China's Chervon Holdings jumps on robust earnings estimates

Chervon Holdings

17/07/2024 04:10

** Shares of outdoor power equipment supplier Chervon
Holdings  2285.HK  jump 17.8% to HK$20.85, on track for biggest
one-day pct rise since May 10
    ** Stock on course to snap three consecutive session of
decline
    ** Co says it expects net profit for six months ended in
June to grow 22%-33% Y/Y to $60 mln-$65 mln, thanks to effective
promotional activities, expanded scale and improved efficiency
for production
    ** "Based on the strength of our growth during the first
half of 2024, we saw a positive momentum in our profit,
financial position and cash flow, and are increasingly confident
in achieving our revenue growth target with improved
profitability this year" - co
    ** More than 4 mln shares traded, compared to 30-day avg of
898,000 - LSEG data
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.1%, 
Hang Seng industrials index  .HSCIIG  falls 1.4% while Hang Seng
Index  .HSI  climbs 0.2%
    ** Stock down 17.5% YTD
    ($1 = 7.8059 Hong Kong dollars)

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