＜Research＞HSBC Research Downgrades TINGYI (00322.HK) to Hold, Lifts TP to $10.4

　　The share price of TINGYI (00322.HK) +0.010 (+0.105%) Short selling $21.97M; Ratio 30.657% has rocketed a total of about 29% since the end of February, compared with the HSI's rally of about 8% and its peers' fall of 4% over the same period, HSBC Global Research issued a research report saying. It is believed to be mainly attributed to its low valuation, high dividend and product price hike.

　　The outperformance was also in line with HSBC Global Research's previous expectations. However, HSBC Global Research believed that most of the positive factors have now been reflected in the share price performance.

　　Overall, HSBC Global Research reduced its 2024-2026 revenue forecasts for TINGYI by 0.9%/ 1.5%/ 1.8%, and cut EPS forecasts by 1.9%/ 0.5%/ 0.6% respectively. The broker downgraded its rating to Hold, and maintained its 2023-2026 net profit CAGR at 11% unchanged. HSBC Global Research lifted its target price to $10.4 from $9.7.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-17 16:25.)

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