- China Sunsine recorded 2H22 net profit of RMB214.9m (-10.9% y-o-y), taking 2022 core profit to RMB606.3m (+11.8% y-o-y), largely in line with our forecast. The lower 2H22 revenue was driven by a decline in sales volume and ASPs.
- - Read this at SGinvestors.io -
- Maintain BUY rating on China Sunsine with a 28% higher target price of S$0.575.
China Sunsine's 2H22 results in line with expectations.
- China Sunsine Chemical (SGX:QES)’s 2H22 net profit fell by 11% y-o-y to RMB214.9m, bringing 2022 core profit to 95% of our full-year estimates.
- - Read this at SGinvestors.io -
- For 2022, overall ASP increased by 8% y-o-y to RMB20,237/tonne, as China Sunsine was able to pass on the increase in raw material prices to customers. This drove the 2.7% y-o-y rise in 2022 revenue, offset by the 5% lower sales volume. 2022 core profit of RMB606.3m (+11.8% y-o-y) excludes an RMB36.1m tax refund received in 1H22 for the overpayment of 2021 tax expenses.
Higher margins recorded; special dividend proposed.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Heldi Mo UOB Kay Hian Research | John Cheong UOB Kay Hian | https://research.uobkayhian.com/ 2023-03-30
Read also UOB's most recent report:
2023-12-14 China Sunsine Chemical - Compressed Margins Amid Intensified Competition.
Price targets by other brokers at China Sunsine Target Prices.
Listing of research reports at China Sunsine Analyst Reports.
Relevant links:
China Sunsine Share Price History,
China Sunsine Announcements,
China Sunsine Dividends & Corporate Actions,
China Sunsine News Articles
