China's Xinyi Solar hits 2-week low after profit fall; Daiwa cuts target price

Xinyi Solar Holdings

31/07/2018 06:06

** Shares of Xinyi Solar Holdings Ltd  0968.HK  fall 6.2 pct
to HK$2.26, its lowest since July 16, after the solar glass
maker warns of a challenging second half year
    ** The shares of the Hong Kong-listed Chinese company are
set for the biggest single-day of percentage decline since June
11.  
    ** H1 profit down 3.3 pct and company says business outlook
competitive and challenging for H2 amid policy change in China
 urn:newsml:reuters.com:*:nFWN1UN1JI
    ** Daiwa cuts Xinyi target price to HK$2.2 from HK$2.42,
saying it sees pressure on solar glass gross margins in 2H18
amid a further slowdown in solar installations
    ** As of the previous close, the stock has fallen 20.2
percent so far this year. 
    ** By the lunch break, about 15.01 million shares of the
Anhui-based company have been traded, about 72.6 percent of
their 30-day moving average of 20.66 million shares a day
    ** Among 20 analysts that cover Xinyi, the current average
rating on the shares is "buy"; the breakdown of recommendations
is 13 "strong buy" or "buy", six "hold" and one "sell" or
"strong sell". The analyst mean price target is HK$3.03 
     ** Hong Kong benchmark index  .HSI  falls 0.6 pct

 (RM: donny.kwok.thomsonreuters.com@reuters.net)