[ET Net News Agency, 15 January 2020] J.P. Morgan raised its target price for Xinyi
Glass (00868) to HK$11.1 from HK$10.7 but downgraded its rating to "neutral" from
"overweight".
The research house said Xinyi Glass has risen 44% since August-2019, in line with
improving glass prices. However, JPM expects such a smooth ride may take a pause as new
capacity additions in Southern and Eastern China may put pressure on regional glass prices
in 2020 - the markets to which Xinyi is 60% exposed.
Although that could lead to a 6% earnings decline, the current 9.5x P/E and 4.5%
dividend yield are not yet prohibitive, JPM said. Although it has become cautious about
supply additions in 2020, JPM has reset its earnings estimates for 2019-21 at 7-16% higher
on industry margin expansion in 2H 2019. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00868 XINYI GLASS
Nominal 
7.820 -0.060 (-0.761%) Others
15/01/2020 17:38
{I-bank focus}JPM raises Xinyi Glass (00868) to HK$11.1
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
| 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 |