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CGS-CIMB keeps 'add' on China Sunsine Chemical Holdings amid uncertainties on the horizon

Chloe Lim
Chloe Lim5/19/2022 11:45 AM GMT+08  • 2 min read
CGS-CIMB keeps 'add' on China Sunsine Chemical Holdings amid uncertainties on the horizon
China Sunsine reported a 1QFY2022 ended March net profit of RMB157 million up 26% y-o-y
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CGS-CIMB Research analyst Ong Khang Chuen has kept an “add” rating on China Sunsine Chemical Holdings with a lowered target price of 67 cents from 78 cents.

China Sunsine reported a 1QFY2022 ended March net profit of RMB157 million up 26% y-o-y, above Ong’s expectations at 35% of his FY2022 forecast.

Although sales volumes were down 11% y-o-y due to the Winter Olympics and China’s Covid-19 control measures, China Sunsine achieved 11% y-o-y revenue growth on the back of higher average selling prices (ASPs) up 25% y-o-y in 1QFY2022.

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