China's Xinyi Solar hits near 10-month low on H1 earnings miss

Xinyi Solar Holdings

01/08/2023 08:53

** Shares of Xinyi Solar Holdings Ltd  0968.HK  fall as much
as 14% to HK$7.22, their lowest since Oct. 17, 2022
    ** Stock biggest pct decliner in the Hang Seng Commerce &
Industry Index  .HSNC  and the Hang Seng Index  .HSI , third
biggest loser in the Hang Seng Composite Index on industrials
stocks  .HSCIIG 
    ** Chinese solar farms operator and solar glass maker says
H1 net profit down 26.9% YoY to HK$1.39 bln ($178.2 mln), while
consolidated revenue up 25.2% at HK$12.1 bln
    ** Daiwa maintains "hold" rating, says 1H23 profit a big
miss amid higher-than-industry average natural gas costs and
higher finance costs due to unfavourable interest rate moves
    ** Jefferies reiterates "underperform" and trims PT to
HK$5.67 from HK$6.76, saying results were a miss against
consensus and expects oversupply to persist in FY23
    ** The Hang Seng Commerce & Industry Index and the Hang Seng
Index both slip 0.5%, the Hang Seng Composite Index tracking
industrials falls 2.7% 


($1 = 7.7970 Hong Kong dollars)

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