Citi: Downgraded XINYI GLASS's Target Price to HKD 7.55, rating lowered to 'Neutral.'

Citi released a research report stating that the forecast for XINYI GLASS (00868) Net income for the fiscal years 2024 to 2026 (excluding Exchange Rates adjustments) has been revised down by 35% to 40%. The Target Price has been lowered from 9.6 HKD to 7.55 HKD, and the rating has been downgraded from 'Buy' to 'Neutral'. The bank updated its forecasting model, changing XINYI GLASS's presentation currency from HKD to RMB and factoring in the profit warning. The bank's China Real Estate team expects that the completion volume in Real Estate this year will decline by 13% compared to the same period last year, along with a more conservative medium to long-term assumption.

新浪港股23:07 ET

[Brokerage Focus] Citigroup lowers the Target Price for XINYI GLASS (00868) by 21.35% considering various Bearish factors and makes conservative assumptions to adjust its earnings forecast.

Gold Report | Citigroup's research report indicates that XINYI GLASS (00868) has changed its presenting currency from Hong Kong dollars to Chinese yuan and has included profit warnings as a consideration factor. Given the weak economy and real estate market in China, the company's Real Estate team expects that this year's real estate completion volume will decline by 13% compared to the same period last year, and more conservative medium to long-term assumptions have been made. The bank has lowered the Net income forecast for XINYI GLASS for the financial years 2024 to 2026 (excluding Exchange Rates adjustments) by 35 to 40%. The Target Price has been reduced from 9.6 Hong Kong dollars to 7.55 Hong Kong dollars, and the rating has been downgraded from 'Buy' to 'Neutral.'

Jingu Financial News21:43 ET

Hong Kong stocks movement | Solar energy stocks warmed up in the morning, with multiple links in the Industry Chain experiencing price increases. Institutions state that the basic situation of the Industry is at an upward turning point at the bottom.

In the morning session, solar stocks are rebounding. As of publication, XINYI SOLAR (00968) is up 3.82%, trading at HKD 3.26; GCL TECH (03800) is up 3.7%, trading at HKD 1.12; FLAT GLASS (06865) is up 3.46%, trading at HKD 11.96; XINYI ENERGY (03868) is up 1.32%, trading at HKD 0.77.

Zhitong FinanceJan 6 21:11 ET

The Three-year Shareholder Returns and Company Earnings Persist Lower as Xinyi Glass Holdings (HKG:868) Stock Falls a Further 8.9% in Past Week

Simply Wall StJan 6 19:10 ET

Sinolink: A turning point in Photovoltaic Glass inventory has emerged, pay attention to the downstream component factory restocking demand after the Spring Festival.

The inventory turning point in the Photovoltaic Glass Industry has been observed, expecting a price turning point, and focusing on the demand for downstream component manufacturers to restock after the Spring Festival.

Zhitong FinanceJan 3 03:47 ET

Hong Kong stocks move | XINYI GLASS (00868) falls more than 3% again, with annual net profit expected to drop by up to 40%, Institutions forecast a decline in glass demand this year.

XINYI GLASS (00868) has fallen more than 3% again, as of the time of writing, down 3.07%, priced at 7.26 Hong Kong dollars, with a transaction volume of 75.8581 million Hong Kong dollars.

Zhitong FinanceJan 3 01:05 ET