NVC repurchased 10% shares rebounded 7% Goldman Sachs reaffirmed "buy" due to valuation

NVC Lighting resigned as the company's major shareholder and founder Wu Changjiang, triggering a 20% plunging stock price last Friday. On May 27, NVC disclosed that the board of directors has been authorized to repurchase shares of 10% of the total issued share capital in the coming year, that is, the total face value of the shares is up to approximately US$31.29, involving the purchase of up to 388 million shares. The stock is now at 1.89 yuan, up 7.4%, with a turnover of 44 million yuan.

Goldman Sachs pointed out that since the lighting sector has underperformed the market since December last year, it is believed that short-term weakness has been reflected. In addition, more and more policies will be introduced to support stability in the second half of the year, so the lighting industry will see a slow recovery in the second half of the year. Goldman Sachs lowered the forecasted revenue of NVC from 2014 to 2014 and lowered its target price from 4.7 yuan to 2.8 yuan, excluding it from the list of convictions, but reiterated "buy" because of the attractive valuation.

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