Stock Track | Times Electric Plunges 11% Despite Strong H1 Earnings on Nomura Downgrade

Stock Track08-27

Shares of Times Electric, a leading Chinese train manufacturer, plummeted as much as 11% on Monday despite the company reporting a 31% jump in first-half profit. The steep sell-off came after Nomura downgraded the stock to "Neutral" from "Buy" and lowered its price target to HK$32 from HK$35.

Times Electric's attributable profit for the first six months of 2024 surged 31% year-over-year to 1.51 billion yuan ($214 million), driven by robust revenue growth of 20% to 10.3 billion yuan. The company's earnings per share rose 32% to 1.07 yuan. However, these solid results were overshadowed by Nomura's bearish call, which cited concerns over potential headwinds for the company.

While Times Electric's strong earnings initially lifted its shares, the downgrade by the influential Nomura analyst triggered a wave of profit-taking. The stock closed down 6.08% at HK$29.35 in Hong Kong trading. The sell-off extended to Shanghai, where Times Electric's A-shares tumbled 8% on the day.

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