Foxconn interconnect Technology surges after forecasting over 900% growth in H1 profits
STOCKS
Foxconn interconnect Technology surges after forecasting over 900% growth in H1 profits
STOCKS

Foxconn interconnect Technology surges after forecasting over 900% growth in H1 profits

 

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Foxconn Interconnect Technology Ltd (FIT), a subsidiary of Foxconn and a supplier of precision components, is surging more than 14% in Hong Kong after the company forecast strong more than 900% growth in first-half profit and several banks raised projections of FIT’s earnings in 2022 and years ahead.

FIT said its net profit attributable to shareholders is expected to reach $80 – 90 million in the first half of the year, surging 900% – 1,025% from the same period last year.

Goldman Sachs raised the stock price target for FIT by 10% to HK$1.42, maintaining a Neutral rating, and raised the forecast of the company’s earnings in 2022/23/24 by 32%, 10% and 25%, respectively, to reflect better product portfolio and improving gross profit margin.

CMB International raised the forecast of the company’s earnings per share in 2022 – 2024 by 15% – 16% and reiterated a Buy rating with price target at HK$1.78. Huatai Securities raised the stock price target for FIT by 25% to Hk$1.5, maintaining Overweight rating.