Footwear maker Yue Yuen jumps most on record as earnings beat market view
14/03/2024 06:54
** Shares of footwear maker Yue Yuen Industrial (Holdings)
Ltd 0551.HK soar as much as 32.3% to HK$11.30, their highest
since July 25
** Stock posts biggest intraday pct gain since its debut in
July 1992, and is top pct gainer in Hang Seng Composite Index
.HSCI
** Yue Yuen Industrial, a footwear maker for brands
including Nike, adidas, Asics, New Balance, Salomon and
Timberland, says its 2023 net profit fell 7.3% YoY to $274.7
mln, with revenue down 12% YoY at $7.89 bln and declaring a
final dividend of HK$0.70 per share
** The group remains optimistic about the long-term
prospects of its manufacturing business and confident that a
gradual recovery trend and a more normalization of order books
will emerge in the industry - Yue Yuen
** CLSA, with an "outperform" rating on Yue Yuen, says the
company's net profit is a strong beat to the consensus due to
strong manufacturing profitability and the dividend yield is
attractive
** Hang Seng Commerce & Industry Index .HSNC slips 0.7%,
while Hang Seng Composite Index .HSCI and Hang Seng Index
.HSI each ease 0.9%
** Stock up 27.5% YTD
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))