HK's Q Technology set for worst day in over 2 yrs as co revises shipment objective

Q Technology (Group) Co

19/07/2021 05:26

** Shares of camera modules manufacturer Q Technology
(Group) Co Ltd  1478.HK  fall as much as 15% to HK$14.32, on
course for their worst day since May 2019
    ** Stock hit the lowest since July 9, and set for a second
session of losses; stock is the biggest percentage decliner in
the Hang Seng Composite Index  .HSCI 
    ** The Jiangsu-based company says it has revised down its
objective in camera modules shipment volume for 2021 to a growth
of not less than 25% year-on-year, as compared with an earlier
objective of not less than 30%  urn:newsml:reuters.com:*:nFWN2OR1J9
    ** Says it is becoming challenging to achieve the objective
due to the long-term stringent restrictions on social activities
amid COVID-19 curbs, while short supply of key parts in the
smartphone supply chain also affected smartphones sales
    ** Co forecasts its H1 profit to jump up to 60% year-on-year
as it optimized product mix of camera modules and amid solid
growth in sales volumes of camera and fingerprint recognition
modules  
    ** The Hang Seng Composite Index  .HSCI  drops 1.5%
    ** The Hang Seng China Enterprises Index  .HSCE  eases 1.7%,
and the benchmark index  .HSI  slips 1.6%
    ** As of last close, stock up 28.2% this year

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