Stock Name: Hu An
Company Name: HU AN CABLE HOLDINGS LTD.
Company Name: HU AN CABLE HOLDINGS LTD.
| Research House: Phillip Securities | Price Call: BUY | Target Price: 0.19 |
Phillip Securities cut its target price for Hu An Cable Holdings to $0.190 from $0.275 and kept its ’buy’ rating, citing smaller expected revenue and lower copper prices.
Shares of Hu An were unchanged at $0.134. They have gained 18.6% since the start of the year, compared with the FT ST Industrials Index’s 16.6% rise.
Hu An had said its net profit for the first half of the year fell 37.8% from a year ago to 38.7 million yuan.
The company underperformed most of its peers in terms of revenue growth and net profit margin, Phillip said in a report.
The brokerage cut its forecast revenue for the second half of the year and first quarter of 2013 by 25%, due to lower-than-expected volumes for its cable and wire business in the second quarter.
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