HK's apparel group Crystal jumps on outlook optimism, Nomura upgrade

Crystal International

22/03/2021 04:07

** Shares of clothes maker and distributor Crystal
International Group Ltd  2232.HK  jump as much as 30.3% to
HK$4.56, their highest since March 2019
    ** Stock last up 26%, on course for the best day since
listing in November 2017, is the sixth biggest percentage gainer
on the Hong Kong bourse   
    ** The supplier to customers including UNIQLO, H&M,
Abercrombie & Fitch, Marks & Spencer, Gap, Target, Victoria's
Secret, The North Face and Under Armor said its 2020 net profit
fell 28.9% and revenue was down 18.2% amid the COVID-19 pandemic
 urn:newsml:reuters.com:*:nFWN2LF11L 
    ** However, co says ordering sentiment across its branded
customers has been positive in recent months, as major customers
see a strong sales rebound, in particular sportswear customers
    ** Adds sportswear and outdoor apparel will be its growth
driver in the near term 
    ** Brokerage Nomura upgrades the stock to "buy" from
"neutral" and lifts PT to HK$4.3 from HK$1.8 on seeing much
brighter prospects post earnings beat 
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.5%, while the benchmark index  .HSI  slips 0.1%
    ** As of last close, stock had surged 47.1% this year

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)