China's power tools supplier Chervon soars on strong yearly earnings

Chervon Holdings

29/03/2023 08:15

** Shares of Chinese electric tools and outdoor power
equipment supplier Chervon Holdings Ltd  2285.HK  soar as much
as 23.1% to HK$41, their highest since March 16
    ** Stock on course to snap two straight sessions of fall;
biggest pct gainer in Hang Seng Composite Index  .HSCI  
    ** Jiangsu-based company says its 2022 adjusted net profit
rose 21% year-on-year to $151.3 mln, with revenue up 13.2%
at$1.99 bln 
    ** Daiwa upgrades the stock to "buy" from "hold" on earnings
beat and says risk-reward looks compelling, with share price
still at a low level compared with peers   
    ** Stock of bigger rival Techtronic Industries  0669.HK 
rises 1.5%   
    ** Hang Seng Commerce & Industry Index  .HSNC  jumps 2.3%,
Hang Seng Composite Index  .HSCI  rises 1.4% and Hang Seng Index
 .HSI  surges 1.9%
    ** As of last close, Chervon shares had dropped 22.7% this
year

 (Reporting by Donny Kwok, Editing by Louise Heavens)
 ((donny.kwok@thomsonreuters.com))