Hongteng Precision (06088) rebounded by nearly 5%, falling more than 25% over the past four trading days. As of press release, it rose 4.95% to HK$1.91, with a turnover of HK$13.1483 million.
The Zhitong Finance App learned that Hongteng Precision (06088) rebounded by nearly 5%, falling more than 25% over the past four trading days. As of press release, it rose 4.95% to HK$1.91, with a turnover of HK$13.1483 million.
According to the news, Hongteng Precision recently announced that the Group's net profit for the three months ending March 31, 2024 is estimated to be between 7 million US dollars and 10 million US dollars, with a loss of about 9 million US dollars for the same period last year. The turning of losses into profit in the first quarter was mainly due to improvements in management efficiency and a gradual recovery in demand in the computer and consumer electronics and network equipment terminal markets.
CMB International previously pointed out that the company's recent stock price adjustments have provided a good buying opportunity. Currently, the company's stock price corresponds to the FY24/25E price-earnings ratio of 9.7x/7.6x times, and the valuation is still quite attractive. Maintaining a “buy” rating, the target price of HK$2.42 is based on a price-earnings ratio of 11xFY24e. Recent stock price drivers include business updates and forecasts at the first quarterly results report.