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00581 CHINA ORIENTAL
RTNominal down1.040 -0.110 (-9.565%)
Others

04/09/2019 16:54

{I-bank focus}UBS lowers China Oriental (00581) to HK$4.54

[ET Net News Agency, 4 September 2019] UBS Global Research lowered its target price for
China Oriental (00581) to HK$4.54 from HK$5.87 and maintained its "buy" rating.
Despite industry headwinds, China Orientals' high exposure to the high-end product
should help protect earnings, said the research house. Factoring in UBS's industry outlook
and the 1H results, it cut its 2019/20 earnings forecasts by 2%/17%.
While the share price has corrected over 30% since July amid the current trade tensions,
management remains positive about operations. UBS said China Oriental's sintering
production cut ratio in August shrank from 42% in 2018 to 20% in 2019, indicating
management has upgraded the company's status equivalent to SOE steel mills. (KL)

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