Companies

Many firms raise earnings forecasts on better-than-expected growth in Q3

Xinhua Financein CFBOND
2018-10-12 16:48

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Today a number of companies revised up their earnings forecasts for the first three quarters.

Among them, steel manufacturer Jiangsu Shagang Co., Ltd. (002075.SZ) and Zhejiang Reclaim Construction Group Co., Ltd. (002586.SZ) sharply raised their earnings forecasts. Shagang raised its estimated net profit for the first three quarters by more than 100 million yuan from 758- 943 million yuan to 870-1,054 million yuan, a year-on-year growth rate of 135-185 percent. Shagang explained the sharp upward revision is because that in the third quarter of this year, as the overall supply and demand of the steel industry was stable, steel prices continued to stay at high level, and the company's sales revenue and product gross margin were better than expected, and operating results continued to grow.
 
Zhejiang Reclaim Construction Group boosted its growth forecast for the first three quarters from 100-150 percent to 180- 230 percent, with estimated net profit at 176-207 million yuan. The company said in a statement that the company’s project settlement income has increased thanks to over-expected construction progress of some projects. In addition, the company also received a financial subsidy of about 11 million yuan in the third quarter, resulting in a substantial increase in net profit.
 
Chengdu Hongqi Chain Co., Ltd. (002697.SZ) raised its growth forecast for the first three quarters from 20-35 percent to 50-90 percent, with estimated net profit at 204-258 million yuan. The company said there are two factors contributing the improvement. On the one hand, after nearly three years of adjustment and integration, the company’s stores operation is turning better. On the other hand, the company’s performance has improved significantly via management.
 
As business of bearings, superhard material products and diamond compact beat expectation, profits of Luoyang Bearing Science & Technology Co., Ltd. (002046.SZ) is expected to reach 37.7563-46.4693 million yuan for the previous three quarters, with its growth revising from 0-20 percent to 30-60 percent. Due to the better-than-expected product sales resulting from adjustment in client demands, Lier Chemical Co., Ltd. (002258.SZ) raised its forecasted net profit growth for the first nine months of this year from the previous 40-70 percent to 75-85 percent. Its profits are expected to record 400-424 million yuan.
 
Sichuan Crun Co., Ltd. (002272.SZ), which forecasted loss for the first three quarters in its semiyearly report, saw a turn from loss to profits. According to its revised profit outlook, the company’s earnings during January and September are expected to see a year-on-year growth of 5,252.19-7,928.29 percent to 56-84 million yuan. Previously, it predicted a loss of 16-25 million for the period.
 
Porton Pharma Solutions Ltd. (300363.SZ) also reversed its earnings forecast. It previously predicted a decline of 0-10 percent in its earnings in the first three quarters. But now it revised it into a growth ranging from 35 percent to 45 percent, making the earnings to register 95.85-103 million yuan. It also raised its earnings growth profit for the third quarter from 150-180 percent to 430-460 percent as a result of transferring holding subsidiary.
 
EVE Energy Co., Ltd. (300014.SZ) also gained better-than-expected earnings as it transferred other equities. The company originally forecasted its net profits in the third quarter to surge by 0.2-3.83 percent year on year to 324-336 million yuan. But it revised the expected earnings to 365-388 million yuan, representing a year-on-year increase of 13-20 percent.
 
Translated by Coral & Vanessa
 
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