China Sunsine looking bright with better-than-expected first half

SINGAPORE (Aug 12): KGI is keeping its “buy” recommendation on China Sunsine Chemical Holdings and raising its target prices to 60 cents, up from 54 cents previously, on the back of a stronger-than-expected 1H16.

“While we have already expected a sequentially stronger 2Q16 due to increased demand from Chinese tire makers, the company’s 1H16 results still managed to beat our expectations,” says KGI analyst Renfred Tay in a Thursday report.

Core net profit in 1H16 fell 9% y-o-y to RMB 80.4 million ($16.3 million), but revenue climbed 1% y-o-y to RMB 936 million.

---

Related Stories

• Lim & Tan Securities maintains ‘buy’ on Grand Banks Yachts; almost doubles TP to $1.05
• Brokers’ Digest: AEM, Prime US REIT, Hyphens Pharma, Seatrium, Valuetronics, DFI Retail Group, CDG, Centurion, Sembcorp
• Citi maintains ‘buy’ on Keppel DC REIT after acquisition of two data centres in Genting Lane

---