Haitian International Provides Attractive Entry Level
Dow Jones09-21
0444 GMT - HaItian International provides an attractive entry level after its CEO raised his stake in the company by purchasing shares, Citi analyst Eric Lau says in a note. The timing of the purchase also endorses an earnings recovery in 2H, the analyst says. Citi expects the plastic-injection-molding-machine maker's domestic sales to drive its 2H earnings, offsetting a decline in overseas sales. The bank expects 2H revenue and net profit to grow 2.3% and 5.0%, respectively, year-on-year. Citi maintains its buy rating with a target price of 27 Hong Kong dollars, citing an undemanding valuation. Shares are up 3.6% at HK$17.69.
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