Dairy products group China Feihe falls as brokers trim target price

China Feihe

30/08/2023 09:14

** Shares of dairy products producer and nutritional
supplement distributor China Feihe Ltd  6186.HK  fall 3.5% to
HK$4.64 
    *8 Shares on course to snap six consecutive sessions of
gains, if trend holds 
    ** Stock marks biggest intraday pct fall since Aug 18
    ** CCB International maintains "neutral" rating on the
stock, but trims TP to HK$4.40 from HK$4.90 as it cut earnings
forecast to reflect weak 1H23 results with China's slowing birth
rate putting pressure on sales undermining earnings potential
    ** Citi downgrades Feihe to "neutral" from "buy" saying it
does not see earnings drivers in the next 12 months and current
valuation looks fair after share price rally on dividend
increase while a mild market share gain is not enough to drive
top-line growth
    ** UOB Kay Hian maintains "hold" on the stock, but trims TP
to HK$5.18 from HK$6.3 saying it is cautious on the company's
near-term growth prospects due to industry headwinds
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.4%
while Hang Seng Index  .HSI  was flat 
    ** As of last close, stock of the Beijing-based co down
27.6% this year

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