HSBC Global Research cut its target price for Tenwow (01219) to HK$2 from HK$2.9, and maintained its "buy" rating.
The research house was disappointed with Tenwow's 2H 2016 performance (as earnings were down 61% yoy), HSBC believes the poor results were mainly driven by a number of cyclical factors rather than a structural change in business fundamental.
Year-to-date, Tenwow's share price have dropped 29% and underperformed the market by 40%, and HSBC believes most of the negatives are already in the price and the risk-reward at current valuation (12x 2017 PE) looks favourable.
22/03/2017 17:48
[I-bank focus]HSBC cuts Tenwow (01219) to HK$2
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