HK-listed Ming Yuan Cloud hits fresh low on loss, lower income forecast

Ming Yuan Cloud group

08/03/2022 05:12

** Shares of enterprise resource planning (ERP) solutions
provider Ming Yuan Cloud Group Holdings Ltd  0909.HK  slump
16.9% to HK$10.20, their lowest since debut in September 2020 
    ** Stock set for the biggest daily percentage decline since
July 27, extending losses for a fifth consecutive session;
biggest percentage decliner in Hang Seng Tech Index  .HSTECH  
    ** Ming Yuan Cloud expects to see net loss in 310-360 mln
yuan ($49.11 mln - $57.03 mln) range, compared with a loss of
704 mln yuan in 2020  urn:newsml:reuters.com:*:nFWN2VA0O2
    ** Says net income is expected to be in 280-330 mln yuan
range for 2021, as compared to 383 mln yuan in 2020
    ** Citi says Ming Yuan Cloud expects a loss for FY21 mainly
due to one-off share-based expenses and its core profit is
believed to be largely be in-line with forecast 
    ** Citi maintains "buy" rating owing to Ming Yuan Cloud's
strong positioning in property sector ERP software and SaaS
products' growth and the shares have been over-sold amid weak
market sentiment recently  
    ** Hang Seng Tech Index  .HSTECH  drops 1.7%, Hang Seng
Composite Index  .HSCI  falls 1% and the benchmark Hang Seng
Index  .HSI  eases 0.5%


($1 = 6.3127 Chinese yuan renminbi)

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