Smart home devices developer Vesync drops most in 4-1/2 months on weak estimates

Vesync Co

16/08/2022 04:01

** Shares of home appliances and smart home devices
developer Vesync Co Ltd  2148.HK  fall as much as 7.5% to
HK$4.92, the biggest daily pct decline since April 1, if losses
hold
    ** Stock hits the lowest since Aug. 8 and on course for a
second session of fall
    ** Vesync expects its first-half net profit to drop 40%-60%
as compared to the same period in 2021 due to a surge in costs
of sales, an increase in foreign exchange losses and a jump in
staff costs as the firm expands it business  urn:newsml:reuters.com:*:nFWN2ZR4XT
    ** CMB International says it is a big miss in earnings 
despite an already negative view on the industry and says the
surge in staff costs is a problem of miss-budgeting reflecting
the firm is slow in reaction as compared to its peers 
    ** Bigger rival JS Global Lifestyle  1691.HK  climbs 0.8% 
    ** The Hang Seng Commerce & Industry Index  .HSNC  slips
0.2% and the Hang Seng consumer goods and services index
 .HSCGSI  eases 0.3%
    ** The Hang Seng Composite Index  .HSCI  and the benchmark
Hang Seng Index  .HSI  both climb 0.1%
    ** As of last close, Vesync shares had dropped 43.2% this
year

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