HK-listed Xinyi Glass falls most in 10 weeks as brokers trim TP

Xinyi Glass Holdings

02/03/2022 07:01

** Shares of Xinyi Glass Holdings Ltd  0868.HK  fall 8.8% to
HK$19.88, their biggest daily percentage decline since Dec 20
    ** Stock hit the lowest since Jan 19; the second-biggest
percentage decliner in the benchmark Hang Seng Index  .HSI 
    ** Citi maintains "buy" rating on the stock, but lowers TP
to HK$33.8 from HK$41.3, saying its 2022/23/24E net profit
estimates are trimmed by 6% amid weaker outlook on float glass
average sales price given the recent China property market
developments 
    ** Jefferies downgrades the Chinese glass maker to
"underperform" from "hold" and cuts TP to HK$17.12 from HK$21.10
as cyclical headwind on property continues to kick in with
restocking of float glass inventories would extend, pressuring
the prices for both float/raw glass
    ** Daiwa reiterates "buy" on the stock, but trims TP to
HK$31 from HK$32 on expecting demand for float glass to weaken
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 0.3%,
Hang Seng China Enterprises Index  .HSCE  slips 1.1%, and Hang
Seng Index  .HSI  falls 1.2%


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