China's Xinyi Solar touches 8-week low on profit miss

Xinyi Solar Holdings

28/02/2023 05:26

** Shares of China's solar farm operator and solar glass
maker Xinyi Solar Holdings Ltd  0968.HK  drop as much as 8.7% to
HK$8.43, their lowest since Jan 3
    ** Stock mark biggest intraday pct decline since April 25
    ** Xinyi Solar stock is biggest pct loser in Hang Seng Index
 .HSI , Hang Seng Commerce & Industry Index  .HSNC , Hang Seng
China Enterprises Index  .HSCE , and Hang Seng Composite Index
on industrials stocks  .HSCIIG  
    ** Co says its 2022 net profit dropped 22.4% to HK$3.82 bln
($486.76 mln) from the previous year as lower average selling
price and higher procurement costs of solar glass hit gross
profit margin 
    ** Says lower revenue from solar farm business amid reduced
subsidy receivables also hit earnings
    ** Daiwa maintains "hold" on the stock, saying FY22 net
profit down 22% year-on-year is a slight miss
    ** The Hang Seng Commerce & Industry Index  .HSNC  eases
0.4% and the Hang Seng Composite Index tracking industrials
 .HSCIIG  falls 1.1%
    ** The Hang Seng China Enterprises Index  .HSCE  falls 0.5%
and the Hang Seng Index  .HSI  edges down 0.02%


    ($1 = 7.8478 Hong Kong dollars)

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