Jinwu Financial News | Follett Glass (06865) opened high and moved low. As of press release, it reported HK$19.12, down 4.21%, with a turnover of HK$755.713 million.
According to documents disclosed by the Hong Kong Stock Exchange on April 11, JPMorgan Chase & Co. (JPMorgan Chase & Co.) sold a total of 19.931 million shares of Follett Glass H shares on April 5 at an average price of HK$20.4681 per share on the market and HK$20.4712 per share outside the market, with a total value of about HK$407.943 million. After the sale, J.P. Morgan Chase's latest shareholding was 39.6641 million shares, and the good position ratio dropped from 9.25% to 8.81%.
Haitong International indicated that although the growth rate of new photovoltaic glass production capacity slowed in 2023, the release of overall demand fell short of expectations, and prices fluctuated mainly due to low prices. The bank lowered Follett Glass's 24-25 gross margin of 2.3 pct/1.2 pct. The company's revenue for 2024-2026 is estimated to be 278.89/331.67/38.648 billion yuan, respectively, and net profit to mother of 41.69/51.80/6.50 billion yuan, maintaining the “superior to the market” rating. Based on the DCF valuation model, the target price was lowered from HKD28.43 in '23 to HKD27.25.