Merrill Lynch stated that Moody's and Fitch have put YINGDE GASES (02168.HK) -0.070 (-1.211%) Short selling $21.07M; Ratio 26.928%
for potential credit rating downgrade due to the recent legal dispute
with its PRC major client and announcement of up to $300 million share
repurchase plan. The broker believed that given the liability and
surging demand in operating capital, the repurchase plan may further
weigh on the cash flow.
The research house lowered the average plant utilization rate from 67% and 70% to 65.6% to 66% in 2014 and 2015 and hence cut the EPS forecast from 15.7% to 12.2%. Merrill Lynch maintained the rating of Yingde Gases at Outperform. The target price was trimmed from $6.6 to $5.
The research house lowered the average plant utilization rate from 67% and 70% to 65.6% to 66% in 2014 and 2015 and hence cut the EPS forecast from 15.7% to 12.2%. Merrill Lynch maintained the rating of Yingde Gases at Outperform. The target price was trimmed from $6.6 to $5.
Comments
Post a Comment