China's Xinte Energy drops tanks on "likely" Q1 earnings miss

Xinte Energy

25/04/2023 04:11

** Shares of Xinte Energy Co  1799.HK  fall as much as 11.7%
to HK$19.20, on track for the biggest daily pct drop since Sept.
23, 2022 if losses hold
    ** Stock hits the lowest since March 21; second biggest pct
loser in Hang Seng Composite Index  .HSCI 
    ** Co reports operating revenues of 10.09 bln yuan ($1.46
bln) and net profit at 3.47 bln yuan
    ** That compared to an operating revenues of 6.71 bln yuan
and net profit of 2.49 bln yuan during the same period in 2022
    ** Daiwa reaffirms "hold" rating, says co's Q1 net profit is
"likely a miss of market expectation" with a likely miss in
polysilicon sales volume
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
2.3%, the Hang Seng Composite Index falls 1.7%, and the
benchmark Hang Seng Index  .HSI  eases 1.5%
    ** As of last close, the stock had surged 50.6% this year

($1 = 6.9017 Chinese yuan renminbi)

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