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<Research Report>UBS: CHINA LONGYUAN Last Yr Results Below Consensus, Buy Reiterated with TP $16
CHINA LONGYUAN (00916.HK) issued last year's performance guidance, which missed market consensus, UBS said in a research report.
The group had issued an earnings warning, expecting net profit in FY22 to be at the range of RMB4.4-5.2 billion, down 30-40% YoY from RMB7.4 billion in FY21.
Based on the limited information for now and assuming an impairment of RMB1.5 billion, the broker estimated that recurring items in FY22 would be between RMB5.9-6.7 billion, or at the mid-point of RMB6.3 billion, 15% lower than market consensus of RMB6.9 billion.
The broker reiterated Buy on CHINA LONGYUAN with a TP of $16.
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