“The revenue decline reflects softer ASPs amid heightened industry competition. Sales volumes remained resilient at 163,999 tonnes (+3% y-o-y), underscoring stable demand despite pricing pressure,” the team adds.
UOB KayHian analysts Heidi Mo and John Cheong are maintaining their “buy” call on China Sunsine along with a higher target price of 95 cents from 75 cents previously.
For 9MFY2024, China Sunsine reported revenue 7% lower y-o-y at RMB2.4 billion and earnings 17% higher y-o-y of RMB330 million, which forms 70% and 76% of UOB KayHian analysts’ full year forecast respectively.
