Ganfeng Lithium's Balance Sheet Likely Weighed by Capex, Acquisitions -- Market Talk

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Ganfeng Lithium's Balance Sheet Likely Weighed by Capex, Acquisitions -- Market Talk

Dow Jones05-23

0639 GMT - Ganfeng Lithium's softer-than-expected 1Q results and CCB International's lower lithium carbonate price forecasts drive the investment bank to lower its 2024 and 2025 earnings projections for Ganfeng by 27% and 35%, respectively. While the lithium industry may take time to work off its oversupply, Ganfeng is forging ahead with its expansion plans throughout the supply chain, says analyst Helen Lau in a note. "We expect its balance sheet will deteriorate further as a result, with net gearing rising to around 60% by 2026," she says. Ganfeng's plans to invest in lithium resources overseas will also weigh on its balance sheet, she says. CCB downgrades its rating on the stock to neutral from outperform and cuts its target to HK$26.20 from HK$35.40. Shares are last at HK$23.85. (monica.gupta@wsj.com)

(END) Dow Jones Newswires

May 23, 2024 02:39 ET (06:39 GMT)

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While the lithium industry may take time to work off its oversupply, Ganfeng is forging ahead with its expansion plans throughout the supply chain, says analyst Helen Lau in a note. \"We expect its balance sheet will deteriorate further as a result, with net gearing rising to around 60% by 2026,\" she says. Ganfeng's plans to invest in lithium resources overseas will also weigh on its balance sheet, she says. CCB downgrades its rating on the stock to neutral from outperform and cuts its target to HK$26.20 from HK$35.40. Shares are last at HK$23.85. (monica.gupta@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 23, 2024 02:39 ET (06:39 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ganfeng Lithium's Balance Sheet Likely Weighed by Capex, Acquisitions -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGanfeng Lithium's Balance Sheet Likely Weighed by Capex, Acquisitions -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-23 14:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>0639 GMT - Ganfeng Lithium's softer-than-expected 1Q results and CCB International's lower lithium carbonate price forecasts drive the investment bank to lower its 2024 and 2025 earnings projections ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0052750758.USD","symbol_name":"富兰克林中国基金A Acc","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2437650202","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2437650202","pubTimestamp":1716446340,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0639 GMT - Ganfeng Lithium's softer-than-expected 1Q results and CCB International's lower lithium carbonate price forecasts drive the investment bank to lower its 2024 and 2025 earnings projections for Ganfeng by 27% and 35%, respectively. While the lithium industry may take time to work off its oversupply, Ganfeng is forging ahead with its expansion plans throughout the supply chain, says analyst Helen Lau in a note. \"We expect its balance sheet will deteriorate further as a result, with net gearing rising to around 60% by 2026,\" she says. Ganfeng's plans to invest in lithium resources overseas will also weigh on its balance sheet, she says. CCB downgrades its rating on the stock to neutral from outperform and cuts its target to HK$26.20 from HK$35.40. Shares are last at HK$23.85. 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While the lithium industry may take time to work off its oversupply, Ganfeng is forging ahead with its expansion plans throughout the supply chain, says analyst Helen Lau in a note. \"We expect its balance sheet will deteriorate further as a result, with net gearing rising to around 60% by 2026,\" she says. Ganfeng's plans to invest in lithium resources overseas will also weigh on its balance sheet, she says. CCB downgrades its rating on the stock to neutral from outperform and cuts its target to HK$26.20 from HK$35.40. Shares are last at HK$23.85. (monica.gupta@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 23, 2024 02:39 ET (06:39 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}