management provided more
visibility and reaffirmed Citi's positive 2020 outlook. The good news in the briefing call
include (1) newly-acquired SAM has witnessed narrowing MoM decline since July as a result
of successful integration and business consolidation; (2) stripping SAM and external sales
of float glass, the core automotive glass segment continued to post growth in 3Q despite
lackluster domestic auto sales.
Factoring in 9-month performance and more cautious margin assumptions, Citi trimmed its
FY2019/20/21 EPS forecasts by 26%/17%/3% to Rmb1.12/1.55/2.12. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
03606 FUYAO GLASS
Nominal 
41.300 -0.150 (-0.362%) Research Report
01/11/2019 17:46
{I-bank focus}Citi upgrades Fuyao Glass (03606) to HK$25
| Remark: | Real time quote last updated: 23/04/2024 14:42 |
| 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 |