HK-listed Q Technology hits 17-month peak on robust earnings outlook

Q Technology (Group) Co

11/07/2024 03:31

** Shares of camera modules manufacturer Q Technology
(Group) Co Ltd  1478.HK  jump 26.4% to HK$5.08, their highest
since February 2023
    ** Stock last up 23.4%, on track for the biggest one-day pct
rise since October 12, if trend holds
    ** Top pct gainer in Hang Seng Composite Index  .HSCI ,
which rises 1.5%, and fifth biggest pct gainer on the Hong Kong
bourse  
    ** Co expects H1 net profit to soar 400%-500% thanks to an
increase in sales volume of camera module as global smartphone
sales improved
    ** Citi maintains "neutral" on the stock and raises target
price to HK$4.60 from HK$3.40 saying 1H24 net profit estimates
beat and the upcycle P/E could be justified by smartphone
recovery, Q Tech share gain and margin improvement
    ** Stock up 11.3% YTD  


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