[ET Net News Agency, 11 January 2019] Morgan Stanley lowered its target price for
Sinofert Holdings (00297) to HK$1.26 from HK$1.57 and maintained its "overweight" rating.
The research house remains positive on the company's fundamentals as Sinofert has shown
material improvement with net profit of Rmb315mn in 1H 2018 after losses in 2016 and 2017.
Morgan slightly cut its EPS estimates by 5-6% for 2019-20, as it has become more
conservative on the urea price.
It said the stock is trading at 10.2x 2019 P/E and 0.7x 2019 P/B with ROE of 7%. (KL)
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