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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Johnson Electric Holdings Limited    0179   BMG5150J1577

JOHNSON ELECTRIC HOLDINGS LIMITED

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Bleak China autos outlook triggers raft of profit warnings

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07/11/2019 | 06:10am EDT
FILE PHOTO: The logo of Chinese carmaker Geely Auto is pictured at the second media day for the Shanghai auto show in Shanghai

FRANKFURT (Reuters) - Auto suppliers Johnson Electric Holdings and Sensirion slashed their earnings forecasts on Thursday, blaming a slowdown in car sales and pessimism about the prospects of a Chinese car sector recovery.

The news is the latest to signal weaker global industrial activity and ripples from a trade war that has already forced China's Geely Swiss engineering company ABB Germany's Aumann and chemicals giant BASF, to warn of turbulence ahead.

Hong Kong-based Johnson Electric, which makes micro-motors and electric power steering systems, said it expects profit for the six months ending September 30, 2019 to be "substantially lower" because of a significant decline in light vehicle production and an "especially depressed" market in China.

Sales of automotive products in Asia fell 15% and sales of industry products fell 19% in the quarter, the company said.

Johnson also blamed the impact of higher tarriffs and geopolitical uncertainties weighing on demand in other consumer and industrial markets.

Last month, China reported the worst-ever monthly vehicles sales drop, exacerbating concerns over the country's economic slowdown as the world's largest car market saw demand fall for the 11th consecutive month.

In a research note, Bank of America Merrill Lynch analysts said another "tough" second quarter was expected for auto suppliers as global production continued to be "very negative" in the second quarter.

"Recovery not in sight," the analysts said.

NO SIGN OF RECOVERY

Switzerland's Sensirion cut its revenue forecast for 2019 (to 160-170 million Swiss francs, down from 175-190 million Swiss francs previously. The company cut its adjusted EBITDA margin to 9-12% from 15-16% previously.

"The current crisis in the automotive industry, the significantly weaker than expected global industrial production as well as the continuing global trade disputes negatively impact demand in all end markets," Sensirion said.

"In contrast to the assessment at the beginning of the year, we do not see any signals from our customers pointing to the originally expected recovery in the second half of 2019," Sensirion further said.

That comes after Germany's Aumann on Wednesday said it expects full-year revenues to fall by up to 17% rather than rise. Earnings before interest and taxes are expected to fall to around 22 million this year, down from 29.3 million in 2018.

Aumann shares fell sharply on Thursday after the company - which makes machines to manufacture electric cars components - said its order intake in the first half of the year was disappointing after carmakers postponed orders.

On Monday, Geely said net profit in the first half of 2019 had dropped by 40% due to a greater-than-expected fall in China car sales.

(Reporting by Edward Taylor, editing by Deepa Babington)

Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD 0.11% 18.59 Delayed Quote.-0.67%
AUMANN AG 1.84% 15.46 Delayed Quote.-47.33%
BASF SE 0.76% 61.26 Delayed Quote.1.42%
GEELY AUTOMOBILE HOLDINGS LTD 0.66% 12.2 End-of-day quote.-10.56%
JOHNSON ELECTRIC HOLDINGS LIMITED -2.08% 14.1 End-of-day quote.-11.88%
ONE STOP SYSTEMS INC 2.48% 1.6705 Delayed Quote.-13.89%
SENSIRION HOLDING AG 0.45% 33.25 Delayed Quote.-21.66%
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Financials (USD)
Sales 2020 3 471 M
EBIT 2020 367 M
Net income 2020 266 M
Debt 2020 60,8 M
Yield 2020 3,55%
P/E ratio 2020 6,10x
P/E ratio 2021 5,62x
EV / Sales2020 0,47x
EV / Sales2021 0,39x
Capitalization 1 561 M
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 3,32  $
Last Close Price 1,81  $
Spread / Highest target 144%
Spread / Average Target 83,7%
Spread / Lowest Target 30,4%
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Managers
NameTitle
Shui Chung Wang Chairman & Chief Executive Officer
Jeffrey Lee Obermayer Chief Financial Officer & Executive Vice President
James Randolph Dick Chief Information Officer
Yik Chun Wang Koo Non-Executive Director
Peter Stuart Allenby Edwards Independent Non-Executive Director
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