Hong Teng Precision (06088) Reverses Gains, Falls Over 5% Despite Q1 Operating Profit Surge of 67.32%

Stock News05-12

Hong Teng Precision (06088) turned lower following its earnings release. As of the latest update, the stock was down 5.48%, trading at HK$9.32 with a turnover of HK$7.1 billion.

On the news front, Hong Teng Precision announced its quarterly results. First-quarter revenue and other operating income reached $1.198 billion, a year-on-year increase of 8.61%. Net profit from continuing operations was $10.446 million, surging 67.32% compared to the same period last year. The company's cash and cash equivalents at the end of the period stood at $1.437 billion.

CMB International noted that Hong Teng Precision's management is optimistic about AI server upgrades over the next three years and has raised the projected revenue contribution from cloud/data center business for the 2026-2028 period.

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