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Citi lifts Xinyi Glass (00868) to HK$14.5

 Citi Research lifted its target price for Xinyi
Glass (XYG)(00868) to HK$14.5 from HK$13.3, and reiterated its "buy" rating.
  The research house said XYG's 2017 net profit came in at HK$4bn (+25% YoY), beating the
consensus forecast by 9%; core net profit reached HK$3.7bn (+21% YoY), in line with
expectation. The proposed final dividend at HK$0.28/share is 8% higher than Citi's 
estimate.
  Citi slightly revised up its 2018/19 earnings forecast by 1.9%/3.5%. It now became more
constructive on XYG's ASP-cost spread expansion following its result briefing and given
(1) national average float glass ASP remained resilient during the slack CNY season, (2) 
soda ash price dropping fast this year; and (3) national average ASP-cost spread widened 
to RMB672/tonne by the end of last week.

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