HK shoemaker Yue Yuen hits 3-1/2-year low on weak outlook

POU CHEN

27/04/2018 02:56

** Shares of sports shoe maker Yue Yuen Industrial
(Holdings) Ltd  0551.HK  fall as much as 7 pct to HK$21.35,
lowest since Oct 2014
    ** The unit of Pou Chen Corp  9904.TW  expects its Jan-March
quarter profit to fall 20-25 pct from a year ago period due to
rising finance costs, selling and distribution expenses
 urn:newsml:reuters.com:*:nFWN1S30QF
    ** Company says manufacturing revenue fell 6.7 pct during
the quarter due to "unfavourable fluctuations" in customer
orders, hurting its gross profit margin
    ** As of 0144 GMT, about 2.25 mln shares change hands,
compared with 30-day moving average volume of 5.64 mln
    ** Among the 8 analysts covering Yue Yuen, the current
average rating on the shares is "hold"; the breakdown of
recommendations is 3 "strong buy" or "buy", two "hold" and three
"sell" or "strong sell". The analysts' mean price target is
HK$28.93 
    ** Pou Chen Corp stock down 1.3 pct
    ** Hong Kong benchmark index  .HSI  rises 0.7 pct 

 (RM: donny.kwok.thomsonreuters.com@reuters.net)