China's Xinyi Solar jumps most in a decade on earnings beat, higher dividend

Xinyi Solar Holdings

29/02/2024 04:27

** Shares of Xinyi Solar Holdings Ltd  0968.HK  jump as much
as 23.5% to HK$4.73, their biggest intraday pct gain since
December 2013
    ** Stock hits the highest since Nov 29, and is biggest pct
gainer in Hang Seng Index  .HSI  and Hang Seng Commerce &
Industry Index  .HSNC  
    ** The Chinese solar glass maker reported a 9.6% YoY growth
in 2023 net profit to HK$4.19 bln ($535.31 mln) with revenue up
29.6% YoY at HK$26.63 bln 
    ** Co proposes a final dividend of HK$0.15 per share to
shareholders, compared with HK$0.10 per share a year ago
    ** Citi maintains "buy" on the stock, citing 2023 profit
beat consensus forecast on sharp solar glass margin expansion
and says Xinyi management guides solar glass margin to rise YoY
in 1Q24E
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.04%, 
while Hang Seng Composite Index  .HSCI  climbs 0.4% and Hang
Seng Index  .HSI  adds 0.2%
    ** Xinyi Solar stock up 2.6% YTD 
   ($1 = 7.8272 Hong Kong dollars)

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