China's Xinyi Solar hits near 5-month low as H1 estimate misses expectation

Xinyi Solar Holdings

02/07/2024 08:49

** Shares of Xinyi Solar  0968.HK  drop as much as 12.7% to
HK$3.43, their lowest since Feb 5
    ** Stock last down 6.4%, on track for biggest one-day pct
drop since May 17 if trend holds; top pct loser on Hang Seng
Index  .HSI  and Hang Seng Commerce & Industry Index  .HSNC  
    ** Chinese solar glass maker expects H1 net profit to rise
35%-45% YoY due to an increase in sales of solar glass products
and decrease in raw materials costs 
    ** Says H1 performance is not expected to be as good as that
in the previous six-month period ended in December 2023 amid
decreasing selling prices of certain solar glass products
    ** Citi maintains "buy", saying the net profit estimate is
in line with its forecast but misses market expectation probably
dragged by a drop in solar glass sales prices in June amid
lower-than-expected demand
    ** The Hang Seng Commerce & Industry Index climbs 0.1% and
the Hang Seng Index adds 0.3%
    ** Stock down 19.1% YTD  
($1 = 7.8126 Hong Kong dollars)

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