China's logistic group ANE rises on upbeat H1 earnings forecast

ANE (Cayman)

30/07/2024 05:26

** Shares of Chinese transportation and delivery services
group ANE (Cayman) Inc  9956.HK  rise 2.6% to HK$7.39, on track
for the biggest one-day pct gain since July 18
    ** Co expects H1 net profit of 425 mln yuan ($58.5 million)
vs 235.8 mln yuan profit the same period a year ago
    ** Sees revenue rise 16% Y/Y and gross profit up 58% Y/Y 
    ** Citi reiterates "Buy/High Risk" on ANE saying 1H24
positive profit alert suggesting adjusted net profit growth of
81% YoY is a beat with expectation of an upward guidance
revision 
    ** Citi says ZTO  2057.HK  and ANE are its top pick in China
logistics
    ** Hang Seng Commerce & Industry Index  .HSNC  falls 1.4%,
while Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both decline 1.2% 
    ** Stock up 28.8% YTD  


($1 = 7.2604 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))