Johnson Electric Profit Alert Surprises on the Downside
Dow Jones
Yesterday
0423 GMT - Johnson Electric's 1H profit warning came in below market expectations, with the surprise stemming from an adverse FX swing versus gains recorded a year earlier, Deutsche Bank analyst Bin Wang says in a note. Margin pressure from competitive conditions in China's auto market and provisions for customer credits and claims will also weigh on the auto-component manufacturer's results, it says. Deutsche Bank cuts its current fiscal year ending march 2027 by 38% to US$160 million and its target price to 33.50 Hong Kong dollars from HK$40.00. DB maintains its buy rating. Shares are down nearly 18% at HK$13.89.
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