China Sunsine Chemical’s gross profit margin also remained healthy at 23.4%, 1.0 percentage points (ppts) higher y-o-y, which is a tad above management’s FY2024 guidance of 20% to 23%.
CGS International is keeping its “add” call and target price of 47 cents unchanged on China Sunsine Chemical Holdings (SGX:QES
) as the company’s 1QFY2024 net profit of RMB85 million ($15.9 million) has formed 23% of analysts’ forecasts.
Analysts Kenneth Tan and Ong Khang Chuen write in their May 7 note: “We deem the results in-line with our expectations, given that 1QFY2024 is typically a weak quarter due to the Chinese New Year holidays.”
