Movement Alert｜Dongfang Electric Falls 3.14% in Regular Trading, JPMorgan Reduces Stake as Citi Slashes Target Price by 44%

Market Focus07-13

On July 13, Dongfang Electric fell 3.14% in regular trading, trading at HKD 21.6/share, with turnover of HKD 44.80 million.

On the news front, Hong Kong Stock Exchange data revealed that JPMorgan reduced its holdings in Dongfang Electric by approximately 2.03 million shares on July 6 at an average price of HKD 24.33 per share, totaling approximately HKD 49.44 million. Following the disposal, JPMorgan's stake declined to 6.9%. Additionally, Citi recently slashed its target price on Dongfang Electric from HKD 54 to HKD 30, a 44% reduction, while lowering earnings forecasts for the next three years by 1-6% to reflect more prudent revenue and margin assumptions. Citi noted that the stock's recent pullback likely reflects the market adopting more realistic expectations regarding gas turbine export revenue contribution. Despite the downgrade, Citi maintained a Buy rating, citing the company's diversified product mix and a 2027 forward P/E of 11.2x.

Within the Heavy Electrical Equipment sector, the broader sector declined. Among peers, Goldwind fell 8.51%, Dajin fell 7.40%, Shanghai Electric fell 2.14%, Guoxia Tech fell 0.75%, while Harbin Electric rose 0.81%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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