China Sunsine’s 2HFY2022 performance came on the back of lower revenue of RMB1.802 billion, 8.4% lower y-o-y due to decline in sales volume and decrease in average selling prices (ASPs) of rubber accelerators.
UOB Kay Hian analysts Heidi Mo and John Cheong have maintained “buy” on China Sunsine Chemical Holdings (SGX:QES
) with a higher target price of 57.5 cents from 45 cents previously, citing less challenging outlook for the company following China’s reopening.
The analysts note that China Sunsine’s 2HFY2022 ended December results were in line with their expectations. Its net profit for the period fell by 11% y-o-y to RMB214.9 million ($41.42 million), bringing 2022 core profit to 95% of UOBKH’s estimates.
