[ET Net News Agency, 7 November 2019] Citi Research raised its target price for Johnson
Electric (00179) to HK$22.5 from HK$21.8 and maintained its "buy" rating.
The research house said Johnson Electric announced slightly worse-than-expected 1H
FY2020 results with a revenue drop of 7% while net profit grew 16%. Excluding the impact
of FX change, sales decreased by 4%. Recurring earnings tumbled 16% to US$106mn.
In view of slower-than-expected revenue recovery, Citi reduced its FY2020-22 earnings
estimates by 5-9%. (KL)