HK-listed Johnson Electric plunges to near 5-month low on weak annual results

Johnson Electric Holdings

17/05/2019 04:30

** Shares of Johnson Electric Holdings Ltd  0179.HK  fall as
much as 3.9% to HK$15.46, the lowest since Jan. 3, 2019 after
the motor maker posts slower growth in annual earnings
    ** Co says its net profit up 7% for the 12-month period
ended March 2019, while total sales rose 1% due to softening
global economy in fiscal H2. That compared with an 11% growth in
profit and a 16.6% rise in sales a year earlier
 urn:newsml:reuters.com:*:nFWN22R1MA urn:newsml:reuters.com:*:nFWN1SN0H5
    ** Co says demand levels in major markets remain weak in
recent months with China's automotive sector continuing to
contract, while escalating U.S.-China trade dispute posts risk
and will be disruptive to its global supply chain 
    ** As of last close, the stock had risen 0.8% this year
    ** Johnson Electric has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 9.6 percentage
points in the past one month
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
falls 1.2% and the benchmark index  .HSI  eases 0.8% 
    

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