Not vested
DJ MARKET TALK: Xinyi Glass +3.4%; New Capacity Key Driver -JPM
Aug 3, 2010
1024 [Dow Jones] Xinyi Glass (0868.HK) +3.4% at HK$3.63 after ending flat yesterday on profit-taking after robust 1H results, with net profit +185% on-year at HK$642 million; strong results should dispel investors' previous concerns over lower demand for company's glass products from auto, property sectors.
JPMorgan says new capacity key growth driver in upcoming 2 years for Xinyi, with company planning doubling of glass production lines to 14 float glass lines, 3 photovoltaic glass lines by end-2011.
House raises FY10-11 net profit forecasts by 10.9%, 10.8%, to reflect stronger-than-expected profitability in 1H10, according raises target price to HK$5.70 from HK$5.50, keeps Overweight call.
Source: Dow Jones Newswire